KEY EVENTS TO WATCH FOR:
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 sharply lower overnight on Chinese property default fears and Investors positioning ahead of this week’s Federal Open Market Committee meeting. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 15,157.40 would open the door for a possible test of August's low crossing at 14,699.00. Closes above last-Wednesday's high crossing at 15,532.50 would temper the near-term bearish outlook. If December resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is the September 7th high crossing at 15,702.25. Second resistance is unknown. First support is the 50-day moving average crossing at 15,157.40. Second support is August's low crossing at 14,699.00.
The December S&P 500 was sharply lower overnight as it extends this month's decline below key support marked by the 50-day moving average crossing at 4421.65.Policy makers are poised to start laying the groundwork for reducing monthly asset purchases when the Fed meets for two days from Tuesday, while markets are also weighing the risk of spillover from China Evergrande Group’s woes.Overnight weakness sets the stage for a 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. If December extends this month's decline, August's low crossing at 4347.75 is the next downside target. Closes above the 20-day moving average crossing at 4476.19 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4476.19. Second resistance is the September 3rd high crossing at 4549.50. First support is August's low crossing at 4347.75. Second support is July's low crossing at 4214.50.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were higher overnight as it extends the July-September trading range. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is likely near-term. Closes below September's low crossing at 161-20 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If December extends the rally off last-Friday's low, last-Wednesday's high crossing at 164-24 is the next upside target. First resistance is last-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 higher overnight while extending the July-September trading range. Overnight strength sets the stage for a steady to higher 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. Multiple 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 50-day moving average crossing at 133.135 would temper the near-term bearish outlook. However, it will take closes above the September 3rd high crossing at 133.280 to 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:November crude oil was lower overnight on a risk off move by investors of risky assets due to a rising U.S. Dollar. Additional selling pressure came from positioning ahead of a Federal Reserve meeting that’s expected to see stimulus scaled back. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to higher prices are possible near-term. Closes below the 50-day moving average crossing at $68.78 would signal that a short-term top has been posted. If November extends the rally off August's low, July's high crossing at $73.58 is the next upside target. First resistance is last-Wednesday's high crossing at $72.87. Second resistance is July's high crossing at $73.58. First support is the 50-day moving average crossing at $68.78. Second support is September's low crossing at $66.92.
November heating oil was lower overnight as it consolidates some of the rally off August's low. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $2.1102 would signal that a short-term top has been posted. If November extends the rally off August's low, the October-2018 high crossing at $2.2592 is the next upside target. First resistance is Wednesday's high crossing at $2.2225. Second resistance is the October-2018 high crossing at $2.2592. First support is the 10-day moving average crossing at 2.1603. Second support is the 50-day moving average crossing at $2.1102.
November unleaded gas was 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.0552 would signal that a short-term top has been posted. If November 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 last-Wednesday's high crossing at 2.1709. 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 50-day moving average crossing at 2.0552. Second support is September's low crossing at 2.0225.
November Henry natural gas was lower overnight as it extends the sell off from last-Wednesday's high. Overnight weakness sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.747 would signal that a short-term top has been posted. If November extends the rally off August's low, the 50% retracement level of the 2008-2020-decline crossing at 5.832 is the next upside target. First resistance resistance is the 50% retracement level of the 2008-2020-decline crossing at 5.832. Second resistance is the 62% retracement level of the 2008-2020-decline crossing at 6.671. First support is the 20-day moving average crossing at 4.747. Second support is the September 7th low crossing at 4.608.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was higher overnight as it extends this month's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, August's high crossing at $93.71 is the next upside target. Closes below the 50-day moving average crossing at $92.37 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $93.45. Second resistance is August's high crossing at $93.71. First support is last-Wednesday's low crossing at $92.29. Second support is the September 3rd low crossing at $91.94.
The December Euro was lower overnight as it extends the decline off the September 3rd 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 are 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 $116.90 is the next downside target. Closes above last-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 the overnight low crossing at $117.20. Second support is August's low crossing at $116.90.
The December British Pound was lower overnight as it extends this month's decline. Overnight weakness sets the stage for a steady to lower 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. If December extends this month's decline, August's low crossing at 1.3608 is the next downside target. Closes above the 50-day moving average crossing at 1.3805 would signal that a short-term low has been posted.First resistance is last-Tuesday's high crossing at 1.3917. Second resistance is the July 30th high crossing at 1.3977. First support is August's low crossing at 1.3608. Second support is July's low crossing at 1.3576.
