INO Morning Market Commentary
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Started by tallpine - May 3, 2021, 7:46 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Monday, May 3, 2021  

 



 

 

9:45 AM ET. April US Manufacturing PMI

 



 

 

                       PMI, Mfg (previous 59.1)

 



 

 

10:00 AM ET. March Construction Spending - Construction Put in Place

 



 

 

                       New Construction (previous -0.8%)

 



 

 

                       Residential Construction

 



 

 

10:00 AM ET. April ISM Report On Business Manufacturing PMI

 



 

 

                       Manufacturing PMI (previous 64.7)

 



 

 

                       Prices Idx (previous 85.6)

 



 

 

                       Employment Idx (previous 59.6)

 



 

 

                       Inventories (previous 50.8)

 



 

 

                       New Orders Idx (previous 68.0)

 



 

 

                       Production Idx (previous 68.1)

 



 

 

11:00 AM ET. April Global Manufacturing PMI

 



 

 

                       PMI, Mfg (previous 55.0)

 



 

 

4:00 AM ET. April Domestic Auto Industry Sales

 



 

 



 

 

Tuesday, May 4, 2021  

 



 

 

7:45 AM ET. Weekly Chain Store Sales Index

 



 

 

8:30 AM ET. March U.S. International Trade in Goods & Services

 



 

 

                       Trade Balance (USD) (previous -71.08B)

 



 

 

                       Exports (USD) (previous 187.3B)

 



 

 

                       Exports, M/M% (previous -2.6%)

 



 

 

                       Imports (USD) (previous 258.3B)

 



 

 

                       Imports, M/M% (previous -0.7%)

 



 

 

8:55 AM ET. Johnson Redbook Retail Sales Index

 



 

 

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

 



 

 

                       Ret Sales Mo-to-Date, Y/Y% (previous +13.5%)

 



 

 

                       Latest Wk, Y/Y% (previous +13.9%)

 



 

 

9:45 AM ET. April ISM-NY Report on Business

 



 

 

                       Business Index (previous 37.2)

 



 

 

10:00 AM ET. May IBD/TIPP Economic Optimism Index

 



 

 

                       Economic Optimism Idx (previous 56.4)

 



 

 

                       6-Mo Economic Outlook (previous 55.9)

 



 

 

10:00 AM ET. March Manufacturers' Shipments, Inventories & Orders (M3)

 



 

 

                       Total Orders, M/M% (previous -0.8%)

 



 

 

                       Orders, Ex-Defense, M/M% (previous -0.6%)

 



 

 

                       Orders, Ex-Transport, M/M% (previous -0.6%)

 



 

 

                       Durable Goods, M/M%

 



 

 

                       Durable Goods, M/M%

 



 

 

4:30 AM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls) (previous +4.3M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls) (previous -1.3M)

 



 

 

                       Distillate Stocks, Net Chg (Bbls) (previous -2.4M)

 



 

 

Wednesday, May 5, 2021  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 706.6)

 



 

 

                       Composite Idx, W/W% (previous -2.5%)

 



 

 

                       Purchase Idx-SA (previous 281.4)

 



 

 

                       Purchase Idx-SA, W/W% (previous -4.8%)

 



 

 

                       Refinance Idx (previous 3185.3)

 



 

 

                       Refinance Idx, W/W% (previous -1.1%)

 



 

 

8:15 AM ET. April ADP National Employment Report

 



 

 

                       Private Sector Jobs, Net Chg (previous +517000)

 



 

 

9:45 AM ET. April US Services PMI

 



 

 

                       PMI, Services (previous 60.4)

 



 

 

10:00 AM ET. April ISM Report On Business Services PMI

 



 

 

                       Non-Mfg Composite Idx (previous 63.7)

 



 

 

                       Non-Mfg Business Idx (previous 69.4)

 



 

 

                       Prices Idx (previous 74.0)

 



 

 

                       Employment Idx (previous 57.2)

