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 STOCK INDEXES: The March NASDAQ 100 was sharply lower overnight as it extends the decline off December's high.Overnight trading sets the stage for a sharply lower opening when the day 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 2021's rally crossing at 13,386.58 is the next downside target. Closes above the 20-day moving average crossing at 15,614.10 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 15,107.02. Second resistance is the 20-day moving average crossing at 15,614.10. First support is Monday's low crossing at 13,706.00. Second support is the 75% retracement level of 2021's rally crossing at 13,386.58.
The March S&P 500 was lower overnight as it extends the decline off January's high. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. 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% 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 4545.02 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4545.02. Second resistance is the 20-day moving average crossing at 4641.05. First support is the 50% retracement level of the 2020-2022 rally crossing at 4199.38. Second support is the June 2021 low crossing at 4129.00.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were lower overnight as they consolidate some of the rally off last-Wednesday's low. Overnight trading sets the stage for a lower opening when the day 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 156-18 would temper the near-term bearish outlook. 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 20-day moving average crossing at 156-16. Second resistance is the 50-day moving average crossing at 159-05. 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 was lower overnight as it consolidates some of the rally off last-Wednesday's low. Overnight trading sets the stage for a lower opening with the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the the January 13th high crossing at 128.270 would signal that a short-term low has been posted. If March resumes 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 129.227. First support is last-Wednesday's low crossing at 127.020. Second support is weekly support crossing at 126.110.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:March crude oil was steady to slightly lower overnight. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $80.22 would signal that a short-term top has been posted. If March renews the rally off December's low, monthly resistance crossing at $92.96 is the next upside target. First resistance is last-Thursday's high crossing at $87.10. Second resistance is monthly resistance on the monthly continuation chart crossing at $92.96. First support is the 20-day moving average crossing at $80.22. Second support is the January 10th low crossing at $77.34.
March heating oil was higher overnight as it extends the trading range of the past five-days. Overnight trading sets the stage for a higher opening when the day 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 $2.7919 is the next upside target. Closes below the 20-day moving average crossing at $2.4889 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $2.6662. Second resistance is monthly resistance crossing at $2.7919. First support is the 20-day moving average crossing at $2.4889. Second support is the 38% retracement level of the December-January rally crossing at $2.4053.
March unleaded gas was higher overnight. The mid-range trade overnight sets the stage for a slightly higher opening when the day 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 20-day moving average crossing at $2.3492 would signal that a short-term top has been posted. If March extends the rally off December's low, monthly resistance crossing at $2.5430 is the next upside target. First resistance is last-Thursday's high crossing at $2.4897. Second resistance is monthly resistance crossing at $2.5430. First support is the 20-day moving average crossing at $2.3492. Second support is the 38% retracement level of the December-January rally crossing at $2.2535.
March Henry natural gas was steady to slightly lower overnight. Overnight trading sets the stage for a steady to slightly lower opening when the day 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 3.416 is the next downside target. Closes above the 50-day moving average crossing at 3.972 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.972. Second resistance is the 38% retracement level of the October-December decline crossing at 4.450. First support is last-Thursday's low crossing at 3.629. Second support is December's low crossing at 3.416.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was higher overnight as it extends the rally off the January 14th low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI remain 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 open the door for a possible test of January's high crossing at 96.48. Closes below the 10-day moving average crossing at $95.47 would signal that a short-term top has been posted. First resistance is January's high crossing at $96.48. Second resistance is the December 15th high crossing at $96.89. First support is the January 14th low crossing at $94.61. Second support is the 38% retracement level of the May-December-2021 rally crossing at $94.11.
The March Euro was lower overnight as it extends the decline off January's high. The low-range overnight trade sets the stage for a lower opening when the day 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 $112.21 is the next downside target. Closes above the 10-day moving average crossing at $113.74 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $113.74. Second resistance is January's high crossing at $114.96. First support is the overnight low crossing at $112.80. Second support is November's low crossing at $112.21.
The March British Pound was lower overnight as it extends the decline off January's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 50-day moving average crossing at 1.3419 is the next downside target. Closes above the 10-day moving average crossing at 1.3602 would confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 1.3602. Second resistance is January's high crossing at 1.3745. First support is the 50-day moving average crossing at 1.3419. Second support is December's low crossing at 1.3166.
