INO Evening Market Comments
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Started by tallpine - March 23, 2021, 4:04 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, March 24, 2021  



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx



                       Composite Idx, W/W%



                       Purchase Idx-SA



                       Purchase Idx-SA, W/W%



                       Refinance Idx



                       Refinance Idx, W/W%



8:30 AM ET. 4th Quarter State Quarterly Personal Income



8:30 AM ET. February Advance Report on Durable Goods



                       Durable Goods-SA, M/M% (previous +3.4%)



                       Dur Goods, Ex-Defense, M/M% (previous +2.3%)



                       Dur Goods, Ex-Transport, M/M% (previous +1.4%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.5%)



                       Shipments: Cap Goods, Non-Def, Ex-Air, M/M% (previous +2.1%)

                       

9:45 AM ET. March US Flash Manufacturing PMI



                       PMI, Mfg (previous 58.5)



9:45 AM ET. March US Flash Services PMI



                       PMI, Services (previous 58.9)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl)



                       Crude Oil Stocks, Net Chg (Bbl)



                       Gasoline Stocks (Bbl)



                       Gasoline Stocks, Net Chg (Bbl)



                       Distillate Stocks (Bbl)



                       Distillate Stocks, Net Chg (Bbl)



                       Refinery Usage



                       Total Prod Supplied (Bbl/day)



                       Total Prod Supplied, Net Chg (Bbl/day)



Thursday, March 25, 2021 



8:30 AM ET. 4th Quarter 3rd estimate GDP



                       Annual Rate, Q/Q% (previous +4.1%)



                       Chain-Weighted Price Idx, Q/Q% (previous +2.1%)



                       Corporate Profits, Q/Q%



                       PCE Price Idx, Q/Q% (previous +1.6%)



                       Purchase Price Idx, Q/Q% (previous +1.8%)



                       Real Final Sales, Q/Q% (previous +3%)



                       Core PCE Price Idx, Ex-Food/Energy, Q/Q% (previous +1.4%)

                       

                       Personal Consumption, Q/Q% (previous +2.4%)



8:30 AM ET. 4th Quarter Corporate Profits



8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims



                       Jobless Claims (previous 770K)



                       Jobless Claims, Net Chg (previous +45K)



                       Continuing Claims (previous 4124000)



                       Continuing Claims, Net Chg (previous -18K)



8:30 AM ET. U.S. Weekly Export Sales



                       Corn (Metric Tons) (previous 1226.8K)



                       Soybeans (Metric Tons) (previous 202.4K)



                       Wheat (Metric Tons) (previous 529.1K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:30 AM ET. EIA Weekly Natural Gas Storage Report



                       Working Gas In Storage (Cbf) (previous 1782B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -11B)

                       

11:00 AM ET. March Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing



                       Mfg Activity Idx (previous 26)



                       6-Mo Exp Prod Idx (previous 44)



                       Mfg Composite Idx (previous 24)



                       6-Mo Exp Composite Idx (previous 34)



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, March 26, 2021 



8:30 AM ET. February Personal Income & Outlays



                       Personal Income, M/M% (previous +10%)



                       Consumer Spending, M/M% (previous +2.4%)



                       PCE Price Idx, M/M% (previous +0.3%)



                       PCE Price Idx, Y/Y% (previous +1.5%)



                       PCE Core Price Idx, M/M% (previous +0.3%)



                       PCE Core Price Idx, Y/Y% (previous +1.5%)



8:30 AM ET. February Advance Economic Indicators Report



10:00 AM ET. 4th Quarter GDP by State



10:00 AM ET. February State Employment and Unemployment



10:00 AM ET. March-January University of Michigan Survey of Consumers – final



                       End-Mo Sentiment Idx (previous 76.8)



                       End-Mo Expectations Idx (previous 70.7)



                       12-Month Inflation Forecast (previous 3.3%)



                       5-Year Inflation Forecast (previous 2.7%)



                       End-Mo Current Idx (previous 86.2)


The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes



The Dow closed sharply lower on Tuesday as the first of two days of testimony from Federal Reserve Chairman Powell and Treasury Secretary Yellen got under way to limit the economic damage from the COVID pandemic. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 32,085.97 would signal that a short-term top has been posted. If the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. First resistance is last-Thursday's high crossing at 33,227.78. Second resistance is unknown. First support is the 20-day moving average crossing at 32,085.97. Second support is the 50-day moving average crossing at 31,476.77. 

