INO Evening Market Comments
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Started by tallpine - Jan. 28, 2022, 4:46 p.m.

KEY EVENTS TO WATCH FOR:



Monday, January 31, 2022  



9:45 AM ET. January Chicago Business Barometer - ISM-Chicago Business Survey -Chicago PMI



                       PMI-Adj (previous 63.1)



10:30 AM ET. January Texas Manufacturing Outlook Survey



                       Business Activity (previous 8.1)

                       Mfg Production Idx (previous 26.7)



3:00 PM ET. December Agricultural Prices



                       Farm Prices, M/M% (previous +1.9%)


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



The Dow closed sharply higher on Friday as it consolidates some of the decline off January's high. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Closes above the 10-day moving average crossing at 34,655.92 would signal that a short-term low has been posted while opening the door for additional short covering gains. If the Dow renews the decline off January's high, last-March's low crossing at 32,071.41 is the next downside target. First resistance is the 10-day moving average crossing at 34,655.92. Second resistance is the 50% retracement level of January's decline crossing at 35,044.76. First support is Monday's low crossing at 33,150.33. Second support is the March 2021 low crossing at 30,547.53. 



The March NASDAQ 100 closed sharply higher on Friday as it extends this week's trading range. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Closes above the 10-day moving average crossing at 14,609.62 would signal that a short-term low has been posted. If March extends the decline off November's high, the 75% retracement level of the 2021 rally crossing at 13,386.58 is the next downside target. First resistance is the 10-day moving average crossing at 14,609.62. Second resistance is the 20-day moving average crossing at 15,255.23. First support is Monday's low crossing at 13,706.00. Second support is the 75% retracement level of the 2021 rally crossing at 13,386.58.



The March S&P 500 closed sharply higher on Friday. The high-session close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to higher prices are possible near-term. Closes above the 10-day moving average crossing at 4439.07 would signal that a short-term top has been posted. If March resumes the decline off January's high, the 50% retracement level of the 2020-2022 rally crossing at 4199.38 is the next downside target. First resistance is the 10-day moving average crossing at 4439.07. Second resistance is the 20-day moving average crossing at 4575.20. 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.



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



March T-bonds closed up 10/32's at 155-23. 



March T-bonds closed higher on Friday while extending the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Monday'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 January 13th high crossing at 156-28 would confirm that a short-term low has been posted while opening the door for additional short covering gains. 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 up 105-pts. at 127.310.



March T-notes closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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 129.192. 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 closed slightly higher on Friday as it extends 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. 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 $81.94 would signal that a short-term top has been posted. First resistance is today's high crossing at $88.84. Second resistance is monthly resistance crossing at $92.96. First support is the 20-day moving average crossing at $81.94. Second support is the January 10th low crossing at $77.94.   



March heating oil closed slightly lower due to profit taking ahead of the weekend on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 $254.34 would signal that a short-term top has been posted. First resistance is today's high crossing at $277.54. Second resistance is monthly resistance crossing at $279.19. First support is the 20-day moving average crossing at $254.34. Second support is the January 7th low crossing at $243.81.  



March unleaded gas closed slightly higher on Friday as it extends the rally off December's low. The low-range close sets the stage for a steady to slightly higher opening when Monday'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 $281.81 is the next upside target. Closes below the 20-day moving average crossing at $238.96 would signal that a short-term top has been posted. First resistance is today's high crossing at 257.86. Second resistance is monthly resistance crossing at 281.81. First support is the 20-day moving average crossing at $238.96. Second support is the January 10th low crossing at $227.57.    



March Henry natural gas closed sharply higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Monday'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 December's low, the 62% retracement level of the October-December decline crossing at 5.094 is the next upside target. Closes below the 20-day moving average crossing at 3.911 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the October-December crossing at 5.094. Second resistance the 75% retracement level of the October-December crossing at 5.454. First support is the 20-day moving average crossing at 3.911. Second support is the January 20th low crossing at 3.629.    



