KEY EVENTS TO WATCH FOR:
Tuesday, January 25, 2022
7:45 AM ET. Weekly Chain Store Sales Index
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +14.8%)
Latest Wk, Y/Y% (previous +15.2%)
9:00 AM ET. November S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +0.8%)
10-City Idx, Y/Y% (previous +17.1%)
20-City Idx, M/M% (previous +0.8%)
20-City Idx, Y/Y% (previous +18.4%)
National Idx, M/M% (previous +0.8%)
National Idx, Y/Y% (previous +19.1%)
9:00 AM ET. November U.S. Monthly House Price Index
10:00 AM ET. January Richmond Fed Business Activity Survey
Mfg Idx (previous 16)
Shipments Idx (previous 12)
10:00 AM ET. January Consumer Confidence Index
Cons Conf Idx (previous 115.8)
Expectation Idx
Present Situation Idx (previous 144.1)
10:00 AM ET. December State Employment and Unemployment
1:00 PM ET. December Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +1.4M)
Gasoline Stocks, Net Chg (Bbls) (previous +3.5M)
Distillate Stocks, Net Chg (Bbls) (previous -1.2M)
N/A U.S. Federal Open Market Committee meeting
Wednesday, January 26, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 593.7)
Composite Idx, W/W% (previous +2.3%)
Purchase Idx-SA (previous 305.7)
Purchase Idx-SA, W/W% (previous +7.9%)
Refinance Idx (previous 2276.3)
Refinance Idx, W/W% (previous -3.1%)
8:30 AM ET. December Advance Economic Indicators Report
10:00 AM ET. December New Residential Sales
New Home Sales (previous 744K)
New Home Sales, M/M% (previous +12.4%)
New Home Sales Months Supply (previous 6.5)
10:00 AM ET. SEC Open Meeting
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 413.813M)
Crude Oil Stocks, Net Chg (Bbl) (previous +0.515M)
Gasoline Stocks (Bbl) (previous 246.621M)
Gasoline Stocks, Net Chg (Bbl) (previous +5.873M)
Distillate Stocks (Bbl) (previous 127.952M)
Distillate Stocks, Net Chg (Bbl) (previous -1.431M)
Refinery Usage (previous 88.1%)
Total Prod Supplied (Bbl/day) (previous 21.915M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.086M)
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
Thursday, January 27, 2022
8:30 AM ET. 4th Quarter Advance estimate GDP
Annual Rate, Q/Q% (previous +2.3%)
Chain-Weighted Price Idx, Q/Q% (previous +6.0%)
PCE Price Idx, Q/Q% (previous +5.3%)
Purchase Price Idx, Q/Q% (previous +5.6%)
Real Final Sales 1st Est, Q/Q% (previous +0.1%)
Core PCE Price Idx, Q/Q% (previous +4.6%)
Personal Consumption, Q/Q% (previous +2.0%)
8:30 AM ET. December Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +2.5%)
Dur Goods, Ex-Defense, M/M% (previous +2.0%)
Dur Goods, Ex-Transport, M/M% (previous +0.8%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%)
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 286K)
Jobless Claims, Net Chg (previous +55K)
Continuing Claims (previous 1635000)
Continuing Claims, Net Chg (previous +84K)
8:30 AM ET. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
9:45 AM ET. Consumer Comfort Index
10:00 AM ET. December Pending Home Sales Index
Pending Home Sales (previous 122.4)
Pending Home Sales Idx, M/M% (previous -2.2%)
Pending Home Sales Idx , Y/Y% (previous -2.7%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2810B)
Working Gas In Storage, Net Chg (Cbf) (previous -206B)
11:00 AM ET. January Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 10)
6-Mo Exp Prod Idx (previous 33)
Mfg Composite Idx (previous 24)
6-Mo Exp Composite Idx (previous 25)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, January 28, 2022
8:30 AM ET. December Personal Income & Outlays
Personal Income, M/M% (previous +0.4%)
Consumer Spending, M/M% (previous +0.6%)
PCE Price Idx, M/M% (previous +0.6%)
PCE Price Idx, Y/Y% (previous +5.7%)
PCE Core Price Idx, M/M% (previous +0.5%)
PCE Core Price Idx, Y/Y% (previous +4.7%)
8:30 AM ET. 4th Quarter Employment Cost Index
ECI, Q/Q% (previous +1.3%)
ECI, Y/Y% (previous +3.7%)
10:00 AM ET. January University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 70.6)
End-Mo Expectations Idx (previous 68.3)
12-Month Inflation Forecast (previous 4.8%)
5-Year Inflation Forecast (previous 2.9%)
End-Mo Current Idx (previous 74.2)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow gapped down on the open and at one time trade down over 1,000 points before a recovering ahead of the close and posted a modest gain on Monday. Today's high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Today's late-session rally filled the opening gap, which appears to have marked an exhaustion gap thereby signal that at the very least a short-term low might be in or is near. The late-session turnaround could lead to additional short covering on Tuesday thereby increasing the odds that a low has been posted. If the Dow extends the decline off January's high, last-March's low crossing at 32,071.41 is the next downside target.