 



 

 

                       New Orders Idx (previous 67.2)

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 493.107M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous +0.09M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 235.074M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous +0.092M)

 



 

 

                       Distillate Stocks (Bbl) (previous 139.049M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous -3.342M)

 



 

 

                       Refinery Usage (previous 85.4%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 20.395M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.633M)

 



 

 

11:00 AM ET. April Global Services PMI

 



 

 

                       PMI, Services (previous 54.7)

 



 

 

Thursday, May 6, 2021  

 



 

 

7:30 AM ET. April Challenger Job-Cut Report

 



 

 

                       Job Cuts, M/M% (previous -11.38%)

 



 

 

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

 



 

 

                       Corn (Metric Tons) (previous 1074.7K)

 



 

 

                       Soybeans (Metric Tons) (previous 731.5K)

 



 

 

                       Wheat (Metric Tons) (previous 461.3K)

 



 

 

8:30 AM ET. 1st Quarter Preliminary Productivity & Costs

 



 

 

                       Non-Farm Productivity, Q/Q% (previous -4.8%)

 



 

 

                       Unit Labor Costs (previous +6.8%)

 



 

 

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

 



 

 

                       Jobless Claims (previous 553K)

 



 

 

                       Jobless Claims, Net Chg (previous -13K)

 



 

 

                       Continuing Claims (previous 3660000)

 



 

 

                       Continuing Claims, Net Chg (previous +9K)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

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

 



 

 

                       Working Gas In Storage (Cbf) (previous 1898B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous +15B)

 

                        

 

12:00 PM ET. April Monthly U.S. Retail Chain Store Sales Index

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

Friday, May 7, 2021  

 



 

 

8:30 AM ET. April U.S. Employment Report

 



 

 

                       Non-Farm Payrolls (previous +916K)

 



 

 

                       Unemployment Rate (previous 6%)

 



 

 

                       Avg Hourly Earnings (USD) (previous 29.96)

 



 

 

                       Avg Hourly Earnings-Net Chg (USD) (previous -0.04)

 



 

 

                       Avg Hourly Earnings, M/M% (previous -0.13%)

 



 

 

                       Avg Hourly Earnings, Y/Y% (previous +4.24%)

 



 

 

                       Overall Workweek (previous 34.9)

 



 

 

                       Overall Workweek Net Chg (previous +0.3)

 



 

 

                       Government Payrolls (previous +136K)

 



 

 

                       Private Payroll (previous +780K)

 



 

 

                       Participation Rate (previous 61.5%)

 



 

 

                       Non-Farm Payrolls Bench Net Chg

 



 

 

10:00 AM ET. March Monthly Wholesale Trade

 



 

 

                       Inventories, M/M% (previous +0.6%)

 



 

 

3:00 PM ET. March Consumer Credit

 



 

 

                       Consumer Credit Net Chg (USD) (previous +27.6B)

 


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



The STOCK INDEXES: The June NASDAQ 100 was higher overnight as it extends the trading range of the past three-weeks. The high-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 the April 21st low crossing at 13,700.50 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If June renews the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is the April 16th high crossing at 14,059.50. Second resistance is unknown. First support is the April 21st low crossing at 13,700.50. Second support is the 50-day moving average crossing at 13,318.43.  



The June S&P 500 was higher overnight.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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-September's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4145.40 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 4211.00. Second resistance is unknown.First support is the 20-day moving average crossing at 4145.40. Second support is the 50-day moving average crossing at 3998.68.  



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



INTEREST RATES: June T-bonds were 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 157-01 would signal that a short-term top has been posted. If June renews 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 50-day moving average crossing at 157-01. Second support is March's low crossing at 153-07.



