INO Evening Market Comments
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Started by tallpine - Jan. 20, 2022, 4:41 p.m.

KEY EVENTS TO WATCH FOR:



Friday, January 21, 2022  



8:30 AM ET. U.S. Weekly Export Sales



                       Corn (Metric Tons) (previous 457.7K)

                       Soybeans (Metric Tons) (previous 918.7K)

                       Wheat (Metric Tons) (previous 264.4K)



10:00 AM ET. December Leading Indicators



                       Leading Index, M/M% (previous +1.1%)

                       Leading Index (previous 119.9)

                       Coincident Index, M/M% (previous +0.3%)

                       Lagging Index, M/M% (previous -0.1%)



Monday, January 24, 2022 



8:30 AM ET. December CFNAI Chicago Fed National Activity Index



                       NAI (previous 0.37)

                       NAI, 3-mo Moving Avg (previous 0.37)



9:45 AM ET. January US Flash Manufacturing PMI



                       PMI, Mfg (previous 57.8)



9:45 AM ET. January US Flash Services PMI



                       PMI, Services (previous 57.5)


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



The Dow closed lower for the fifth-day in a row on Thursday as it extended the decline off January's high.The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the aforementioned decline, December's low crossing at 34,006.98 is the next downside target. Closes above last-Friday's gap crossing at 36,044.22 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 36,513.88. Second resistance is the January 3rd high crossing at 36,952.65. First support is today's low crossing at 34,670.12. Second support is December's low crossing at 34,006.98.   



The March NASDAQ 100 closed sharply lower on Thursday as it extends the decline off November's high. The low-range close sets the stage for a steady to slightly lower opening when Friday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, the 50% retracement level of the 2021-rally crossing at 14,512.47 is the next downside target. Closes above the 50-day moving average crossing at 16,050.75 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 15,508.00. Second resistance is the 20-day moving average crossing at 15,918.15. First support is the 38% retracement level of the 2021-rally crossing at 15,043.89. Second support is the 50% retracement level of the 2021-rally crossing at 14,512.47. 



The March S&P 500 closed sharply lower on Thursday as it extends the decline off January's high. Today's low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 38% retracement level of the 2020-2022 rally crossing at 4343.43 is the next downside target. Closes above the 20-day moving average crossing at 4692.27 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4630.35. Second resistance is last-Wednesday's high crossing at 4739.50. First support is today's low crossing at 4462.25. Second support is the 38% retracement level of the 2020-2022 rally crossing at 4343.43.



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



March T-bonds closed down 8/32's at 154-26. 



March T-bonds posted an inside day with a slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 150-06 is the next downside target. Closes above last-Thursday's high crossing at 156-28 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 156-28. Second resistance is the 20-day moving average crossing at 157-11. First support is Wednesday's low crossing at 153-07. Second support is the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 150-06.



March T-notes closed up 55-pts. at 127.270.



March T-notes closed higher on Thursday as it consolidates some of the decline off last-August's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off December's high, weekly support crossing at 126.110 is the next downside target. Closes above last-Thursday's high crossing at 128.270 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 128.270. Second resistance is the 20-day moving average crossing at 129.043. First support is Wednesday's low crossing at 127.020. Second support is long-term support on the weekly continuation chart crossing at 126.110. 



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



March crude oil closed slightly lower on Thursday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to slightly lower opening when Friday's night session begins. 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 rally off December's low, monthly resistance crossing at $92.96 is the next upside target. Closes below the 20-day moving average crossing at $78.65 would signal that a short-term top has been posted. First resistance is today's high crossing at $87.10. Second resistance is monthly resistance crossing at $92.96. First support is the 10-day moving average crossing at $81.87. Second support is the 20-day moving average crossing at $78.65.   



March heating oil closed slightly lower on Thursday as it consolidated some of the rally off December's low. The mid-range close sets the stage for a steady to lower opening when Friday's night trading session begins. 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, monthly resistance crossing at $279.19 is the next upside target. Closes below the 20-day moving average crossing at $244.29 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $272.71. Second resistance is monthly resistance crossing at $279.19. First support is the 10-day moving average crossing at $254.36. Second support is the 20-day moving average crossing at $244.29.  



March unleaded gas closed slightly lower on Thursday after posting another new contract high in early trading. The mid-range close sets the stage for a steady to higher opening when Friday'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 rally off December's low, monthly resistance crossing at $254.30 is the next upside target. Closes below the 20-day moving average crossing at $231.54 would signal that a short-term top has been posted. First resistance is today's high crossing at 248.97. Second resistance is monthly resistance crossing at 254.30. First support is the 10-day moving average crossing at $238.25. Second support is the 20-day moving average crossing at $231.54.     



March Henry natural gas closed lower on Thursday as it extends the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 3.779 would signal that a short-term top has been posted. If March extends this week's decline, December's low crossing at 3.518 is the next downside target. If March renews the rally off December's low, the 50% retracement level of the October-December decline crossing at 5.035 is the next upside target. First resistance is the 50% retracement level of the October-December crossing at 5.035. Second resistance the November 26th high crossing at 5.400. First support is today's low crossing at 3.629. Second support is December's low crossing at 3.518.   