The December Swiss Franc was steady to slightly higher overnight as it consolidates some of the decline off August's high. Overnight strength 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 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 1.0944 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0861. Second resistance is the 20-day moving average crossing at 1.0914. First support is the 87% retracement level of the March-June-rally crossing at 1.0730. Second support is March's low crossing at 1.0654.
The December Canadian Dollar was lower overnight as it has renewed the decline off September's high. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, August's low crossing at $77.24 is the next downside target. Closes above the 50-day moving average crossing at $79.34 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $79.34. Second resistance is the September 3rd high crossing at 80.09. First support is the overnight low crossing at $77.83. Second support is August's low crossing at $77.24.
The December Japanese Yen was higher overnight as it extends the July-September trading range. 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. 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 last week's decline. Overnight strength 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 December extends the decline off September's high, August's low crossing at $1677.90 is the next downside target. Closes above last-Tuesday's high crossing at $1810.60 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $1810.60. Second resistance is the September 3rd high crossing at $1836.90. First support is the overnight low crossing at $1742.30. Second support is August's low crossing at $1677.90.
December silver was steady to slightly higher overnight. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 50% retracement level of the 2020-2021-rally crossing at $21.120 is the next downside target. Closes above last-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 $24.412. Second resistance is the September 3rd high crossing at $24.945. First support is the overnight low crossing at $22.025. Second support is the 50% retracement level of the 2020-2021-rally crossing at $21.120.
December copper was lower overnight as it extends the decline off September'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. If December extends this month's decline, August's low crossing at 3.9615 is the next downside target. Closes above the 50-day moving average crossing at 4.3158 would signal that a short-term low has been posted. 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 September's high crossing at 4.4715. Second resistance is the July 27th high crossing at 4.5860. First support is the overnight low crossing at 4.1340. Second support is August's low crossing at 3.9615.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was lower overnight due to a stronger Dollar along with weakness in global equity markets. Overnight weakness sets the stage for a lower opening when the day sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August's high, the April 1st gap crossing at $4.77 1/2 is the next downside target. If December extends the rally off September'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. 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 September's low crossing at $4.97 1/2. Second support is the April 1st gap crossing at $4.77 1/2.
December wheat was lower overnight as it consolidates some of the rally off September's low. 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 that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $7.16 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 50-day moving average crossing at $7.16. 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 lower overnight as it consolidates some of the rally off September's low. Overnight weakness sets the stage for a steady to slightly 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 $6.99 would temper the near-term friendly outlook. 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. 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 lower overnight as it consolidates some of the rally off September's low. 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 that sideways to higher prices are possible near-term. If December extends last-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 September'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If November resumes the decline off August's high, the June 25th low crossing at $12.59 3/4 is the next downside target. Closes above last-Thursday's high crossing at $13.08 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $13.08. Second resistance is the 50-day moving average crossing at $13.29 1/2. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $347.30 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 2020-2021-rally crossing at $324.40 is the next downside target. First resistance is last-Tuesday's high crossing at $347.30. Second resistance is the 50-day moving average crossing at $354.00. First support is September'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 lower overnight and is poised to resume the decline off July'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 sideways to lower prices are possible near-term. If December renews the decline off July's high, June's low crossing at 51.98 is the next downside target. Closes above the 20-day moving average crossing at 58.10 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 58.10. Second resistance is the 50-day moving average crossing at 60.65. First support is the overnight low crossing at 55.23. Second support is June's low crossing at 51.98.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
October hogs closed down $0.03 at $85.45.
October hogs closed lower on Friday as it consolidated some of the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $88.07 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 $86.84. Second resistance is the 50-day moving average crossing at $88.07. 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 $0.68 at $122.92.
October cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $126.32 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 $123.59. Second resistance is the 20-day moving average crossing at $126.32. 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 down $0.83 at $156.27.
October feeder cattle closed lower on Friday as it extends this week's trading range. The low-range close sets the stage for a steady to lower opening when Monday'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 $163.33 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $159.23. Second resistance is the 20-day moving average crossing at $163.33. 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 lower on Friday as it extends the trading range of the past six-days. The low-range close sets the stage for a steady to lower opening on Monday. 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 $183.77 would open the door for additional weakness and a possible test of August's low crossing at $174.50. Closes above the 20-day moving average crossing at $189.41 would signal that a short-term low has been posted.
December cocoa closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 19.53 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 18.83 would open the door for a possible test of August's low crossing at 18.80.
December cotton closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are 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 91.75 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.
Thanks much tallpine!!
Most markets getting hit hard today but natural gas has recovered from the small gap and crap yesterday evening.