KEY EVENTS TO WATCH FOR:
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)
Monday, September 27, 2021
8:30 AM ET. August Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -0.1%)
Dur Goods, Ex-Defense, M/M% (previous -1.2%)
Dur Goods, Ex-Transport, M/M% (previous +0.7%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0%)
Shipments: Cap Gds, Non-Def, Ex-Air, M/M% Ex-Air, M/M% (previous +1.0%)
10:30 AM ET. September Texas Manufacturing Outlook Survey
Business Activity (previous 9.0)
Mfg Production Idx (previous 20.8)
Tuesday, September 28, 2021
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. 2nd Quarter U.S. International Investment Position
8:30 AM ET. August Advance Economic Indicators Report
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y%
Latest Wk, Y/Y%
9:00 AM ET. July S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +1.8%)
10-City Idx, Y/Y% (previous +18.5%)
20-City Idx, M/M% (previous +2.0%)
20-City Idx, Y/Y% (previous +19.1%)
National Idx, M/M% (previous +2.2%)
National Idx, Y/Y% (previous +18.6%)
9:00 AM ET. July U.S. Monthly House Price Index
10:00 AM ET. September Richmond Fed Business Activity Survey
Mfg Idx (previous 9)
Shipments Idx (previous 6)
10:00 AM ET. September Consumer Confidence Index
Cons Conf Idx (previous 113.8)
Expectation Idx
Present Situation Idx (previous 147.3)
1:00 PM ET. August Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls)
Gasoline Stocks, Net Chg (Bbls)
Distillate Stocks, Net Chg (Bbls)
Wednesday, September 29, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx
Composite Idx, W/W%
Purchase Idx-SA
Purchase Idx-SA, W/W%
Refinance Idx
Refinance Idx, W/W%
10:00 AM ET. August Pending Home Sales Index
Pending Home Sales (previous 110.7)
Pending Home Sales Idx, M/M% (previous -1.8%)
Pending Home Sales Idx , Y/Y% (previous -8.5%)
10:00 AM ET. August Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl)
Crude Oil Stocks, Net Chg (Bbl)
Gasoline Stocks (Bbl)
Gasoline Stocks, Net Chg (Bbl)
Distillate Stocks (Bbl)
Distillate Stocks, Net Chg (Bbl)
Refinery Usage
Total Prod Supplied (Bbl/day)
Total Prod Supplied, Net Chg (Bbl/day)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The December NASDAQ 100 was higher overnight as it consolidated some of Monday's sharp decline. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 15,425.54 would temper the near-term bearish outlook. If December extends the decline off September's high, August's low crossing at 14,699.00 is the next downside target. First resistance is last-Wednesday's high crossing at 15,532.50. Second resistance is the September 7th high crossing at 15,702.25. First support is August's low crossing at 14,699.00. Second support is July's low crossing at 14,437.00.
The December S&P 500 was higher overnight as it consolidates some of Monday's sharp decline but remain below broken support marked by the 50-day moving average crossing at 4422.49. 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 4460.84 would temper the near-term bearish outlook. If December resumes this month's decline, July's low crossing at 4214.50 is the next downside target. First resistance is the 20-day moving average crossing at 4460.84. Second resistance is the September 3rd high crossing at 4549.50. First support is July's low crossing at 4214.50. Second support is June's low crossing at 4117.00.
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 neutral to bullish signaling that sideways to higher prices are possible 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. Closes below last-Friday's low crossing at 162-08 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Wednesday's high crossing at 164-24. Second resistance is August's high crossing at 165-12. First support is last-Friday's low crossing at 162-08. Second support is September's low crossing at 161-20. Third 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. Closes below last-Friday's low crossing at 132.205 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 133.144 would temper the near-term bearish outlook. Closes above the September 3rd high crossing at 133.280 are needed 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 last-Friday's low crossing at 132.205. 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. 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 November resumes the rally off August's low, July's high crossing at $73.58 is the next upside target. Closes below the 50-day moving average crossing at $68.76 would signal that a short-term top has been posted while opening the door for additional weakness near-term. 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 $68.76. Second support is September's low crossing at $66.92.
