INO Evening Market Comments
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Started by tallpine - July 22, 2021, 4:42 p.m.

KEY EVENTS TO WATCH FOR:



4:30 PM ET. Foreign Central Bank Holdings



Friday, July 23, 2021 



9:45 AM ET. July US Flash Manufacturing PMI



                       PMI, Mfg (previous 62.6)



9:45 AM ET. July US Flash Services PMI



                       PMI, Services (previous 64.8)



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



The Dow Closed higher for the third day in a row on Thursday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Friday'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 the rally off Monday's low, May's high crossing at 35,091.56 is the next upside target. Closes below Monday's low would open the door for additional weakness and a possible test of June's low crossing at 33,281.93. First resistance is May's high crossing at 35,091.56. Second resistance is unknown. First support is Monday's low crossing at 33,741.76. Second support is June's low crossing at 33,271.93. 



The September NASDAQ 100 closed sharply higher for the third day in a row on Thursday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, last-Tuesday's high crossing at 14,996.00 is the next upside target. If September renews the decline off last-Tuesday's high, the 50-day moving average crossing at 14,099.03 is the next downside target.First resistance is today's high crossing at 14,923.25. Second resistance is last-Tuesday's high crossing at 14,996.00. First support is Monday's low crossing at 14,445.00. Second support is the 50-day moving average crossing at 14,099.03. 



The September S&P 500 closed higher on Thursday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September renews this year's rally upside targets are hard to project. Closes below the 50-day moving average crossing at 4239.04 would confirm that a short-term top has been posted while opening the door for a possible test of June's low crossing at 4126.75. First resistance is today's high crossing at 4361.25. Second resistance is last-Tuesday's high  crossing at 4384.50. First support is the 50-day moving average crossing at 4239.05. Second support is June's low crossing at 4126.75.  



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



September T-bonds closed up 15/32's at 164-16. 

  

September T-bonds closed higher on Thursday ending a two-day correction off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Friday's night 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 162-11 would signal that a short-term top has been posted. If September resumes the rally of May's low, the 87% retracement level of the 2020-2021-decline crossing at 169-10 is the next upside target. First resistance is the 75% retracement level of the 2020-2021-decline crossing at 167-00. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 169-10. First support is the 20-day moving average crossing at 162-11. Second support is the 50-day moving average crossing at 159-08.  



September T-notes closed up 50-pts at 134.080.



September T-notes closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 133.084 are needed to confirm that a short-term top has been posted. If September renews the rally off April's low, the 75% retracement level of the 2020-2021-decline crossing at 135.121 is the next upside target. First resistance is the 75% retracement level of the 2020-2021-decline crossing at 135.121. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 136.087. First support is the 20-day moving average crossing at 133.084. Second support is the 50-day moving average crossing at 132.156.  



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



September crude oil closed higher on Thursday as it extends the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. 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 $72.07 would signal that a short-term low has been posted. If September renews the decline off July's high, the 25% retracement level of the 2020-2021-rally crossing at $64.67 is the next downside target. First resistance is the 20-day moving average crossing at $72.07. Second resistance is the July 12th high  crossing at $74.90. Third resistance is July's high crossing at $76.98. First support is the 25% retracement level of the 2020-2021-rally crossing at $64.67. Second support is May's low crossing at $61.06.   



September heating oil closed higher on Thursday as it extended the rally off Tuesday's low and closed above the 20-day moving average crossing at $212.27 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off Tuesday's low, July's high crossing at $221.01 is the next upside target. If September resumes the decline off July's high, May's low crossing at $191.71 is the next downside target. First resistance is the July 13th high crossing at $219.01. Second resistance is July's high crossing at $221.01. First support is the 25% retracement level of the 2020-2021-rally crossing at $194.20. Second support is May's low crossing at $191.71.    



September unleaded gas closed higher on Thursday and above the 20-day moving average crossing at $2.2267 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off Tuesday's low, July's high crossing at $2.3123 is the next upside target. Closes below Tuesday's low crossing at $2.0571 would renew this month's decline and open the door for a possible test of May's low crossing at $1.9926. First resistance is today's high crossing at $2.2529. Second resistance is July's high crossing at $2.3123. First support is Tuesday's low crossing at $2.0571. Second support is May's low crossing at 1.9926.  



