INO Morning Market Commentary
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Started by tallpine - Sept. 17, 2021, 7:49 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Friday, September 17, 2021  

 



 

 

10:00 AM ET. August State Employment and Unemployment

 



 

 

10:00 AM ET. September University of Michigan Survey of Consumers – preliminary

 



 

 

                       Mid-Mo Sentiment (previous 70.2)

 



 

 

                       Mid-Mo Expectations (previous 65.2)

 



 

 

                       Mid-Mo Current Idx (previous 77.9)

 



 

 

Monday, September 20, 2021  

 



 

 

10:00 AM ET. September NAHB Housing Market Index

 



 

 

                       Housing Mkt Idx (previous 75)

 

Monday, September 20, 2021  

 



 

 

10:00 AM ET. September NAHB Housing Market Index

 



 

 

                       Housing Mkt Idx (previous 75)

 



 

 

Tuesday, September 21, 2021   

 



 

 

7:45 AM ET. Weekly Chain Store Sales Index

 



 

 

8:30 AM ET. August New Residential Construction - Housing Starts and Building Permits

 



 

 

                       Total Starts (previous 1.534M)

 



 

 

                       Housing Starts, M/M% (previous -7.0%)

 



 

 

                       Building Permits (previous 1.635M)

 



 

 

                       Building Permits, M/M% (previous +2.6%)

 



 

 

8:30 AM ET. 2nd Quarter International Transactions

 



 

 

                       Current Account (USD) (previous -195.74B)

 



 

 

8:55 AM ET. Johnson Redbook Retail Sales Index

 



 

 

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

 



 

 

                       Ret Sales Mo-to-Date, Y/Y% (previous +15.9%)

 



 

 

                       Latest Wk, Y/Y% (previous +15.3%)

 



 

 

4:30 PM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls) (previous -5.4M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls) (previous -2.8M)

 



 

 

                       Distillate Stocks, Net Chg (Bbls) (previous -2.9M)

 



 

 

  N/A               U.S. Federal Open Market Committee meeting

 



 

 

Wednesday, September 22, 2021  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 707.9)

 



 

 

                       Composite Idx, W/W% (previous +0.3%)

 



 

 

                       Purchase Idx-SA (previous 277.9)

 



 

 

                       Purchase Idx-SA, W/W% (previous +7.5%)

 



 

 

                       Refinance Idx (previous 3185.6)

 



 

 

                       Refinance Idx, W/W% (previous -3.2%)

 



 

 

10:00 AM ET. August Existing Home Sales

 



 

 

                       Existing Sales (previous 5.99M)

 



 

 

                       Existing Sales, M/M% (previous +2.0%)

 



 

 

                       Unsold Homes Month's Supply (previous 2.6)

 



 

 

                       Median Price (USD) (previous 359900)

 



 

 

                       Median Home Price, Y/Y% (previous +17.8%)

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 417.445M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous -6.422M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 218.142M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.857M)

 



 

 

                       Distillate Stocks (Bbl) (previous 131.897M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous -1.689M)

 



 

 

                       Refinery Usage (previous 82.1%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 19.911M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.043M)

 

                        

 

2:00 PM ET. U.S. interest rate decision

 



 

 

                       Federal Funds Rate

 



 

 

                       Federal Funds Rate Change (Pts)

 



 

 

                       Fed Funds Rate-Range High (previous 0.25)

 



 

 

                       Fed Funds Rate-Range Low (previous 0.00)

 



 

 

                       FOMC Vote For Action (previous 11)

 



 

 

                       FOMC Vote Against Action (previous 0)

 



 

 

                       Discount Rate (previous 0.25)

 



 

 

                       Discount Rate Change (Pts) (previous +0)

 



 

 

                       Discount Rate-Range High

 



 

 

                       Discount Rate-Range Low

 



 

 

2:00 PM ET. Federal Reserve economic projections

 



 

 

                       Median Fed Funds Rate - 2021 (previous 0.1%)

 



 

 

                       Median Fed Funds Rate - 2022 (previous 0.1%)

