KEY EVENTS TO WATCH FOR:
Wednesday, February 2, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 551.7)
Composite Idx, W/W% (previous -7.1%)
Purchase Idx-SA (previous 300.1)
Purchase Idx-SA, W/W% (previous -1.8%)
Refinance Idx (previous 1989.4)
Refinance Idx, W/W% (previous -12.6%)
8:15 AM ET. January ADP National Employment Report
Private Sector Jobs, Net Chg (expected +250000; previous +807000)
8:30 AM ET. U.S. Department of the Treasury's quarterly refundingannouncement
10:00 AM ET. 4th Quarter U.S. Housing Vacancies
10:00 AM ET. December Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 416.19M)
Crude Oil Stocks, Net Chg (Bbl) (previous +2.377M)
Gasoline Stocks (Bbl) (previous 247.918M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.297M)
Distillate Stocks (Bbl) (previous 125.154M)
Distillate Stocks, Net Chg (Bbl) (previous -2.798M)
Refinery Usage (previous 87.7%)
Total Prod Supplied (Bbl/day) (previous 22.417M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.502M)
Thursday, February 3, 2022
7:30 AM ET. January Challenger Job-Cut Report
Job Cuts, M/M% (previous +28.01%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1237.3K)
Soybeans (Metric Tons) (previous 1228.3K)
Wheat (Metric Tons) (previous 736.7K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 230K; previous 260K)
Jobless Claims, Net Chg (previous -30K)
Continuing Claims (previous 1675000)
Continuing Claims, Net Chg (previous +51K)
8:30 AM ET. 4th Quarter Preliminary Productivity & Costs
Non-Farm Productivity, Q/Q% (expected +3.1%; previous -5.0%)
Unit Labor Costs (expected +1.7%; previous +8.3%)
9:45 AM ET. Consumer Comfort Index
9:45 AM ET. January US Services PMI
PMI, Services (expected 50.9; previous 57.6)
10:00 AM ET. January ISM Report On Business Services PMI
Services PMI (expected 60.0; previous 62.0)
Business Activity Idx (previous 67.6)
Prices Idx (previous 82.5)
Employment Idx (previous 54.9)
New Orders Idx (previous 61.5)
10:00 AM ET. December Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected -0.3%; previous +1.6%)
Orders, Ex-Defense, M/M% (previous +1.3%)
Orders, Ex-Transport, M/M% (previous +0.8%)
Durable Goods, M/M%
Durable Goods, M/M%
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2591B)
Working Gas In Storage, Net Chg (Cbf) (previous -219B)
11:00 AM ET. January Global Services PMI
PMI, Services (previous 54.6)
12:00 PM ET. January Monthly U.S. Retail Chain Store Sales Index
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, February 4, 2022
8:30 AM ET. January U.S. Employment Report
Non-Farm Payrolls (expected +178K; previous +199K)
Unemployment Rate (expected 3.9%; previous 3.9%)
Avg Hourly Earnings (USD) (previous 31.31)
Avg Hourly Earnings-Net Chg (USD) (previous +0.19)
Avg Hourly Earnings, M/M% (expected +0.5%; previous +0.61%)
Avg Hourly Earnings, Y/Y% (expected +5.2%; previous +4.68%)
Overall Workweek (previous 34.7)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous -12K)
Private Payroll (previous +211K)
Participation Rate (previous 61.9%)
Non-Farm Payrolls Bench Net Chg
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Tuesday as it extended the rebound off January's low. Today's high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rebound off January's low, the 20-day moving average crossing at 35,387.09 is the next upside target. 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 20-day moving average crossing at 35,387.09. Second resistance is the 62% retracement level of January's decline crossing at 35,494.27. First support is January's low crossing at 33,150.33. Second support is the March 2021 low crossing at 30,547.53.
The March NASDAQ 100 closed higher on Tuesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. If March extends the rally off January's low, the 20-day moving average crossing at 15,114.35 is the next upside target. If March renews 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 20-day moving average crossing at 15,114.35. Second resistance is the 50-day moving average crossing at 15,759.72. First support is January'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 higher on Tuesday as it extended the rally off January's low. The high-session close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 20-day moving average crossing at 4551.51 is the next upside target. 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 20-day moving average crossing at 4551.51. Second resistance is the 50-day moving average crossing at 4620.05. 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 down 9/32's at 155-11.