September Henry natural gas closed higher on Thursday as it extended the rally off last-December's low. The high-range close sets the stage for a steady to higher opening when Friday'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 May's low, the December-2016 on the monthly continuation chart crossing at 3.994 is the next upside target. Closes below the 20-day moving average crossing at 3.668 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.986. Second resistance is the December-2016 high on the monthly continuation chart crossing at 3.994. First support is the 20-day moving average crossing at 3.668. Second support is the July 7th low crossing at 3.495.  



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



The September Dollar closed slightly higher on Thursday leaving Wednesday's key reversal down unconfirmed. The high-range close sets the stage for a steady to higher opening when Friday'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 92.47 would signal that a short-term top has been posted. If September extends the rally off May's low, March's high crossing at 93.43 is the next upside target. First resistance is Wednesday's high crossing at 93.20. Second resistance is March's high crossing at 93.43. First support is the 20-day moving average crossing 92.47. Second support is the July 6th low crossing at 92.00.  



The September Euro closed lower on Thursday and is lowest close since March's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 118.55 would signal that a short-term low has been posted. If September extends the decline off May's high, March's low crossing at 117.47 is the next downside target. First resistance is the 20-day moving average crossing at 118.55. Second resistance is the June 26th high crossing at 119.95. First support is Wednesday's low crossing at 117.64. Second support is March's low crossing at 117.47.



The September British Pound closed higher due to short covering on Thursday 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 Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3805 would signal that a short-term low has been posted. If September extends the decline off June's high, the 38% retracement level of the 2020-2021-rally crossing at 1.3223 is the next downside target. First resistance is the July 12th high crossing at 1.3913. Second resistance is the 50-day moving average crossing at 1.3981. First support the 25% retracement level of the 2020-2021-rally crossing at 1.3578. Second support is the 38% retracement level of the 2020-2021-rally crossing at 1.3223.

 

The September Swiss Franc closed lower on Thursday.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If September renews the rally off July's low, the 50-day moving average crossing at 1.1021 is the next upside target. If September renews the decline off June's high, the 75% retracement level of the March-May-rally crossing at 1.0744 is the next downside target. First resistance is last-Thursday's high crossing at 1.0984. Second resistance is the 50-day moving average crossing at 1.1021. First support is the 75% retracement level of the March-May-rally crossing at 1.0775. Second support is the 87% retracement level of the March-May-rally crossing at 1.0701.



The September Canadian Dollar closed slightly higher on Thursday as it consolidated some of the decline off June's high. The mid-range close sets the stage for a steady to higher opening when Friday'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 80.08 would signal that a short-term low has been posted. If September resumes the decline off June's high, the January 28th low crossing at 77.72 is the next downside target. First resistance is the 20-day moving average crossing at 80.08. Second resistance is the July 6th high crossing at 81.28. First support is the January 28th low crossing at 77.72. Second support is the December 21st low crossing at 77.30.



The September Japanese Yen posted a quiet inside day with a higher close on Thursday as it consolidates some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Friday’s night 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 0.090613 would signal that a short-term top has been posted. If September renews the rally off July's low, the May 25th high crossing at 0.092170 is the next upside target. First resistance is the May 25th high crossing at 0.092170. Second resistance is May's high crossing at 0.092295. First support is July's low crossing at 0.089605. Second support is weekly support crossing at 0.089205.



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



August gold closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1797.70 would signal that a short-term top has been posted while opening the door for a possible test of June's low crossing at $1750.10. If August resumes the rally off June's low, the 50-day moving average crossing at $1836.80 is the next upside target. First resistance is the 50-day moving average crossing at $1836.80. Second resistance is the June 11th high crossing at $1906.20. First support is the 20-day moving average crossing at $1797.70. Second support is June's low crossing at $1750.10.  



