INO Morning Market Commentary
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Started by tallpine - July 27, 2021, 8:01 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Tuesday, July 27, 2021   

 



 

 

7:45 AM ET. Weekly Chain Store Sales Index

 



 

 

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

 



 

 

                       Durable Goods-SA, M/M% (expected +2.0%; previous +2.3%)

 



 

 

                       Dur Goods, Ex-Defense, M/M% (previous +1.7%)

 



 

 

                       Dur Goods, Ex-Transport, M/M% (previous +0.3%)

 



 

 

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%)

 

                        

 

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.9%)

 

                        

 

8:55 AM ET. Johnson Redbook Retail Sales Index

 



 

 

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

 



 

 

                       Ret Sales Mo-to-Date, Y/Y% (previous +14.5%)

 



 

 

                       Latest Wk, Y/Y% (previous +15.0%)

 



 

 

9:00 AM ET. May U.S. Monthly House Price Index

 



 

 

9:00 AM ET. May S&P CoreLogic Case-Shiller Indices

 



 

 

                       10-City Idx, M/M% (previous +1.9%)

 



 

 

                       10-City Idx, Y/Y% (previous +14.4%)

 



 

 

                       20-City Idx, M/M% (previous +2.1%)

 



 

 

                       20-City Idx, Y/Y% (expected +16.4%; previous +14.9%)

 



 

 

                       National Idx, M/M% (previous +2.1%)

 



 

 

                       National Idx, Y/Y% (previous +14.6%)

 



 

 

10:00 AM ET. July Consumer Confidence Index

 



 

 

                       Cons Conf Idx (expected 125.0; previous 127.3)

 



 

 

                       Expectation Idx

 



 

 

                       Present Situation Idx (previous 157.7)

 



 

 

10:00 AM ET. 2nd Quarter U.S. Housing Vacancies

 



 

 

10:00 AM ET. July Richmond Fed Business Activity Survey

 



 

 

                       Mfg Idx (expected 20.0; previous 22)

 



 

 

                       Shipments Idx (previous 8)

 



 

 

1:00 AM ET. June Money Stock Measures

 



 

 

4:30 PM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls) (previous +0.8M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls) (previous +3.3M)

 



 

 

                       Distillate Stocks, Net Chg (Bbls) (previous -1.2M)

 



 

 

  N/A               U.S. Federal Open Market Committee meeting

 



 

 

Wednesday, July 28, 2021

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 698.3)

 



 

 

                       Composite Idx, W/W% (previous -4.0%)

 



 

 

                       Purchase Idx-SA (previous 255.8)

 



 

 

                       Purchase Idx-SA, W/W% (previous -6.4%)

 



 

 

                       Refinance Idx (previous 3267.6)

 



 

 

                       Refinance Idx, W/W% (previous -2.8%)

 



 

 

8:30 AM ET. June Advance Economic Indicators Report

 



 

 

10:00 AM ET. June Metropolitan Area Employment & Unemployment

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 439.687M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous +2.107M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 236.414M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.121M)

 



 

 

                       Distillate Stocks (Bbl) (previous 141.0M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous -1.349M)

 



 

 

                       Refinery Usage (previous 91.4%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 20.581M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.278M)

 

                        

 

2:00 PM ET. U.S. interest rate decision

 



 

 

                       Federal Funds Rate

 



 

 

                       Federal Funds Rate Change (Pts)

 



 

 

                       Fed Funds Rate-Range High (previous 0.25)

 



 

 

                       Fed Funds Rate-Range Low (previous 0.00)

 



 

 

                       FOMC Vote For Action (previous 11)

 



 

 

                       FOMC Vote Against Action (previous 0)

 



 

 

                       Discount Rate (previous 0.25)

 



 

 

                       Discount Rate Change (Pts) (previous +0)

 



 

 

                       Discount Rate-Range High

 



 

 

                       Discount Rate-Range Low

 



 

 

Thursday, July 29, 2021  

 