March T-bonds closed lower on Tuesday while extending January's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the January 13th high crossing at 156-28 are needed to 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 January'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 25-pts. at 127.285.
March T-notes closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the January 13th high crossing at 128.270 are needed to confirm an upside breakout of January's trading range while opening the door for additional short-term gains. 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 129.169. First support is January'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 lower on Tuesday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady opening when Wednesday'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 $83.20 would signal that a short-term top has been posted. First resistance is today's high crossing at $88.87. Second resistance is monthly resistance crossing at $92.96. First support is the 20-day moving average crossing at $83.20. Second support is the January 24th low crossing at $81.90.
March heating oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI 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 $279.19 is the next upside target. Closes below the 20-day moving average crossing at $258.36 would signal that a short-term top has been posted. First resistance is last-Friday'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 $258.36. Second support is the January 7th low crossing at $243.81.
March unleaded gas closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the 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 $242.15 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 258.41. Second resistance is monthly resistance crossing at 281.81. First support is the 20-day moving average crossing at $242.15. Second support is the January 24th low crossing at $237.36.
March Henry natural gas closed slightly lower on Tuesday as it consolidated some of the rally off December's low. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging 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 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 4.034 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 4.034. Second support is the January 20th low crossing at 3.629.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed lower on Tuesday 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 Wednesday's nights 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 $95.90 would confirms that a short-term top has been posted and opens the door for additional weakness near-term. If March renews 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. First resistance is last-Friday'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 $95.90. Second support is January's low crossing at $94.61.
The March Euro closed higher on Tuesday 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 Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 113.28 would signal that a short-term low has been posted. If March resumes 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. First resistance is the 20-day moving average crossing at 113.26. Second resistance is the January 14th high crossing at 114.96. First support is last-Friday'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 closed higher for the third-day in a row on Tuesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible. Closes above the 20-day moving average crossing at 1.3552 would signal that a short-term low has been posted. If March renews the decline off January's high, the 75% retracement level of the December-January rally crossing at 1.3311 is the next downside target. First resistance is the 20-day moving average crossing at 1.3552. 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 closed higher on Tuesday following Monday's key reversal up as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0891 would signal that a short-term low has been posted. If March renews the decline off January's high, November's low crossing at 1.0712 is the next upside target. First resistance is the 50-day moving average crossing at 1.0882. Second resistance is the 20-day moving average crossing at 1.0891. First support is Monday's low crossing at 1.0715. Second support is the November's low crossing at 1.0712.
The March Canadian Dollar closed higher on Tuesday 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 Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 79.20 would confirm that a short-term low has been posted. If March renews the decline off January's high, the January 6th low crossing at 78.03 is the next downside target. First resistance is the 20-day moving average crossing at 79.20. 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 higher on Tuesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.087540 would signal that a short-term low has been posted. If March resumes the decline off January's high, January's low crossing at 0.085980 is the next downside target. First resistance is January's high crossing at 0.088170. Second resistance is the December 17th high crossing at 0.088485. First support is last-Friday'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 higher due to short covering on Wednesday as it consolidated some of the decline off January's high. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 $1823.40 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1805.30. Second resistance is the 20-day moving average crossing at $1819.00. First support is last-Friday's low crossing at $1780.60. Second support is December's low crossing at $1755.40.
March silver closed higher on Tuesday as it consolidated some of the decline off January's high. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, January's low crossing at 21.945 is the next downside target. Closes above the 10-day moving average crossing at 23.476 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 22.936. Second resistance is the 10-day moving average crossing at 23.476. First support is January's low crossing at 21.945. Second support is December's low crossing at 21.410.
March copper closed sharply higher due to short covering on Tuesday as it consolidates some of the decline off January's high.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 444.01 would confirm that a short-term low has been posted. If March resumes the decline off January's high, December's low crossing at 411.95 is the next downside target. First resistance is the 20-day moving average crossing at 444.01. Second resistance is January's high crossing at 460.10. First support is Monday's low crossing at 428.20. Second support is the 75% retracement level of the December-January rally crossing at 423.88.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.08 3/4-cents at $6.35.
March corn posted an inside day and closed higher on Tuesday due to spillover strength from wheat and soybeans. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought, diverging 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 2021's decline on the weekly continuation chart crossing at $6.49 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.11 1/2 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Monday's high crossing at $6.42 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 10-day moving average crossing at $6.22 3/4. Second support is the 20-day moving average crossing at $6.11 1/2.
