INO Morning Market Commentary
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Started by tallpine - April 21, 2021, 7:39 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

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 STOCK INDEXES: The June NASDAQ 100 was lower overnight as it consolidates some of the rally off March's low. The high-range trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 13,509.12 would signal that a short-term top has been posted. If June renews the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 14,059.50. Second resistance is unknown. First support is the 20-day moving average crossing at 13,509.12. Second support is the 50-day moving average crossing at 13,279.64.  



The June S&P 500 was steady to slightly lower overnight as it extends the decline off last-Friday's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4057.85 would signal that a short-term top has been posted. If June extends the rally off last-September's low into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 4183.50. Second resistance is unknown.First support is the 20-day moving average crossing at 4057.85. Second support is the 50-day moving average crossing at 3954.44.  



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



INTEREST RATES: June T-bonds were slightly lower overnight. The low-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 156-18 would signal that a short-term top has been posted. 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. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 159-19. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 162-31. First support is the 20-day moving average crossing at 156-18. Second support is March's low crossing at 153-07.



June T-notes were steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening with the day 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 132.206 would open the door for additional short covering gains and a possible test of the 25% retracement level of the 2020-2021-decline crossing at 133.001. Closes below the 20-day moving average crossing at 131.256 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 132.188. Second resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. First support is the 20-day moving average crossing at 131.256. Second support is the April 5th low crossing at 130.255. 



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



June crude oil was lower overnight following Tuesday's key reversal down.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $60.92 would signal that a short-term top has been posted. If June extends the rally off March's low, March's high crossing at $67.29 is the next upside target. First resistance is Tuesday's high crossing at $64.38. Second resistance is March's high crossing at $67.29. First support is the 20-day moving average crossing at $60.92. Second support is the March 23rd low crossing at $57.29. Third support is the 38% retracement level of the November-March-rally crossing at $55.43.      



June heating oil was steady to slightly higher overnight as it extends last-week's rally. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day 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 last-week's rally, March's high crossing at $197.78 is the next upside target. Closes below the 20-day moving average crossing at $182.86 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $191.74. Second resistance is March's high crossing at $197.78. First support is the 20-day moving average crossing at $182.86. Second support is the March 23rd low crossing at $173.44.



June unleaded gas was lower overnight as it extends Tuesday's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $1.9612 would signal that a short-term top has been posted. If June extends the rally off March's low, March's high crossing at $2.1280 is the next upside target. First resistance is Tuesday's high crossing at $2.0742. Second resistance is March's high crossing at $2.1280. First support is the 50-day moving average crossing at $1.9612. Second support is the March 23rd low crossing at $1.8618.



June Henry natural gas was lower overnight as it consolidates some of the rally off April's low. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 62% retracement level of the February-March-decline crossing at 2.869 is the next upside target. Closes below the 20-day moving average crossing at 2.679 would signal that a short-term top has been posted. First resistance resistance is Tuesday's high crossing at 2.830. Second resistance is the 62% retracement level of the February-March-decline crossing at 2.869. First support is the 20-day moving average crossing at 2.679. Second support is April's low crossing at 2.540.  



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



CURRENCIES:The June Dollar was higher overnight as it consolidates some of the decline off March's high. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 June extends the aforementioned decline, the March low crossing at $90.62 is the next downside target. Closes above the 20-day moving average crossing at $92.26 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $91.58. Second resistance is the 10-day moving average crossing at $91.66. First support is March's low crossing at $90.62. Second support is February's low crossing at $89.66.



The June Euro was lower overnight as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening when the day 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, March's high crossing at $121.40 is the next upside target. Closes below the 20-day moving average crossing at $118.96 would signal that a short-term top has been posted. First resistance is March's high crossing at $121.40. Second resistance is February's high crossing at $122.71. First support is the 50-day moving average crossing at $119.88. Second support is the 10-day moving average crossing at $119.82.

 

The June British Pound was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings 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 April's low, February's high crossing at 1.4245 is the next upside target. Closes below the 20-day moving average crossing at 1.3802 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.4012. Second resistance is February's high crossing at 1.4245. First support is the 20-day moving average crossing at 1.3802. Second support is the 38% retracement level of the September-February rally crossing at 1.3672.



The June Swiss Franc was steady to lower overnight as it consolidates some of the rally off April's low. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 1.0781 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 1.0971. Second resistance is the 50% retracement level of the January-April-decline crossing at 1.1117. First support is the 10-day moving average crossing at 1.0880. Second support is the 20-day moving average crossing at 1.0781.

 

The June Canadian Dollar is working on a possible inside day and was higher overnight as it consolidated some of Tuesday's sharp decline. The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $79.11 would open the door for a possible test of the February 26th low crossing at $78.42. If June renews the rally off last-Tuesday's low, March's high crossing at $80.88 is the next upside target. First resistance is Monday's high crossing at $80.20. Second resistance is March's high crossing at $80.88. First support is last-Tuesday's low crossing at $79.11. Second support is the February 26th low crossing at $78.42.  



The June Japanese Yen was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 0.0927 would open the door for additional short-term gains. Closes below the 20-day moving average crossing at 0.0915 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 0.0927. 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 0.0915. Second support is March's low crossing at 0.0902.

