KEY EVENTS TO WATCH FOR:
Wednesday, December 15, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 616.4)
Composite Idx, W/W% (previous +2.0%)
Purchase Idx-SA (previous 295.2)
Purchase Idx-SA, W/W% (previous -5.0%)
Refinance Idx (previous 2511.5)
Refinance Idx, W/W% (previous +9.0%)
8:30 AM ET. December Empire State Manufacturing Survey
Mfg Idx (previous 30.9)
Employment Idx (previous 26.0)
New Orders Idx (previous 28.8)
Prices Received (previous 50.8)
8:30 AM ET. November Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous +1.7%)
Sales, Ex-Auto, M/M% (previous +1.7%)
Sales, Ex-Auto & Gas, M/M% (previous +1.4%)
8:30 AM ET. November Import & Export Price Indexes
Import Prices (previous +1.2%)
Non-Petroleum Prices (previous +0.5%)
Petroleum Prices (previous +8.1%)
10:00 AM ET. October Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +0.7%)
10:00 AM ET. December NAHB Housing Market Index
Housing Mkt Idx (previous 83)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 432.87M)
Crude Oil Stocks, Net Chg (Bbl) (previous -0.241M)
Gasoline Stocks (Bbl) (previous 219.304M)
Gasoline Stocks, Net Chg (Bbl) (previous +3.882M)
Distillate Stocks (Bbl) (previous 126.61M)
Distillate Stocks, Net Chg (Bbl) (previous +2.733M)
Refinery Usage (previous 89.8%)
Total Prod Supplied (Bbl/day) (previous 19.837M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.385M)
2:00 PM ET. Federal Reserve economic projections
Median Fed Funds Rate - 2021 (previous 0.1%)
Median Fed Funds Rate - 2022 (previous 0.3%)
Median Fed Funds Rate - 2023 (previous 1.0%)
Median Fed Funds Rate - 2024 (previous 1.8%)
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
4:00 PM ET. October Treasury International Capital Data
Thursday, December 16, 2021
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1132.5K)
Soybeans (Metric Tons) (previous 1637.9K)
Wheat (Metric Tons) (previous 240.0K)
8:30 AM ET. December Philadelphia Fed Business Outlook Survey
Business Activity (previous 39.0)
Prices Paid (previous 80.0)
Employment (previous 27.2)
New Orders (previous 47.4)
Prices Received (previous 62.9)
Delivery Times (previous 35.7)
Inventories (previous 13.5)
Shipments (previous 32.1)
8:30 AM ET. November New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 1.520M)
Housing Starts, M/M% (previous -0.7%)
Building Permits (previous 1.650M)
Building Permits, M/M% (previous +4.0%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 184K)
Jobless Claims, Net Chg (previous -43K)
Continuing Claims (previous 1992000)
Continuing Claims, Net Chg (previous +38K)
9:15 AM ET. November Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +1.6%)
Capacity Utilization % (previous 76.4%)
Capacity Utilization, Net Chg (Pts) (previous +1.2)
9:45 AM ET. Consumer Comfort Index
9:45 AM ET. December US Flash Manufacturing PMI
PMI, Mfg (previous 59.1)
9:45 AM ET. December US Flash Services PMI
PMI, Services (previous 57.0)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3505B)
Working Gas In Storage, Net Chg (Cbf) (previous -59B)
11:00 AM ET. Dec. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 17)
6-Mo Exp Prod Idx (previous 43)
Mfg Composite Idx (previous 24)
6-Mo Exp Composite Idx (previous 35)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, December 17, 2021
8:30 AM ET. 3rd Quarter State Quarterly Personal Income
10:00 AM ET. November State Employment and Unemployment
Monday, December 20, 2021
10:00 AM ET. November Leading Indicators
Leading Index, M/M% (previous +0.9%)
Leading Index (previous 118.3)
Coincident Index, M/M% (previous +0.5%)
Lagging Index, M/M% (previous +0.4%)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's 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 the Dow extends the aforementioned rally, the November 16th high crossing at 36,316.61 is the next upside target. Closes below the 10-day moving average crossing at 35,288.31 would signal that a short-term top has been posted. First resistance is the November 16th high crossing at 36,316.61. Second resistance is the November high crossing at 36,565.73. First support is last-Tuesday's gap crossing at 35,356.75. Second support is the 10-day moving average crossing at 35,288.31.