March wheat closed up $0.07 3/4-cents at $7.69.
March wheat posted an inside day with a higher close on Tuesday as it consolidated some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to 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 $7.35 1/2 is the next downside target. 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 January'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 $0.05-cents at $7.86 1/4.
March Kansas City wheat closed higher on Tuesday as it consolidated some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to 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 July-November rally crossing at $7.46 3/4 is the next downside target. If March renews the rally off January's low, December's high crossing at $8.71 is the next upside target. First resistance is January'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 $0.08 1/2-cents at $9.15.
March Minneapolis wheat posted an inside day with a higher close on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March extends Monday's decline, the 38% retracement level of the 2020-2021-decline crossing at $8.78 1/2 is the next downside target. Closes above January's high crossing at $9.65 would confirm that a short-term low has been posted. First resistance is January's high crossing at $9.65. Second resistance is the 50-day moving average crossing at $9.82 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 $0.38-cents at $15.28 1/2.
March soybeans closed sharply higher for the sixth-day in a row on Tuesday as it extends the rally off November's low. Today's high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off 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 $14.14 would signal that a short-term top has been posted. First resistance is the 75% retracement level of 2021's decline on the weekly continuation chart crossing at $15.45 1/2. Second resistance is 87% retracement level of 2021's decline on the weekly continuation chart crossing at $16.03 1/2. First support is the 10-day moving average crossing at $14.41 ¾. Second support is the 20-day moving average crossing at $14.14.
March soybean meal closed up $17.10 at $436.00.
March soybean meal closed sharply higher on Tuesday and posed a new contract high as it extended the rally off January's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 87% retracement level of 2021's decline on the weekly continuation chart crossing at $450.80 is the next upside target. Closes below the 10-day moving average crossing at $404.90 would signal that a short-term top has been posted. First resistance is today's high crossing at $437.10. Second resistance is the 87% retracement level of 2021's decline on the weekly continuation chart crossing at $450.80. First support is the 20-day moving average crossing at $408.20. Second support is the 10-day moving average crossing at $404.90.
March soybean oil closed up 101 pts. at 65.83.
March soybean oil closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the 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 61.15 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 66.77. 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 63.54. Second support is the 20-day moving average crossing at 61.15.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $2.38 at $98.08.
April hogs closed sharply higher on Tuesday as it renewed the rally off October's low and posted a new contract high. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are 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 $99.82 is the next upside target. Closes below last-Friday's low crossing at $93.63 would signal that a short-term top has been posted. First resistance is today's high crossing at $99.15. Second resistance is monthly resistance on the continuation chart crossing at $99.82. First support is last-Friday's low crossing at $93.63. Second support is the 20-day moving average crossing at $91.12.
April cattle closed up $0.83 at $145.35
April cattle closed higher on Tuesday as it extends the rally off January's low and posted a new contract high. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, the 75% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $148.06 is the next upside target. Closes below the 20-day moving average crossing at $142.08 would signal that a short-term top has been posted. First resistance is today's high crossing at $146.23. Second resistance is the 75% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $148.06. First support is the 20-day moving average crossing at $142.08. Second support is January's low crossing at $139.03.
March Feeder cattle closed up $1.08 at $164.10.
March feeder cattle closed higher on Tuesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 50-day moving average crossing at $165.15 is the next upside target. If March renews the decline off December's high, November's low crossing at $152.25 is the next downside target. First resistance is the 20-day moving average crossing at $164.19. Second resistance is the 50-day moving average crossing at $165.15. First support is January'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 Tuesday as it extends January's trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 230.30 would open the door for additional weakness near-term. If March renews the rally off January's low, December's high crossing at 252.35 signal is the next upside target.
March cocoa closed sharply higher on Tuesday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, January's high crossing at 26.95 is the next upside target. Closes below the 50-day moving average crossing at 25.07 would temper the friendly outlook.
March sugar closed higher on Tuesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, January's low crossing at 17.60 is the next downside target. Multiple closes above the 50-day moving average crossing at 18.93 would confirm that a short-term low has been posted.
March cotton closed lower due to profit taking on Tuesday but not before posting a new contract high. The mid-range close sets the stage for a steady opening on Wednesday. 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 120.03 would signal that a short-term top has been posted.
Thanks much tallpine!!!