INO Evening Market Comments
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Started by tallpine - April 19, 2021, 4:29 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, April 20, 2021 



7:45 AM ET. Weekly Chain Store Sales Index



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M%



                       Ret Sales Mo-to-Date, Y/Y% (previous +13.2%)



                       Latest Wk, Y/Y% (previous +13.2%)



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -3.6M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +5.6M)



                       Distillate Stocks, Net Chg (Bbls) (previous -3.0M)



Wednesday, April 21, 2021 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 667.7)



                       Composite Idx, W/W% (previous -3.7%)



                       Purchase Idx-SA (previous 279.5)



                       Purchase Idx-SA, W/W% (previous -1.4%)



                       Refinance Idx (previous 2916.7)



                       Refinance Idx, W/W% (previous -5.0%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 492.423M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -5.89M)



                       Gasoline Stocks (Bbl) (previous 234.897M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +0.309M)



                       Distillate Stocks (Bbl) (previous 143.464M)



                       Distillate Stocks, Net Chg (Bbl) (previous -2.083M)



                       Refinery Usage (previous 85.0%)



                       Total Prod Supplied (Bbl/day) (previous 20.328M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.092M)



Thursday, April 22, 2021



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



                       Corn (Metric Tons) (previous 380.3K)



                       Soybeans (Metric Tons) (previous 356K)



                       Wheat (Metric Tons) (previous 217.8K)



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



                       Jobless Claims (expected 608K; previous 576K)



                       Jobless Claims, Net Chg (previous -193K)



                       Continuing Claims (previous 3731000)



                       Continuing Claims, Net Chg (previous +4K)



8:30 AM ET. March CFNAI Chicago Fed National Activity Index



                       NAI (previous -1.09)



                       NAI, 3-mo Moving Avg (previous -0.02)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. March Existing Home Sales



                       Existing Sales (expected 6.03M; previous 6.22M)



                       Existing Sales, M/M% (expected -3.1%; previous -6.6%)



                       Unsold Homes Month's Supply (previous 2.0)



                       Median Price (USD) (previous 313000)



                       Median Home Price, Y/Y% (previous +15.8%)



10:00 AM ET. March Leading Indicators



                       Leading Index, M/M% (expected +0.9%; previous +0.2%)



                       Leading Index (previous 110.5)



                       Coincident Index, M/M% (previous -0.1%)



                       Lagging Index, M/M% (previous +0.2%)



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



                       Working Gas In Storage (Cbf) (previous 1845B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +61B)

                       

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



                       Mfg Activity Idx (previous 23)



                       6-Mo Exp Prod Idx (previous 45)



                       Mfg Composite Idx (expected 27; previous 26)



                       6-Mo Exp Composite Idx (previous 35)



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, April 23, 2021 



9:45 AM ET. April US Flash Services PMI



                       PMI, Services (expected 61.0; previous 60.0)



9:45 AM ET. April US Flash Manufacturing PMI



                       PMI, Mfg (expected 60.5; previous 59.0)



10:00 AM ET. March New Residential Sales



                       New Home Sales (expected 893K; previous 775K)



                       New Home Sales, M/M% (expected +15.2%; previous -18.2%)



                       New Home Sales Months Supply (previous 4.8)



Monday, April 26, 2021 



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



                       Durable Goods-SA, M/M% (previous -1.1%)



                       Dur Goods, Ex-Defense, M/M% (previous -0.7%)



                       Dur Goods, Ex-Transport, M/M% (previous -0.9%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.8%)

                       

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -1.0%)

                       

10:30 AM ET. April Texas Manufacturing Outlook Survey



                       Business Activity (previous 28.9)



                       Mfg Production Idx (previous 48.0)


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



The Dow closed lower on Monday as it consolidated some of this year's rally into uncharted territory. The low-range close sets the stage for a steady to lower opening when Tuesday'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 the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. Closes below the 20-day moving average crossing at 33,339.80 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 34,256.75. Second resistance is unknown. First support is the 20-day moving average crossing at 33,339.80. Second support is the 50-day moving average crossing at 32,412.10. 

