INO Evening Market Comments
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Started by tallpine - July 9, 2018, 4:42 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, July 10, 2018  



6:00 AM ET. June NFIB Index of Small Business Optimism



                       Small Business Idx (expected 106.5; previous 107.8)



7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index



                       Chain Store Sales, W/W% (previous +0.3%)



                       Chain Store Sales, M/M% (previous +3.6%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous -0.4%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +4.1%)



                       Latest Wk, Y/Y% (previous +4.4%)



10:00 AM ET. May Job Openings & Labor Turnover Survey



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -4.5M)



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



                       Distillate Stocks, Net Chg (Bbls) (previous -0.4M)



Wednesday, July 11, 2018  



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 363.3)



                       Composite Idx, W/W% (previous -0.5%)



                       Purchase Idx-SA (previous 245.5)



                       Purchase Idx-SA, W/W% (previous +0.5%)



                       Refinance Idx (previous 996.0)



                       Refinance Idx, W/W% (previous -2.0%)



8:30 AM ET. June PPI



                       PPI, M/M% (expected +0.1%; previous +0.5%)



                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.3%)



                       Personal Consumption (previous +0.5%)



10:00 AM ET. May Monthly Wholesale Trade



                       Inventories, M/M% (expected +0.4%; previous +0.1%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 417.881M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.245M)



                       Gasoline Stocks (Bbl) (previous 239.691M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -1.505M)



                       Distillate Stocks (Bbl) (previous 117.557M)



                       Distillate Stocks, Net Chg (Bbl) (previous +0.134M)



                       Refinery Usage (previous 97.1%)



                       Total Prod Supplied (Bbl/day) (previous 21.272M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.977M)

                       

Thursday, July 12, 2018  



8:30 AM ET. June CPI



                       CPI, M/M% (expected +0.2%; previous +0.2%)



                       Core CPI, M/M% (expected +0.2%; previous +0.2%)



                       Energy Idx, M/M% (previous +0.9%)



                       Food Idx, M/M% (previous +0.0%)



                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)



                       CPI, Y/Y% (expected +2.9%; previous +2.8%)



                       Core Annual, Y/Y% (expected +2.3%; previous +2.2%)



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



                       Corn (Metric Tons) (previous 1142.4K)



                       Soybeans (Metric Tons) (previous 1045K)



                       Wheat (Metric Tons) (previous 300.4K)



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



                       Jobless Claims (expected 225K; previous 231K)



                       Jobless Claims, Net Chg (previous +3K)



                       Continuing Claims (previous 1739000)



                       Continuing Claims, Net Chg (previous +32K)



8:30 AM ET. June Real Earnings



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 2152B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +78B)

                       

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)



                       Corn, End Stocks (Bushels)



                       Soybeans, End Stocks (Bushels)



                       Wheat, End Stocks (Bushels)



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



2:00 PM ET. SEC Closed Meeting



2:00 PM ET. June Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, July 13, 2018  



8:30 AM ET. June Import & Export Price Indexes



                       Import Prices (expected +0.0%; previous +0.6%)



                       Non-Petroleum Prices (previous +0.1%)



                       Petroleum Prices (previous +5.9%)



10:00 AM ET. July University of Michigan Survey of Consumers – preliminary



                       Mid-Mo Sentiment (expected 98.0; previous 99.3)



                       Mid-Mo Expectations (previous 87.4)



                       Mid-Mo Current Idx (previous 117.9)


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



The September NASDAQ 100 closed higher on Monday as it extended the rally off June'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, June's high crossing at 7358.50 is the next upside target. First resistance is the today's high crossing at 7282.00. Second resistance is June's high crossing at 7358.50. First support is June's low crossing at 6956.00. Second support is the reaction low crossing at 6855.50. 



The September S&P 500 closed higher on Monday as it extends the rally off June'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, June's high crossing at 2795.50 is the next upside target. Closes below the 50-day moving average crossing at 2729.91 would temper the near-term friendly outlook. First resistance is today's high crossing at 2785.00. Second resistance is June's high crossing at 2795.50. First support is June's low crossing at 2694.50. Second support is the reaction low crossing at 2681.00. 