June T-notes were steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the April 13th low crossing at 131.120 is the next downside target. If June resumes the rally off March's low, the 25% retracement level of the 2020-2021-decline crossing at 133.001 is the next upside target. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. Second resistance is March's high crossing at 133.230. First support is the April 13th low crossing at 131.120. 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 steady to slightly higher overnight. 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, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $61.93 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 last-Thursday's high crossing at $65.47. Second resistance is March's high crossing at $67.29. First support is the 50-day moving average crossing at $61.93. Second support is the March 23rd low crossing at $57.29.



June heating oil was slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $1.8596 would signal that a short-term top has been posted. Closes above March's high crossing at $1.9778 would mark a resumption of the rally of November's low. First resistance is March's high crossing at $1.9778. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $1.9915. First support is the 50-day moving average crossing at $1.8596. Second support is the March 23rd low crossing at $1.7344.



June unleaded gas 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, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $1.9945 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 March's high crossing at $2.1280. Second resistance is the October-2018 high crossing at 2.2133. First support is the 50-day moving average crossing at $1.9945. Second support is the March 23rd low crossing at $1.8618.



June Henry natural gas was higher overnight and is poised to extend the rally off April's low. 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 June extends the rally off April's low, the 87% retracement level of the February-March-decline crossing at 3.011 is the next upside target. Closes below the 10-day moving average crossing at 2.881 would signal that a short-term top has been posted. First resistance resistance is last-Wednesday's high crossing at 2.988. Second resistance is the 87% retracement level of the February-March-decline crossing at 3.011. First support is the 10-day moving average crossing at 2.881. Second support is the 20-day moving average crossing at 2.774.  



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



CURRENCIES:The June Dollar was lower overnight as it consolidates some of last-Friday's rally. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $91.64 would signal that a short-term low has been posted. If June resumes the decline off March's high, the 75% retracement level of the January-March-rally crossing at $90.23 is the next downside target. First resistance is the 20-day moving average crossing at $91.43. Second resistance is the 50-day moving average crossing at $91.64. First support is the 75% retracement level of the January-March-rally crossing at $90.23. Second support is February's low crossing at $89.66.



The June Euro was higher overnight as it consolidates some of last-Friday's decline. The high-range overnight trade sets the stage for a steady to higher 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 $119.81 would signal that a short-term top has been posted. If June extends the rally off March's low, the 75% retracement level of the January-March-decline crossing at $122.27 is the next upside target. First resistance is the 62% retracement level of the January-March-decline crossing at $121.37. Second resistance is the 75% retracement level of the January-March-decline crossing at $122.27. First support is the 20-day moving average crossing at $120.15. Second support is the 50-day moving average crossing at $119.81.

 

The June British Pound was higher overnight as it extends the March-April trading range. 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 bearish signaling that sideways to lower prices are possible near-term. Closes above March's high crossing at 1.4020 or below April's low crossing at 1.3672 would mark a breakout of the aforementioned trading range and open the door for a trending moving in the direction of that breakout. First resistance is March's high crossing at 1.4020. Second resistance is February's high crossing at 1.4245. First support is April's low crossing at 1.3672. Second support is the 50% retracement level of the September-February rally crossing at 1.3490.



The June Swiss Franc was steady to slightly higher overnight. 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 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 1.0903 would signal that a short-term top has been posted. If June extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at 1.1117 is the next upside target. First resistance is the 50% retracement level of the January-April-decline crossing at 1.1117. Second resistance is the 62% retracement level of the January-April-decline crossing at 1.1117. First support is the 20-day moving average crossing at 1.0903. Second support is the 50-day moving average crossing at 1.0856.

 

The June Canadian Dollar was steady to slightly lower overnight. The mid-range 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 February-2018 high crossing at $82.27 is the next upside target. Closes below the 20-day moving average crossing at $80.16 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $81.53. Second resistance is the February-2018 high crossing at $82.27. First support is the 10-day moving average crossing at $80.62. Second support is the 20-day moving average crossing at $80.16.  