 

The June NASDAQ 100 closed sharply lower on Monday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 June extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 13,433.58 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 14,059.50. Second resistance is unknown. First support is the 10-day moving average crossing at 13,825.08. Second support is the 20-day moving average crossing at 13,433.26. 



The June S&P 500 closed lower on Monday as it consolidated some of this year's rally. The low-range close sets the stage for a steady to lower opening when Tuesday'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 June extends the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4036.65 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 4179.25. Second resistance is unknown. First support is the 10-day moving average crossing at 4120.68. Second support is the 20-day moving average crossing at 4036.65.  



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



June T-bonds closed down 18/32's at 157-14. 

  

June T-bonds closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 June extends the rally off March's low, the 25% retracement level of the 2020-2021-decline crossing at 159-19 is the next upside target. Closes below the 20-day moving average crossing at 156-13 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 159-01. Second resistance is the 25% retracement level of the 2020-2021-decline crossing at 159-19. First support is the 20-day moving average crossing at 156-13. Second support is the March 18th low crossing at 153-07. 



June T-notes closed down 45-pts. At 132.075.



June T-notes closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 June extends the rally off April's low, the 25% retracement level of the 2020-2021-decline crossing at 133.001 is the next upside target. Closes below the 20-day moving average crossing at 131.241 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 132.228. Second resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. First support is last-Tuesday's low crossing at 131.120. Second support is April's low crossing at 130.255. 



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



May crude oil closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. 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 March's low, March's high crossing at $67.99. Closes below April's low crossing at $57.63 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $63.88. Second resistance is March's high crossing at $67.98. First support is the March 23rd low crossing at $57.25. Second support is the 38% retracement level of the November-February-rallycrossing at $55.69.  



May heating oil closed slightly lower on Monday as it consolidated some of last-week's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, March's high crossing at $198.68 is the next upside target. Closes below the 20-day moving average crossing at $181.82 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $190.93. Second resistance is March's high crossing at $198.68. First support is the March 23rd low crossing at $173.15. Second support is the 38% retracement level of the November-February-rally crossing at $164.17.  



May unleaded gas closed slightly higher on Monday. The mid-range close sets the stage for a steady to slightly higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If May extends this month's rally, March's high crossing at $215.48 is the next upside target. Closes below the March 23rd low crossing at $186.97 would open the door for additional weakness near-term. First resistance is last-Friday's high crossing at $206.22. Second resistance is March's high crossing at $215.48. First support is the March 23rd low crossing at $186.97. Second support is the 38% retracement level of the November-March-rally crossing at $177.06.    



May Henry natural gas closed higher on Monday and above the March 30th high crossing at 2.688 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday'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. Closes below the 10-day moving average crossing at 2.590 would signal that a short-term top has been posted. First resistance is today's high crossing at 2.753. Second resistance is March's high crossing at 2.916. First support is the 10-day moving average crossing at 2.590. Second support is the 87% retracement level of the December-February rally crossing at 2.445. 



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



The June Dollar closed sharply lower on Monday and below the 50-day moving average crossing 91.55 thereby opening the door for a possible test of March's low crossing at 90.62. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to higher prices are possible near-term. If June extends the decline off March's high, March's low crossing 90.62 is the next downside target. Closes above the 20-day moving average crossing at 92.33 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 92.33. Second resistance is the 20-day moving average crossing at 92.33. First support is today's low crossing at 91.03. Second support is March's low crossing 90.62.    



The June Euro closed sharply higher on Monday and above the 50-day moving average crossing at 119.90. The high-range close sets the stage for a steady to higher opening when Tuesday'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 June extends the rally off March's low, the March high crossing at 121.40 is the next upside target. Closes below the 20-day moving average crossing at 118.84 would signal that a short-term top has been posted. First resistance is today's high crossing at 120.63. Second resistance is March's high crossing at 121.40. First support is the 20-day moving average crossing at 118.84. Second support is March's low crossing at 117.21. 



