KEY EVENTS TO WATCH FOR:
Wednesday, December 22, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 591.7)
Composite Idx, W/W% (previous -4.0%)
Purchase Idx-SA (previous 297.2)
Purchase Idx-SA, W/W% (previous +0.7%)
Refinance Idx (previous 2350.5)
Refinance Idx, W/W% (previous -6.4%)
8:30 AM ET. November CFNAI Chicago Fed National Activity Index
NAI (previous 0.76)
NAI, 3-mo Moving Avg (previous 0.21)
8:30 AM ET. 3rd Quarter Revised Corporate Profits
8:30 AM ET. 3rd Quarter 3rd estimate GDP
Annual Rate, Q/Q% (previous +2.1%)
Chain-Weighted Price Idx, Q/Q% (previous +5.9%)
Corporate Profits, Q/Q% (previous +1.9%)
PCE Price Idx, Q/Q% (previous +5.3%)
Purchase Price Idx, Q/Q% (previous +5.5%)
Real Final Sales, Q/Q% (previous +0%)
Core PCE Price Idx, ExFood/Energy, Q/Q% (previous +4.5%)
Personal Consumption, Q/Q% (previous +1.7%)
10:00 AM ET. November Existing Home Sales
Existing Sales (previous 6.34M)
Existing Sales, M/M% (previous +0.8%)
Unsold Homes Month's Supply (previous 2.4)
Median Price (USD) (previous 353900)
Median Home Price, Y/Y% (previous +13.1%)
10:00 AM ET. December Consumer Confidence Index
Cons Conf Idx (previous 109.5)
Expectation Idx
Present Situation Idx (previous 142.5)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 428.286M)
Crude Oil Stocks, Net Chg (Bbl) (previous -4.584M)
Gasoline Stocks (Bbl) (previous 218.585M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.719M)
Distillate Stocks (Bbl) (previous 123.758M)
Distillate Stocks, Net Chg (Bbl) (previous -2.852M)
Refinery Usage (previous 89.8%)
Total Prod Supplied (Bbl/day) (previous 23.191M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +3.354M)
Thursday, December 23, 2021
8:30 AM ET. November Personal Income & Outlays
Personal Income, M/M% (previous +0.5%)
Consumer Spending, M/M% (previous +1.3%)
PCE Price Idx, M/M% (previous +0.6%)
PCE Price Idx, Y/Y% (previous +5%)
PCE Core Price Idx, M/M% (previous +0.4%)
PCE Core Price Idx, Y/Y% (previous +4.1%)
8:30 AM ET. November Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -0.5%)
Dur Goods, Ex-Defense, M/M% (previous +0.8%)
Dur Goods, Ex-Transport, M/M% (previous +0.5%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.6%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 206K)
Jobless Claims, Net Chg (previous +18K)
Continuing Claims (previous 1845000)
Continuing Claims, Net Chg (previous -154K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 2703.1K)
Soybeans (Metric Tons) (previous 1448.6K)
Wheat (Metric Tons) (previous 650.6K)
9:45 AM ET. Consumer Comfort Index
10:00 AM ET. 3rd Quarter GDP by State
10:00 AM ET. November New Residential Sales
New Home Sales (previous 745K)
New Home Sales, M/M% (previous +0.4%)
New Home Sales Months Supply (previous 6.3)
10:00 AM ET. December University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 67.4)
End-Mo Expectations Idx (previous 63.5)
12-Month Inflation Forecast (previous 4.9%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 73.6)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3417B)
Working Gas In Storage, Net Chg (Cbf) (previous -88B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, December 24, 2021
N/A U.S.: Christmas Day holiday observed. Financial markets closed
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed sharply higher on Tuesday filling Monday's gap crossing at 35,284.26 signaling that the gap was an exhaustion gap. The high-range close sets the stage for a steady to higher 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. If the Dow extends the decline off last-Thursday's high, December's low crossing at 34,006.98 is the next downside target. Closes above the 10-day moving average crossing at 35,681.25 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 36,189.83. Second resistance is the November 16th high crossing at 36,316.61. Third resistance is the November high crossing at 36,565.73. First support is December's low crossing at 34,006.98. Second support is September's low crossing at 33,613.03.
The March NASDAQ 100 closed sharply higher on Tuesday as it consolidates some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher 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 December 3rd low crossing at 15,547.25 would renew the decline off November's high. Closes above the 20-day moving average crossing at 16,072.14 would signal that a short-term low has been posted. 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 Monday's low crossing at 15,492.00. Second support is the 38% retracement level of the March-November rally crossing at 15,504.89.
The March S&P 500 closed sharply higher on Tuesday as it consolidates some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off last-Thursday's high, December's low crossing at 4485.75 is the next downside target. Closes above the 10-day moving average crossing at 4650.18 would signal that a short-term low has been posted.First resistance is the 10-day moving average crossing at 4650.18. Second resistance is last-Thursday's high crossing at 4743.25. First support is December's low crossing at 4485.75. Second support is the 25% retracement level of the 2020-2021-rally crossing at 4435.97.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed down 27/32's at 161-04.