 

The June NASDAQ 100 closed lower on Tuesday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at 13,287.25 are needed to confirm that a short-term low has been posted and would renew the rally off March's low. Closes below last-Friday's low crossing at 12,681.75 would confirm that a short-term top has been posted while opening the door for a possible test of March's low crossing at 12,200.00. First resistance is the February 25th high crossing at 13,337.50. Second resistance is February's high crossing at 13,888.00. First support is last-Friday's low crossing at 12,681.75. Second support is March's low crossing at 12,200.00. 



The June S&P 500 posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3852.42 would signal that a short-term top has been posted. If June extends the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 3978.50. Second resistance is unknown. First support is the 50-day moving average crossing at 3852.42. Second support is March's low crossing at 3710.50.  



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



June T-bonds closed up 1-06/32's at 156-14. 

  

June T-bonds closed higher on Tuesday as it consolidates some of the decline off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a short-term low is in or is near. Closes above the 20-day moving average crossing at 157-03 would signal that a short-term low has been posted. If June renews the decline off November's high, the June-2019 low on the monthly continuation chart crossing at 152-27 is the next downside target.First resistance is the 20-day moving average crossing at 157-03. Second resistance is the February 26th high crossing at 161-02. First support is last-Thursday's low crossing at 153-07. Second support is the June-2019 low on the monthly continuation chart crossing at 152-27.



June T-notes closed up 155-pts. At 132.010.



June T-notes closed higher on Tuesday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 132.111 are needed to confirm that a short-term low has been posted. If June resumes the decline off the January 27th high, the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. First resistance is the 20-day moving average crossing at 132.111. Second resistance is the March 2nd high crossing at 133.230. First support is last-Thursday's low crossing at 131.000. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070. 



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



April crude oil closed slightly higher on Tuesday as it consolidated some of last-Thursday's decline.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $58.51 would open the door for a larger-degree decline near-term. Closes above the 10-day moving average crossing at $63.78 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $63.78. Second resistance is March's high crossing at $67.98. First support is the 50-day moving average crossing at $58.51. Second support is the 38% retracement level of the November-February-rallycrossing at $55.69.  



May heating oil closed sharply lower on Tuesday as it renewed the decline off last-week's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at $175.66 opens the door for additional weakness near-term. Closes above the 10-day moving average crossing at $188.13 would signal that a short-term low has been posted. First resistance is March's high crossing at $198.68. Second resistance is the the 75% retracement level of  the 2018-2020-decline crossing at $199.48. First support is today's low crossing at $174.26. Second support is the 38% retracement level of the November-February-rally crossing at $164.17.  



May unleaded gas closed lower on Tuesday as it extended the decline off last-week's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If May extends the aforementioned decline, the 50-day moving average crossing at $184.69 is the next downside target. Closes above the 10-day moving average crossing at $203.09 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $203.09. Second resistance is last-Monday's high crossing at $215.48. First support is the 50-day moving average crossing at $184.69. Second support is the 38% retracement level of the November-March-rally crossing at $177.06.    



May Henry natural gas posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2.694 would signal that a short-term low has been posted. If April resumes the decline off February's high, the 87% retracement level of the December-February-rally crossing at 2.406 is the next upside target.First resistance is the 10-day moving average crossing at 2.599. Second resistance is the 20-day moving average crossing at 2.694. First support is last-Thursday's low crossing at 2.422. Second support is the 87% retracement level of the December-February rally crossing at 2.406. 



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The June Dollar closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off February's low, the 50% retracement level of the September-January-decline crossing at 93.43 is the next downside target. Closes below last-Thursday's low crossing 91.29 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the September-January-decline crossing at 92.41. Second resistance is the 50% retracement level of the September-January-decline crossing at 93.43. First support is last-Thursday's low crossing 91.29. Second support is the 50-day moving average crossing 90.92.   



The June Euro closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off February's high, the 38% retracement level of the 2020-2021 rally crossing at 117.85 is the next downside target. Closes above the 20-day moving average crossing at 120.16 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 120.01. Second resistance is the 50-day moving average crossing at 120.87. First support is March's low crossing at 118.61. Second support is the 38% retracement level of the 2020-2021-rally crossing at 117.85.  