The June British Pound closed sharply higher on Monday and above the previous high crossing at 1.3922 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, February's high crossing at 1.4245 is the next upside target. First resistance is the March 12th 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 higher on Monday and above the 50-day moving average crossing at 1.0909 thereby opening the door for additional gains near-term. The high-range close sets the stage for a steady to higher opening when Tuesday'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 June extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at 1.1014 is the next upside target. Closes below the 20-day moving average crossing at 1.0768 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the January-April-decline crossing at 1.1014. Second resistance is the 62% retracement level of the January-April-decline crossing at 1.1117. First support is the 10-day moving average crossing at 1.0849. Second support is the 20-day moving average crossing at 1.0768.



The June Canadian Dollar closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the March 30th low, March's high crossing at 80.88 is the next upside target. Closes below the 50-day moving average crossing at 79.42 would open the door for a possible test of the February 26th low crossing at 78.42. First resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.52. Second resistance is March's high crossing at 80.88. First support is the 50-day moving average crossing at 79.42. Second support is the February 26th low crossing at 78.42. 



The June Japanese Yen closed sharply higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday’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 June extends the rally off March's low, the 38% retracement level of the January-March-decline crossing at 0.0930 is the next upside target. If June renews the decline off January's high, last-March's low on the monthly continuation chart crossing at 0.0900 is the next downside target. First resistance is the 50-day moving average crossing at 0.0928. Second resistance is the 38% retracement level of the January-March-decline crossing at 0.0930. First support  is the 20-day moving average crossing at 0.915. Second support is March's low crossing at 0.0902.  



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



June gold closed lower on Monday as it consolidated some of the rally off the March 31st low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 June extends the rally off the March 31st low, the February 23rd high crossing at $1817.60 is the next upside target. Closes below the 20-day moving average crossing at $1738.00 would signal that a short-term top has been posted. First resistance is today's high crossing at $1790.40. Second resistance is the February 23rd high crossing at $1817.60. First support is last-Tuesday's low crossing at $1723.20. Second support is March's low crossing at $1676.20.



May silver closed slightly higher on Friday as it extends the rally off March's low. The low-range close sets the stage for a steady to slightly higher opening when Monday'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. Closes above the 50-day moving average crossing at 26.143 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 25.253 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 26.137. Second resistance is the March 18th high crossing at 26.740. First support is the 75% retracement level of the November-February-rally crossing at 24.059. Second support is the 87% retracement level of the November-February-rally crossing at 23.102. 



May copper closed higher on Monday as it extended last-week's rally. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off March's low, February's high crossing at 437.55 is the next upside target. Closes below the 50-day moving average crossing at 404.11 would confirm that a short-term top has been posted. First resistance is today's high crossing at 427.70. Second resistance is February's high crossing at 437.55. First support is the 50-day moving average crossing at 404.11. 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 $0.06 1/2-cents at $5.92. 



May corn closed higher on Monday as below-normal weather along with precip moving across portions of the Midwest have limited corn planting progress this week. The mid-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above psychological resistance crossing at $6.00 would open the door for a possible test of the 62% retracement level of the 2012-2020-decline crossing at $6.36 is the next upside target. Closes below the 20-day moving average crossing at $5.64 3/4 would confirm that a short-term top has been posted. First resistance is psychological resistance crossing at $6.00. Second resistance is the 62% retracement level of the 2012-2020-decline crossing at $6.36. First support is the 10-day moving average crossing at $5.78 1/4. Second support is the 20-day moving average crossing at $5.64 3/4. 



May wheat closed down a $0.00 1/4-cents at $6.52 1/4.  



May wheat closed fractionally lower on Monday as it consolidated the rally off March's low.The low-range close sets the stage for a steady to fractionally lower opening when Tuesday'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 aforementioned rally, March's high crossing at $6.68 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.27 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.60 3/4. Second resistance is March's high crossing at $6.68 3/4. First support is the 20-day moving average crossing at $6.27. Second support is the 50% retracement level of the June-January-rally crossing at $5.93 1/2.