November heating oil was lower overnight as it bumps up against resistance marked by last-Wednesday's high crossing at $2.2225. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If November resumes the rally off August's low, the October-2018 high crossing at $2.2592 is the next upside target. Closes below the 50-day moving average crossing at $2.1121 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Wednesday's high crossing at $2.2225. Second resistance is the October-2018 high crossing at $2.2592. First support is the 50-day moving average crossing at 2.1121. Second support is September's low crossing at $2.0854.
November unleaded gas was slightly lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.0500 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If November renews the rally off August's low, the July high on the monthly continuation chart crossing at 236.96 is the next upside target. First resistance is last-Wednesday's high crossing at 2.1709. Second resistance is the July high on the monthly continuation chart crossing at 236.96. First support is the 50-day moving average crossing at 2.0500. Second support is September's low crossing at 2.0225.
November Henry natural gas was steady to slightly higher overnight as it consolidates some of the decline off last-Wednesday's high. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.871 would signal that a short-term top has been posted while opening the door for additional weakness near-term. Closes above the 10-day moving average crossing at 5.117 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 5.117. Second resistance is last-Wednesday's high crossing at 5.695. Third resistance is the 50% retracement level of the 2008-2020-decline crossing at 5.832. First support is the 20-day moving average crossing at 4.871. Second support is the September 7th low crossing at 4.608.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was lower overnight as it consolidates some of 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 $92.71 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $93.53. Second resistance is August's high crossing at $93.71. First support is the 50-day moving average crossing at $92.71. Second support is the September 14th low crossing at $92.29.
The December Euro was steady to 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 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 the 20-day moving average crossing at $118.14 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $118.14. Second resistance is September's high crossing at $119.32. First support is the overnight low crossing at $117.01. Second support is August's low crossing at $116.90.
The December British Pound was higher overnight as it consolidates some of this month's decline. Overnight strength sets the stage for a steady to higher opening when the day session beings 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 this month's decline, July's low crossing at 1.3576 is the next downside target. Closes above the 50-day moving average crossing at 1.3793 would signal that a short-term low has been posted.First resistance is the 50-day moving average crossing at 1.3793. Second resistance is September's high crossing at 1.3917. 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 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 have turned neutral to bullish signaling that sideways to higher prices possible near-term. Closes above the 20-day moving average crossing at 1.0892 would signal that a short-term low has been posted. If December resumes this month's decline, March's low crossing at 1.0654 is the next downside target. First resistance is the 20-day moving average crossing at 1.0892. Second resistance is the 50-day moving average crossing at 1.0937. 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 sharply higher overnight as it extends the rally off Monday's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $79.24 would signal that a short-term low has been posted. If December renews this month's decline, August's low crossing at $77.24 is the next downside target. First resistance is the 20-day moving average crossing at $78.94. Second resistance is the 50-day moving average crossing at 79.24. First support is Monday's low crossing at $77.54. Second support is August's low crossing at $77.24.
The December Japanese Yen was steady to slightly lower overnight following Wednesday's key reversal down. 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 September 15th high crossing at 0.091715. 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 lower overnight. 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 bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at $1795.10 would signal that a short-term low has been posted. If December resumes the decline off September's high, August's low crossing at $1677.90 is the next downside target. 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 Monday's low crossing at $1742.30. Second support is August's low crossing at $1677.90.