The March NASDAQ 100 closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's 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 December 3rd low crossing at 15,547.25 would renew the decline off November's high. If March renews the rally off December's low, November's high crossing at 16,768.00 is the next upside target. First resistance is the November 30th high crossing at 16,460.00. Second resistance is November's high crossing at 16,768.00. First support is the 50-day moving average crossing at 15,802.05. Second support is December's low crossing at 15,547.25.
The March S&P 500 closed lower on Tuesday and below the 10-day moving average crossing at 4619.52 signaling that a short-term top has been posted. The mid-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at 4573.86 is the next downside target. If March renews the rally off December's low, November's high crossing at 4735.00 is the next upside target. First resistance is Monday's high crossing at 4723.25. Second resistance is November's high crossing at 4735.00. First support is the 50-day moving average crossing at 4573.85. Second support is December's low crossing at 4485.75.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed down 11/32's at 162-04.
March T-bonds posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, August's high crossing at 164-20 is the next upside target. Closes below the 20-day moving average crossing at 160-27 would confirm that a short-term top has been posted. First resistance is the August high crossing at 164-20. Second resistance is the August-high on the weekly continuation chart crossing at 167-00. First support is the 20-day moving average crossing at 160-27. Second support is the 50-day moving average crossing at 159-12.
March T-notes closed down 066-pts at 130.210.
March T-notes posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. If March renews the rally off November's low, the 62% retracement level of the August-November decline crossing at 132.065 is the next upside target. Closes below the 50-day moving average crossing at 130.049 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the August-November decline crossing at 131.171. Second resistance is the 62% retracement level of the August-November decline crossing at 132.065. First support is the 50-day moving average crossing at 130.049. Second support is November's low crossing at 128.225.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil closed lower on Tuesday as it extended the trading range of the past five-days.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. Closes above last Thursday's high crossing at $73.34 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If January renews the decline off October's high, August's low crossing at $60.77 is the next downside target. First resistance is last-Thursday's high crossing at $73.34. Second resistance is the 50-day moving average crossing at $77.19. First support is the 10-day moving average crossing at $69.66. Second support is the 87% retracement level of the August-October rally crossing at $63.75.
January heating oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above Monday's high crossing at $228.39 would signal that a short-term low has been posted while opening the door for additional gains near-term. If January renews the decline off October's high, the 87% retracement level of the August-October rally crossing at $198.23 is the next downside target. First resistance is Monday's high crossing at $228.39. Second resistance is the 50-day moving average crossing at $238.22. First support is the 10-day moving average crossing at $218.84. Second support is the 75% retracement level of the August-October rally crossing at $206.56.
January unleaded gas closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night 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 10-day moving average crossing at $206.51 would signal that a short-term top has been posted. If January resumes the decline off October's high, the 87% retracement level of the August-October rally crossing at $186.65 is the next downside target. Closes above Monday's high crossing at $217.52 would confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is Monday's high crossing at $217.52. Second resistance is the 50-day moving average crossing at $223.97. First support is the 10-day moving average crossing at $206.51. Second support is the 87% retracement level of the August-October rally crossing at $186.65.
January Henry natural gas closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off October's high, the 75% retracement level of the 2020-2021-rally crossing at 3.593 is the next downside target. Closes above last-Monday's gap crossing at 4.066 would signal that the gap marked an exhaustion gap and that a low has been posted. First resistance is last-Monday's gap crossing at 4.066. Second resistance is the 20-day moving average crossing at 4.460. First support is the 75% retracement level of the 2020-2021-rally crossing at 3.593. Second support is the 87% retracement level of the 2020-2021-rally crossing at 3.100.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Tuesday and is trying to breakout to the topside of a symmetrical triangle that has formed off November's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, the June-2020 high on the weekly continuation chart crossing at $97.81 is the next upside target. Closes below the November 30th low crossing at $95.50 would confirm that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at $94.96. First resistance is November's high crossing at $96.85. Second resistance is the June-2020 high on the weekly continuation chart crossing at $97.81. First support is the November 30th low crossing at $95.50. Second support is the 50-day moving average crossing at $94.96.
The March Euro closed lower on Tuesday while extending the trading range of the past five-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes this year's decline, the 87% retracement level of the 2020-2021-rally crossing at 110.60 is the next downside target. Closes above the November 30th high crossing at 114.17 would mark an upside breakout of the aforementioned trading range while opening the door for a possible test of the 50-day moving average crossing at 114.96. First resistance is the November 30th high crossing at 114.17. Second resistance is the 50-day moving average crossing at 114.96. First support is November's low crossing at 112.22. Second support is the 87% retracement level of the 2020-2021-rally crossing at 110.60.
