INO Evening Market Comments
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Started by tallpine - Dec. 15, 2021, 4:51 p.m.

KEY EVENTS TO WATCH FOR:



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%)



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%)



Tuesday, December 21, 2021 



7:45 AM ET. Weekly Chain Store Sales Index



8:30 AM ET. 3rd Quarter International Transactions



                       Current Account (USD) (previous -190.28B)



8:55 AM ET. Johnson Redbook Retail Sales Index



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

                       Ret Sales Mo-to-Date, Y/Y% (previous +15.7%)

                       Latest Wk, Y/Y% (previous +16.0%)



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -0.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +0.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous -1.0M)


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



The Dow closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 20-day moving average crossing at 35,384.50 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 20-day moving average crossing at 35,384.50.



The March NASDAQ 100 closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 15,830.20. Second support is December's low crossing at 15,547.25.



The March S&P 500 closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 4580.42 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 4580.42. 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 16/32's at 161-23. 

  

March T-bonds closed lower on Wednesday. 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 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 161-00 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 161-00. Second support is the 50-day moving average crossing at 159-15.  



March T-notes closed down 010-pts at 130.195.



March T-notes closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 130.046 would signal that a short-term top has been posted. 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. 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 130.046. Second support is November's low crossing at 128.225. 



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



January crude oil closed slightly higher on Wednesday as it extended the trading range of the past six-days.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are neutral signaling that sideways trading is 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 $77.06. First support is the 10-day moving average crossing at $70.24. Second support is the 87% retracement level of the August-October rally crossing at $63.75.  



January heating oil posted an inside day with a higher close on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at $228.39 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, 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 $237.74. First support is the 10-day moving average crossing at $220.43. Second support is the 75% retracement level of the August-October rally crossing at $206.56. 



January unleaded gas posted an inside day with a higher close on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 10-day moving average crossing at $208.44 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $217.52. Second resistance is the 50-day moving average crossing at $223.68. First support is the 10-day moving average crossing at $208.44. Second support is the 87% retracement level of the August-October rally crossing at $186.65.    



January Henry natural gas closed slightly higher on Wednesday. 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 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 4.383. 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 spiked to a new high for the year however, profit taking led to a lower close on Wednesday. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends 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 $95.00. First resistance is today's high crossing at $96.90. 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 $95.00. 



The March Euro closed slightly higher on Wednesday while extending the trading range of the past five-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned 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 114.90. First resistance is the November 30th high crossing at 114.17. Second resistance is the 50-day moving average crossing at 114.90. 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 posted a key reversal up on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 1.3312 would signal that a short-term low has been posted. If March renews 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 1.3312. Second resistance is the 50-day moving average crossing at 1.3501. 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 lower on Wednesday.The high-range close sets the stage for a steady to slightly lower opening when Thursday'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 December extends the decline off the November 30th high, November's low crossing at 1.0712 is the next downside target. If March resumes the rally off November's low, November's high crossing at 1.0957 is the next upside 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 today's low crossing at 1.0791. Second support is November's low crossing at 1.0712.  



The March Canadian Dollar closed slightly higher on Wednesday due to short covering after spiking below support marked by August's low crossing at 77.32. The high-range close sets the stage for a steady to higher 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 March extends the decline off October's high, the 50% retracement level of the 2020-2021-rally crossing at 75.95 is the next downside target. Closes above the 20-day moving average crossing at 78.53 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 78.53. Second resistance is the 50-day moving average crossing at 79.66. First support is today's low crossing at 77.30. Second support is the 50% retracement level of the 2020-2021-rally crossing at 75.95.



The March Japanese Yen closed lower on Wednesday as it renewed the decline off November's high. The mid-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. Closes above the 10-day moving average crossing at 0.088224 would signal that a short-term low has been posted. 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 today's low crossing at 0.0875595. Second support is November's low crossing at 0.086715.



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



February gold closed higher on Wednesday as it extends the trading range of the past two-weeks.The high-range close sets the stage for a steady to higher opening when Thursday's night 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 50-day moving average crossing at $1798.50 would confirm that a short-term low has been posted. If February extends the decline off November's high, September's low crossing at $1723.70 is the next downside target. First resistance is the 50-day moving average crossing at $1798.50. Second resistance is the November 26 high crossing at $1819.30. First support is today's low crossing at 1753.00. Second support is September's low crossing at $1723.70.



March silver closed slightly higher on Wednesday due to short covering as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that low might be in or is near. Closes above the 20-day moving acreage crossing at 23.005 would confirm that a short-term low has been posted. If March extends the decline off November's high, the 62% retracement level of the May-August rally crossing at 21.003 is the next downside target.First resistance is the 20-day moving average crossing at 23.005. Second resistance is the 50-day moving average crossing at 23.580. First support is today's low crossing at 21.410. Second support is the 62% retracement level of the May-August rally crossing at 21.003.    



March copper closed slightly lower on Wednesday after a short covering rally ahead of the close erased most of today's losses.The high-range close sets the stage for a steady to slightly 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 March extends the decline off October's high, the 87% retracement level of the August-October rally crossing at 407.53 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 the 87% retracement level of the August-October rally crossing at 407.53. Second support is September's low crossing at 401.30.  



