INO Evening Market Comments
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Started by tallpine - July 29, 2021, 4:47 p.m.

KEY EVENTS TO WATCH FOR:



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 Dow closed higher on Thursday due to strong company earnings and solid economic growth data pushing U.S. stocks to record highs. At the same time the Federal Reserve's signaled earlier this week that it was in no hurry to cut stimulus pinned the dollar. 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. Multiple closes above May's high crossing at 35,091.56 would mark an upside breakout of a three-month old trading range while opening the door for additional gains near-term. Closes below the 50-day moving average crossing at 34,489.20 would signal that a short-term top has been posted while opening the door for a possible test of July's low crossing at 33,741.76. First resistance is today's high crossing at 35,171.52. Second resistance is unknown. First support is the 50-day moving average crossing at 34,489.20. Second support is July's low crossing at 33,741.76. Third support is June's low crossing at 33,271.93. 



The September NASDAQ 100 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 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 with the index trading in uncharted territory. Closes below July'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 15,134.00. Second resistance is unknown. First support is July's low crossing at 14,445.00. Second support is the 50-day moving average crossing at 14,285.08. 



The September S&P 500 closed higher on Thursday and posted a new all-time high as it extended rally off last-March'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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4268.12 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 4422.50. Second resistance is unknown. First support is the 50-day moving average crossing at 4268.12. Second support is June's low crossing at 4126.75.  



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



September T-bonds closed down 4/32's at 164-07. 

  

September T-bonds 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. Closes below the 20-day moving average crossing at 163-14 would signal that a short-term top has been posted while opening the door for additional weakness near-term. 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 163-14. Second support is the 50-day moving average crossing at 160-07.  



September T-notes closed down 5-pts at 134.080.



September T-notes closed slightly lower on Thursday as it extended the trading range of the past five-days. 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 sideways trading is possible near-term. Closes below the 20-day moving average crossing at 133.247 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 133.247. Second support is the 50-day moving average crossing at 132.249.  



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



September crude oil closed higher on Thursday as it extended the rally off last-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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the July 12th high crossing at $74.90 is the next upside target. Closes below the 50-day moving average crossing at $70.13 would signal that a short-term top has been posted. First resistance is the July 12th high crossing at $74.90. Second resistance is July's high crossing at $76.98. First support is the 50-day moving average crossing at $70.13. Second support is the 25% retracement level of the 2020-2021-rally crossing at $64.67.



September heating oil closed higher on Thursday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. 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 last-Tuesday's low, July's high crossing at $221.01 is the next upside target. Closes below the 50-day moving average crossing at $211.00 would signal that a short-term top has been posted. First resistance is today's high crossing at $219.38. Second resistance is July's high crossing at $221.01. First support is the 50-day moving average crossing at $211.00. Second support is the 25% retracement level of the 2020-2021-rally crossing at $194.20.     



September unleaded gas closed higher on Thursday as it extended the rally off July's low and posted a new contract 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 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, the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3883 is the next upside target. Closes below the 50-day moving average crossing at $2.1921 would temper the near-term friendly outlook. First resistance is today's high crossing at $2.3262. Second resistance is the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3883. First support is the 50-day moving average crossing at $2.1921. Second support is July's low crossing at $2.0571.    



September Henry natural gas 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.786 would confirm that a short-term top has been posted. If September extends the rally off June's low, the November-2014 on the monthly continuation chart crossing at 4.544 is the next upside target. First resistance is Monday's high crossing at 4.165. Second resistance is the November-2014 high on the monthly continuation chart crossing at 4.544. First support is the 10-day moving average crossing at 3.925. Second support is the 20-day moving average crossing at 3.786.  



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



The September Dollar closed sharply lower on Thursday as it extended this week's decline. 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 September extends the decline off July's high, the 50-day moving average crossing at 91.51 is the next downside target. Closes above the 10-day moving average crossing at 92.63 would signal that a short-term low has been posted. First resistance is July's high crossing at 93.20. Second resistance is March's high crossing at 93.43. First support is today's low crossing at 91.85. Second support is the 50-day moving average crossing at 91.51. 