 



 

 

                       Median Fed Funds Rate - 2023 (previous 0.6%)

 



 

 

                       Median Fed Funds Rate - 2024

 



 

 

Thursday, September 23, 2021  

 



 

 

8:30 AM ET. August CFNAI Chicago Fed National Activity Index

 



 

 

                       NAI (previous 0.53)

 



 

 

                       NAI, 3-mo Moving Avg (previous 0.23)

 



 

 

8:30 AM ET. 2nd Quarter State Quarterly Personal Income

 



 

 

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

 



 

 

                       Jobless Claims (previous 332K)

 



 

 

                       Jobless Claims, Net Chg (previous +20K)

 



 

 

                       Continuing Claims (previous 2665000)

 



 

 

                       Continuing Claims, Net Chg (previous -187K)

 



 

 

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

 



 

 

                       Corn (Metric Tons) (previous 248.9K)

 



 

 

                       Soybeans (Metric Tons) (previous 1266.2K)

 



 

 

                       Wheat (Metric Tons) (previous 617.1K)

 



 

 

9:45 PM ET. Bloomberg Consumer Comfort Index

 



 

 

9:45 AM ET. September US Flash Manufacturing PMI

 



 

 

                       PMI, Mfg (previous 61.2)

 



 

 

9:45 AM ET. September US Flash Services PMI

 



 

 

                       PMI, Services (previous 55.2)

 



 

 

10:00 AM ET. August Leading Indicators

 



 

 

                       Leading Index, M/M% (previous +0.9%)

 



 

 

                       Leading Index (previous 116.0)

 



 

 

                       Coincident Index, M/M% (previous +0.6%)

 



 

 

                       Lagging Index, M/M% (previous +0.6%)

 



 

 

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

 



 

 

                       Working Gas In Storage (Cbf) (previous 3006B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous +83B)

 

                        

 

11:00 AM ET. Sept. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

 



 

 

                       Mfg Activity Idx (previous 22)

 



 

 

                       6-Mo Exp Prod Idx (previous 46)

 



 

 

                       Mfg Composite Idx (previous 29)

 



 

 

                       6-Mo Exp Composite Idx (previous 36)

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

Friday, September 24, 2021  

 



 

 

10:00 AM ET. August New Residential Sales

 



 

 

                       New Home Sales (previous 708K)

 



 

 

                       New Home Sales, M/M% (previous +1.0%)

 



 

 

                       New Home Sales Months Supply (previous 6.2)

 


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



The STOCK INDEXES: The December NASDAQ 100 was lower overnight as it extends this week's trading range. 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 Wednesday's low crossing at 15,307.75 would open the door for a possible test of the 50-day moving average crossing at 15,152.78. If December resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 15,708.75. Second resistance is unknown. First support is Wednesday's low crossing at 15,307.75. Second support is the 50-day moving average crossing at 15,152.78.  



The December S&P 500 was lower overnight as it extends this week's trading range. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 4431.92 would opened the door for a possible test of August's low crossing at 4347.75. If September resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is the September 3rd high crossing at 4549.50. Second resistance is unknown. First support is the 50-day moving average crossing at 4431.92. Second support is August's low crossing at 4347.75. 



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



INTEREST RATES: December T-bonds were steady to slightly lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 162-30 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If December resumes the rally off September's low, August's high crossing at 165-12 is the next upside target. First resistance is Wednesday's high crossing at 164-24. Second resistance is August's high crossing at 165-12. First support is September's low crossing at 161-20. Second support is the August's low crossing at 161-01.



December T-notes were steady to slightly lower overnight while extending the July-September trading range. Overnight weakness sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, August's low crossing at 132.215 is the next downside target. Closes below August's low crossing at 132.215 would mark a downside breakout of the July-September trading range while opening the door for a possible test of the July 14th low crossing at 132.100. Closes above the September 3rd high crossing at 133.280 would open the door for a possible test of the August 17th high crossing at 134.005. First resistance is the August 17th high crossing at 134.005. Second resistance is August's high crossing at 134.265. First support is August's low crossing at 132.215. Second support is the July 14th low crossing at 132.100.   