 

 

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

 



 

 

                       Jobless Claims (expected 380K; previous 419K)

 



 

 

                       Jobless Claims, Net Chg (previous +51K)

 



 

 

                       Continuing Claims (previous 3236000)

 



 

 

                       Continuing Claims, Net Chg (previous -29K)

 



 

 

8:30 AM ET. 2nd Quarter Advance estimate GDP

 



 

 

                       Annual Rate, Q/Q% (expected +8.5%; previous +6.4%)

 



 

 

                       Chain-Weighted Price Idx, Q/Q% (expected +5.4%; previous +4.3%)

 



 

 

                       PCE Price Idx, Q/Q% (previous +3.7%)

 



 

 

                       Purchase Price Idx, Q/Q% (previous +4.0%)

 



 

 

                       Real Final Sales 1st Est, Q/Q% (previous +9.2%)

 



 

 

                       Core PCE Price Idx, Q/Q% (previous +2.5%)

 



 

 

                       Personal Consumption, Q/Q% (previous +11.4%)

 



 

 

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

 



 

 

                       Corn (Metric Tons) (previous -40.7K)

 



 

 

                       Soybeans (Metric Tons) (previous 238.3K)

 



 

 

                       Wheat (Metric Tons) (previous 478.2K)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

10:00 AM ET. June Pending Home Sales Index

 



 

 

                       Pending Home Sales (previous 114.7)

 



 

 

                       Pending Home Sales Idx, M/M% (expected +0.5%; previous +8.0%)

 



 

 

                       Pending Home Sales Idx , Y/Y% (previous +13.1%)

 



 

 

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

 



 

 

                       Working Gas In Storage (Cbf) (previous 2678B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous +49B)

 

                        

 

2:00 PM ET. SEC Closed Meeting

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

Friday, July 30, 2021   

 



 

 

8:30 AM ET. June Personal Income & Outlays

 



 

 

                       Personal Income, M/M% (expected -0.4%; previous -2%)

 



 

 

                       Consumer Spending, M/M% (expected +0.6%; previous +0%)

 



 

 

                       PCE Price Idx, M/M% (previous +0.4%)

 



 

 

                       PCE Price Idx, Y/Y% (previous +3.9%)

 



 

 

                       PCE Core Price Idx, M/M% (expected +0.5%; previous +0.5%)

 



 

 

                       PCE Core Price Idx, Y/Y% (expected +3.7%; previous +3.4%)

 



 

 

8:30 AM ET. 2nd Quarter Employment Cost Index

 



 

 

                       ECI, Q/Q\% (expected +0.9%; previous +0.9%)

 



 

 

                       ECI, Y/Y% (previous +2.6%)

 



 

 

9:45 AM ET. July Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

 



 

 

                       PMI-Adj (expected 64.0; previous 66.1)

 



 

 

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

 



 

 

                       End-Mo Sentiment Idx (expected 80.5; previous 85.5)

 



 

 

                       End-Mo Expectations Idx (previous 83.5)

 



 

 

                       12-Month Inflation Forecast (previous 4.2%)

 



 

 

                       5-Year Inflation Forecast (previous 2.8%)

 



 

 

                       End-Mo Current Idx (previous 88.6)

 



 

 

3:00 PM ET. June Agricultural Prices

 



 

 

                       Farm Prices, M/M% (previous +1.8%)

 


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



The STOCK INDEXES: The September NASDAQ 100 was lower overnight as investors dumped Chinese shares amid a regulatory overhaul in the country.While the losses were more minimized in U.S. and Europe, the mood of the market has turned pessimistic across the board. Tesla Inc. and General Electric Co. rose in pre-market trading after their earnings beat forecasts. Traders are looking for more market volatility over the next few week while near-term market catalysts come from this week’s Federal Reserve meeting and from earnings of tech giants such as Apple Inc. and Alphabet Inc. The high-range overnight trade sets the stage for a steady to slightly 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 September extends the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below last-Monday's low crossing at 14,445.00 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 15,126.25. Second resistance is unknown. First support is last-Monday's low crossing at 14,445.00. Second support is the 50-day moving average crossing at 14,216.89.



