INO Evening Market Comments
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Started by tallpine - Aug. 3, 2021, 4:32 p.m.

KEY EVENTS TO WATCH FOR:



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 Dow closed higher on Tuesday as worries about the Delta variant were overshadowed by continued strong earnings data. The high-range close sets the stage for a steady to higher opening when Wednesday'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 34,541.61 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 Monday's high crossing at 35,192.11. Second resistance is unknown. First support is the 50-day moving average crossing at 34,541.61. 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 higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes 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 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 14,381.69. 



The September S&P 500 closed higher on Tuesday while extending the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday'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 4283.85 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 4283.85. Second support is July's low crossing at 4224.00.  



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



September T-bonds closed up 1/32's at 166-01. 

  

September T-bonds closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible 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. Closes below the July 22nd low crossing at 163-09 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 167-00. Second resistance is the 87% retracement level of the 2020-2021-decline crossing at 169-10. First support is the July 22nd low crossing at 163-09. Second support is the 50-day moving average crossing at 160-26.  



September T-notes closed down 5-pts at 135.005.



September T-notes closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes below the July 22nd low crossing at 133.275 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 July 22nd low crossing at 133.275. Second support is the 50-day moving average crossing at 132.314.  



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



September crude oil closed lower on Tuesday as it extends Monday's decline. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins. 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 $70.71 would signal that a short-term top has been posted. If September extends the rally off July's low, the July 12th high crossing at $74.90 is the next upside target. 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 $70.71. Second support is the 25% retracement level of the 2020-2021-rally crossing at $64.67.



September heating oil closed lower on Tuesday as it consolidates some of the rally off July's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI 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 $211.98 would signal that a short-term top has been posted. If September extends the rally off July's low, the October-2018 high crossing at $227.43 is the next upside target. First resistance is July's high crossing at $221.20. Second resistance is the October-2018 high crossing at $227.43. First support is the 50-day moving average crossing at $211.98. Second support is the 25% retracement level of the 2020-2021-rally crossing at $194.20.     



September unleaded gas closed lower on Tuesday as it extended Monday's decline. The mid-range close sets the stage for a steady to lower opening when Wednesday's night 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 50-day moving average crossing at $2.2076 would signal that a short-term top has been posted. If September renews 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. 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 $2.2076. Second support is July's low crossing at $2.0571.    



September Henry natural gas closed higher on Tuesday as it extended last-week's wide trading range. The high-range close sets the stage for a steady to higher opening when Wednesday'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 3.837 would confirm that a short-term top has been posted. If September renews 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 July'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 20-day moving average crossing at 3.837. Second support is the July 16th low crossing at 3.572.  



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



The September Dollar closed slightly higher on Tuesday. The high-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are becoming 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 92.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 92.50. Second resistance is July's high crossing at 93.20. Third resistance is March's high crossing at 93.43. First support is last-Friday's low crossing at 91.78. Second support is the 50-day moving average crossing at 91.65. 



The September Euro closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 rally off July's low, the 50-day moving average crossing at 119.77 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 last-Friday's high crossing at 119.19. Second resistance is the 50-day moving average crossing at 119.77. First support is July's low crossing at 117.64. Second support is March's low crossing at 117.47.



The September British Pound closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 20-day moving average crossing at 1.3821 would signal that a short-term top has likely been posted. First resistance is last-Friday's high crossing at 1.3985. Second resistance is the June 16th high crossing at 1.4135. First support is the 20-day moving average crossing at 1.3821. Second support is the 25% retracement level of the 2020-2021-rally crossing at 1.3578.  

 

The September Swiss Franc closed higher on Tuesday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 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 1.0944 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 1.0944. 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 lower for the third-day on Tuesday as it consolidated some of the rally off July's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night 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 79.70 would signal that a short-term top has been posted. If September extends the aforementioned rally, the 50-day moving average crossing at 80.99 is the next upside target.First resistance is the July 14th high crossing at 80.48. Second resistance is the 50-day moving average crossing at 80.99. First support is the 20-day moving average crossing at 79.70. 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 Tuesday and has renewed the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Wednesday’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 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 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 ""



December gold closed lower on Tuesday as it extends the July-August trading range. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 July 23rd low crossing at $1793.10 would signal that a short-term top has been posted. Closes above July's high crossing at $1839.00 or below the July 23rd low crossing at $1793.10 are needed to confirm a breakout of the aforementioned trading range an point the direction of the next trending move. First resistance is July's high crossing at $1839.00. Second resistance is the 62% retracement level of the June-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 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 25.628 would signal that a short-term 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 25.628. Second resistance is the 50-day moving average crossing at 26.548. First support is July's low crossing at 24.515. Second support is March's low crossing at 23.825.  



