INO Morning Market Commentary
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Started by tallpine - Feb. 7, 2022, 7:21 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Monday, February 7, 2022    

 



 

 

10:00 AM ET. January Employment Trends Index

 



 

 

                       ETI (previous 116.63)

 

                       ETI, Y/Y%

 



 

 

3:00 PM ET. December Consumer Credit

 



 

 

                       Consumer Credit Net Chg (USD) (previous +39.9B)

 



 

 

Tuesday, February 8, 2022   

 



 

 

6:00 AM ET. January NFIB Index of Small Business Optimism

 



 

 

                       Small Business Idx (previous 98.9)

 



 

 

7:45 AM ET. Weekly Chain Store Sales Index

 



 

 

8:30 AM ET. December U.S. International Trade in Goods & Services

 



 

 

                       Trade Balance (USD) (previous -80.2B)

 

                       Exports (USD) (previous 224.2B)

 

                       Exports, M/M% (previous +0.2%)

 

                       Imports (USD) (previous 304.4B)

 

                       Imports, M/M% (previous +4.6%)

 



 

 

8:55 AM ET. Johnson Redbook Retail Sales Index

 



 

 

                       Ret Sales Mo-to-Date, M/M%

 

                       Ret Sales Mo-to-Date, Y/Y% (previous +15.2%)

 

                       Latest Wk, Y/Y% (previous +15.8%)

 



 

 

10:00 AM ET. February IBD/TIPP Economic Optimism Index

 



 

 

                       Economic Optimism Idx (previous 44.7)

 

                       6-Mo Economic Outlook (previous 37.9)

 



 

 

11:00 AM ET.  Federal Reserve Bank of New York's Q4 Household Debt and Credit Report

 



 

 

4:30 PM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls) (previous -1.6M)

 

                       Gasoline Stocks, Net Chg (Bbls) (previous +5.8M)

 

                       Distillate Stocks, Net Chg (Bbls) (previous -2.5M)

 



 

 

Wednesday, February 9, 2022  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 617.8)

 

                       Composite Idx, W/W% (previous +12.0%)

 

                       Purchase Idx-SA (previous 312.2)

 

                       Purchase Idx-SA, W/W% (previous +4.0%)

 

                       Refinance Idx (previous 2355.4)

 

                       Refinance Idx, W/W% (previous +18.4%)

 



 

 

10:00 AM ET. December Monthly Wholesale Trade

 



 

 

                       Inventories, M/M% (previous +1.4%)

 



 

 

10:00 AM ET. January Online Help Wanted Index

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 415.143M)

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous -1.047M)

 

                       Gasoline Stocks (Bbl) (previous 250.037M)

 

                       Gasoline Stocks, Net Chg (Bbl) (previous +2.119M)

 

                       Distillate Stocks (Bbl) (previous 122.744M)

 

                       Distillate Stocks, Net Chg (Bbl) (previous -2.41M)

 

                       Refinery Usage (previous 86.7%)

 

                       Total Prod Supplied (Bbl/day) (previous 21.41M)

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.007M)

 



 

 

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

 



 

 

                       Corn, End Stocks (Bushels)

 

                       Soybeans, End Stocks (Bushels)

 

                       Wheat, End Stocks (Bushels)

 

                       Cotton, End Stocks (Bales)

 



 

 

Thursday, February 10, 2022  

 



 

 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

 



 

 

                       Jobless Claims (previous 238K)

 

                       Jobless Claims, Net Chg (previous -23K)

 

                       Continuing Claims (previous 1628000)

 

                       Continuing Claims, Net Chg (previous -44K)

 



 

 

8:30 AM ET. January CPI

 



 

 

                       CPI, M/M% (previous +0.5%)

 

                       Core CPI, M/M% (previous +0.6%)

 

                       Energy Idx, M/M% (previous -0.4%)

 

                       Food Idx, M/M% (previous +0.5%)

 

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)

 