The March NASDAQ 100 closed higher on Monday due to an amazing afternoon rally that erased huge early-session losses. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Closes above the 10-day moving average crossing at 15,239.80 would signal that a short-term low has been posted. If March extends the aforementioned decline, the 75% retracement level of the 2021 rally crossing at 13,386.58. First resistance is the 10-day moving average crossing at 15,214.08. Second resistance is the 20-day moving average crossing at 15,715.45. First support is today's low crossing at 13,715.29. Second support is the 75% retracement level of the 2021 rally crossing at 13,386.58.
The March S&P 500 closed slightly higher on Monday due to short covering rally off session lows. The high-session close sets the stage for a steady to higher opening when Tuesday's night session begins trading. If March extends the decline off January's high, the 50% retracement level of the 2020-2022 rally crossing at 4199.38 is the next downside target. Closes above the 10-day moving average crossing at 4575.25 would signal that a short-term top has been posted. First resistance is the 10-day moving average crossing at 4575.25. Second resistance is the 50-day moving average crossing at 4659.47. First support is the 50% retracement level of the 2020-2022 rally crossing at 4199.38 Second support is the September 18th low crossing at 4129.00.
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March T-bonds closed down 21/32's at 155-09.
March T-bonds closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 January 13th high crossing at 156-28 would confirm that a short-term low has been posted. If March renews 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. First resistance is the January 13th high crossing at 156-28. Second resistance is the 38% retracement level of the December-January decline crossing at 157-15. First support is last-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 down 45-pts. at 128.055.
March T-notes closed lower on Monday as it extends the rebound off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the January 13th high crossing at 128.270 would confirm that a short-term low has been posted. If March resume the decline off December's high, weekly support crossing at 126.110 is the next downside target. First resistance is the January 13th high crossing at 128.270. Second resistance is the 50-day moving average crossing at 129.235. First support is last-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 posted a key reversal down as it closed lower on Monday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $79.79 would signal that a short-term top has been posted. First resistance is last-Thursday'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 $83.00. Second support is the 20-day moving average crossing at $79.79.
March heating oil posted a key reversal down as it closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $247.55 would signal that a short-term top has been posted. First resistance is last-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 $257.71. Second support is the 20-day moving average crossing at $247.55.
March unleaded gas closed lower on Monday due to profit taking 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 Tuesday'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 $234.00 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 248.97. Second resistance is monthly resistance crossing at 254.30. First support is the 20-day moving average crossing at $234.00. Second support is the January 10th low crossing at $227.57.
March Henry natural gas closed higher on Monday 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 Tuesday'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 January's high, December's low crossing at 3.518 is the next downside target. If March renews the rally off December's low, the 38% retracement level of the October-December decline crossing at 4.450 is the next upside target. First resistance is the 38% retracement level of the October-December crossing at 4.450. Second resistance the 50% retracement level of the October-December crossing at 4.772. First support is last-Thursday'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 Monday as it extends the rally off January's low. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 $96.01 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 $96.01. Second resistance is December's high crossing at $96.90. First support is January'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 Monday as it extends the decline off January's high. The mid-range close sets the stage for a steady to lower opening when Tuesday'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, 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 the January 14th 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 sharply lower on Monday as it extends the decline off the January 13th high. A short covering rally ahead of the close tempered some of today's losses and the mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible. Today's close below the 20-day moving average crossing at 1.3561 confirms 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, October's high crossing at 1.3826 is the next upside target. First resistance is January's high crossing at 1.3745. Second resistance is October's high crossing at 1.3826. First support is the 50-day moving average crossing at 1.3418. Second support is December's low crossing at 1.3166.
The March Swiss Franc closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 January's low, November's high crossing at 1.1042 is the next upside target. Closes below the 50-day moving average crossing at 1.0885 would signal that a short-term top has been posted. First resistance is the reaction 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 January's low crossing at 1.0795.
The March Canadian Dollar closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near.. Closes below the 50-day moving average crossing at 78.75 would confirm that a short-term top has been posted. If March renews the rally off December's low, the November 10th high crossing at 80.70 is the next upside target. First resistance is last-Wednesday's high crossing at 80.32. Second resistance is the November 10th high crossing at 80.70. First support is the 20-day moving average crossing at 79.09. Second support is the 50-day moving average crossing at 78.75.