The March British Pound closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are still possible. Closes above the 20-day moving average crossing at 1.3331 would signal that a short-term low has been posted. If March extends this year's decline, the 50% retracement level of the 2020-2021 rally crossing at 1.2893 is the next downside target. First resistance is the 20-day moving average crossing at 1.3321. Second resistance is the 50-day moving average crossing at 1.3508. First support is the 38% retracement level of the 2020-2021 rally crossing at 1.3207. Second support is the 50% retracement level of the 2020-2021 rally crossing at 1.2893.
The March Swiss Franc closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the rally off November's low, November's high crossing at 1.0957 is the next upside target. If December renews the decline off November's high, November's low crossing at 1.0712 is the next downside target. First resistance is the November 30th high crossing at 1.0957. Second resistance is November's high crossing at 1.1042. First support is last-Tuesday's low crossing at 1.0815. Second support is November's low crossing at 1.0712.
The March Canadian Dollar closed lower on Tuesday as it and has renewed the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, the August low crossing at 77.32 is the next downside target. Closes above the 20-day moving average crossing at 78.62 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 78.62. Second resistance is the 50-day moving average crossing at 79.70. First support is today's low crossing at 77.75. Second support is August's low crossing at 77.32.
The March Japanese Yen closed slightly lower on Tuesday as it extends the trading range of the past five-days. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 0.088015 would confirm that a top has been posted. If March renews the rally off November's low, the 50% retracement level of the August-November decline crossing at 0.089417 is the next upside target. First resistance is November high crossing at 0.088985. Second resistance is the 50% retracement level of the August-November decline crossing at 0.089417. First support is the 20-day moving average crossing at 0.088015. Second support is November's low crossing at 0.086715.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed lower on Tuesday as it extends the trading range of the past two-weeks.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews the decline off November's high, September's low crossing at $1723.70 is the next downside target. Closes above the 20-day moving average crossing at $1799.10 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1799.10. Second resistance is the November 26 high crossing at $1819.30. First support is November's low crossing at 1761.00. Second support is September's low crossing at $1723.70.
March silver closed lower on Tuesday as it extended the decline off November's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's night 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 March extends the decline off November's high, September's low crossing at 21.460 is the next downside target. Closes above the 20-day moving acreage crossing at 23.153 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 23.153. Second resistance is the 50-day moving average crossing at 23.592. First support is today's low crossing at 21.960. Second support is September's low crossing at 21.460.
March copper closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off October's high, the 75% retracement level of the August-October rally crossing at 417.24 is the next downside target. Closes above last-Thursday's high crossing at 439.80 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 439.80. Second resistance is November's high crossing at 451.15. First support is November's low crossing at 420.00. Second support is the 75% retracement level of the August-October rally crossing at 417.24.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.05 1/4-cents at $5.90 1/4.
March corn closed higher on Tuesday as it remains locked in the rally off the November 30th low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the November 30th low, November's high crossing at $5.96 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.83 would signal that a short-term top has been posted while opening the door for additional weakness and a possible test of the 50-day moving average crossing at $5.66 1/2. First resistance is November's high crossing at $5.96 3/4. Second resistance is August's high crossing at $5.99 3/4. First support is the 50-day moving average crossing at $5.66 1/2. Second support is November's low crossing at $5.57 1/2.
March wheat closed down $0.02 1/2-cents at $7.86 1/4.
March wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the July-September uptrend line crossing near $7.77 1/2 would signal that an intermediate trend change is taking place. Closes above the 20-day moving average crossing at $8.14 3/4 would signal that a short-term low has been posted.First resistance is the 20-day moving average crossing at $8.14 3/4. Second resistance is November's high crossing at $8.74 3/4. First support is the July-September uptrend line crossing near $7.77 1/2. Second support is the 50% retracement level of the July-November rally crossing at $7.50 1/2.
March Kansas City Wheat closed down $0.01-cents at $8.11 1/2.
March Kansas City wheat closed lower on Tuesday. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the July-September uptrend line crossing near $7.93 would signal that the intermediate trend has turned bearish. Closes above the 20-day moving average crossing at $8.33 3/4 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at $8.33 3/4. Second resistance is the December 3rd high crossing at $8.48 3/4. Third resistance is November's high crossing at $8.92 1/4. First support is last-Thursday's low crossing at $7.87 3/4. Second support is the 38% retracement level of the July-November rally crossing at $7.81 1/4.