 

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



PRECIOUS METALS: June gold was steady to higher overnight as it extends the rally off the late-March low. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 February 23rd high crossing at $1817.60 is the next upside target. Closes below last-Tuesday's low crossing at $1723.20 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the 2020-2021-decline crossing at $1783.40. 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 was steady to higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 $26.079 would open the door for a possible test of the March 18th high crossing at $26.740. Closes below the 20-day moving average crossing at $25.274 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $26.079. Second resistance is the March 18th high crossing at $26.740. First support is last-Tuesday's low crossing at $24.680. Second support is March's low crossing at $23.740. 



May copper was steady to higher in overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 this month's rally, February's high crossing at 4.3755 is the next upside target. Closes below the 50-day moving average crossing at 4.0645 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 4.2965. Second resistance is February's high crossing at 4.3755. First support is the 50-day moving average crossing at 4.0645. Second support is the 25% retracement level of the 2020-2021-rally crossing at 3.8134.  



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



July corn was higher overnight as it extends the rally off March's low. The mid-range close sets the stage for a steady to higher opening when the day 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. If July extends this year's rally, psychological resistance crossing at $6.00 is the next upside target. Closes below the 20-day moving average crossing at $5.56 would signal 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 $5.74 1/2. Second support is the 20-day moving average crossing at $5.56.        



July wheat was higher overnight as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when the day 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 July extends the aforementioned rally, long-term resistance on the weekly continuation chart crossing at $6.93 is the next upside target. Closes below the 20-day moving average crossing at $6.29 3/4 would signal that a short-term top has likely been posted. First resistance is Tuesday's high crossing at $6.79 1/2. Second resistance is long-term resistance on the weekly continuation chart crossing at $6.93. First support is the 10-day moving average crossing at $6.48. Second support is the 20-day moving average crossing at $6.29 3/4. 

 

July Kansas City wheat was higher overnight as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when the day 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 July extends the rally off March's low, February's high crossing at $6.67 is the next upside target. Closes below the 20-day moving average crossing at $5.90 1/4 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $6.42 1/2. Second resistance is February's high crossing at $6.67. First support is the 50-day moving average crossing at $6.11 3/4. Second support isthe 10-day moving average crossing at $6.08.



July Minneapolis wheat was higher overnight as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, monthly resistance crossing at $7.22 is the next upside target. Closes below the 20-day moving average crossing at $6.43 3/4 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $6.89 3/4. Second resistance is monthly resistance crossing at $7.22. First support is the 10-day moving average crossing at $6.65 3/4. Second support is the 20-day moving average crossing at $6.43 3/4. 

     

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



July soybeans were higher overnight as it extends the rally off last-April's low.The low-range close sets the stage for a steady to higher opening when the day 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 July extends this year's rally, psychological resistance crossing at $15.00 is the next upside target. Closes below the 50-day moving average crossing at $13.97 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $14.72 1/4. Second resistance is psychological resistance crossing at $15.00. First support is the 50-day moving average crossing at $13.97 3/4. Second support is the April 13th low crossing at $13.74 3/4.  

 

July soybean meal were lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If July extends the rally off April's low, April's high crossing at $433.60 is the next upside target. Closes below the 10-day moving average crossing at $407.70 would signal that a short-term top has been posted while opening the door for a possible test of  the 38% retracement level of the August-January rally crossing at $393.40. First resistance is the April 1st high crossing at $433.60. Second resistance is the February 9th high crossing at $437.00. First support is the 38% retracement level of the August-January rally crossing at $393.40. Second support is the 50% retracement level of August-January rally crossing at $373.40.      


July soybean oil was higher overnight as it extends this year's rally to a new contract high. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 July extends this year's rally, weekly resistance crossing at 59.60 is the next upside target. Closes below the 20-day moving average crossing at 51.90 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 56.46. Second resistance is weekly resistance crossing at 59.60. First support is the 20-day moving average crossing at 51.90. Second support is the 50-day moving average crossing at 50.37.       


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



June hogs closed up $2.03 at $106.35. 



June hogs closed higher on Tuesday as it consolidated some of the decline off April's high. 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 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. If June extends the decline off April's high, the 50-day moving average crossing at $99.38 is the next downside target. First resistance is April'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 $99.38. Second support is the March 22nd low crossing at $97.62. 



June cattle closed up $0.43 at $119.03. 



June cattle closed higher due to short covering on Tuesday as it consolidated some of the decline off April's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 20-day moving average crossing at $121.75 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $120.46. Second resistance is the 20-day moving average crossing at $121.75. First support is Monday's low crossing at $117.55. Second support is March's low crossing at $116.42. 



May Feeder cattle closed up $0.20 at $142.68. 


May Feeder cattle closed higher on Tuesday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $148.40 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $146.91. Second resistance is the 20-day moving average crossing at $148.40. First support is today's low crossing at $139.90. Second support is January's low crossing at $136.90.            



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



July coffee closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the March 16thhigh crossing at 13.60 is the next upside target. Closes below the 20-day moving average crossing at 12.94 would signal that a short-term top has been posted.           



July cocoa closed sharply lower on Tuesday and below the 10-day moving average crossing at 24.32 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above today's crossing at 25.03 would open the door for additional gains near-term.              



July sugar closed higher on Tuesday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, weekly resistance crossing at 18.42 is the next upside target. Closes below the 20-day moving average crossing at 15.38 would signal that a short-term top has been posted.       



July cotton closed higher on Tuesday The low-range close sets the stage for a steady to lower opening on Wednesday. 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 82.61 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 86.53 would open the door for additional gains near-term. 

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By metmike - April 21, 2021, 2:21 p.m.
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Thanks Tallpine!