September copper closed lower on Tuesday as it extends the decline off July's high. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 436.89 would signal that a short-term top has been posted. If September renews the rally off July's low, June's high crossing at 471.10 is the next upside target. First resistance is July's high crossing at 462.75. Second resistance is June's high crossing at 471.10. First support is the 20-day moving average crossing at 436.89. Second support is July's low crossing at 416.65.



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



December Corn closed down $0.07 1/2-cents at $5.51 3/4. 



December corn closed lower on Tuesday as it extends the trading range of the past two-weeks. Today's low-range close sets the stage for a steady to lower opening when Wednesday'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 last-Monday's low crossing at $5.32 1/4 would signal that a short-term top has been posted while opening the door for a possible test of July's low crossing at $5.07. 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. First resistance is the July 6th gap crossing at $5.73 1/2. Second resistance is July's high crossing at $6.11 1/4. First support is July's low crossing at $5.07. Second support is May's low crossing at $5.00 1/4.   



September wheat closed down $0.05-cents at $7.24 1/2.  



September wheat closed lower on Tuesday as it consolidated some of Monday's rally.The mid-range close sets the stage for a steady to lower opening when Thursday'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 87% retracement level of the May-July-decline crossing at $7.47 1/4 is the next upside target. Closes below the 50-day moving average crossing at $6.71 1/2 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 50-day moving average crossing at $6.71 1/2.



September Kansas City Wheat closed up $0.04-cents at $7.07 1/2.

 

September Kansas City wheat closed higher on Tuesday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 87% retracement level of the May-July-decline crossing at $7.23 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.44 1/2 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 1/2. Second support is the 20-day moving average crossing at $6.44 1/2.  



September Minneapolis wheat closed down $0.03-cents at $9.19 3/4. 



September Minneapolis wheat closed lower on Tuesday. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is 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 July 26th low 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 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 1/4. First support is the July 26th low crossing at $8.70. Second support is the 50-day moving average crossing at $8.19 3/4. 

       

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



November soybeans closed down $0.33 3/4-cents at $13.19 3/4.



November soybeans closed sharply lower on Tuesday follow Monday's crop condition report, which showed a 2% improvement in the good/excellent rating for this year's soybean crop. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off the July 19th high, July's low crossing at $13.00 1/2 is the next downside target. Closes above the 50-day moving average crossing at $13.63 would signal that a short-term low has been posted. First resistance is the July 19th high crossing at $14.18. Second resistance is July's high crossing at $14.23. 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 down $9.90 to $349.70. 



December soybean meal closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, June's low crossing at $347.00 is the next downside target. Closes above the 20-day moving average crossing at $361.90 would signal that a double bottom with June's low has been posted. First resistance is the 20-day moving average crossing at $361.90. Second resistance is the 50-day moving average crossing at $373.30. First support is July's low crossing at $348.70. Second support is June's low crossing at $347.00.       



December soybean oil closed down 79-pts. at 61.80. 



December soybean oil closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 61.50 would signal that a short-term top has been posted. If December renews the rally off June's low, June's high crossing at 67.06 is the next upside target. First resistance is July'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 61.50. Second support is the July 7th low crossing at 58.03. 

 

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



October hogs closed up $1.88 at $91.38. 



August hogs closed higher for the second day in a row on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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, July's high crossing at $94.05 is the next upside target. Closes below last-Friday's low crossing at $87.28 would confirm that a short-term top has been posted. First resistance is July's high crossing at $94.05. Second resistance is June's high crossing at $97.98. First support is last-Friday's low crossing at $87.28. Second support is July's low crossing at $83.13. 



October cattle closed up $0.88 at $128.15. 



October cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off the July 19th low, June's high crossing at $130.48 is the next upside target. Closes below the 50-day moving average crossing at $126.44 would signal that a short-term top has been posted. First resistance is July's high crossing at $129.93. Second resistance is June's high crossing at $130.48. First support is the 50-day moving average crossing at $126.44. Second support is the July 19th low crossing at $124.05.  



September Feeder cattle closed up $0.55 at $162.53. 



September feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the decline off July's high, the 50-day moving average crossing at $158.44 is the next downside target. If September 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 $165.53. 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 $158.44. Second support is the July 19th low crossing at $156.57.   



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



September coffee closed higher on Tuesday as it consolidated some of the decline off July's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 $163.29 is the next downside target. Closes above the 10-day moving average crossing at $189.23 would signal that a short-term low has been posted. 



September cocoa closed sharply higher on Tuesday ending a two-day correction off July's high. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, June's high crossing at 25.05 is the next upside target. Closes below the 20-day moving average crossing at 23.53 would signal that a short-term top has been posted.                         



October sugar closed slightly higher on Tuesday as it consolidates some of last-Friday's decline. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 17.53 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 higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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.

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