KEY EVENTS TO WATCH FOR:
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 the index extends the trading range of the past four-days.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 July's low crossing at 14,445.00 are needed to confirm that a short-term top has been posted. If September resumes the rally off March's low into uncharted territory, upside targets will be hard to project. 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 14,380.62.
The September S&P 500 was higher overnight as it extends the trading range of the past seven-days. 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 4283.60 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 20-day moving average crossing at 4362.88. Second support is the 50-day moving average crossing at 4283.61.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were lower overnight as they consolidate some of Monday's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 March's low, the 87% retracement level of the 2020-2021-decline crossing at 169-10 is the next upside target. Closes below the 20-day moving average crossing at 164-03 would signal that a short-term top has been posted. 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 164-03. Second support is the July 13th low crossing at 161-06.
September T-notes were lower overnight and is working on a possible inside day as it consolidates some of Monday's rally. The low-range overnight trade sets the stage for a steady to lower opening with 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 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 134.025 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 134.025. Second support is the 50-day moving average crossing at 132.313.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
September crude oil was higher overnight as is consolidates some of Monday's losses. However, fears over the spread of the delta variant affecting future oil demand continues to limit near-term the upside potential.The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. At the same time, 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 $70.73 would temper the near-term friendly outlook. If September extends the rally off July's low, July's high crossing at $76.07 is the next upside target. 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 $70.73. Second support is the 25% retracement level of the 2020-2021-rally crossing at $64.67.
September heating oil was higher overnight as it consolidates some of Monday's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. However, 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 $2.1204 would signal that a short-term top has likely been posted. 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. 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 $2.1204. Second support is July's low crossing at $1.9641.
September unleaded gas was higher overnight as it consolidates some of Monday's losses. 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 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 $2.2081 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 $2.2081. Second support is July's low crossing at $2.0571.
September Henry natural gas was higher overnight. The low-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.832 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 3.832. 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 $91.65 is the next downside target. Closes above the 20-day moving average crossing at $92.49 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $92.49. Second resistance is July's high crossing at $93.20. First support is the 50-day moving average crossing at $91.65. 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 neutral to 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 20-day moving average crossing at $118.37 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 20-day moving average crossing at $118.37. Second support is July's low crossing at $117.64.
The September British Pound was higher overnight. The high-range overnight trade sets the stage for a steady to 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 the rally off July's low, the June 16th high crossing at 1.4135 is the next upside target.Closes below the 20-day moving average crossing at 1.3822 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.3942. Second resistance is the June 16th high crossing at 1.4135. First support is the 20-day moving average crossing at 1.3822. 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 1.0945 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 1.1002. Second support is the 20-day moving average crossing at 1.0945.
The September Canadian Dollar was steady to slightly lower overnight as it consolidates some of the rally off July's low. 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 79.71 would temper the friendly outlook. If September resumes the rally off July's low, the 50-day moving average crossing at 80.99 is the next upside target. First resistance is last-Friday's high crossing at $80.50. Second resistance is the 50-day moving average crossing at 80.99. First support is the July 23rd low crossing at $79.32. Second support is July's low crossing at $78.08.
The September Japanese Yen was steady to slightly higher overnight as it test resistance marked by the 25% retracement level of the January-July-decline crossing at 0.091615. 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 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 July's trading range. 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 extends July's trading range. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above $1839.00 or below $1793.10 are needed to signal a breakout of the aforementioned trading range and point the direction of the next trending move. First resistance is the July 15th high crossing at $1839.00. 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 high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off May's high, March's low crossing at $23.825 is the next downside target. Closes above last-Thursday's high crossing at $25.875 would signal that a low has been posted. First resistance is last-Thursday's high crossing at $25.875. Second resistance is the 50-day moving average crossing at $26.545. First support is July's low crossing at $24.515. Second support is March's low crossing at $23.825.
September copper was lower overnight as it extends the decline off July's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.3696 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 4.3696. Second support is July's low crossing at 4.1665.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was lower overnight despite Monday's friendly crop conditions report that showed a 2% decline in the good/excellent rating of this year's corn crop, which now stands at 62%. Weather forecast are still calling for warm/dry weather to move in later this week and into next week for large portions of the Midwest. The low-range overnight trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are turning 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 lower overnight due to profit taking after testing the 75% retracement level of the May-July-decline crossing at $7.28 1/4 on Monday. 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 July's low, the 87% retracement level of the May-July-decline crossing at $7.47 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.76 3/4 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the May-July-decline crossing at $7.28 1/4. Second resistance is the 87% retracement level of the May-July-decline crossing at $7.47 1/4. First support is the 10-day moving average crossing at $6.99. Second support is the 20-day moving average crossing at $6.76 3/4.
September Kansas City wheat was slightly lower overnight as it consolidates some of Monday's rally. Overnight strength 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 the July 7th low, the 87% retracement level of the May-July-decline crossing at $7.23 3/4 is the next upside target. Closes below the 10-day moving average crossing at $6.66 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the May-July-decline crossing at $7.03 1/2. Second resistance is the 87% retracement level of the May-July-decline crossing at $7.23 3/4. First support is the 10-day moving average crossing at $6.66. Second support is the 20-day moving average crossing at $6.44 1/4.
September Minneapolis wheat was 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 near-term. Closes below the 20-day moving average crossing at $8.73 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 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 $8.73 3/4. Second support is the 50-day moving average crossing at $8.19 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were lower overnight following Monday's surprising bump in this week's crop conditions report that showed a 2% improvement in the good/excellent rating, which now stands at 60%. Overnight weakness set the stage for a 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.
December soybean meal was lower overnight due to spillover weakness from soybeans. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If December resumes the decline off the July 21st high, June's low crossing at $347.00 is the next downside target. Closes above the 20-day moving average crossing at $362.20 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $362.20. Second resistance is the 50-day moving average crossing at $373.60. 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 61.51 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 61.51. 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 $1.30 at $107.50.
August hogs closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning 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 $108.28 is the next upside target. Closes below the 20-day moving average crossing at $105.02 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $108.28. Second resistance is the June 17th gap crossing at $111.70. First support is the 20-day moving average crossing at $105.02. 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 $0.05 at $122.13.
August cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $120.89 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 $120.89. Second support is the July 9th low crossing at $118.85.
August Feeder cattle closed up $0.08 at $158.25.
August feeder cattle closed slightly higher on Monday as it consolidated some of the decline off July's high. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that a double top with April's high has been posted. If August extends the decline off July's high, the 50-day moving average crossing at $155.87 is the next downside target. 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 July'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 $155.87. Second support is the July 19th low crossing at $154.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed lower for the fifth-day in a row on Monday as it consolidated some of the rally off July's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's closes below the July 22nd gap crossing at $177.90 confirms that a short-term top as been posted. If September extends the decline off July's high, the 50-day moving average crossing at $162.84 is the next downside target. 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 Monday as it consolidates some of the rally off July's low. The high-range close sets the stage for a steady to slightly lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 23.46 would signal that a short-term top has been posted. If September renews the rally off July's low, June's high crossing at 25.05 is the next upside target.
October sugar closed slightly higher on Monday as it consolidates some of last-Friday's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 17.50 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 posted an inside day with a higher close on Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI 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.
"However, fears over the spread of the delta variant affecting future oil demand continues to limit near-term the upside potential.The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading."
Agreed............thanks tallpine!