March T-bonds closed sharply 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. Closes below the December 9th low crossing at 160-12 would confirm that a short-term top has been posted. If March renews the rally off December's low, December's high crossing at 164-12 is the next upside target. First resistance is December's high crossing at 164-12. Second resistance is the August high crossing at 164-20. First support is the December 9th low crossing at 160-12. Second support is the 50-day moving average crossing at 159-28.
March T-notes closed down 150-pts. at 130.220.
March T-notes closed sharply 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 turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 130.061 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 130.061. Second support is November's low crossing at 128.225.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
February crude oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the December 9th high crossing at $73.13 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If February renews the decline off October's high, August's low crossing at $60.52 is the next downside target. First resistance is the December 9th high crossing at $73.13. Second resistance is the 50-day moving average crossing at $75.68. First support is Monday's low crossing at $66.12. Second support is December's low crossing at $62.26.
February heating oil closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the December 9th high crossing at $227.82 would confirm that a short-term low has been posted while opening the door for a possible test of the 50-day moving average crossing at $234.51. If February 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 the December 9th high crossing at $227.82. Second resistance is the 50-day moving average crossing at $234.51. First support is Monday's low crossing at $210.45. Second support is December's low crossing at $199.74.
February unleaded gas 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the 50-day moving average crossing at 220.85 is the next upside target. Closes below Monday's low crossing at $201.61 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $217.19. Second resistance is the 50-day moving average crossing at $220.85. First support is Monday's low crossing at $201.61. Second support is December's low crossing at $186.46.
February Henry natural gas closed slightly higher on Tuesday as it extends the trading range of the past three-weeks. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February renews the decline off October's high, the 75% retracement level of the 2020-2021-rally crossing at 3.535 is the next downside target. Closes above the December 6th gap crossing at 4.010 would signal that the aforementioned gap marked an exhaustion gap and that a low has been posted. First resistance is the December 6th gap crossing at 4.010. Second resistance is the 20-day moving average crossing at 4.085. First support is the 75% retracement level of the 2020-2021-rally crossing at 3.535. Second support is the 87% retracement level of the 2020-2021-rally crossing at 3.050.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed slightly lower on Tuesday as it extended the November-December trading range. 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 diverging and turning neutral signaling that sideways trading is possible near-term. 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 $95.18. 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. First resistance is last-Wednesday'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 $95.18.
The March Euro posted an inside day with a higher close on Tuesday while extending the trading range of the past six-weeks. The mid-range close sets the stage for a steady 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 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 114.66. First resistance is the November 30th high crossing at 114.17. Second resistance is the 50-day moving average crossing at 114.66. 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 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 turning neutral to bearish signaling that sideways to lower prices are still possible. 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. Closes above last-Thursday's high crossing at 1.3378 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 1.3378. Second resistance is the 50-day moving average crossing at 1.3472. 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 Tuesday as it extends 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. If December renews 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, the November 30th 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 last-Wednesday's low crossing at 1.0791. Second support is November's low crossing at 1.0712.
The March Canadian Dollar posted an inside day with a higher close on Tuesday as it consolidates some of the decline off October'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 oversold but remain 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 78.22 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 78.22. Second resistance is the 50-day moving average crossing at 79.48. First support is Monday's low crossing at 77.13. Second support is the 50% retracement level of the 2020-2021-rally crossing at 75.95.
The March Japanese Yen closed sharply 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, November's low crossing at 0.086715 is the next downside target. Closes above last-Friday's high crossing at 0.088049 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 last-Wednesday'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 lower on Tuesday as it consolidates some of the rally off last-Wednesday's low.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 February resumes the decline off November's high, September's low crossing at $1723.70 is the next downside target. Closes above last-Friday's high crossing at $1815.70 would confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is last-Friday's high crossing at $1815.70. Second resistance is the November 26 high crossing at $1819.30. First support is last-Wednesday's low crossing at 1753.00. Second support is September's low crossing at $1723.70.
March silver closed 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 neutral to bullish signaling that low might be in or is near. Multiple closes above the 20-day moving acreage crossing at 22.502 would confirm that a short-term low has been posted. If March renews 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 22.502. Second resistance is the 50-day moving average crossing at 23.552. First support is last-Wednesday'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 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 431.38 would confirm that a short-term low has been posted. If March renews the decline off October's high, the 87% retracement level of the August-October rally crossing at 407.53 is the next downside target. First resistance is the 50-day moving average crossing at 438.19. Second resistance is December's high crossing at 439.80. 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 up $0.07 1/4-cents at $5.98 1/4.