The September S&P 500 was lower overnight as it consolidates some of the rally off last-Monday's low. The mid-range overnight trade sets the stage for a steady to lower 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 September extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4257.41 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 Monday's high crossing at 4416.75. Second resistance is unknown. First support is the 50-day moving average crossing at 4257.41. Second support is June's low crossing at 4126.75.               



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



INTEREST RATES: September T-bonds were higher overnight as it extends the rebound off last-Thursday's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 163-01 would signal that a short-term top has been posted. If September renews the rally off March'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 163-01. Second support is the July 13th low crossing at 161-06.  



September T-notes was higher overnight as it consolidates some of the decline off last-Thursday's low. The mid-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 133.185 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If September renews its rally off March'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 133.185. Second support is the 50-day moving average crossing at 132.213.   



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



September crude oil was steady to slightly higher overnight as investors assessed the outlook for global demand amid a resurgence in Covid-19 that’s leading to tighter restrictions. The rebound in the U.S. and China has helped to underpin increasing fuel consumption and reduced stockpiles built up during the pandemic. The high-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $71.97 would signal that a short-term low has been posted while opening the door for a possible test of July's high crossing at $76.07. Closes below the 50-day moving average crossing at $69.83 would temper the near-term friendly outlook. 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 $71.97. Second resistance is the July 13th high crossing at $74.90. Third resistance is July's high crossing at $76.07. 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 was steady to slightly lower overnight as it extends the rally off last-Tuesday'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Tuesday's low, July's high crossing at $2.2120 is the next upside target. Closes below the 10-day moving average crossing at $2.1046 would temper the near-term friendly outlook. First resistance is the July 13th high crossing at $2.1901. Second resistance is July's high crossing at $2.2120. First support is the 10-day moving average crossing at $2.1046. Second support is the 25% retracement level of the 2020-2021-rally crossing at $1.9420.



September unleaded gas was higher overnight as it extends the rally off last-Tuesday'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 September extends the rally off last-Tuesday's low, July's high crossing at $2.3123 is the next upside target. Closes below the 50-day moving average crossing at $2.1846 would signal that a short-term top has been posted. If September renews the decline off July's high, the 25% retracement level of the 2020-2021-rally crossing at $1.9626 is the next downside target. First resistance is July's high crossing at $2.3123. Second resistance is unknown. First support is the 50-day moving average crossing at $2.1846. Second support is last-Tuesday's low crossing at $2.0571.  



September Henry natural gas was lower overnight as it consolidates some of its recent gains. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-December's low, monthly resistance on the continuation chart crossing at 4.544 is the next upside target. Closes below the 20-day moving average crossing at 3.753 would signal that a short-term top has been posted. First resistance resistance is Monday's high crossing at 4.165. Second resistance is monthly resistance on the continuation chart crossing at 4.544. First support is the 10-day moving average crossing at 3.861. Second support is the 20-day moving average crossing at 3.753.    



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



CURRENCIES:The September Dollar was 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 neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $92.60 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 May's low, March's high crossing at $93.43 is the next upside target. First resistance is last-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 at $92.60. Second support is the July 5th low crossing at $92.00. Third support is the June 23rd low crossing at $91.51.



The September Euro was 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $118.33 would signal that a short-term low has been posted. If September extends the decline off June's high, March's low crossing at $117.47 is the next downside target. First resistance is the 20-day moving average crossing at $118.33. Second resistance is the June 25th high crossing at $119.95. First support is last-Wednesday's low crossing at $117.64. Second support is March's low crossing at $117.47.



