INO Morning Market Commentary
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Started by tallpine - Aug. 2, 2021, 8:02 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Monday, August 2, 2021   

 



 

 

9:45 AM ET. July US Manufacturing PMI

 



 

 

                       PMI, Mfg (previous 62.1)

 



 

 

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

 



 

 

                       Manufacturing PMI (previous 60.6)

 



 

 

                       Prices Idx (previous 92.1)

 



 

 

                       Employment Idx (previous 49.9)

 



 

 

                       Inventories (previous 51.1)

 



 

 

                       New Orders Idx (previous 66.0)

 



 

 

                       Production Idx (previous 60.8)

 



 

 

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

 



 

 

                       New Construction (previous -0.3%)

 



 

 

                       Residential Construction

 



 

 

11:00 AM ET. July Global Manufacturing PMI

 



 

 

                       PMI, Mfg (previous 55.5)

 



 

 

Tuesday, August 3, 2021  

 



 

 

7:45 AM ET. Weekly Chain Store Sales Index

 



 

 

8:55 AM ET. Johnson Redbook Retail Sales Index

 



 

 

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

 



 

 

                       Ret Sales Mo-to-Date, Y/Y% (previous +15.0%)

 



 

 

                       Latest Wk, Y/Y% (previous +16.0%)

 



 

 

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

 



 

 

                       Total Orders, M/M% (previous +1.7%)

 



 

 

                       Orders, Ex-Defense, M/M% (previous +1.4%)

 



 

 

                       Orders, Ex-Transport, M/M% (previous +0.7%)

 



 

 

                       Durable Goods, M/M%

 



 

 

                       Durable Goods, M/M%

 



 

 

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

 



 

 

                       Economic Optimism Idx (previous 54.3)

 



 

 

                       6-Mo Economic Outlook (previous 50.8)

 



 

 

4:00 PM ET. July Domestic Auto Industry Sales

 



 

 

4:30 PM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls) (previous -4.7M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls) (previous -6.2M)

 



 

 

                       Distillate Stocks, Net Chg (Bbls) (previous -1.9M)

 



 

 

Wednesday, August 4, 2021  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 737.9)

 



 

 

                       Composite Idx, W/W% (previous +5.7%)

 



 

 

                       Purchase Idx-SA (previous 251.7)

 



 

 

                       Purchase Idx-SA, W/W% (previous -1.6%)

 



 

 

                       Refinance Idx (previous 3570.4)

 



 

 

                       Refinance Idx, W/W% (previous +9.3%)

 



 

 

8:15 AM ET. July ADP National Employment Report

 



 

 

                       Private Sector Jobs, Net Chg (previous +692000)

 



 

 

9:45 AM ET. July US Services PMI

 



 

 

                       PMI, Services (previous 64.6)

 



 

 

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

 



 

 

                       Non-Mfg Composite Idx (previous 60.1)

 



 

 

                       Non-Mfg Business Idx (previous 60.4)

 



 

 

                       Prices Idx (previous 79.5)

 



 

 

                       Employment Idx (previous 49.3)

 



 

 

                       New Orders Idx (previous 62.1)

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 435.598M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.089M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 234.161M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous -2.253M)

 



 

 

                       Distillate Stocks (Bbl) (previous 137.912M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous -3.088M)

 



 

 

                       Refinery Usage (previous 91.1%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 21.123M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.542M)

 

                        

 

11:00 AM ET. July Global Services PMI

 



 

 

                       PMI, Services (previous 57.5)

 



 

 

Thursday, August 5, 2021  

 



 

 

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

 



 

 

                       Job Cuts, M/M% (previous -17.62%)

 



 

 

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

 



 

 

                       Trade Balance (USD) (previous -71.24B)

 



 

 

                       Exports (USD) (previous 206.02B)

 



 

 

                       Exports, M/M%

 



 

 

                       Imports (USD) (previous 277.26B)

 



 

 

                       Imports, M/M%

 



 

 

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

 



 

 