September silver closed higher due to short covering on Thursday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 25.969 would signal that a short-term low has been posted. If September extends the decline off May's high, March's low crossing at 23.825 is the next downside target. First resistance is the 20-day moving average crossing at 25.969. Second resistance is the 50-day moving average crossing at 26.939. First support is Wednesday's low crossing at 24.790. Second support is March's low crossing at 23.825.  



September copper closed higher on Thursday as it extends the rebound off Monday's low.The high-range close sets the stage for a steady to higher opening when Friday'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 July's high crossing at 440.25 would signal that an upside breakout of the June/July trading range has been posted. Closes below June's low crossing at 409.40 would mark a downside breakout of the aforementioned trading range. First resistance is July's high crossing at 440.25. Second resistance is the 50-day moving average crossing at 442.22. First support is June's low crossing at 409.40. Second support is the April 12th low crossing at 400.00. 



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



December Corn closed down $0.07 1/4-cents at $5.61 1/4. 



December corn closed lower on Thursday as it consolidates some of the rally off July's low. At the same time grains continue to be well supported by tighter old corn crop supplies. However, it will take  additional fresh bullish news such as extended hot/dry weather forecast for the Corn belt and increased domestic or export demand, prices are likely to remain locked in its current trading ranges that is defined by May's high and low. The USDA is currently using a record potential national yield of 179.5 bushels per acre. The previous record was 176.6 bushels per acre. If this year's corn crop fails to exceed the previous record high yield of 176.6 bushels per acre, ending stocks would fall to 1.197 billion bushels with an 8.1% stocks/usage. However, if the national corn yield is 175 bushels per acre or lower, new-crop corn prices are likely to revisit this spring's high of $6.38. Today's mid-range close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 6th gap crossing at $5.73 1/2 would open the door for a possible test of July's high crossing at $6.11 1/4. Closes below the 10-day moving average crossing at $5.50 1/2 would temper the near-term friendly outlook. First resistance is the July 6th gap crossing at $5.73 1/2. Second resistance is July's high crossing at $6.11 1/4. First support is July's low crossing at $5.07. Second support is May's low crossing at $5.00 1/4.   



September wheat closed down $0.18 1/2-cents at $6.92 1/4.  



September wheat closed sharply lower due to profit taking on Thursday as it consolidated some of the rally off July's low.The mid-range close sets the stage for a steady to lower opening when Friday'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 aforementioned rally, the 75% retracement level of the May-July-decline crossing at $7.28 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.58 would signal that a short-term top has been posted.First resistance is Tuesday's high crossing at $7.18. Second resistance is the 75% retracement level of the May-July-decline crossing at $7.28 1/4. First support is the 50-day moving average crossing at $6.71 1/4. Second support is the 20-day moving average crossing at $6.58.



September Kansas City Wheat closed down $0.15-cents at $6.53 3/4.

 

September Kansas City wheat closed lower due to profit taking on Thursday as it consolidates some of the rally off July's low. The low-range close sets the stage for a steady to lower opening when Friday'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 aforementioned rally, the 62% retracement level of the May-July-decline crossing at $6.81 1/2 is the next upside target. Closes below the 20-day moving average crossing at $6.26 1/4 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $6.74 1/4. Second resistance is the 62% retracement level of the May-July-decline crossing at $6.81 1/2 is the next upside target. First support is the 10-day moving average crossing at $6.37 1/2. Second support is the 20-day moving average crossing at $6.26 1/4.  



September Minneapolis wheat closed up $0.06 1/4-cents at $9.04. 



September Minneapolis wheat closed higher on Thursday ending a two-day correction off Monday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $8.52 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If September resumes the rally off June's low, the September-2011 high on the monthly continuation chart crossing at $9.83 1/2 is the next upside target. First resistance is Monday's high crossing at $9.44 1/2. Second resistance is the September-2012 high on the monthly continuation chart crossing at $9.83 1/4. First support is the 10-day moving average crossing at $8.85 3/4. Second support is the 20-day moving average crossing at $8.52 1/2. 