The March Swiss Franc was sharply lower overnight as it extends the decline off January's high. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices possible near-term. Closes below the 50-day moving average crossing at 1.0885 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes this month's rally, November's high crossing at 1.1042 is the next upside target. First resistance is January'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 January's low crossing at 1.0795.
The March Canadian Dollar was steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $78.73 would open the door for additional weakness near-term. 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 the November 10th high crossing at $80.70. Second resistance is October's high crossing at $81.37. First support is the 50-day moving average crossing at $78.73. Second support is the January 6th low crossing at $78.03.
The March Japanese Yen was steady to lower overnight and sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that a 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 0.087130 would signal that a short-term top has been posted. First resistance is Monday'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 0.087130. Second support is the December 4th low crossing at 0.085980.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Aprilgold was lower overnight and working on a possible inside day. 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 $1881.90 is the next upside target. Closes below the 50-day moving average crossing at $1811.70 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 $1881.90. First support is the 50-day moving average crossing at $1811.70. Second support is January's low crossing at $1783.80.
March silver was lower overnight as it consolidates some of the rally off December's low. The low-range trade sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $23.171 confirm signal that a short-term top has been posted. If March extends the aforementioned rally, the 87% retracement level of the November-December decline crossing at $25.014 is the next upside target. 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 last-Tuesday's low crossing at $22.820. Second support is the January 7th low crossing at $21.945.
March copper was slightly lower in late-overnight trading as it consolidates some of last-week's rally. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 4.3796 would signal that a short-term top has been posted. If March renews the rally off December's low, the 75% retracement level of the October-December decline crossing at 4.6142 is the next upside target. First resistance is the 75% retracement level of the October-December decline crossing at 4.6142. Second resistance is the 87% retracement level of the October-December decline crossing at 4.6936. First support is the 50-day moving average crossing at 4.3796. Second support is the January 6th low crossing at 4.3135.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was steady to fractionally lower in quiet overnight trading as it consolidates some of the rally off January's low.The mid-range trade overnight sets the stage for a steady to fractionally lower opening when the day sessions 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 September's low, last-June high crossing at $6.33 is the next upside target. Closes below the 20-day moving average crossing at $6.03 1/2 would signal that a short-term top has likely been posted. First resistance is the overnight high crossing at $6.22 1/4. Second resistance is June's high crossing at $6.33. First support is the 20-day moving average crossing at $6.03 1/2. Second support is the 50-day moving average crossing at $5.93 1/2.
March wheat was higher overnight as it extends the rally off January's low. Overnight trading sets the stage for a higher opening when the day 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, December's high crossing at $8.24 is the next upside target. Closes below the 20-day moving average crossing at $7.72 would signal that a short-term top has been posted. 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 was higher overnight as it extends the rally off January's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at $8.16 1/4 would confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at $7.88 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $8.31. Second resistance is December's high crossing at $8.71. First support is the 50% retracement level of the July-November rally crossing at $7.46 3/4. Second support is the October 13th low crossing at $7.24 1/4.
March Minneapolis wheat was higher overnight as it extends the rally off January's low. Overnight trading sets the stage for a higher opening when the day 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 $9.44 would signal that a short-term low has been posted while opening the door for additional short-term gains. Closes below the 10-day moving average crossing at $9.25 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at $9.44. Second resistance is the 50-day moving average crossing at $9.94 1/4. First support is the 38% retracement level of 2020-2021-rally 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 was lower overnight as it consolidates some of the rally off November's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $13.49 3/4 would confirm that a short-term top has been posted. If March extends the rally off November's low, last-June's high crossing at $14.45 1/2 is the next upside target. 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 was lower overnight. Overnight trading sets the stage for a lower opening when the day 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 $380.80 is the next downside target. Closes above the 20-day moving average crossing at $406.10 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $406.10. Second resistance is January's high crossing at $431.80. First support is the 50-day moving average crossing at $380.70. Second support is the 50% retracement level of the October-January rally crossing at $373.00.
March soybean oil was higher overnight as it consolidates some of Monday's loss. 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 59.06 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 63.74. Second resistance is last-June's high crossing at 64.68. First support is the 10-day moving average crossing at 60.51. Second support is the 20-day moving average crossing at 59.06.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
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 much tallpine!