The June Japanese Yen was lower overnight as it extends the decline off April's high. The mid-range overnight trade sets the stage for a steady to lower 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. If June extends the aforementioned decline, the April-9th low crossing at 0.0910 is the next downside target. Closes above the 50-day moving average crossing at 0.0922 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the January-March-decline crossing at 0.0930. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.0939. First support is the April-9th low crossing at 0.0910. 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 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 poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, the February 23rd high crossing at $1817.60 is the next upside target. Closes below the 20-day moving average crossing at $1765.00 would signal that a short-term top has been posted. First resistance is the February 23rd high crossing at $1817.60. Second resistance is the 38% retracement level of August-April-decline crossing at $1841.30. First support is the 20-day moving average crossing at $1765.00. Second support is the 50-day moving average crossing at $1746.00.



July silver was higher overnight. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $25.863 would signal that a short-term top has been posted. If July extends the rally off March's low, the 50% retracement level of the January-March-decline crossing at $26.893 is the next upside target. First resistance is the 50% retracement level of the January-March-decline crossing at $26.902. Second resistance is the 62% retracement level of the January-March-decline crossing at $27.649. First support is the 20-day moving average crossing at $25.863. Second support is the April 13th low crossing at $24.725. 



July copper was higher overnight. The high-range overnight trade sets the stage for a 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 last-September's low, the February-2011 high on the monthly continuation chart crossing at 4.6495 is the next upside target. Closes below the 20-day moving average crossing at 4.2582 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 4.5510. Second resistance is the February-2011 high on the monthly continuation chart crossing at 4.6495. First support is the 10-day moving average crossing at 4.4001. Second support is the 20-day moving average crossing at 4.2582.  



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



July corn gapped up and was higher overnight as it extends this year's rally. The low-range close sets the stage for a steady to higher opening when the day sessions begins trading although I would not be surprised to see the overnight gap crossing at $6.73 1/4 filled. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. If July extends this year's rally, the 75% retracement level of the 2012-2020-decline crossing at $7.07 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.03 1/2 would signal that a short-term top has been posted. First resistance is psychological resistance crossing at $7.00. Second resistance is the 75% retracement level of the 2012-2020-decline crossing at $7.07 3/4. First support is the 10-day moving average crossing at $6.42 3/4. Second support is the 20-day moving average crossing at $6.03 1/2.       



July wheat gapped up and was higher overnight as it is poised to extend the rally off March'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews this year's rally, psychological resistance crossing at $8.00 is the next upside target. Closes below the 10-day moving average crossing at $7.15 3/4 would signal that a short-term top has likely been posted. First resistance is last-Tuesday's high crossing at $7.69 1/2. Second resistance is psychological resistance crossing at $8.00. First support is the 10-day moving average crossing at $7.15 3/4. Second support is the 20-day moving average crossing at $6.76 3/4. 

 

July Kansas City wheat gapped up and was higher overnight. However, the low-range close sets the stage for a steady to modestly higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July resumes the rally off March's low, the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4 is the next upside target. Closes below the 10-day moving average crossing at $6.84 3/4 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $7.41 1/4. Second resistance is the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4. First support is the 10-day moving average crossing at $6.84 3/4. Second support is the 20-day moving average crossing at $6.39 3/4.



July Minneapolis wheat was higher overnight as it has renewed the rally off April's low. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the 87% retracement level of the 2017-2019-decline on the monthly continuation chart crossing at $8.18 1/2 is the next upside target. Closes below the 10-day moving average crossing at $7.31 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $7.83 3/4. Second resistance is the 87% retracement level of the 2017-2019-decline crossing at $8.18 1/2. First support is the 10-day moving average crossing at $7.31. Second support is the 20-day moving average crossing at $6.93. 

     

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



July soybeans gapped up and were higher overnight following last-Friday's key reversal up. The low-range close sets the stage for a steady to modestly higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews this year's rally, psychological resistance crossing at $16.00 is the next upside target. Closes below the 20-day moving average crossing at $14.58 3/4 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $15.74 3/4. Second resistance is psychological resistance crossing at $16.00. First support is last-Wednesday's low crossing at $14.90 1/2. Second support is the 20-day moving average crossing at $14.58 3/4.  