                       Jobless Claims (previous 400K)

 



 

 

                       Jobless Claims, Net Chg (previous -24K)

 



 

 

                       Continuing Claims (previous 3269000)

 



 

 

                       Continuing Claims, Net Chg (previous +7K)

 



 

 

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

 



 

 

                       Corn (Metric Tons) (previous 414.1K)

 



 

 

                        Soybeans (Metric Tons) (previous 233.6K)

 



 

 

                       Wheat (Metric Tons) (previous 510.2K)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

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

 



 

 

                       Working Gas In Storage (Cbf) (previous 2714B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous +36B)

 

                        

 

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

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

Friday, August 6, 2021  

 



 

 

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

 



 

 

                       Non-Farm Payrolls (previous +850K)

 



 

 

                       Unemployment Rate (previous 5.9%)

 



 

 

                       Avg Hourly Earnings (USD) (previous 30.4)

 



 

 

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.1)

 



 

 

                       Avg Hourly Earnings, M/M% (previous +0.33%)

 



 

 

                       Avg Hourly Earnings, Y/Y% (previous +3.58%)

 



 

 

                       Overall Workweek (previous 34.7)

 



 

 

                       Overall Workweek Net Chg (previous -0.1)

 



 

 

                       Government Payrolls (previous +188K)

 



 

 

                       Private Payroll (previous +662K)

 



 

 

                       Participation Rate (previous 61.6%)

 



 

 

                       Non-Farm Payrolls Bench Net Chg

 



 

 

10:00 AM ET. June Monthly Wholesale Trade

 



 

 

                       Inventories, M/M% (previous +1.3%)

 



 

 

3:00 PM ET. June Consumer Credit

 



 

 

                       Consumer Credit Net Chg (USD) (previous +35.3B)

 


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



The STOCK INDEXES: The September NASDAQ 100 was higher overnight as investors are optimistic as a $550billion infrastructure package moves closer to passage in the Senate this week. The Corporate earning numbers will continue to be released this week, and this will be another factor that is likely to influence the market's price action. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to lower prices are possible near-term. If September resumes the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below July's low crossing at 14,445.00 are needed to confirm that a short-term top has been posted. First resistance is July'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 14,350.56.



The September S&P 500 was higher overnight as it extends the trading range of the past six-days. Almost 59% of the S&P 500 have already reported their earnings for Q2 with nearly 88% having beat their pre-report estimates that have surprised investors.The high-range overnight trade sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 4279.18 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 July's high crossing at 4422.50. Second resistance is unknown. First support is the 50-day moving average crossing at 4279.18. 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 steady to slightly higher overnight as it extends the trading range of the past two-weeks. 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 signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 163-27 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 163-27. Second support is the July 13th low crossing at 161-06.  



September T-notes was higher overnight as it extends the trading range of the past two-weeks. The high-range overnight trade sets the stage for a steady to higher opening with 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 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. Closes below the 20-day moving average crossing at 133.313 would signal that a short-term top has been posted while opening the door for additional weakness near-term. 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 133.313. Second support is the 50-day moving average crossing at 132.289.   



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



September crude oil was lower overnight as concerns over China's economy resurfaced after a survey showing growth in factory activity fell sharply with concerns compounded by higher crude output from OPEC producers.The low-range overnight trade sets the stage for a 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, July's high crossing at $76.07 is the next upside target. Closes below the 50-day moving average crossing at $70.58 would temper the near-term friendly outlook. First resistance is the July 13th high crossing at $74.90. Second resistance is July's high crossing at $76.07. First support is the 50-day moving average crossing at $70.58. Second support is the 25% retracement level of the 2020-2021-rally crossing at $64.67.



September heating oil was lower overnight as it consolidates some of the rally off July's low. The low-range overnight trade sets the stage for a 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 July's low, the October-2018 high on the monthly continuation chart crossing at $2.2743 is the next upside target. Closes below the 50-day moving average crossing at $2.1178 would signal that a short-term top has likely been posted. First resistance is July's high crossing at $2.2120. Second resistance is the October-2018 high crossing at 2.2743. First support is the 50-day moving average crossing at $2.1178. Second support is the 25% retracement level of the 2020-2021-rally crossing at $1.9420.