The March Japanese Yen closed lower on Monday as it extends some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Tuesday’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, the December 17th high crossing at 0.088485 is the next upside target. Closes below the 20-day moving average crossing at 0.087089 would signal that a short-term top has been posted. First resistance is today's high crossing at 0.088170. Second resistance is the December 17th high crossing at 0.088485. First support is the 20-day moving average crossing at 0.087089. Second support is January's low crossing at 0.085980.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 April extends the rally off December's low, November's high crossing at 1882.50 is the next upside target. Closes below last-Tuesday's low crossing at $1804.70 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $1850.80. Second resistance is November's high crossing at $1882.50. First support is last-Tuesday's low crossing at $1807.20. Second support is the January 7th low crossing at $1783.80.
March silver closed lower due to profit taking on Monday 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 Tuesday'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 23.216 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 23.216. Second support is the January 14th low crossing at 22.845.
March copper closed lower on Monday.The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is 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 438.02 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.
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March Corn closed up $0.04 3/4-cents at $6.21.
March corn closed higher on Monday confirming an upside breakout of the December-January trading range and extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 January's low, June's high crossing at $6.33 is the next upside target. Closes below January's low crossing at $5.84 3/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at $6.21 1/2. Second resistance is June's high crossing at $6.33. First support is January's low crossing at $5.84 3/4. Second support is the November 30th low crossing at $5.62 1/2.
March wheat closed up $0.20 1/2-cents at $8.00 1/2.
March wheat closed sharply higher on Monday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $7.66 1/4 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 up $0.24 3/4-cents at $8.18.
March Kansas City wheat closed sharply higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at $8.16 1/4 signals that a short-term low has been posted. Closes below the 10-day moving average crossing at $7.83 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $8.19 1/4. Second resistance is December's high crossing at $8.71. 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 $0.12 1/2-cents at $9.48 1/2 on Monday as it extends the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $9.47 1/2 would confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at $9.21 1/4 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at $9.47 1/2. Second resistance is the 50-day moving average crossing at $9.96 1/4. 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 down $0.11 1/4-cents at $14.03.
March soybeans closed lower on Monday as it consolidated some the rally off November's low. Today's mid-range close sets the stage for a steady to lower opening when Tuesday'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, last-June's high crossing at $14.45 1/2 is the next upside target. Closes below last-Tuesday's low crossing at $13.49 3/4 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at $14.29 1/2. Second resistance is last-June's high crossing at $14.45 1/2. First support is last-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 $1.20 at $393.90.
March soybean meal closed higher on Monday 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 Tuesday'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 January's high, the 50-day moving average crossing at $379.70 is the next downside target. Closes above the 20-day moving average crossing at $407.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $407.00. Second resistance is January's high crossing at $431.80. First support is today's low crossing at $387.40. Second support is the 50-day moving average crossing at $379.70.
March soybean oil closed down 103 pts. at 61.97.
March soybean oil closed lower on Monday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 58.79 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 58.79. Second support is the 50-day moving average crossing at 57.38.
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April hogs closed up $0.15 at $95.10.
April hogs closed higher on Monday as it extended the rally off October's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 20-day moving average crossing at $88.50 would signal that a short-term top has been posted. First resistance is today's high crossing at $96.33. Second resistance is monthly resistance on the continuation chart crossing at $98.24. First support is the 20-day moving average crossing at $88.50. Second support is the 50-day moving average crossing at $86.71.
April cattle closed down $1.85 at $140.25
April cattle gapped down and closed lower on Monday as it renewed the decline off December's high. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews the decline off December's high, the 62% retracement level of the September-December rally crossing at $137.87 is the next downside target. Closes above the January 4th gap crossing at $144.08 would signal that a short-term low has been posted. First resistance is the January 4th gap crossing at $144.08. Second resistance is December's high crossing at $145.85. First support is the 50% retracement level of the September-November rally crossing at $139.44. Second support is the 62% retracement level of the September-December rally crossing at $137.87.
March Feeder cattle closed down $1.85 at $161.45.
March feeder cattle gapped down and closed lower on Monday as it renewed the decline off December's high. The high-range close sets the stage for a steady to slightly lower opening when Tuesday'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 aforementioned decline, November's low crossing at $152.25 is the next downside target. Closes above today's gap crossing at $163.15 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $166.10. Second resistance is December's high crossing at $170.83. First support is today's low crossing at $125.22. Second support is November's low crossing at $152.25.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 234.27 signals that a short-term top has been posted while opening the door for additional weakness near-term. If March renews this month's rally, December's high crossing at 252.35 signal is the next upside target.
March cocoa closed sharply lower on Monday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower 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 decline off last-Thursday's high, January's low crossing at 24.08 is the next downside target. Closes above the 10-day moving average crossing at 25.95 would signal that a short-term low has been posted.
March sugar closed slightly lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's gap crossing at 18.37 would signal that a short-term top has been posted. Multiple closes above the 50-day moving average crossing at 19.12 would open the door for additional gains near-term.
March cotton closed lower due to profit taking on Monday 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 Tuesday. 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 116.62 would signal that a short-term top has been posted.
Thanks very much tallpine!