The September Euro closed higher on Thursday and above the 25% retracement level of the May-July-decline crossing at 118.97. 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, the 50-day moving average crossing at 119.98 is the next upside target. If September renews the decline off May's high, March's low crossing at 117.47 is the next downside target. First resistance is today's high crossing at 119.03. Second resistance is the 50-day moving average crossing at 119.98. 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 closed higher on Thursday and above the 50-day moving average crossing at 1.3957 as it extended the rally off July'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 July's low, the June 16th high crossing at 1.4135 is the next upside target. Closes below the 10-day moving average crossing at 1.3789 would signal that a short-term top has likely been posted. First resistance is today's high crossing at 1.3984. Second resistance is the June 16th high crossing at 1.4135. First support is the 10-day moving average crossing at 1.3789. Second support is the 25% retracement level of the 2020-2021-rally crossing at 1.3578.  

 

The September Swiss Franc closed higher on Thursday and above the 50-day moving average crossing at 1.1006 as it extends the rally off July'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 July's low, the 62% retracement level of the June-July-decline crossing at 1.1067 is the next upside target. Closes below the 20-day moving average crossing at 1.0911 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the June-July-decline crossing at 1.1067. Second resistance is the 75% retracement level of the June-July-decline crossing at 1.1125. First support is the 20-day moving average crossing at 1.0911. Second support is the July 20th low crossing at 1.0845. Third support is July's low crossing at 1.0801.



The September Canadian Dollar closed sharply higher on Thursday as it renewed the rally off July'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 September extends the aforementioned rally, the 50-day moving average crossing at 81.15 is the next upside target. Closes below the 10-day moving average crossing at 79.45 would signal that a short-term top has been posted. First resistance is the July 14th high crossing at 80.48. Second resistance is the 50-day moving average crossing at 81.15. First support is the 10-day moving average crossing at 79.45. Second support is July's low crossing at 78.08. Third support is the January 28th low crossing at 77.72.



The September Japanese Yen closed higher on Thursday as it extends this month's trading range. 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 renews the rally off July's low, the May 25th high crossing at 0.092170 is the next upside target. Closes below the July 14th low crossing at 0.090375 would signal that a short-term top has been posted while opening the door for a possible test of July's low crossing at 0.089605. 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 ""



December gold closed sharply higher on Thursday and tested resistance marked by the 50-day moving average crossing at $1838.80. 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 the 50-day moving average crossing at $1838.80 would renew the rally off June's low while opening the door for additional gains near-term. Closes below last-Friday's low crossing at $1793.10 would signal that a short-term top has been posted. If December extends the rally off June's low, the 62% retracement level of the June-decline crossing at $1857.90 is the next upside target. First resistance is the 50-day moving average crossing at $1838.80. Second resistance is the 62% retracement level of the June-decline crossing at $1857.90. First support is last-Friday's low crossing at $1793.10. Second support is June's low crossing at $1754.50.  



September silver closed sharply higher on Thursday as it consolidates some of the decline off May'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, diverging but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 25.722 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 25.722. Second resistance is the 50-day moving average crossing at 26.683. First support is Tuesday's low crossing at 24.515. Second support is March's low crossing at 23.825.  



September copper posted an inside day with a higher close 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 434.23 would signal that a short-term top has been posted. If September extends the rally off July's low, June's high crossing at 471.10 is the next upside target. First resistance is Tuesday's high crossing at 462.75. Second resistance is June's high crossing at 471.10. First support is the 50-day moving average crossing at 440.24. Second support is the 20-day moving average crossing at 434.23.  



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



December Corn closed up $0.07 1/2-cents at $5.56 1/2. 



December corn closed higher on Thursday as it extended the rally off Monday's low. Today's high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain 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. If December renews last-week's decline, July's low crossing at $5.07 is the next downside target. 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 up $0.16 1/2-cents at $7.05 1/4.  



September wheat 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $6.66 would signal that a short-term top has been posted.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 20-day moving average crossing at $6.66. Second support is July's low crossing at $6.09 1/2.



September Kansas City Wheat closed up $0.15-cents at $6.74 1/2.

 

September Kansas City wheat closed higher on Thursday as it renewed the rally off July'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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 62% retracement level of the May-July-decline crossing at $6.81 1/2 is the next upside target. Closes below the 50-day moving average crossing at $6.29 1/2 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the May-July-decline crossing at $6.81 1/2. Second resistance is the 75% retracement level of the May-July-decline crossing at $7.03 1/2. First support is the 50-day moving average crossing at $6.29 1/2. Second support is July's low crossing at $5.78 1/4.  