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



March Corn closed down $0.04 1/2-cents at $5.85 3/4. 



March corn spiked to its higher level since August but closed lower on Wednesday as it extended the November-December trading range. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the November 30th low, August's high crossing at $5.99 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.83 1/4 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 $5.67 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 $5.67 1/2. Second support is the November 30th low crossing at $5.62 1/2.     



March wheat closed down $0.31-cents at $7.56.  



March wheat closed sharply lower on Wednesday as it renewed the decline off November's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 62% retracement level of the July-November rally crossing at $7.21 is the next downside target. Closes above the 20-day moving average crossing at $8.11 3/4 would signal that a short-term low has been posted.First resistance is the 10-day moving average crossing at $7.92. Second resistance is the 20-day moving average crossing at $8.11 3/4. First support is the 50% retracement level of the July-November rally crossing at $7.50 1/2. Second support is the 62% retracement level of the July-November rally crossing at $7.21.



March Kansas City Wheat closed down $0.27-cents at $7.84 3/4.

 

March Kansas City wheat closed lower on Wednesday as it renewed the decline off November's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the 50% retracement level of the July-November rally crossing at $7.46 3/4 is the next downside target. Closes above the 20-day moving average crossing at $8.32 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at $8.32. 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 the 38% retracement level of the July-November rallycrossing at $7.81 1/4. Second support is the 50% retracement level of the July-November rally crossing at $7.46 3/4.



March Minneapolis wheat closed down $0.11 3/4-cents at $10.09 1/4. 



March Minneapolis wheat closed lower on Wednesday while extending the November-December trading range. 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. Closes below the November low crossing at $9.91 3/4 would mark a downside breakout of the November-December trading range while opening the door for additional weakness near-term. 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 $0.03-cents at $12.62 1/2.



January soybeans closed higher on Wednesday. Today's high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If January extends the rally off the November 30th low, November's high crossing at $12.89 1/4 is the next upside target. If January renews the decline off November's high, November's low crossing at $11.81 1/4 is the next downside 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 down $5.20 at $371.70. 



January soybean meal closed lower due to profit taking on Wednesday after spiking to its highest level since July. 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 becoming overbought, diverging but remain 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 $357.70 would signal that a short-term top has been posted. First resistance is today's high crossing at $384.00. Second resistance is the 75% retracement level of the May-October decline crossing at $395.50. First support is the 20-day moving average crossing at $357.70. Second support is the 50-day moving average crossing at $341.00.       



January soybean oil closed up 123 pts. at 52.47. 



January soybean oil posted a key reversal up on Wednesday after spiking below June's low in early-session trading. The high-range close sets the stage for a steady to higher opening when Thursday'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, the 50% retracement level of the 2020-2021-rally crossing at 46.91 is the next downside target. Closes above the 20-day moving average crossing at 56.78 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 55.16. Second resistance is the 20-day moving average crossing at 56.78. First support is today's low crossing at 51.00. Second support is the 50% retracement level of the 2020-2021-rally crossing at 46.91.  

 

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



February hogs closed down $0.70 at $79.37. 



February hogs closed lower on Wednesday 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 Thursday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at $80.74 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 $80.74. 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 $79.34. 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 $1.75 at $136.55. 



February cattle closed sharply lower on Wednesday as it extended the decline off November's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at $136.70 would confirm that a short-term top has been posted. Closes above Monday's high crossing at $139.27 would signal that a short-term low 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 $136.70. Second support is the November 12th low crossing at $135.40. 



January Feeder cattle closed down $1.35 at $163.23. 



January feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off November's high, the 50-day moving average crossing at $161.26 is the next downside target. 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 50-day moving average crossing at $163.98. Second support is the November 12th low crossing at $156.80. 



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



March coffee closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews last-week's decline, the 50-day moving average crossing at 220.52 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 sharply higher on Wednesday as it extended the rally off December's low. 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 50-day moving average crossing at 25.53 would open the door for a larger-degree rally into the end of the year. Closes below last Thursday's low crossing at 24.16 would confirm that a short-term top has been posted.  



March sugar closed lower on Wednesday breaking out to the downside of the trading range of the past four-days. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, December's low crossing at 18.46 is a potential downside target. If March renews the rally off December's low, the November 24th high crossing at 20.19 is the next upside target.  



March cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 109.72 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. 

Comments
By metmike - Dec. 15, 2021, 8:25 p.m.
Like Reply

Thank you tallpine!


natural gas weather keeps changing and is uncertain for late December.

https://www.marketforum.com/forum/topic/78991/


South American weather is STILL BULLISH!

https://www.marketforum.com/forum/topic/75828/


Weather page:

https://www.marketforum.com/forum/topic/78385/


Exports and more

https://www.marketforum.com/forum/topic/79018/


Severe weather outbreak last Friday

https://www.marketforum.com/forum/topic/78838/


OJ

https://www.marketforum.com/forum/topic/79039/


Will there be a hit to GDP?

https://www.marketforum.com/forum/topic/78998/


US buck

https://www.marketforum.com/forum/topic/78817/


lumber

https://www.marketforum.com/forum/topic/78524/