The Dow closed sharply higher on Monday and above the 20-day moving average crossing at 24,663.97 confirming 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 the Dow extends today's rally, June's high crossing at 25,402.83 is the next upside target. First resistance is today's high crossing at 24,795.92. Second resistance is June's high crossing at 25,402.83. First support is June's low crossing at 23,997.21. Second support is May's low crossing at 23,531.31.      



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



September T-bonds closed down 16/32's at 145-05.



September 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 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 144-08 are needed to confirm that a short-term top has been posted. If September extends the rally off June's low, the 62% retracement level of the 2017-2018 decline crossing at 147-09 is the next upside target. First resistance is last Friday's high crossing at 146-11. Second resistance is the 62% retracement level of the 2017-2018 decline crossing at 147-09. First support is the 20-day moving average crossing at 144-08. Second support is June's low crossing at 142-01.      



September T-notes closed down 70-points at 120-040.



September 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, diverging 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 119.286 are needed to confirm that a short-term top has been posted. If September extends the rally off June's low, May's high crossing at 121.020 is the next upside target. First resistance is May's high crossing at 121.030. Second resistance is the 62% retracement level of the 2017-2018 decline crossing at 121.030. First support is June's low crossing at 118.295. Second support is May's low crossing at 117.300.    



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



August crude oil closed slightly higher on Monday as it extends the trading range of the past six-days. 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 August extends this month's rally, the 75% retracement level of the 2014-2016-decline crossing at 77.08 is the next upside target. Closes below the 20-day moving average crossing at 69.43 would confirm that a short-term top has been posted. First resistance is last Tuesday's high crossing at 75.27. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 77.08.First support is the 10-day moving average crossing at 72.81. Second support is the 20-day moving average crossing at 69.43. 



August heating oil closed higher on Monday as it extends the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off June's low, the reaction high crossing at 219.13 is the next upside target. Closes below the 20-day moving average crossing at 214.94 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 219.13. Second resistance is May's high crossing at 229.60. First support is June's low crossing at 206.89. Second support is the 50% retracement level of the February-May-rally crossing at 205.35. 



August unleaded gas 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 neutral signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low the reaction high crossing at 219.04 is the next upside target. Closes below the 20-day moving average crossing at 207.79 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 219.04. Second resistance is May's high crossing at 226.86. First support is the 62% retracement level of the February-May-rally crossing at 198.78. Second support is the 75% retracement level of the February-May-rally crossing at 192.52.



August Henry natural gas closed lower on Monday as it renewed the decline off June's high. 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 lower prices are possible near-term. If August extends the decline off June's high, May's low crossing at 2.727 is the next downside target. Closes above the 20-day moving average crossing at 2.926 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.926. Second resistance is June's high crossing at 3.043. First support is today's low crossing at 2.817. Second support is May's low crossing at 2.727.  



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



The September Dollar closed slightly higher on Monday as it consolidated some of the decline off June's high. 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. Closes below the 50-day moving average crossing at 93.46 would open the door for a possible test of June's low crossing at 92.76. If September renews the rally off February's low, weekly resistance crossing at 97.70 is the next upside target. First resistance is June's high crossing at 95.26. Second resistance is weekly resistance crossing at 97.70. First support is the 50-day moving average crossing at 93.46. Second support is June's low crossing at 92.76.   



The September Euro closed slightly higher 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 September extends the rally off June's low, June's high crossing at 119.40 is the next upside target. If September renews the decline off April's high, the 62% retracement level of the 2016-2018 rally crossing at 115.36 is the next downside target. First resistance is the 50-day moving average crossing at 118.52. Second resistance is June's high crossing at 119.40. First support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78.    



The September British Pound posted a key reversal down 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. Closes above the reaction high crossing at 1.3366 are needed to confirm that a short-term low has been posted. If September resumes the decline off April's high, weekly support crossing at 1.3048 is the next downside target. First resistance is the reaction high crossing at 1.3366. Second resistance is the 50-day moving average crossing at 1.3442. First support is June's low crossing at 1.3095. Second support is weekly support crossing at 1.3048. 