September Minneapolis wheat closed up $0.14 3/4-cents at $9.18 1/2. 



September Minneapolis wheat closed higher on Thursday as it extended the rally off Monday's low. The mid-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. 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. Closes below the 20-day moving average crossing at $8.70 would signal that a short-term top has been posted while opening the door for additional weakness near-term. 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 1/4. First support is the 20-day moving average crossing at $8.70. Second support is the 50-day moving average crossing at $8.07. 

       

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



November soybeans closed up $0.16 3/4-cents at $13.77 3/4.



November soybeans 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If November renews the rally off June's low, June's high crossing at $14.80 is the next upside target. If November extends the decline off last-Monday's high, July's low crossing at $13.00 is the next downside 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 July's low crossing at $13.00 1/2. Second support is the June 25th low crossing at $12.59 3/4.



December soybean meal closed up $1.30 to $359.40. 



December soybean meal closed higher on Thursday. The mid-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. Closes above the 20-day moving average crossing at $365.70 would signal that a double bottom with June's low has been posted. If December extends the decline off July's high, June's low crossing at $347.00 is the next downside target. First resistance is the 20-day moving average crossing at $365.70. Second resistance is the 50-day moving average crossing at $375.70. First support is Monday's low crossing at $348.70. Second support is June's low crossing at $347.00.       



December soybean oil closed up 131-pts. at 64.71. 



December soybean oil 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off June's low, June's high crossing at 67.06 is the next upside target. Closes below the 50-day moving average crossing at 61.20 would signal that a short-term top has been posted. First resistance is last-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 61.20. 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 $0.60 at $106.30. 



August hogs posted an inside day with a higher close on Thursday as it consolidates some of Wednesday's decline. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $104.36 would signal that a short-term top has been posted. If August extends the rally off June's low, the 50-day moving average crossing at $108.34 is the next upside target. First resistance is the 50-day moving average crossing at $108.34. Second resistance is the June 17th gap crossing at $111.70. First support is the 20-day moving average crossing at $104.36. 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 down $0.58 at $122.50. 



August cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $120.81 would signal that a short-term top has been posted. If August extends the rally off the July 19th low, July's high crossing at $124.33 is the next upside target. First resistance is July's high crossing at $124.33. Second resistance is June's high crossing at $125.78. First support is the 50-day moving average crossing at $120.81. Second support is the July 9th low crossing at $118.85.  



August Feeder cattle closed down $1.68 at $158.50. 



August feeder cattle closed lower on Thursday as it consolidated some of the rally off the July 19th low. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that a double top with April's high has been posted. Closes below the 20-day moving average crossing at $158.30 would confirm that a double top has been posted. 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. First resistance is Monday'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 $158.30. Second support is the 50-day moving average crossing at $155.63.   



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



September coffee closed lower 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 on Friday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's gap crossing at $177.90 would signal that a short-term top might be in or is near. If September extends the rally off July's low, monthly resistance on the continuation chart crossing at $219.00 is the next upside target.               



September cocoa closed higher on Thursday as it extends 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, June's high crossing at 25.05 is the next upside target. Closes below the 10-day moving average crossing at 23.36 would signal that a short-term top has been posted.                       



October sugar closed lower 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 on Thursday. Stochastics and the RSI are overbought but remain 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 17.47 would signal that a short-term top has been posted.       



December cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower 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 December extends 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.           





Comments
By metmike - July 29, 2021, 10:40 p.m.
Like Reply

Thanks very much tallpine!


Natural gas

https://www.marketforum.com/forum/topic/72658/

Joelund ng reports "From the Bakken" 2020/21

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



Exports

https://www.marketforum.com/forum/topic/72736/


coffee

https://www.marketforum.com/forum/topic/72552/


  Will food shortage be a problem??      

  https://www.marketforum.com/forum/topic/72809/


    

                Crop update on our farm                                  

                Started by wglassfo - July 27, 2021, 2:48 p.m.      

      https://www.marketforum.com/forum/topic/72761/


Stocks

                PYPL & QDEL            

                                       Started by capper - July 29, 2021, 11:50 a.m.            

https://www.marketforum.com/forum/topic/72836/


PFE

https://www.marketforum.com/forum/topic/72837/