 

July soybean meal were lower in late-overnight trading. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $412.20 would signal that a short-term top has been posted. If July renews the rally off April's low, January's high crossing at $458.20 is the next upside target. First resistance is last-Monday's high crossing at $439.10. Second resistance is January's high crossing at $458.20. First support is the 20-day moving average crossing at $415.10. Second support is the 50-day moving average crossing at $412.20.     


July soybean oil was sharply higher overnight as it extends this year's rally. 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 July extends this year's rally, weekly resistance crossing at 65.20 is the next upside target. Closes below the 20-day moving average crossing at 55.92 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 64.87. Second resistance is weekly resistance crossing at 65.20. First support is the 10-day moving average crossing at 59.92. Second support is the 20-day moving average crossing at 55.92.       


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



June hogs closed up $3.00 at $109.73. 



June hogs closed limit up on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 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 renews the decline off April's high, the 50-day moving average crossing at $101.82 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 $101.82. Second support is the March 22nd low crossing at $97.62. 



June cattle closed up $0.23 at $116.28. 



June cattle closed higher on Friday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening on Monday. 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, the 50% retracement level of the October-April-rally crossing at $114.37 is the next downside target. Closes above the 20-day moving average crossing at $119.52 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $119.52. Second resistance is the 50-day moving average crossing at $119.80. First support is last-Monday's low crossing at $114.55. Second support is the 50% retracement level of the October-April-rally crossing at $114.37. 



August Feeder cattle closed down $3.23 at $146.65. 


August Feeder cattle closed sharply lower on Friday as it renewed the decline off April's high. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If August extends the aforementioned decline, January's low crossing at $144.62 is the next downside target. Closes above the 20-day moving average crossing at $154.67 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $150.33. Second resistance is the 20-day moving average crossing at $154.67. First support is today's low crossing at $146.30. Second support is January's low crossing at $144.62.            



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



July coffee closed lower on Friday 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 Monday. 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 13.48 would signal that a short-term top has been posted. If July renews the rally off March's low, the January-2019 high crossing at 15.16 is the next upside target.            



July cocoa closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends today's decline, April's low crossing at 23.60 is the next downside target. Closes above Thursday's high crossing at 25.37 would confirm that a low has been posted.               



July sugar closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 16.23 would signal that a short-term top has been posted. If July extends this month's rally, weekly resistance crossing at 18.42 is the next upside target.        



July cotton closed higher on Friday ending a two-day correction off Tuesday's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 85.21 would signal that a short-term top has been posted. If July extends the rally off March's low, February's high crossing at 96.22 is the next upside target.          

Comments
By metmike - May 3, 2021, 1:15 p.m.
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Thanks tallpine!


Incredible corn!

https://www.marketforum.com/forum/topic/68861/


Week in review compilation 2020/21

https://www.marketforum.com/forum/topic/68446/

Last week

https://www.marketforum.com/forum/topic/68745/


Exports this week May 3, 2021

https://www.marketforum.com/forum/topic/68855/


Grains, new limits and more

https://www.marketforum.com/forum/topic/68450/


Our Planting progress, weather and more-mcfarmer in IA

https://www.marketforum.com/forum/topic/68475/


Natural Gas...>EIA was bearish on Thursday 

https://www.marketforum.com/forum/topic/68653/


crop planting/condition...........wheat plunges 4%.....especially HRW

https://www.marketforum.com/forum/topic/68551/


2021 GDP

https://www.marketforum.com/forum/topic/68578/


                Reviewing March Oil Post                        

                Started by stomper - April 29, 2021, 1:40 a.m.            

https://www.marketforum.com/forum/topic/68666/


Joelund natural gas compilation for the Bakken the past year:

https://www.marketforum.com/forum/topic/68818/