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The March Dollar closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's nights session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $95.98 would confirm that a short-term low has been posted. If March renews the decline off December's high, the 38% retracement level of 2021's rally crossing at $94.11 is the next downside target. First resistance is the 50-day moving average crossing at $95.98. Second resistance is December's high crossing at $96.90. First support is last-Friday's low crossing at $94.61. Second support is the 38% retracement level of this year's rally crossing at $94.11.



The March Euro closed lower on Thursday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Friday'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 this week's decline, November's low crossing at 112.22 is the next downside target. If March renewed the rally off November's low, the 25% retracement level of 2021's decline crossing at 115.26 is the next upside target. First resistance is last-Friday's high crossing at 114.96. Second resistance is the 25% retracement level of the January-November decline crossing at 115.26. First support is the reaction low crossing at 112.87. Second support is November's low crossing at 112.22.  



The March British Pound closed slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at 1.3547 would confirm that a short-term top has been posted. If March resumes the rally off December's low, October's high crossing at 1.3826 is the next upside target. First resistance is October's high crossing at 1.3826. Second resistance is September's high crossing at 1.3914. First support is the 20-day moving average crossing at 1.3547. Second support is the 50-day moving average crossing at 1.3417. 

 

The March Swiss Franc closed lower on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Closes below the 50-day moving average crossing at 1.0885 would signal that a short-term top has been posted. If March renews the rally off last-Tuesday's low, November's highcrossing at 1.1042 is the next upside target. First resistance is last-Thursday's high crossing at 1.1015. Second resistance is November's high crossing at 1.1042. First support is the 50-day moving average crossing at 1.0885. Second support is last-Tuesday's low crossing at 1.0795. .   



The March Canadian Dollar posted an inside day with a slightly higher close on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 rally off December's low, the November 10th high crossing at 80.70 is the next upside target. Closes below the 20-day moving average crossing at 78.95 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 80.32. Second resistance is the November 10th high crossing at 80.70. First support is the 10-day moving average crossing at 79.57. Second support is the 20-day moving average crossing at 78.95.



The March Japanese Yen closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.087055 would signal that a short-term top has been posted. Closes above last-Friday's high crossing at 0.088160 would open the door for a possible test of the December 17th high crossing at 88485. First resistance is last-Friday's high crossing at 0.088160. Second resistance is the December 17th high crossing at 0.088485. First support is the 20-day moving average crossing at 0.087055. Second support is January's low crossing at 0.085980.  



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



February gold closed lower on Thursday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish with today's rally signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, November's high crossing at 1881.90 is the next upside target. Closes below Tuesday's low crossing at $1804.70 would signal that a short-term top has been posted. First resistance is today's high crossing at $1848.50. Second resistance is November's high crossing at $1881.90. First support is Tuesday's low crossing at $1804.70. Second support is the January 7th low crossing at $1781.30.  



March silver closed sharply higher for the third day in a row on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 87% retracement level of the November-December-decline crossing at 25.014 is the next upside target. Closes below the 20-day moving average crossing at 23.081 would temper the near-term friendly outlook in the market. First resistance is the 75% retracement level of the November-December-decline crossing at 24.512. Second resistance is the 87% retracement level of the November-December-decline crossing at 25.014. First support is the 20-day moving average crossing at 23.081. Second support is last-Friday's low crossing at 22.845.      



March copper closed higher on Thursday.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, the 75% retracement level of the October-December decline crossing at 461.42 is the next upside target. Closes below the 50-day moving average crossing at 437.35 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the October-December decline crossing at 461.42. Second resistance is the 87% retracement level of the October-December decline crossing at 469.36. First support is the January 6th low crossing at 431.35. Second support is December's low crossing at 411.95.



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



March Corn closed up $0.00 1/2-cents at $6.11. 



March corn closed fractionally higher on Thursday as it extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Friday's low, December's high crossing at $6.17 3/4 is the next upside target. Multiple closes below the 50-day moving average crossing at $5.90 3/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is December's high crossing at $6.17 3/4. Second resistance is June's high crossing at $6.33. First support is the 50-day moving average crossing at $5.90 3/4. Second support is the November 30th low crossing at $5.62 1/2.     



March wheat closed down $0.06 1/4-cents at $7.90 1/4.  



March wheat closed lower on Thursday as it consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, December's high crossing at $8.24 is the next upside target. Closes below the 10-day moving average crossing at $7.63 3/4 would temper the near-term friendly outlook. First resistance is December's high crossing at $8.24. Second resistance is November's high crossing at $8.74 3/4. First support is the January 7th low crossing at $7.35 1/2. Second support is the 62% retracement level of the July-November rally crossing at $7.21.