March Minneapolis wheat closed up $0.02 3/4-cents at $10.21.
March Minneapolis wheat posted an inside day with a higher close on Tuesday while extending the November-December trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the November low crossing at $9.91 3/4 would confirm that a short-term top has been posted. If March renews this year's rally, monthly resistance on the continuation chart crossing at $11.20 is the next upside target. First resistance is November's high crossing at $10.86 1/2. Second resistance is monthly resistance on the continuation chart crossing at $11.22. First support is November's low crossing at $9.91 3/4. Second support is the 25% retracement level of the 2020-2021-rally crossing at $9.43 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed up $0.16 1/4-cents at $12.60 1/4.
January soybeans closed higher on Tuesday. Today's high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off November's high, November's low crossing at $11.81 1/4 is the next downside target. If January extends the rally off the November 30th low, November's high crossing at $12.89 1/4 is the next upside target. First resistance is November's high crossing at $12.89 1/4. Second resistance is September's high crossing at $13.17. First support is the November 30th low crossing at $12.14 1/4. Second support is November's low crossing at $11.81 1/4.
January soybean meal closed up $15.50 at $377.60.
January soybean meal closed sharply higher on Tuesday as it extended the rally off the November 30th low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the aforementioned rally, the 75% retracement level of the May-October decline crossing at $395.50 is the next upside target. Closes below the 20-day moving average crossing at $357.30 would signal that a short-term top has been posted. First resistance is today's high crossing at $381.70. Second resistance is the 75% retracement level of the May-October decline crossing at $395.50. First support is last-Wednesday's low, crossing at $347.20. Second support is the 50-day moving average crossing at $340.10.
January soybean oil closed down 112 pts. at 52.23.
January soybean oil closed lower on Tuesday as it extended the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 January extends the decline off October's high, June's low crossing at 51.19 is the next downside target. Closes above the 20-day moving average crossing at 57.06 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 55.34. Second resistance is the 20-day moving average crossing at 57.06. First support is today's low crossing at 52.01. Second support is June's low crossing at 51.19.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $0.40 at $80.35.
February hogs closed lower on Tuesday as it consolidates some of the decline off November's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's 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 $80.96 would signal that a short-term low has been posted. If February renews the decline off November's high, October's low crossing at $74.05 is the next downside target. First resistance is the 20-day moving average crossing at $80.96. Second resistance is the December 2nd high crossing at $82.70. Third resistance is November's high crossing at $84.68. First support is the 10-day moving average crossing at $79.44. Second support is last-Wednesday's low crossing at $75.35. Third support is October's low crossing at $74.05.
February cattle closed down $0.53 at $138.32.
February cattle posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews this fall's rally, the March 2016 high on the continuation chart crossing at $141.90 is the next upside target. Closes below the 50-day moving average crossing at $136.62 would confirm that a short-term top has been posted. First resistance is the December 3rd high crossing at $140.38. Second resistance is November's high crossing at $141.85. First support is the 50-day moving average crossing at $136.62. Second support is the November 12th low crossing at $135.40.
January Feeder cattle closed down $1.07 at $164.45.
January feeder cattle posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 $163.98 would signal that a short-term top has been posted. If January renews the rally off November's low, September's high crossing at $170.45 is the next upside target. First resistance is November's high crossing at $168.30. Second resistance is September's high crossing at $170.45. First support is the 20-day moving average crossing at $163.98. Second support is the 50-day moving average crossing at $161.14.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews last-week's decline, the 50-day moving average crossing at 219.67 is the next downside target. If March resumes this year's rally, weekly resistance crossing at 258.65 is the next upside target.
March cocoa closed lower due to profit taking on Tuesday as it consolidated some of the rally off this month's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the 50-day moving average crossing at 25.58 is the next upside target. Closes below last Thursday's low crossing at 24.16 would confirm that a short-term top has been posted.
March sugar closed slightly higher on Tuesday as it extends the trading range of the past four-days. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the November 24th high crossing at 20.19 is the next upside target. Closes below the 10-day moving average crossing at 19.31 would signal that a short-term top has been posted.
March cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 109.92 would signal that a low has been posted. If March resumes the decline off November's high, October's low crossing at 101.31 is the next downside target.
Thanks tallpine!