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



The March Dollar closed slightly higher on Friday as it extends the rally off January's low. The mid-range close sets the stage for a steady to higher opening when Monday's nights 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, the 62% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at 98.31 is the next upside target. Closes below the 20-day moving average crossing at $95.88 would confirms that a short-term top has been posted and opens the door for additional weakness near-term. First resistance is today's high crossing at $97.44. Second resistance is the 62% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at 98.31. First support is the 20-day moving average crossing at $95.88. Second support is January's low crossing at $94.61. 



The March Euro closed slightly higher on Friday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady opening when Monday'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 75% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at 110.94 is the next downside target. Closes above the 20-day moving average crossing at 113.35 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 113.35. Second resistance is the January 14th high crossing at 114.96. First support is today's low crossing at 111.31. Second support is the 75% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at 110.94.  



The March British Pound posted an inside day with a higher close on Friday as it consolidates some of the decline off January's high. The low-range close sets the stage for a steady to slightly higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If March extends the decline off January's high, the 75% retracement level of the December-January rally crossing at 1.3311 is the next downside target. Closes above the 20-day moving average crossing at 1.3554 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3554. Second resistance is January's high crossing at 1.3745. First support is the 75% retracement level of the December-January rally crossing at 1.3311. Second support is the 87% retracement level of the December-January rally crossing at 1.3241. 

 

The March Swiss Franc posted an inside day with a slightly higher close on Friday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Monday'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 this week's decline, November's low crossing at 1.0712 is the next upside target. Closes above the 20-day moving average crossing at 1.0902 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.0881. Second resistance is the 20-day moving average crossing at 1.0712. First support is Thursday's low crossing at 1.0720. Second support is the November's low crossing at 1.0712.  



The March Canadian Dollar closed lower on Friday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday's night 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. If March extends this month's decline, the January 6th low crossing at 78.03 is the next downside target. Closes above the 10-day moving average crossing at 79.34 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 79.34. Second resistance is January's high crossing at 80.32. First support is the January 6th low crossing at 78.03. Second support is December's low crossing at 77.13.



The March Japanese Yen closed slightly higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday’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, January's low crossing at 0.085980 is the next downside target. Closes above the 50-day moving average crossing at 0.087056 would signal that a short-term low 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 today's low crossing at 0.086465. Second support is January's low crossing at 0.085980.  



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



April gold closed lower on Friday as it extends the decline off Tuesday's high. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off Tuesday's high, December's low crossing at 1755.40 is the next downside target. Closes above the 10-day moving average crossing at $1827.40 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at $1856.70. Second resistance is November's high crossing at $1882.50. First support is today's low crossing at $1780.60. Second support is December's low crossing at $1755.40.  



March silver closed lower on Friday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday'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, January's low crossing at 21.945 is the next downside target. Closes above the 10-day moving average crossing at 23.625 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 23.042. Second resistance is the 10-day moving average crossing at 23.625. First support is January's low crossing at 21.945. Second support is December's low crossing at 21.410.      



March copper closed sharply lower on Friday and posted a new low close for the month.The low-range close sets the stage for a steady to lower opening when Monday'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 month's decline, December's low crossing at 411.95 is the next downside target. Closes above the 10-day moving average crossing at 445.02 would confirm that a short-term low 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 today's low crossing at 429.85. Second support is December's low crossing at 411.95.



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



March Corn closed up $010 3/4-cents at $6.36. 



March corn closed higher on Friday as it extended the rally off September's low. The high-range close sets the stage for a steady to higher opening when Monday'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, last-May's high crossing at $6.40 1/2 is the next upside target. Closes below the 20-day moving average crossing at $6.07 3/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-May's high crossing at $6.40 1/2. Second resistance is the 62% retracement level of 2021's decline on the weekly continuation chart crossing at $6.49 1/4. First support is the 20-day moving average crossing at $6.07 3/4. Second support is the 50-day moving average crossing at $5.96 1/2.     



March wheat closed up $0.09 1/4-cents at $7.86 1/4.  



March wheat posted an inside day with a higher close on Friday as it consolidates some of the decline off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Monday'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 $7.72 3/4 would temper the near-term friendly outlook. If March renews the rally off January's low, November's high crossing at $8.74 3/4 is the next upside target. First resistance is Tuesday's high crossing at $8.00 1/2. 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 $0.08 3/4-cents at $8.02 1/4.