The June British Pound closed sharply lower on Tuesday and below the 50-day moving average crossing at 1.3828 renewed the decline off February's high and opened the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the reaction high crossing at 1.4009 are needed to confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the reaction high crossing at 1.4009. Second resistance is February's high crossing at 1.4245. First support is the 38% retracement level of the September-February-rally crossing at 1.3672. Second support is the 50% retracement level of the September-February-rally crossing at 1.3494.

 

The June Swiss Franc closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness. If June renews the decline off January's high, the 75% retracement level of the March-January-rally crossing at 1.0586 is the next downside target. Closes above the 20-day moving average crossing at 1.0859 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 1.0876. Second resistance is March's high crossing at 1.1050. First support is March's low crossing at 1.0695. Second support isthe 75% retracement level of the March-January-rally crossing at 1.0586.



The June Canadian Dollar closed lower on Tuesday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 79.57 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June renews the rally off January's low, the February-2018 high crossing at 82.27 is the next upside target. First resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.52. Second resistance is the February-2018 high crossing at 82.27. First support is the 20-day moving average crossing at 79.57. Second support is the 50-day moving average crossing at 79.02. 



The June Japanese Yen closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to slightly higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 0.0926 would signal that a short-term low has been posted. If June resumes the decline off January's high, last-March's low crossing at 0.0911 is the next downside target. First resistance is the 20-day moving average crossing at 0.0926. Second resistance is March's high crossing at 0.0941. First support is last-Monday's low crossing at 0.0915. Second support is last-March's low crossing at 0.0911.



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



June gold closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bearish signaling that a short-term top might be in or is near. If April resumes the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70 is the next downside target. If June extends the rally off March's low, the 50-day moving average crossing at $1793.60 is the next upside target. First resistance is last-Thursday's high crossing at $1754.20. Second resistance is the 50-day moving average crossing at $1793.60. First support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70. Second support is the 75% retracement level of the 2019-2020-rally crossing at $1533.30.



May silver closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 75% retracement level of the November-February-rally crossing at 24.059 is the next downside target. Closes above the 50-day moving average crossing at 26.428 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 26.428. Second resistance is the February 23rd high crossing at 28.470. First support is the 62% retracement level of the November-February-rally crossing at 25.111. Second support is the 75% retracement level of the November-February-rally crossing at 24.059. 



May copper closed lower on Tuesday as it extends this month's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, the 50-day moving average crossing at 386.91 is the next downside target. If March resumes the rally off March's low, February's high crossing at 437.55 is the next upside target. First resistance is the reaction high crossing at 422.75. Second resistance is February's high crossing at 437.55. First support is the 50-day moving average crossing at 386.91. Second support is the 25% retracement level of the 2020-2021-rally crossing at 381.34.



GRAINS? http://quotes.ino.com/ex?changes/?c=grains "



May Corn closed up $0.02 1/4-cents at $5.51 1/4. 



May corn posted an inside day with a higher close on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at $5.72. First resistance is February's high crossing at $5.72. Closes below the March 4th low crossing at $5.29 1/4 would signal that a short-term top has been posted while opening the door for a possible test of the 25% retracement level of the August-January-rally crossing at $5.14. First resistance is February's high crossing at $5.72. Second resistance is psychological resistance crossing at $6.00. First support is the March 4th low crossing at $5.29 1/4. Second support is the 25% retracement level of the August-January-rally crossing at $5.14. 



May wheat closed up $0.07 1/2-cent at $6.34 3/4.  



May wheat closed higher on Tuesday as it consolidated some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $6.53 would signal that a short-term low has been posted. If May extends the decline off February's high, the 38% retracement level of the June-January-rally crossing at $6.17 is the next downside target. First resistance is the 50-day moving average crossing at $6.53. Second resistance is February's high crossing at $6.88 1/2. First support is today's low crossing at $6.21. Second support is the 38% retracement level of the June-January-rally crossing at $6.17.       



May Kansas City Wheat closed up $0.03 3/4-cents at $5.82.