The September Swiss Franc closed lower on Monday while extending the trading range of the past two-months. 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. Closes above June's high crossing at 1.0302 are needed to confirm an upside breakout of the aforementioned trading range while opening the door for additional gains near-term. If September resumes the decline off June's high, May's low crossing at 1.0057 is the next downside target. First resistance is June's high crossing at 1.0302. Second resistance is the 38% retracement level of the February-May-decline crossing at 1.0431. First support is June's low crossing at 1.0075. Second support is May's low crossing at 1.0057. 



The September Canadian Dollar closed lower on Monday as it consolidated some of the rally off June'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 September extends the rally off June's low, the 50-day moving average crossing at 77.10 is the next upside target. If September renews the decline off April's high, the 62% retracement level of the 2016-2017-rally crossing at 74.54 is the next downside target. First resistance is the 50-day moving average crossing at 77.10. Second resistance is June's high crossing at 77.94. First support is June's low crossing at 74.80. Second support is the 62% retracement level of the 2016-2017-rally crossing at 74.54.  



The September Japanese Yen 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the 87% retracement level of the October-March-rally crossing at 0.9006 is the next downside target. Closes above the 50-day moving average crossing at 0.9161 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9161. Second resistance is May's high crossing at 0.9320. First support is last-Tuesday's low crossing at 0.9044. Second support is the 87% retracement level of the October-March-rally crossing at 0.9006.   



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



August gold closed higher 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1271.00 are needed to confirm that a short-term low has been posted. If August renews the decline off April's high, the 75% retracement level of the 2016-2018 rally crossing at 1213.00 is the next downside target. First resistance is the 20-day moving average crossing at 1271.00. Second resistance is the reaction high crossing at 1286.80. First support is the 62% retracement level of the 2016-2018 rally crossing at 1242.20. Second support is the 75% retracement level of the 2016-2018 rally crossing at 1213.00.



September silver closed higher on Monday. The mid-range close set the stage for a steady 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 20-day moving average crossing at 16.429 would confirm that a short-term low has been posted. If September extends the decline off June's high, the July-2017 low crossing at 15.625 is the next downside target. First resistance is the 20-day moving average crossing at 16.429. Second resistance is the 50-day moving average crossing at 16.528. First support is last-Monday's low crossing at 15.800. Second support is the July-2017 low crossing at 15.625.        



August copper closed higher on Monday as it consolidated some of the decline off June's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, the 50% retracement level of the 2016-2018 rally crossing at 272.10 is the next downside target. Closes above the 20-day moving average crossing at 303.48 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 292.48. Second resistance is the 20-day moving average crossing at 303.48. First support is last-Friday's low crossing at 277.90. Second support isthe 50% retracement level of the 2016-2018 rally crossing at 272.10.  



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



December Corn closed down 5 3/4-cents at 3.67 1/4. 



December corn posted an inside day with a lower close on Monday on favorable pollination forecasts.Losses were tempered by another round of moderately good export data.The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 3.80 1/2 are needed to confirm that a short-term low has been posted. If December extends the decline off May's high, psychological support crossing at 3.50 is the next downside target. First resistance is the 20-day moving average crossing at 3.75 3/4. Second resistance is the reaction high crossing at 3.80 1/2. First support is last-Monday's low crossing at 3.58 1/2. Second support is psychological support crossing at 3.50.  



December wheat closed down 4 3/4-cents at 5.25 1/4. 



December wheat posted an inside day with a lower close on Monday due to harvest related pressure. The mid-range close sets the stage for a steady 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 December extends the rally off July's low, the 50-day moving average crossing at 5.41 1/2 is the next upside target. If December renews the decline off May's high, January's low crossing at 4.73 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.41 1/2. Second resistance is June's high crossing at 5.75 1/2. First support is July's low crossing at 4.96. Second support is January's low crossing at 4.73 3/4.        



December Kansas City Wheat closed down 5 1/2-cents at 5.28 3/4. 



December Kansas City wheat posted an inside day with a lower close on Monday as it consolidated some of the rally off last-Monday's low. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. Multiple closes above the 20-day moving average crossing at 5.31 would confirm that a short-term low has been posted. If December resumes the decline off May's high, January's low crossing at 4.87 3/4. First resistance is the 20-day moving average crossing at 5.31. Second resistance is the 50-day moving average crossing at 5.60 3/4. First support is last-Monday's low crossing at 4.93 3/4. Second support is January's low crossing at 4.87 3/4. 