       

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



November soybeans closed down $0.27 1/2-cents at $13.62 1/4.



November soybeans closed lower due to profit taking on Thursday as extended weather forecast turned wetter for portions of the upper Midwest. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible on Wednesday. Closes below the 20-day moving average crossing at $13.51 1/2 would confirm that a short-term top has been posted. If November extends the rally off June's low, July's high crossing at $14.23 is the next upside target. First resistance is July's high crossing at $14.23. Second resistance is June's high crossing at $14.80. First support is the 20-day moving average crossing at $13.51 1/2. Second support is July's low crossing at $13.00 1/2.



December soybean meal closed down $8.00 to $366.00. 



December soybean meal closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, June's low crossing at $347.00 is the next downside target. If December extends the rally off July's low, the 50-day moving average crossing at $380.40 is the next upside target. First resistance is the 50-day moving average crossing at $380.40. Second resistance is July's high crossing at $392.70. First support is July's low crossing at $355.20. Second support is June's low crossing at $347.00.       



December soybean oil closed down 82-pts. at 61.96. 



December soybean oil closed lower on Thursday as it extended the decline off Monday's high. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 60.77 would signal that a short-term top has been posted. If December renews the rally off June's low, June's high crossing at 67.06 is the next upside target. First resistance is Monday's high crossing at 66.34. Second resistance is June's high crossing at 67.06. First support is the 50-day moving average crossing at 60.77. Second support is the July 7th low crossing at 58.03. Third support is the June 25th low crossing at 56.66.      

 

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



August hogs closed up $0.48 at $107.05. 



August hogs closed higher on Thursday as it renewed the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday'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 August extends the rally off June's low, the 50-day moving average crossing at $108.29 is the next upside target. Closes below the 20-day moving average crossing at $103.08 would signal that a short-term top has been posted. If August renews the decline off June's high, the 50% retracement level of the 2020-2021-rally crossing at $95.71 is the next downside target. First resistance is the 50-day moving average crossing at $108.29. Second resistance is the June 17th gap crossing at $111.70. First support is the 20-day moving average crossing at $103.08. Second support is June's low crossing at $96.50. Third support is the 50% retracement level of the 2020-2021-rally crossing at $95.71.  



August cattle closed up $0.75 at $120.80. 



August cattle closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at $122.60 would signal that a short-term low has been posted. If August renews the decline off June's high, the June 8th low crossing at $117.23 is the next downside target. First resistance is last-Wednesday's high crossing at $122.60. Second resistance is July's high crossing at $124.33. First support is the July 9th low crossing at $118.85. Second support is the June 8th low at $117.23. Third support is June's low crossing at $114.63. 



August Feeder cattle closed up $1.43 at $158.20. 



August feeder cattle closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If August renews the rally off May's low, April's high crossing at $162.40 is the next upside target. Closes below the 50-day moving average crossing at $154.73 would open the door for a test of the June 14th gap crossing at $151.90. First resistance is July's high crossing at $161.10. Second resistance is April's high crossing at $162.40. First support is the 50-day moving average crossing at $154.73. Second support is the June 14th gap crossing at $151.90.  



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



September coffee gapped up and closed sharply higher for the third-day in a row on Thursday as it extended the rally off July's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 July's low, monthly resistance on the continuation chart crossing at $197.93 is the next upside target. Closes below the 50-day moving average crossing at $156.92 would signal that a short-term top has been posted.              



September cocoa closed higher on Thursday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 23.39 would signal that a short-term low has been posted. If September extends this month's decline, the  87% retracement level of 2020's rally crossing at 22.03 is the next downside target.                       



October sugar closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off last-week's low, July's high crossing at 18.49 is the next upside target. If October renews the decline off July's high, June's low crossing at 16.44 the next downside target.       



December cotton closed higher on Thursday and spiked to a new contract high. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off May's low, weekly resistance on the continuation chart crossing at 91.66 is the next upside target. If December extends Monday's decline, the 50-day moving average crossing at 85.91 is the next downside target. 

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By metmike - July 22, 2021, 7:29 p.m.
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