September unleaded gas was lower overnight as it consolidates some of this month's gains. The low-range overnight trade sets the stage for a 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 July'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 $2.2037 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $2.3448. 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 $2.2037. Second support is July's low crossing at $2.0571.  



September Henry natural gas was higher overnight. The high-range overnight trade sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.818 would signal that a short-term top has been posted. If September resumes the rally off last-December's low, monthly resistance on the continuation chart crossing at 4.544 is the next upside target. First resistance resistance is July's high crossing at 4.165. Second resistance is monthly resistance on the continuation chart crossing at 4.544. First support is the 20-day moving average crossing at 3.818. Second support is the July 16th low crossing at 3.572.    



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



CURRENCIES:The September Dollar was lower overnight and remains poised to extend the decline off July's high. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 50-day moving average crossing at $91.60 is the next downside target. Closes above the 20-day moving average crossing at $92.51 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $92.51. Second resistance is July's high crossing at $93.20. First support is the 50-day moving average crossing at $91.60. Second support is the June 23rd low crossing at 91.51.



The September Euro was higher overnight as it extends the rally off July's low. The high-range overnight trade sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 38% retracement level of the May-July-decline crossing at $119.67 is the next upside target. Closes below the 10-day moving average crossing at $118.34 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the May-July-decline crossing at $118.97. Second resistance is the 38% retracement level of the May-July-decline crossing at $119.67. First support is the 10-day moving average crossing at $118.34. Second support is July's low crossing at $117.64.



The September British Pound was steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session beings 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 month's rally, the June 16th high crossing at 1.4135 is the next upside target.Closes below the 20-day moving average crossing at 1.3816 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.3947. Second resistance is the June 16th high crossing at 1.4135. First support is the 20-day moving average crossing at 1.3816. Second support is the 25% retracement level of the 2020-2021-rally crossing at 1.3578.



The September Swiss Franc was higher overnight as it extends the rally off July's low. The high-range trade overnight 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 July's low, the 75% retracement level of the June-July-decline crossing at 1.1125 is the next upside target. Closes below the 20-day moving average crossing at 1.0932 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 50-day moving average crossing at 1.1003. Second support is the 20-day moving average crossing at 1.0932.  

 

The September Canadian Dollar was steady to slightly higher overnight as it consolidates some of the rally off July's low. The high-range trade overnight 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 aforementioned rally, the 50-day moving average crossing at 81.06 is the next upside target. Closes below the 10-day moving average crossing at 79.72 would temper the friendly outlook. 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 last-Friday's high crossing at $80.50. Second resistance is the 50-day moving average crossing at 81.06. First support is July'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 higher overnight as it extends July's trading range. July's trading range appears of be forming a small head-and-shoulders top. Closes below the July 14th low crossing at 0.090375 would mark a downside breakout of the neckline of this formations. The high-range overnight trade sets the stage for a 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 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 mark a downside breakout of the neckline of this months head-and-shoulders top. 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: December gold was lower overnight as it consolidates some of last-Thursday's sharp decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1833.90 would open the door for a test of the 62% retracement level of June's decline crossing at $1857.90. Closes below the 10-day moving average crossing at $1811.40 would signal that a short-term top has likely been posted. First resistance is the 50-day moving average crossing at $1833.90. Second resistance is the 62% retracement level of June's decline crossing at $1857.90. First support is the July 23rd low crossing at $1793.10. Second support is June's low crossing at $1754.50.



September silver was lower overnight as it consolidated some of last-Thursday's rally. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $25.651 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 $25.651. Second resistance is the July 14th high crossing at $26.575. First support is July's low crossing at $24.515. Second support is March's low crossing at $23.825.



