INO Morning Market Commentary
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Started by tallpine - Sept. 24, 2021, 7:50 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

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)

 



 

 

Thursday, September 30, 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 (expected 320K; 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 AM ET. Bloomberg Consumer Comfort Index

 



 

 

9:45 AM ET. September US Flash Manufacturing PMI

 



 

 

                       PMI, Mfg (expected 61.7; previous 61.2)

 



 

 

9:45 AM ET. September US Flash Services PMI

 



 

 

                       PMI, Services (expected 54.9; previous 55.2)

 



 

 

10:00 AM ET. August Leading Indicators

 



 

 

                       Leading Index, M/M% (expected +0.7%; 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) (expected 3079B; previous 3006B)

 

                       Working Gas In Storage, Net Chg (Cbf) (expected +73B; 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 (expected 30; previous 29)

 

                       6-Mo Exp Composite Idx (previous 36)

 

2:00 PM ET. SEC Closed Meeting

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 


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

 



 

The STOCK INDEXES: The December NASDAQ 100 was lower overnight as it consolidated some of the rally off Monday's low. Overnight weakness 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 15,427.11 would signal that a short-term low has been posted. If December renews 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 lower overnight as it consolidates some of rally 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 have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 4460.89 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 4460.89. 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 they extend 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 bearish signaling that sideways to lower prices are possible near-term. Closes below August's low crossing at 161-01 would mark a downside breakout of the July-September trading range and would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 163-09 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 163-09. Second resistance is September's high crossing at 164-24. Third resistance is August's high crossing at 165-12. First support is the overnight low crossing at 161-10. Second support is August's low crossing at 161-01.



December T-notes were slightly higher in late-overnight as they consolidate some of Thursday's sharp decline that marked a downside breakout of 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. If December extends this week's decline, the 62% retracement level of the March-August rally crossing at 131.276 is the next downside target. Closes above the 50-day moving average crossing at 133.136 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 133.136. Second resistance is the September 14th high crossing at 133.230. First support is the overnight low crossing at 132.030. Second support is the 62% retracement level of the March-August rally crossing at 131.276.   



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



ENERGIES:November crude oil was steady to slightly higher overnight as it extends the rally off August's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off August's low, long-term resistance on the monthly continuation chart crossing at $75.57 is the next upside target. Closes below the 50-day moving average crossing at $68.86 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at $73.66. Second resistance is long-term resistance on the monthly continuation chart crossing at $75.57. First support is the 50-day moving average crossing at $68.86. Second support is September's low crossing at $66.92.



November heating oil was steady to slightly lower overnight as it consolidates some of Thursday's gains. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends 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 $2.1157 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at $2.2554. Second resistance is the October-2018 high crossing at $2.2592. First support is the 50-day moving average crossing at 2.1157. Second support is September's low crossing at $2.0854. 



November unleaded gas 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 have turned  neutral to bullish signaling that sideways to higher prices are possible 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. Closes below the 50-day moving average crossing at 2.0552 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 2.1709. 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 2.0552. 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 5.155 would temper the near-term bearish outlook. Closes below Tuesday's low crossing at 4.766 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 10-day moving average crossing at 5.155. 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 Tuesday's low crossing at 4.766. 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. 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 20-day moving average crossing at $92.71 would signal that a short-term top has been posted. If December extends the rally off September's low, August's high crossing at $93.71 is the next upside target. First resistance is Thursday's high crossing at $93.53. Second resistance is August's high crossing at $93.71. First support is the 20-day moving average crossing at $92.71. Second support is the September 14th low crossing at $92.29.  



The December Euro was slightly lower overnight. 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 oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $118.14 would signal that a short-term low has been posted. If December extends the decline off September's high, August's low crossing at $116.90 is the next downside target. 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 Thursday's low crossing at $117.01. Second support is August's low crossing at $116.90.



The December British Pound was lower overnight as it consolidates some of Thursday's rally. Overnight weakness sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.3791 would signal that a short-term low has been posted.If December extends this month's decline, July's low crossing at 1.3576 is the next downside target. First resistance is the 50-day moving average crossing at 1.3791. 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 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 neutral to bullish signaling that sideways to higher prices possible near-term. Closes above the 20-day moving average crossing at 1.0890 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 1.0890. Second resistance is the 50-day moving average crossing at 1.0936. 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 consolidates some of the rally off Monday'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 $79.23 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 50-day moving average crossing at $79.23. Second resistance is September's high crossing at 80.09. 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 lower overnight as it extends the decline off Wednesday'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 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 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off September's high, August's low crossing at $1677.90 is the next downside target. Closes above the 50-day moving average crossing at $1796.20 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 Thursday's low crossing at $1737.50. Second support is August's low crossing at $1677.90.



December silver was lower overnight. 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 $23.558. Second resistance is the 50-day moving average crossing at $24.120. 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 4.3078 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 4.378. 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 $5.42 1/2 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 $5.42 1/2 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 steady to fractionally higher overnight as it extends the rebound off September'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 $7.20 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 $7.20. 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 Tuesday'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 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 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 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, 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 lower overnight as it consolidates some of gains off Tuesday's low. 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 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 $13.22 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 $13.22 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 turning 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 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. First resistance is last-Tuesday's high crossing at $347.30. Second resistance is the 50-day moving average crossing at $352.10. 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 steady to slightly lower overnight. Overnight weakness sets the stage for a steady to slightly 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 last-Thursday's high crossing at 58.75 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 last-Thursday's high crossing at 58.75. Second resistance is the 50-day moving average crossing at 60.07. 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 up $0.80 at $84.65. 



October hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 $87.81 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 $86.15. Second resistance is the 50-day moving average crossing at $87.81. 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 down $0.10 at $123.18. 



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 are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $124.75 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 20-day moving average crossing at $124.75. Second resistance is the 50-day moving average crossing at $126.69. 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 $0.85 at $156.83. 



October feeder cattle closed lower on Thursday as it extends a two-week old trading range. The low-range close sets the stage for a steady to lower 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 $160.83 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 $160.83. 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 and above the 20-day moving average crossing at $189.71. Multiple closes above the 20-day moving average crossing at $189.71 would signal that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the decline off August's high, August's low crossing at $174.50 is the next downside target.  



December cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 25.43 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 Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are 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 19.00 would open the door for a possible test of August's low crossing at 18.80.       



December cotton closed sharply higher on Thursday 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 Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 92.86 would signal that a short-term low has been posted. If December renews the decline off August's high, the July 19th low crossing at 86.35 is the next downside target. 

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By metmike - Sept. 24, 2021, 11:54 a.m.
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