December Minneapolis wheat closed down 10 1/4-cents at 5.64 3/4. 



December Minneapolis wheat posted an inside day with a lower close on Monday as it consolidated some of the rally off July'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.76 1/2 would confirm that a short-term low has been posted. If December resumes the decline off May's, monthly support crossing at 5.15 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.76 1/2. Second resistance is the reaction high crossing at 5.89. First support is July's low crossing at 5.43. Second support is monthly support crossing at 5.15 1/2.  



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



November soybeans closed down 22 1/2-cents at 8.72. 



November soybeans closed sharply lower on Monday on renewed nervousness around the latest U.S.-China trade tariffs, which were enacted last Friday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 9.07 1/4 are needed to confirm that a low has been posted. If November renews the decline off May's high, monthly support crossing at 8.25 is the next downside target. First resistance is the 20-day moving average crossing at 9.07 1/4. Second resistance is the 38% retracement level of the May-July-decline crossing at 9.32 1/2. First support is last Friday's low crossing at 8.53 1/4. Second support is monthly support crossing at 8.25.



December soybean meal closed down $9.90 at 327.50. 



December soybean meal closed sharply 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 337.70 are needed to confirm that a short-term low has been posted. If December extends the decline off May's high, January's low crossing at 318.40 is the next downside target. First resistance is the 20-day moving average crossing at 337.70. Second resistance is the 38% retracement level of the May-July-decline crossing at 349.60. First support is last-Friday's low crossing at 323.20. Second support is January's low crossing at 318.40. 



December soybean oil closed down 16-points. At 29.30. 



December soybean oil 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. Closes above the 20-day moving average crossing at 29.92 are needed to confirm that a short-term low has been posted. If December resumes the decline off May's high, June's low crossing at 28.50 is the next downside target. First resistance is the 20-day moving average crossing at 29.92. Second resistance is the 50-day moving average crossing at 31.02. First support is June's low crossing at 28.50. Second support is the August-2015 crossing at 28.17.

 

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



August hogs closed down $2.65 at $72.77. 



August hogs closed sharply lower on Monday as it renewed the decline off June's high. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, April's low crossing at 72.45 is the next downside target. Closes above the 50-day moving average crossing at 76.47 would confirm that a short-term low has been posted. First resistance is June's high crossing at 80.00. Second resistance is April's high crossing at 80.55. First support is today's low crossing at 72.55. Second support is April's low crossing at 72.45.  



October cattle closed down $1.00 at 108.63. 



October cattle closed lower on Monday confirming last-Friday's key reversal down. 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 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 108.04 would confirm that a short-term top has been posted. If October extends the rally off May's low, the 75% retracement level of the February-May-decline crossing at 113.33 is the next upside target. First resistance is the 62% retracement level of the February-May-decline crossing at 111.23. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is the 20-day moving average crossing at 108.04. Second support is the reaction low crossing at 110.05.  

 

August Feeder cattle closed down $0.75 at $151.45. 



August Feeder cattle closed lower on Monday following last-Friday's key reversal down. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI 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 148.58 would confirm that a short-term top has been posted. If August extends the rally off May's low, is February's high crossing at 155.98 is the next upside target. First resistance is the 87% retracement level of the February-April-decline crossing at 153.26. Second resistance is February's high crossing at 155.98. First support is the 10-day moving average crossing at 149.68. Second support is the 20-day moving average crossing at 148.58.    



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



September coffee closed higher on Monday following last-Friday's huge key reversal up signaling a possible end to this year's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 11.61 would confirm that a short-term low has been posted. If September extends this month's decline, monthly support crossing at 10.56 is the next downside target.   



September cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off April's high, the 62% retracement level of the December-April-rally crossing at 22.64 is the next downside target. If September extends the rally off June's low, the 50-day moving average crossing at 25.85 is the next upside target. 



October sugar closed lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, April's low crossing at 11.23 is the next downside target. Closes above the 20-day moving average crossing at 12.14 would confirm that a short-term low has been posted. 



October cotton closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 87.30 are needed to confirm that a low has been posted. If October extends the decline off June's high, May's low crossing at 80.88 is the next downside target. 

Comments
By metmike - July 9, 2018, 6:14 p.m.
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Thanks tallpine!