The September British Pound was lower overnight as it consolidates some of the rally off last-Tuesday's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Monday's close above the 20-day moving average crossing at 1.3788 signaled that a short-term low has been posted while opening the door for additional short covering gains near-term.Closes below the 25% retracement level of the 2020-2021-rally crossing at 1.3578 would open the door for a larger-degree decline near-term. First resistance is the July 12th high crossing at 1.3913. Second resistance is the 50-day moving average crossing at 1.3964. First support is 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 was steady to lower overnight. The mid-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off July's low, the 50-day moving average crossing at 1.1011 is the next upside target. If September resumes the decline off June's high, the 75% retracement level of the March-June-rally crossing at 1.0774 is the next downside target. First resistance is the July 15th high crossing at 1.0984. Second resistance is the 50-day moving average crossing at 1.1011. First support is July's low crossing at 1.0801. Second support is the 75% retracement level of the March-June-rally crossing at 1.0774.

 

The September Canadian Dollar was lower overnight as it extends a three-day trading range below the 20-day moving average crossing at $79.85. The low-range trade overnight sets the stage for a steady to lower opening when the day 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 $79.85 would signal that a short-term low has been posted while opening the door for additional short covering gains near-term. If September resumes the decline off June's high, the 38% retracement level of the 2020-2021-rally crossing at $77.74 is the next downside target. First resistance is the 20-day moving average crossing at $79.85. Second resistance is the July 14th high crossing at $80.48. First support is last-Monday's low crossing at $78.07. Second support is the 38% retracement level of the 2020-2021-rally crossing at $77.74.



The September Japanese Yen was 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the July 14th low crossing at 0.090375 would signal that a short-term top has likely been posted. If September renews the rally off July's low, the 25% retracement level of the January-July-decline crossing at 0.091615 is the next upside target. First resistance is the 25% retracement level of the January-July-decline crossing at 0.091615. Second resistance is the May 25th high crossing at 0.092170. First support is the July 14th low crossing at 0.090375. Second support is July's low crossing at 0.089605. 

 

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



PRECIOUS METALS: August gold was 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off July's high, June's low crossing at $1750.10 is the next downside target. If August renews the rally off June's low, the 50-day moving average crossing at $1834.90 is the next upside target. First resistance is the 50-day moving average crossing at $1834.90. Second resistance is June's high crossing at $1919.20. First support is last-Friday's low crossing at $1789.10. Second support is June's low crossing at $1750.10.



September silver was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 $25.828 would signal that a low has been posted. If September renews 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 $25.828. Second resistance is the July 14th high crossing at $26.575. First support is last-Wednesday's low crossing at $24.790. Second support is March's low crossing at $23.825.



September copper was lower overnight as it consolidates some of the rally off July's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming 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, the June 11th high crossing at 4.6010 is the next upside target. Closes below the 20-day moving average crossing at 4.3197 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4.6275. Second resistance is June's high crossing at 4.7110. First support is the 20-day moving average crossing at 4.3197. Second support is July's low crossing at 4.1665. Third support is June's low crossing at 4.0940.  



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



December corn was higher overnight as it extended the rebound off Monday's low following a 1% decline in the good/excellent corn crop rating released on Monday after the close. Hot/dry weather forecast for the week that will likely lead to further deterioration of the corn crop especially in the western corn belt will provide underlying support to the market near-term. The higher overnight trade sets the stage for a higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off July's low, the July 6th gap crossing at $5.73 1/2 is the next upside target. Closes below Monday's low crossing at $5.32 1/4 would be short-term bearish and would open the door for a test of July's low crossing at $5.07. 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 was higher overnight due to spillover strength from corn. 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 neutral to bearish signaling that lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.63 would signal that a short-term top has been posted. If September renews the rally off July's low, the 75% retracement level of the May-July-decline crossing at $7.28 1/4 is the next upside target. First resistance is last-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 $6.69 1/4. Second support is the 20-day moving average crossing at $6.63.