December silver was lower overnight following a two-day bounce off Monday's low. 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 turning neutral to bullish signaling that a low might be in or is near. Closes above last-Thursday's high crossing at $24.000 would signal that a short-term low has been posted. If December resumes this month's decline, the 50% retracement level of the 2020-2021-rally crossing at $21.120 is the next downside target. First resistance is the 20-day moving average crossing at $23.608. Second resistance is the 50-day moving average crossing at $24.197. First support is Monday's 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 consolidates some of gains off Tuesday'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 have turned neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 4.3095 would signal that a short-term low has been posted. If December resumes this month's decline, August's low crossing at 3.9615 is the next downside target. First resistance is the 50-day moving average crossing at 4.3095. Second resistance is September's high crossing at 4.4715. First support is Tuesday's low crossing at 4.0160. Second support is August's low crossing at 3.9615.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was steady to slightly lower overnight.Overnight weakness sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, the 50-day moving average crossing at $5.43 is the next upside target. If December renews the decline off August's high, the April 1st gap crossing at $4.77 1/2 is the next downside target. Closes above the 50-day moving average crossing at $5.43 are needed to to temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at $5.43. 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 higher overnight as it extends the rebound off Tuesday'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 50-day moving average crossing at $7.19 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 $7.19. 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 higher overnight as it extends the rebound off Tuesday's low. Overnight strength 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 December renews the rally off September's low, the September 7th high crossing at $7.29 3/4 is the next upside target. If December resumes the decline off last-Friday's high, September's low crossing at $6.70 1/4 is the next downside 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 September's low crossing at $6.70 1/4. Second support is the 62% retracement level of the July-August rally crossing at $6.58 1/2.
December Minneapolis wheat 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off September's low, the August 30th high crossing at $9.27 is the next upside target. Closes below Tuesday's low crossing at $8.81 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. 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 steady to higher overnight as it consolidates some of Monday's decline. Overnight strength set the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at $13.08 would signal that a short-term low has been posted while opening the door for a possible test of the 50-day moving average crossing at $13.24 1/2. If November resumes the decline off August's high, June's low crossing at $12.40 1/2 is the next downside target. First resistance is last-Thursday's high crossing at $13.08. Second resistance is the 50-day moving average crossing at $13.24 1/2. First support is Tuesday's low crossing at $12.57 1/2. Second support is June's low crossing at $12.40 1/2.
December soybean meal was 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 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 while opening the door for additional gains 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. First resistance is last-Tuesday's high crossing at $347.30. Second resistance is the 50-day moving average crossing at $352.60. 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 higher overnight as it consolidates some of its recent losses. Overnight strength 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 sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 57.48 would signal that a short-term low has been posted. If December extends 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 57.48. Second resistance is the 50-day moving average crossing at 60.22. First support is Tuesday's low crossing at 54.18. Second support is June's low crossing at 51.98.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
October hogs closed down $0.33 at $84.05.
October hogs closed lower on Wednesday as it consolidated some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at $87.90 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $86.37. Second resistance is the 50-day moving average crossing at $87.90. First support is last-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 up $1.00 at $123.45.
October cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 $125.12 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 last-Tuesday's high crossing at $125.05. Second resistance is the 20-day moving average crossing at $125.12. 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 $1.08 at $157.70.
October feeder cattle closed higher on Wednesday as it extends a two-week old trading range. The high-range close sets the stage for a steady to higher opening when Thursday'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 $161.46 would confirm that a short-term low has been posted. First resistance is the September 14th high crossing at $158.85. Second resistance is the 20-day moving average crossing at $161.46. 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 Wednesday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Thursday. 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, August's low crossing at $174.50 is the next downside target. Closes above the 20-day moving average crossing at $189.50 would signal that a short-term low has been posted.
December cocoa closed higher on Wednesday as it consolidated some of the decline off September's high. The high-range close sets the stage for a steady to higher opening on Thursday. 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, the 50-day moving average crossing at 25.39 is the next downside target. 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.
October sugar closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 19.70 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 18.95 would open the door for a possible test of August's low crossing at 18.80.
December cotton closed higher on Wednesday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Thursday. 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 August's high, the July 19th low crossing at 86.35 is the next downside target. Closes above the 20-day moving average crossing at 92.97 would signal that a short-term low has been posted.
Thanks tallpine!