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



ENERGIES:October crude oil was steady to slightly lower overnight as it consolidates some of the rally off August's low but remains above $72 per barrel. Overnight weakness 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 October extends the rally off August's low, the July 30th high crossing at $73.52 is the next upside target. Closes below the 20-day moving average crossing at $68.96 would signal that a short-term top has been posted. First resistance is the July 30th high crossing at $73.52. Second resistance is July's high crossing at $74.77. First support is the 20-day moving average crossing at $68.96. Second support is August's low crossing at $61.74.



October heating oil was steady to slightly lower overnight as it consolidates some of the rally off August's low. The mid-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 October extends the rally off August's low, the October-2018 high crossing at $2.2682 is the next upside target. Closes below the 50-day moving average crossing at $2.1118 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $2.2252. Second resistance is the October-2018 high crossing at $2.2682. First support is the 10-day moving average crossing at 2.1618. Second support is the 50-day moving average crossing at $2.1118. 



October unleaded gas was steady to slightly lower overnight as it consolidates some of the rally off August's low. Overnight weakness 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 below the 50-day moving average crossing at 2.1111 would signal that a short-term top has been posted. If October resumes the rally off August's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 2.8181 is the next upside target. First resistance is Wednesday's high crossing at 2.2358. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 2.8181. First support is the 10-day moving average crossing at 2.1562. Second support is the 50-day moving average crossing at 2.1111. 



October Henry natural gas was higher overnight. 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 October extends the rally off August's low, the 62% retracement level of the 2008-2020-decline crossing at 6.437 is the next upside target. Closes below the 20-day moving average crossing at 4.651 would signal that a short-term top has been posted. First resistance resistance is the 50% retracement level of the 2008-2020-decline crossing at 5.627. Second resistance is the 62% retracement level of the 2008-2020-decline crossing at 6.437. First support is the 10-day moving average crossing at 5.082. Second support is the 20-day moving average crossing at 4.651.    



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



CURRENCIES:The December Dollar was lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the August 27th high crossing at $93.18 would renew the rally off September's low. Closes below Tuesday's low crossing at $92.30 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $92.95. Second resistance is the August 27th high crossing at $93.18. First support is the September 3rd low crossing at $91.94. Second support is the July 30th low crossing at $91.78.



The December Euro was higher overnight as it consolidates some of the decline off the September 3rd high. 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. If December extends the decline off September's high, August's low crossing at $116.90 is the next downside target. Closes above Tuesday's high crossing at $118.67 would signal that a short-term low has been posted. First resistance is the July 30th high crossing at $119.38. Second resistance is the June 25th high crossing at $120.13. First support is Thursday's low crossing at $117.70. Second support is August's low crossing at $116.90.



The December British Pound was steady to slightly higher overnight. Overnight strength sets the stage for a steady to slightly higher opening when the day session beings trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at 1.3727 would temper the near-term friendly outlook. If September renews the rally off August's low, the July 30th high crossing at 1.3977 is the next upside target.First resistance is Tuesday's high crossing at 1.3917. Second resistance is the July 30th high crossing at 1.3977. First support is last-Wednesday's low crossing at 1.3727. Second support is the August 27th low crossing at 1.3682. Third support is August's low crossing at 1.3608.  



The December Swiss Franc was lower overnight as it extends the decline off August's high. 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 possible near-term. If December extends this month's decline, the 87% retracement level of the March-June-rally crossing at 1.0730 is the next downside target. Closes above the 50-day moving average crossing at 1.0950 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.0950. Second resistance is the August 17th high crossing at 1.1015. First support is the 75% retracement level of the March-June-rally crossing at 1.0801. Second support is the 87% retracement level of the March-June-rally crossing at 1.0730.