 

September Kansas City wheat was higher overnight as it consolidates some of the decline off last-Tuesday's high. Overnight strength sets the stage for a higher opening when the day 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 50-day moving average crossing at $6.37 1/2 would signal that a short-term top has been posted. If September renews the rally off the July 7th low, the 62% retracement level of the May-July-decline crossing at $6.81 1/2 is the next upside target. First resistance is last-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. First support is the 50-day moving average crossing at $6.37 1/2. Second support is July's low crossing at $5.78 1/4.  



September Minneapolis wheat was higher overnight as it consolidates some of the decline off July's high. Overnight strength sets the stage for a 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 20-day moving average crossing at $8.62 3/4 would signal that a short-term top has been posted. If September renews 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 last-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 1/2. First support is the 20-day moving average crossing at $8.62 3/4. Second support is the 50-day moving average crossing at $7.99 1/2.  

     

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



November soybeans were sharply higher overnight following Monday's crop conditions report that showed a 2% overall decline in the good/excellent crop rating for this year's soybean crop. Overnight strength set the stage for a 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 November renews the rally off July's low, July's high crossing at $14.23 is the next upside target. Closes below Monday's low crossing at $13.32 would temper the near-term friendly outlook. First resistance is July's high crossing at $14.23. Second resistance is June's high crossing at $14.80. First support is July's low crossing at $13.00 1/2. Second support is June's low crossing at $12.40 1/2.

 

December soybean meal was higher overnight as it consolidates some of last week's decline. The higher overnight trade sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional strength that would signal sideways to higher prices are possible. If December extends last-week's decline, June's low crossing at $347.00 is the next downside target. Closes above the 20-day moving average crossing at $366.50 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $375.70. Second resistance is the 50-day moving average crossing at $377.40. First support is Monday's low crossing at $348.70. Second support is June's low crossing at $347.00. Third support is the 62% retracement level of the 2020-2021-rally crossing at $342.50. 


December soybean oil was higher overnight as it extends the rebound off last-Thursday's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If December resumes the rally off June's low, June's high crossing at 67.04 is the next upside target. Closes below the 50-day moving average crossing at 61.05 would signal that a double top with June's high has been posted. First resistance is June's high crossing at 67.04. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 50-day moving average crossing at 61.05. 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 $0.05 at $107.40. 



August hogs closed higher on Monday as it extends the rally off June's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 50-day moving average crossing at $108.31 is the next upside target. Closes below the 20-day moving average crossing at $103.87 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 $108.31. Second resistance is the June 17th gap crossing at $111.70. First support is the 20-day moving average crossing at $103.87. 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 $1.95 at $121.15. 



August cattle closed higher on Monday following last-Friday's neutral to friendly cattle-on-feed report. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the reaction high crossing at $122.60 signals 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 today's high crossing at $123.50. 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 $2.13 at $162.20. 



August feeder cattle closed higher on Monday and spiked above April's high as it extended the rally off May's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, the 50% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $174.84 is the next upside target. Closes below the 20-day moving average crossing at $157.73 would confirm that a short-term top has been posted. First resistance is today's high crossing at $163.15. Second resistance is the 50% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $174.84. First support is the 20-day moving average crossing at $157.73. Second support is the 50-day moving average crossing at $155.15.   



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



September coffee closed higher on Monday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, monthly resistance on the continuation chart crossing at $219.00 is the next upside target. Closes below last-Thursday's gap  crossing at $177.90 would signal that a short-term top might be in or is near.             



September cocoa closed sharply higher on Monday as it extended the rally off last-Tuesday's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are  neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 23.99 would confirm that a short-term low has been posted. If September renews the decline off May's high, the 87% retracement level of 2020's rally crossing at 22.03 is the next downside target.                      



October sugar closed higher on Monday as it extended the rally off July's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July's low, the 38% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 19.47 is the next upside target. Closes below the 50-day moving average crossing at 17.40 would signal that a short-term top has been posted.       



December cotton closed slightly lower on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are 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. Closes below last-Monday's low crossing at 86.35 would signal that a short-term top has been posted. 

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