March Kansas City Wheat closed down $0.03 1/2-cents at $7.96 1/2.

 

March Kansas City wheat closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.16 1/2 would signal that a short-term low has been posted. If March renews the decline off December's high, the October 13th low crossing at $7.24 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $7.98 1/2. Second resistance is the 50-day moving average crossing at $8.16 1/2. First support is the 50% retracement level of the July-November rallycrossing at $7.46 3/4. Second support is the October 13th low crossing at $7.24 1/4.



March Minneapolis wheat closed up $0.05-cents at $9.44 3/4. March Minneapolis wheat closed higher for the third day in a row on Thursday as it extended 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $9.56 1/4 would confirm that a short-term low has been posted. If March renews the decline off November's high, the September 10th low crossing at $8.51 is the next downside target. First resistance is the 20-day moving average crossing at $9.56 1/4. Second resistance is the 50-day moving average crossing at $9.99 1/2. First support is the 38% retracement level of the 2020-2021-decline crossing at $8.78 1/2. Second support is the September 10th low crossing at $8.51.

       

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



March soybeans closed up $0.34 1/2-cents at $14.25 3/4.



March soybeans closed sharply higher on Thursday as it renewed the rally off November's low. Today's high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off the November 30th low, last-June's high crossing at $14.45 1/2 is the next upside target. Closes below Tuesday's low crossing at $13.49 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $14.29 1/2. Second resistance is last-June's high crossing at $14.45 1/2. First support is Tuesday's low crossing at $13.49 3/4. Second support is the December 30th low crossing at $13.34 1/2.



March soybean meal closed up $2.50 at $400.80. 



March soybean meal closed higher on Thursday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50-day moving average crossing at $377.50 is the next downside target. Closes above the 10-day moving average crossing at $408.50 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $408.50. Second resistance is January's high crossing at $431.80. First support is Tuesday's low crossing at $389.40. Second support is the 50-day moving average crossing at $377.50.        



March soybean oil closed up 212 pts. at 62.88. 



March soybean oil closed sharply higher on Thursday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, last-June's high crossing at 64.68 is the next upside target. Closes below the 20-day moving average crossing at 58.04 would signal that a short-term top has been posted. First resistance is the 87% retracement level of 2021's decline crossing at 63.02. Second resistance is last-June's high crossing at 64.68. First support is the 20-day moving average crossing at 58.04. Second support is the 50-day moving average crossing at 57.21. 

 

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



April hogs closed up $2.50 at $93.85. 



April hogs gapped up and closed sharply higher on Thursday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Friday'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 April extends the aforementioned rally, monthly resistance on the continuation chart crossing at $98.24 is the next upside target. Closes below the 50-day moving average crossing at $86.26 would signal that a short-term top has been posted. First resistance is today's high crossing at $94.48. Second resistance is monthly resistance on the continuation chart crossing at $98.24. First support is the 20-day moving average crossing at $87.66. Second support is the 50-day moving average crossing at $86.26. 



April cattle closed down $0.03 at $143.33. 



April cattle closed slightly lower on Thursday as it consolidated some of the rally off January's low. The high-range close sets the stage for a steady to slightly lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the January 4th gap crossing at $144.08 would signal that a short-term low has been posted. If April renews the decline off December's high, the 50% retracement level of the September-December rally crossing at $139.44 is the next downside target. First resistance is the January 4th gap crossing at $144.08. Second resistance is December's high crossing at $145.85. First support is December's low crossing at $139.92. Second support is the 50% retracement level of the September-November rally crossing at $139.44. 



March Feeder cattle closed down $0.63 at $165.00. 



March feeder cattle closed lower on Thursday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at $165.03 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off December's low, August's high crossing at $171.58 is the next upside target. First resistance is December's high crossing at $170.83. Second resistance is August's high crossing at $171.58. First support is the 50-day moving average crossing at $165.03. Second support is December's low crossing at $159.90. 



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



March coffee closed lower on Thursday as it consolidates some of the rally off January's low. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, December's high crossing at 252.35 signal is the next upside target. Closes below the 50-day moving average crossing at 233.16 would signal that a short-term top has been posted.        



March cocoa closed slightly higher on Thursday as it extends the rally off November's low. The low-range close sets the stage for a steady to slightly higher opening on Friday. 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 September 9th high crossing at 27.32 is the next upside target. Closes below the 20-day moving average crossing at 25.36 would signal that a short-term top has been posted. 



March sugar closed lower on Thursday as it consolidated some of the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 19.16 would open the door for additional gains near-term. Closes below Tuesday's gap crossing at 18.37 would signal that a short-term top has been posted.     



March cotton closed lower on Thursday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Friday. 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 rally off September's low, monthly resistance on the continuation chart crossing at 134.17 is the next upside target. Closes below the 20-day moving average crossing at 115.46 would signal that a short-term top has been posted. 

Comments
By metmike - Jan. 20, 2022, 7:35 p.m.
Like Reply

Thanks tallpine!!