March corn closed higher on Tuesday as it extended the rally off September's 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above psychological resistance crossing at $6.00 would open the door for a possible test of July's high crossing at $6.16 1/2. Closes below the 20-day moving average crossing at $5.86 would signal that a short-term top has been posted. First resistance is August's high crossing at $5.99 3/4. Second resistance is July's high crossing at $6.16 1/2. First support is the 20-day moving average crossing at $5.86. Second support is the 50-day moving average crossing at $5.71 1/2.
March wheat closed up $0.21 1/4-cents at $7.99.
March wheat closed sharply higher on Tuesday as it consolidated some of the decline 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $7.99 3/4 would confirm that a short-term low has been posted. If March renews the decline off November's high, the 62% retracement level of the July-November rally crossing at $7.21 is the next downside target.First resistance is the 20-day moving average crossing at $7.99 3/4. Second resistance is the December 3rd high crossing at $8.22 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 up $0.28 1/4-cents at $8.41 1/2.
March Kansas City wheat closed sharply higher on Tuesday and above the 20-day moving average crossing at $8.26 3/4 confirms that a short-term low has been posted. 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 last-Wednesday's low, November's high crossing at $8.92 1/4 is the next upside target. Closes below last-Wednesday's low crossing at $7.81 would renew the decline off November's high.First resistance is the December 3rd high crossing at $8.48 3/4. Second 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 up $0.05 3/4-cents at $10.25 1/2.
March Minneapolis wheat closed higher 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $10.28 1/4 would signal that a short-term low has likely been posted while opening the door for additional gains 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. 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 "
March soybeans closed up $0.18-cents at $13.12 3/4.
January soybeans closed higher on Tuesday as it extended the rally off November's low.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off the November 30th low, the 62% retracement level of the June-November decline crossing at $13.49 1/2 is the next upside target. Closes below the 50-day moving average crossing at $12.55 3/4 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the June-November decline crossing at $13.19 3/4. Second resistance is the 62% retracement level of the June-November decline crossing at $13.49 1/2. First support is the 10-day moving average crossing at $12.76 3/4. Second support is the 20-day moving average crossing at $12.67 1/2.
March soybean meal closed up $7.20 at $390.50.
March soybean meal closed higher on Tuesday as it extends the rally off October's 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the 87% retracement level of the May-October decline crossing at $396.70 is the next upside target. Closes below the 20-day moving average crossing at $359.20 would signal that a short-term top has been posted. First resistance is today's high crossing at $392.40. Second resistance is the 87% retracement level of the May-October decline crossing at $396.70. First support is the 10-day moving average crossing at $370.40. Second support is the 20-day moving average crossing at $359.20.
March soybean oil closed up 93 pts. at 53.94.
March soybean oil closed higher on Tuesday as it consolidated some of the rally off last-Wednesday's 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 55.74 would signal that a short-term low has been posted. If March renews the decline off October's high, June's low crossing at 50.29 is the next downside target. First resistance is last-Thursday's high crossing at 55.26. Second resistance is the 20-day moving average crossing at 55.74. First support is last-Wednesday's low crossing at 51.10. Second support is June's low crossing at 50.29.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $2.95 at $82.42.
February hogs closed sharply higher on Tuesday as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher 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. If February extends the rally off December's low, November's high crossing at $84.68 is the next upside target. Closes below last-Wednesday's low crossing at $78.67 would signal that a short-term top has been posted. First resistance is today's high crossing at $82.78. Second resistance is November's high crossing at $84.68. First support is last-Wednesday's low crossing at $78.67. Second support is December's low crossing at $75.35.
February cattle closed up $0.95 at $136.93.
February cattle closed higher on Tuesday as it consolidated some of the decline off November's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $138.47 would signal that a short-term low has been posted. If February extends the decline off November's high, the 62% retracement level of the September-November rally crossing at 134.30 is the next downside target. 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 November 12th low crossing at $135.40. Second support is the 62% retracement level of the September-November rally crossing at 134.30.
March Feeder cattle closed up $1.33 at $161.83.
March feeder cattle closed higher on Tuesday as it consolidated some of the decline off November's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 March extends the decline off November's high, the November 12th low crossing at $158.12 is the next downside target. Closes above the 20-day moving average crossing at $165.76 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $165.76. Second resistance is November's high crossing at $169.08. First support is the November 12th low crossing at $158.12. Second support is November's low crossing at $152.25.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee posted an inside day with a lower close on Tuesday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 222.83 would open the door for a larger-degree decline into early-January. Closes above the 20-day moving average crossing at 237.71 would signal that a short-term low has been posted.
March cocoa posted an inside day with a higher close on Tuesday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, December's low crossing at 23.33 is the next downside target. Closes above the 50-day moving average crossing at 25.31 would confirm that a short-term low has been posted.
March sugar posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, August's low crossing at 18.31 is the next downside target. Closes above the 50-day moving average crossing at 19.50 would confirm that a low has been posted.
March cotton closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 109.68 would confirm 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!