 

March Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 $7.90 1/4 would confirm that a short-term top has been posted. If March renews the rally off January's low, December's high crossing at $8.71 is the next upside target. First resistance is Tuesday's high crossing at $8.49 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 $0.17 3/4-cents at $9.20 1/4.



March Minneapolis wheat closed higher on Friday as it consolidated some of the decline off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Monday'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, the 38% retracement level of the 2020-2021-decline crossing at $8.78 1/2 is the next downside target. Closes above Tuesday's high crossing at $9.65 would confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at $9.65. Second resistance is the 50-day moving average crossing at $9.87. 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 $0.21 3/4-cents at $14.70.



March soybeans closed sharply higher for the fourth-day in a row on Friday as it extends the rally off November's low. Today's high-range close sets the stage for a steady to higher opening when Monday'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 November's low, the 75% retracement level of 2021's decline on the weekly continuation chart crossing at $15.45 1/2 is the next upside target. Closes below the 20-day moving average crossing at $13.97 3/4 would signal that a short-term top has been posted. First resistance is weekly resistance on the continuation chart crossing at $14.80. Second resistance is the 75% retracement level of 2021's decline on the weekly continuation chart crossing at $15.45 1/2. First support is the 20-day moving average crossing at $13.97 3/4. Second support is the January 18th low crossing at $13.49 3/4.



March soybean meal closed up $6.50 at $411.20. 



March soybean meal closed higher on Friday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Monday'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 this week's rally, January's high crossing at $431.80 is the next upside target. Closes below the 10-day moving average crossing at $399.00 would signal that a short-term top has been posted. First resistance is today's high crossing at $413.50. Second resistance is January's high crossing at $431.80. First support is Monday's low crossing at $387.40. Second support is the 50-day moving average crossing at $383.60.        



March soybean oil closed up 93 pts. at 65.27. 



March soybean oil closed higher on Friday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Monday'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 75% retracement level of 2021's decline crossing at 68.07 is the next upside target. Closes below the 20-day moving average crossing at 60.27 would signal that a short-term top has been posted. First resistance is today's high crossing at 66.34. Second resistance is the 75% retracement level of 2021's decline crossing at 68.07. First support is the 10-day moving average crossing at 66.22. Second support is the 20-day moving average crossing at 60.27. 

 

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



April hogs closed up $0.40 at $95.08. 



April hogs closed higher on Friday. The low-range close sets the stage for a steady to slightly higher opening when Monday'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 rally off October's low, monthly resistance on the continuation chart crossing at $98.24 is the next upside target. Closes below the 10-day moving average crossing at $93.68 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $97.50. Second resistance is monthly resistance on the continuation chart crossing at $98.24. First support is the 10-day moving average crossing at $93.68. Second support is the 20-day moving average crossing at $90.11. 



April cattle closed up $1.55 at $143.18 



April cattle closed higher on Friday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally, the January 19th high crossing at $143.78 is the next upside target. First resistance is the January 19th high crossing at $143.78. 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 up $0.03 at $159.53. 



March feeder cattle closed slightly higher on Friday as it extended this week's trading range. The mid-range close sets the stage for a steady opening when Monday's session begins trading. Stochastics and the RSI are oversold but are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, November's low crossing at $152.25 is the next downside target. Closes above Monday's gap crossing at $163.15 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at $163.15. Second resistance is the 20-day moving average crossing at $164.80. First support is Monday'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 higher on Friday as it extends this month's trading range. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below today's low crossing at 230.30 would confirm 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 higher due to short covering on Friday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening on Monday. 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, January's low crossing at 24.08 is the next downside target. Closes above the 10-day moving average crossing at 25.63 would signal that a short-term low has been posted.  



March sugar closed lower on Friday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, January's low crossing at 17.60 is the next downside target. Multiple closes above the 50-day moving average crossing at 19.00 would open the door for additional gains near-term.      



March cotton closed sharply higher on Friday as it posted a key reversal up. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish again signaling that sideways to higher prices are possible near-term. If March resumes 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 118.57 would signal that a short-term top has been posted. 

Comments
By metmike - Jan. 28, 2022, 7:32 p.m.
Like Reply

Thanks very much tallpine!