 

The December Canadian Dollar was steady to slightly higher overnight as it extends the trading range of the past seven-days. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December renews the rally off August's low, the July 30th high crossing at $80.46 is the next upside target. Closes below the September 8th low crossing at $78.35 would renew the decline off September's high. First resistance is the September 3rd high crossing at 80.09. Second resistance is the July 30th high crossing at $80.46. First support is the September 8th low crossing at $78.35. Second support is August's low crossing at $77.24.



The December Japanese Yen was lower overnight as it consolidates some of this week's rally. Overnight weakness 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. From a broad perspective December needed to close above August's high crossing at 0.092040 or below August's low crossing at 0.090390 to confirm a breakout of the aforementioned trading range and point the direction of the next trending move. First resistance is the August 16th high crossing at 0.091710. Second resistance is August's high crossing at 0.092040. First support is the August 11th low crossing at 0.090390. Second support is July's low crossing at 0.089690.

 

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



PRECIOUS METALS:Decembergold was higher overnight as it consolidates some of Thursday's sharp decline. Overnight strength sets the stage for a steady to 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 near-term. If December extends the decline off September's high, August's low crossing at $1677.90 is the next downside target. Closes above Tuesday's high crossing at $1810.60 would signal that a short-term low has been posted. First resistance is the September 3rd high crossing at $1836.90. Second resistance is the 75% retracement level of the June-August-decline crossing at $1861.30. First support is Thursday's low crossing at $1745.50. Second support is August's low crossing at $1677.90.



December silver was higher overnight as it consolidates some of this week's decline. Overnight strength sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, August's low crossing at $22.350 is the next downside target. Closes above Thursday's high crossing at $24.000 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $24.504. Second resistance is the September 3rd high crossing at $24.945. First support is Thursday's low crossing at $22.585. Second support is August's low crossing at $22.350. 



December copper was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at 4.2060 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December renews the rally off August's low, the July 27th high crossing at 4.5860 is the next upside target. First resistance is Monday's high crossing at 4.4715. Second resistance is the July 27th high crossing at 4.5860. First support is last-Wednesday's low crossing at 4.2060. Second support is August's low crossing at 3.9615.



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



December corn was steady to fractionally lower overnight as it consolidates some of the rally off last-Friday's low.Overnight weakness sets the stage for a steady to slightly lower opening when the day sessions begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Friday's low, the 50-day moving average crossing at $5.44 1/4 is the next upside target. Closes above the 50-day moving average crossing at $5.44 1/4 are needed to to temper the near-term bearish outlook. If December renews the decline off August's high, the April 1st gap crossing at $4.77 1/2 is the next downside target. First resistance is the 50-day moving average crossing at $5.44 1/4. Second resistance is the August 30th high crossing at $5.58. First support is last-Friday's low crossing at $4.97 1/2. Second support is the April 1st gap crossing at $4.77 1/2.  



December wheat was steady to fractionally higher overnight as it extends the rally off last-Friday's low. Overnight strength 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. Closes above the 20-day moving average crossing at $7.16 1/2 would signal that a short-term low has been posted. If December resumes the decline off August's high, the 75% retracement level of the July-August rally crossing at $6.60 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $7.16 1/2. Second resistance is the September 7th high crossing at $7.33 1/4. First support is the 62% retracement level of the July-August-rally crossing at $6.82 1/2. Second support is the 75% retracement level of the July-August rally crossing at $6.60 1/4.

 

December Kansas City wheat was steady to fractionally lower overnight as it consolidates some of the rally off last-Friday's low. Overnight weakness sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Friday's low, the September 7th high crossing at $7.29 3/4 is the next upside target. Closes below the 50-day moving average crossing at $6.97 1/4 would temper the near-term friendly outlook. First resistance is the September 7th high crossing at $7.29 3/4. Second resistance is the August 27th high crossing at $7.35 1/2. First support is the 50% retracement level of the July-August rally crossing at $6.79 1/2. Second support is the 62% retracement level of the July-August rally crossing at $6.58 1/2.  