May Kansas City Wheat closed up $0.02 3/4-cents at $6.12.

 

May Kansas City wheat closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 March's low, March's high crossing at $6.39 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.79 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.18 1/2. Second resistance is the March high crossing at $6.39 3/4. First support is the 20-day moving average 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 a $0.00 1/4-cent at $6.64 1/2. 



May Minneapolis wheat closed fractionally higher on Monday. The low-range close sets the stage for a steady to fractionally higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If May extends the rally off April's low, weekly resistance crossing at $6.77 is the next upside target. Closes below the 20-day moving average crossing at $6.30 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $6.70 1/2. Second resistance is weekly resistance crossing at $6.77. First support is the 10-day moving average crossing at $6.47 1/4. Second support is the 20-day moving average crossing at $6.30 3/4.   

       

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



May soybeans closed up $0.16 1/2-cents at $14.49 3/4.



May soybeans closed higher on Monday as it extended last-week's rally. The high-range close sets the stage for a steady to higher opening when Tuesday'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 March's high crossing at $14.60 are needed to confirm an upside breakout of this year's trading range and renew the long-term uptrend. Closes below the March 30th low crossing at $13.64 1/4 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 March 30th low crossing at $13.64 1/4. Second support is the February 11th low crossing at $13.36 3/4.



May soybean meal closed up $5.30 to $407.50. 



May soybean meal closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 50-day moving average crossing at $412.90 would signal that a short-term low has been posted. Closes below the 38% retracement level of the August-January rally crossing at $396.90 would renew the decline off January's high. First resistance is April's high crossing at $433.20. Second resistance is February's high crossing at $442.10. 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 down 6-pts. at 56.27. 



May soybean oil closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 last-week's low, March's high crossing at 58.25 is the next upside target. Closes below the 50-day moving average crossing at 51.46 would signal that a short-term top has been posted. First resistance is March'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 25% retracement level of the 2020-2021-rally crossing at 50.35. Second support is March's low crossing at 48.62.      

 

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



June hogs closed up $2.63 at $104.33. 



June hogs closed sharply higher on Monday as it consolidated some of the decline off April's high but remains below the 20-day moving average crossing at $105.10 signaling that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends last-week's decline, the 50-day moving average crossing at $99.04 is the next downside target. If June renews the rally off November's low, the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53 is the next upside target. First resistance is last-Monday's high crossing at $110.08. Second resistance is the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53. First support is the 50-day moving average crossing at $99.04. Second support is the March 22nd low crossing at $97.62. 



June cattle closed down $0.58 at $118.60. 



June cattle closed lower on Monday as it extended the decline off April's high. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that a short-term top might be in or is near. If June extends the aforementioned decline, March's low crossing at $116.43 is the next downside target. Closes above the 10-day moving average crossing at $121.81 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $120.48. Second resistance is April's high crossing at $125.63. First support is today's low crossing at $117.55. Second support is March's low crossing at $116.42. 



May Feeder cattle closed down $1.25 at $142.48. 


May Feeder cattle closed lower on Monday as it extended the decline off April's high. The mid-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If May extends the aforementioned decline, January's low crossing at $136.90 is the next downside target. Closes above the 20-day moving average crossing at $148.52 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $146.95. Second resistance is the 20-day moving average crossing at $148.52. First support is today's low crossing at $140.27. Second support is January's low crossing at $136.90.            



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May coffee posted an inside day with a higher close on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 127.34 would signal that a short-term top has been posted. If May extends the rally off March's low, the March 17th high crossing at 13.57 is the next upside target.          



May cocoa closed higher on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 24.75 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at 23.95 would signal that a short-term top has been posted.             



May sugar posted an inside day with a lower close on Monday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 aforementioned rally, February's high crossing at 17.52. Closes below the 20-day moving average crossing at 15.40 would signal that a short-term top has been posted.       



May cotton closed lower on Monday as it consolidates some of the rally off March's low The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 85.52 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 81.40 would signal that a short-term top has been posted.        

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By metmike - April 19, 2021, 6:40 p.m.
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