 

May Kansas City wheat closed higher due to short covering on Monday as it consolidated some of the decline off February's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the August-March-rally crossing at $5.52 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.15 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.97 1/2. Second resistance is the 20-day moving average crossing at $6.15 1/4. First support is the 38% retracement level of the August-March-rally crossing at $5.79. Second support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4.       



May Minneapolis wheat closed up $0.04 1/4-cents at $6.30 1/4. 



May Minneapolis wheat closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible. Closes above the 20-day moving average crossing at $6.38 3/4 are needed to confirm that a short-term low has been posted. If May extends the decline off February's high, the 38% retracement level of the December-January-rally crossing at $6.19 3/4 is the next downside target. First resistance is March's high crossing at $6.52 1/4. Second resistance is February's high crossing at $6.58 3/4. First support is Monday's low crossing at $6.21. Second support is the 38% retracement level of the December-January-rally crossing at $6.19 3/4.     

     

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "



May soybeans closed up $0.05 3/4-cents at $14.23 1/4.



May soybeans closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off January's low, last-April's, psychological resistance crossing at $15.00 is the next upside target. Closes below the 50-day moving average crossing at $13.91 3/4 would signal that a short-term top has been posted. First resistance is March's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the 50-day moving average crossing at $13.91 3/4. Second support is the February 11th low crossing at $13.36 3/4.



May soybean meal closed up $2.20 to $398.80. 



May soybean meal posted an inside day with a higher close on Tuesday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, the 50% retracement level of the August-January rally crossing at $376.30 is the next downside target. Closes above the 20-day moving average crossing at $411.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $411.50. Second resistance is the 50-day moving average crossing at $424.90. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of the August-January rally crossing at $376.30.      



May soybean oil closed up 65-pts. at 57.02. 



May soybean oil gapped up and closed higher on Tuesday as it extends the rally off last-April's low. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60 is the next upside target. Closes below the 20-day moving average crossing at 52.79 would confirm that a short-term top has been posted. First resistance is today's high crossing at 58.25. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60. First support is the 20-day moving average crossing at 52.79. Second support is March's low crossing at 48.62.      

 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



April hogs closed up $1.43 at $96.48. 



April hogs closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the April-2019 high on the weekly continuation chart crossing at $99.83 is the next upside target. Closes below the 20-day moving average crossing at $90.32 would signal that a short-term top has been posted. First resistance is today's high crossing at $96.63. Second resistance is the April-2019 high on the weekly continuation chart crossing at $99.83. First support is the 10-day moving average crossing at $92.89. Second support is the 20-day moving average crossing at $90.32. 



April cattle closed up $0.35 at $119.13. 



April cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish hinting that low might be in or is near. Closes above the 50-day moving average crossing at $120.85 would signal that a short-term low has been posted. If April renews the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. First resistance is the 50-day moving average crossing at $120.85. Second resistance is February's high crossing at $126.70. First support is last-Friday's low crossing at $118.00. Second support is the 50% retracement level of the October-February-rally crossing at $117.72. 



April Feeder cattle closed up $0.33 at $139.75. 


April Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends last-week's decline, March's low crossing at $137.22 is the next downside target. Closes above the 10-day moving average  crossing at $141.86 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 145.83. Second resistance is January's high crossing at $147.00. First support is last-Friday's low crossing at 138.43. Second support is March's low crossing at $137.22.           



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



May coffee closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 12.93 has opened the door for a possible test of February's low crossing at 12.21. Closes above the 20-day moving average crossing at 132.54 would signal that a short-term low has been posted.         



May cocoa closed sharply lower on Tuesday as it extended the decline off March's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, February's low crossing at 23.69 is the next downside target. Closes above the 20-day moving average crossing at 25.63 would signal that a short-term low has been posted.            



May sugar closed lower on Tuesday as it extends the decline off February's high. The high-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 38% retracement level of the 2020-2021-rally crossing at 14.80. Closes above the 20-day moving average crossing at 16.17 would signal that a short-term low has been posted.      



May cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below March's low crossing at 82.87 would open the door for a possible test of February's low crossing at 81.06. Closes above the 20-day moving average crossing at 87.52 would signal that a short-term low has been posted.       

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By metmike - March 23, 2021, 5:54 p.m.
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Thanks much Tallpine!!