December Minneapolis wheat was steady to fractionally higher overnight as it extends the rally off last-Friday's low. Overnight strength 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 December extends this week's rally, the August 30th high crossing at $9.27 is the next upside target. If December resumes the decline off August's high, the 25% retracement level of the 2020-2021-rally crossing at $8.44 3/4 is the next downside target. First resistance is the September 7th high crossing at $9.15. Second resistance is the August 30th high crossing at $9.27. First support is last-Friday's low crossing at $8.61 1/2. Second support is the 25% retracement level of the 2020-2021-rally crossing at $8.44 3/4.  

     

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



November soybeans were lower overnight as it extends this month's trading range. Overnight weakness set the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Thursday's high crossing at $13.08 would signal that a short-term low has been posted. If November resumes the decline off August's high, the June 25th low crossing at $12.59 3/4 is the next downside target. First resistance is Thursday's high crossing at $13.08. Second resistance is the 50-day moving average crossing at $13.30 3/4. First support is the June 25th low crossing at $12.59 3/4. Second support is June's low crossing at $12.40 1/2.

 

December soybean meal 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. If December resumes the decline off August's high, the 75% retracement level of the 2020-2021-rally crossing at $324.40 is the next downside target. Closes above Tuesday's high crossing at $347.30 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at $347.30. Second resistance is the 50-day moving average crossing at $354.40. First support is last-Thursday's low crossing at $335.40. Second support is the 75% retracement level of the 2020-2021-rally crossing at $324.40.


December soybean oil was steady to 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 bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 58.18 would signal that a short-term low has been posted. If December renews the decline off July's high, June's low crossing at 51.98 is the next downside target. First resistance is the 20-day moving average crossing at 58.18. Second resistance is the 50-day moving average crossing at 60.77. First support is last-Friday's low crossing at 55.36. Second support is June's low crossing at 51.98.     

    

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



October hogs closed up $3.20 at $85.48. 



October hogs closed sharply higher due to short covering on Thursday as it consolidated some of the decline off the August 30th high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $88.04 would signal that a short-term low has been posted. If October renews this month's decline, the 62% retracement level of the 2020-2021-rally crossing at $76.13 is the next downside target. First resistance is the 20-day moving average crossing at $86.91. Second resistance is the 50-day moving average crossing at $88.04. First support is Tuesday's low crossing at $79.77. Second support is the 62% retracement level of the 2020-2021-rally crossing at $76.13. 



October cattle closed down $0.85 at $123.32. 



October cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $126.57 are needed to confirm that a short-term low has been posted. If October renews the decline off August's high, June's low crossing at $122.90 is the next downside target. First resistance is the 10-day moving average crossing at $123.88. Second resistance is the 20-day moving average crossing at $126.57. First support is the 38% retracement level of the 2020-2021-rally crossing at $120.96. Second support is June's low crossing at $122.90.



October Feeder cattle closed up $0.53 at $157.03. 



October feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's 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 October extends the decline off August's high, the 75% retracement level of the May-August-rally crossing at $152.42 is the next downside target. Closes above the 20-day moving average crossing at $163.78 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $159.10. Second resistance is the 20-day moving average crossing at $163.78. First support is the 62% retracement level of the May-August-rally crossing at $155.98. Second support is the 75% retracement level of the May-August-rally crossing at $152.42.  



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



December coffee closed higher on Thursday as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to higher opening on Friday. 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 $183.14 would open the door for additional weakness and a possible test of August's low crossing at $174.50. Closes above the 10-day moving average crossing at $189.47 would signal that a short-term low has been posted. 



December cocoa closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off July's low, the November 2020 high on the weekly continuation chart crossing at 28.21 is the next upside target. Closes below last-Friday's low crossing at 25.97 would signal that a short-term top has been posted.                           



October sugar closed slightly lower on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 19.56 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 18.76 would open the door for a possible test of August's low crossing at 18.80.       



December cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 50-day moving average crossing at 91.65 is the next downside target. If December resumes the rally off May's low, weekly resistance on the continuation chart crossing at 97.35 is the next upside target.     

Comments
By metmike - Sept. 17, 2021, 1:49 p.m.
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Thanks tallpine!