September copper was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.3661 would signal that a short-term top has been posted. If September resumes the rally off July's low, June's high crossing at 4.7110 is the next upside target. First resistance is July's 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 4.3661. Second support is July's low crossing at 4.1665.    



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



December corn was lower overnight as it extends last-week's choppy trading. Light pressure came from weekend rain across portions of the corn belt. However, forecast for warm/dry weather forecast for large portions of the Midwest have limited overnight losses. The mid-range overnight trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are still possible near-term. Closes below last-Monday's low crossing at $5.32 1/4 would open the door for a test of July's low crossing at $5.07. If December renews the rally off July's low, the July 6th gap crossing at $5.73 1/2 is the next upside 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 was higher overnight and has renewed the rally off July's low. The high-range overnight trade sets the stage for a 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 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 $6.71 1/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $7.19 3/4. Second resistance is the 75% retracement level of the May-July-decline crossing at $7.28 1/4. First support is the 10-day moving average crossing at $6.95 1/4. Second support is the 20-day moving average crossing at $6.71 1/4.

 

September Kansas City wheat was sharply higher overnight as it extends the rally off July's low. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off the July 7th low, the 75% retracement level of the May-July-decline crossing at $7.03 1/2 is the next upside target. Closes below the 50-day moving average crossing at $6.31 1/2 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $6.91 3/4. Second resistance is the 75% retracement level of the May-July-decline crossing at $7.03 1/2. First support is the 10-day moving average crossing at $6.60 1/2. Second support is the 50-day moving average crossing at $6.31 1/2.  



September Minneapolis wheat was higher overnight. 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 $8.77 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 July'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 $8.77. Second support is the 50-day moving average crossing at $8.15. 

     

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



November soybeans were lower due to profit taking overnight. Overnight weakness set the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $13.32 would turn the near-term outlook bearish. If November renews the rally off July'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 last-Monday's low crossing at $13.32. Second support is July's low crossing at $13.00 1/2. Third support is June's low crossing at $12.40 1/2.

 

December soybean meal was steady to slightly lower overnight. Overnight weakness 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. Closes above the 20-day moving average crossing at $362.20 would signal that a short-term low has been posted. If December resumes the decline off the July 21st high, June's low crossing at $347.00 is the next downside target. First resistance is the 20-day moving average crossing at $362.20. Second resistance is the 50-day moving average crossing at $374.10. First support is last-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 lower overnight. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 60.96 would signal that a double top with June's high has been posted. If December resumes the rally off June's low, June's high crossing at 67.04 is the next upside target. 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 60.96. Second support is the July 7th low crossing at 58.03. Third support is the June 25th low crossing at 56.66.     

    

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August hogs closed down $0.30 at $106.00. 



August hogs posted an inside day with a lower close on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 $104.65 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 $108.31 is the next upside 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 $104.65. 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 $0.38 at $122.13. 



August cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $120.85 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 $120.85. Second support is the July 9th low crossing at $118.85.  



August Feeder cattle closed down $0.43 at $158.08. 



August feeder cattle closed lower on Friday as it extended the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that a double top with April's high has been posted. Today's close below the 20-day moving average crossing at $158.38 confirms that a double top has been posted. If August renewed 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 50-day moving average crossing at $155.73. Second support is the July 19th low crossing at $154.10.   



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



September coffee closed sharply lower on Friday as it consolidated some of the rally off July's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's gap crossing at $177.90 would confirm that a short-term top might be in or is near. If September renews the rally off July's low, monthly resistance on the continuation chart crossing at $219.00 is the next upside target.              



September cocoa closed lower on Friday 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 Monday. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 23.69 would signal that a short-term top has been posted. If September extends the rally off July's low, June's high crossing at 25.05 is the next upside target.                        



October sugar closed lower on Friday 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 Friday. Stochastics and the RSI are overbought and  are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 17.49 would signal that a short-term top has been posted. 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.       



December cotton closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the July 19th low crossing at 86.35 would signal that a short-term top has been posted. If December extends the rally off May's low, weekly resistance on the continuation chart crossing at 91.66 is the next upside target. 

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