INO Morning Market Commentary
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Started by tallpine - Aug. 4, 2021, 7:45 a.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 STOCK INDEXES: The September NASDAQ 100 was higher overnight as the index extends the trading range of the past six-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 overbought but have turned neutral to bullish signaling that sideways to higher 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 14,410.77.



The September S&P 500 was steady to slightly lower 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 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 4288.59 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 4367.05. Second support is the 50-day moving average crossing at 4288.59.               



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



INTEREST RATES: September T-bonds were steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to 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 164-08 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 164-08. Second support is the July 13th low crossing at 161-06.  



September T-notes were mostly steady in quiet trading overnight and is working on a possible inside day. 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 overbought but remain 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 134.051 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 134.051. Second support is the 50-day moving average crossing at 133.015.   



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



ENERGIES:September crude oil was steady to lower overnight as is extends this week's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. At the same time, stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Tuesday's close below the 50-day moving average crossing at $70.80 has tempered the near-term friendly outlook while opening the door for additional weakness near-term. If September renews 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 Tuesday's low crossing at $69.19. Second support is the 25% retracement level of the 2020-2021-rally crossing at $64.67.



September heating oil was steady to slightly lower overnight as it extends the decline off last-Friday's high. The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing at $2.0892 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If September renews 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 Tuesday's low crossing at $2.0892. 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 mid-range overnight trade sets the stage for a steady to higher 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 50-day moving average crossing at $2.2113 would signal that a short-term top has been posted. 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. 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 $2.2113. Second support is July's low crossing at $2.0571.  



September Henry natural gas was steady to higher overnight as it extends the broad trading range of the past two weeks. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at 3.861 would signal that a short-term top has been posted. 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 3.861. Second support is the July 16th low crossing at 3.572.    



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



CURRENCIES:The September Dollar was slightly higher overnight as it consolidates some of the decline off July's high. 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 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 $91.69 is the next downside target. Closes above the 20-day moving average crossing at $92.47 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $92.47. Second resistance is July's high crossing at $93.20. First support is the 50-day moving average crossing at $91.69. Second support is the June 23rd low crossing at 91.51.



The September Euro was lower overnight as it consolidates some of the rally off July's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $118.38 would signal that a short-term top has likely been posted. If September renews the aforementioned rally, the 38% retracement level of the May-July-decline crossing at $119.67 is the next upside target. 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 $118.38. Second support is July's low crossing at $117.64.



The September British Pound was steady to slightly higher overnight. The mid-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 1.3827 would signal that a short-term top has 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 1.3827. Second support is the 25% retracement level of the 2020-2021-rally crossing at 1.3578.



The September Swiss Franc 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 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 1.0956 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 1.0999. Second support is the 20-day moving average crossing at 1.0956.  

 

The September Canadian Dollar was steady to slightly lower overnight as it consolidates some of the rally off July's low. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 79.67 would temper the friendly outlook. If September resumes the rally off July's low, the 50-day moving average crossing at 80.92 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 80.92. 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 is trading to extend the rally off July's low above the 25% retracement level of the January-July-decline crossing at 0.091615. 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 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 May 25th high crossing at 0.092170 is the next upside target. Closes below the 50-day moving average crossing at 0.090925 would signal that a short-term top has likely been posted. 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 50-day moving average crossing at 0.090925. Second support is the July 14th low crossing at 0.090375. 

 

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



PRECIOUS METALS: December gold was higher overnight as it extends the July-August trading range. 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 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 higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bullish again signaling that sideways to higher prices are possible near-term. If September renews the rally off July's low, the 50-day moving average crossing at $26.504 is the next upside target. Closes below Tuesday's low crossing at $25.270 would temper the near-term friendly outlook. First resistance is last-Thursday's high crossing at $25.875. Second resistance is the 50-day moving average crossing at $26.504. 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 4.3712 would open the door for additional weakness and a possible test of July's low crossing at 4.1665. 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 4.3712. Second support is July's low crossing at 4.1665.    



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



December corn was steady to fractionally higher overnight as it extends the trading range of the past three-weeks. The mid-range overnight trade sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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 is testing the 75% retracement level of the May-July-decline crossing at $7.28 1/4. 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 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 $6.82 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 $7.00 3/4. Second support is the 20-day moving average crossing at $6.82.

 

September Kansas City wheat was higher overnight as it extends the rally off July's low. Overnight strength 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 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 $6.70 3/4 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the May-July-decline crossing at $7.23 3/4. Second resistance is May's high crossing at $7.45 1/4. First support is the 10-day moving average crossing at $6.70 3/4. Second support is the 20-day moving average crossing at $6.50 3/4.  



September Minneapolis wheat was steady to fractionally lower overnight as it extends the trading range of the past four-days. Overnight weakness sets the stage for a steady to fractionally lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. 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. Closes below the 20-day moving average crossing at $8.89 1/2 would signal that a short-term top has been posted. 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 $8.89 1/2. Second support is the 50-day moving average crossing at $8.24 1/4.  

     

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



November soybeans were higher overnight as it consolidates some of Tuesday's sharp decline. Overnight strength set the stage for a steady to higher 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 November extends Tuesday's decline, July's low crossing at $13.00 1/2 is the next downside target. Closes above the 50-day moving average crossing at $13.62 1/4 would temper the near-term bearish outlook. First resistance is July's high crossing at $14.23. Second resistance is June's high crossing at $14.80. First support is July's low crossing at $13.00 1/2. Second support is June's low crossing at $12.40 1/2.

 

December soybean meal was steady to fractionally higher overnight as it consolidates some of Tuesday's decline. Overnight strength sets the stage for a steady to fractionally higher opening when the day session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If December extends 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 $361.10 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $361.10. Second resistance is the 50-day moving average crossing at $372.50. First support is the overnight low crossing at $348.60. Second support is June's low crossing at $347.00. Third support is the 62% retracement level of the 2020-2021-rally crossing at $342.50. 


December soybean oil was higher overnight as it consolidates some of decline off last-Thursday's high. Overnight strength sets the stage for a steady to higher 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 61.60 would open the door for a larger-degree decline near-term. 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 61.60. 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 



October hogs closed up $1.88 at $91.38. 



October 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 October 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.

Comments
By mikempt - Aug. 4, 2021, 8:10 a.m.
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Thanks! I read your comments every day

By metmike - Aug. 4, 2021, 12:18 p.m.
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Double thanks from me tallpine!

1 to thank Mike for expressing his  appreciation.