                       CPI, Y/Y% (previous +7%)

 

                       Core Annual, Y/Y% (previous +5.5%)

 

8:30 AM ET. January Real Earnings

 



 

 

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

 



 

 

                       Corn (Metric Tons) (previous 1175.2K)

 

                       Soybeans (Metric Tons) (previous 1977.3K)

 

                       Wheat (Metric Tons) (previous 161K)

 



 

 

9:45 AM ET. Consumer Comfort Index

 



 

 

10:30 AM ET. EIA Weekly Natural Gas Storage Report

 



 

 

                       Working Gas In Storage (Cbf) (previous 2323B)

 

                       Working Gas In Storage, Net Chg (Cbf) (previous -268B)

 

                        

 

2:00 PM ET. January Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

Friday, February 11, 2022  

 



 

 

10:00 AM ET. February University of Michigan Survey of Consumers – preliminary

 



 

 

                       Mid-Mo Sentiment (previous 68.8)

 

                       Mid-Mo Expectations (previous 65.9)

 

                       Mid-Mo Current Idx (previous 73.2)

 


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

 



 

The STOCK INDEXES: The March NASDAQ 100 was lower overnight.Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes below last-Friday's low  crossing at 14,362.75 would signal that a short-term top has been posted. Closes above last-Wednesday's high crossing at 15,260.00 are needed to renew the rally off January's low with the 50-day moving average crossing at 15,628.50 being the next upside target. First resistance is last-Wednesday's high crossing at 15,260.00. Second resistance is the 50-day moving average crossing at 15,628.50. First support is January'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 steady to slightly lower overnight.Overnight trading sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 4606.38 is the next upside target. Closes below the 10-day moving average crossing at 4449.55 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 4606.38. Second resistance is the December 12th high crossing at 4739.50. First support is the 10-day moving average crossing at 4449.55. Second support is January's low crossing at 4212.75.  



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



INTEREST RATES: March T-bonds was slightly higher overnight as it consolidates some of last-Friday's sharp sell off. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 150-06 is the next downside target. Closes above the January 13th high crossing at 156-28 would confirm that a low has been posted. First resistance is the January 13th high crossing at 156-28. Second resistance is the 50-day moving average crossing at 158-14. First support is last-Friday's low crossing at 153-02. 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 slightly higher overnight as it consolidates some of last-Friday's sharp decline. Overnight trading sets the stage for a steady to slightly higher opening with 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 December's high, weekly support crossing at 126.110 is the next downside target. Closes above the the January 13th high crossing at 128.270 would confirm that a short-term low has been posted while opening the door for additional short-term gains. First resistance is the January 13th high crossing at 128.270. Second resistance is the 50-day moving average crossing at 129.118. First support is the overnight low crossing at 126.225. Second support is weekly support crossing at 126.110.   



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



ENERGIES:March crude oil was lower overnight as it consolidates some of the rally off December's low. Overnight trading 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 sideways to higher prices are possible near-term. If March extends the rally off December's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $100.36 is the next upside target. Closes below the 20-day moving average crossing at $85.75 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $93.17. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $100.36. First support is the 20-day moving average crossing at $85.75. Second support is the January 24th low crossing at $81.90.



March heating oil was higher overnight as it extends the rally off December'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 December's low, the 75% retracement level of the 2008-2020 decline on the monthly continuation chart crossing at $3.2643 is the next upside target. Closes below the 20-day moving average crossing at $2.6676 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $2.9318. Second resistance is the 75% retracement level of the 2008-2020 decline on the monthly continuation chart crossing at $3.2643. First support is the 20-day moving average crossing at $2.6676. Second support is the January 24th low crossing at $2.5616.  



March unleaded gas was steady to slightly higher overnight as it extends the rally off December's low. The low-range trade overnight sets the stage for a steady to slightly 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 $2.8181 is the next upside target. Closes below the 20-day moving average crossing at $2.4925 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.7200. Second resistance is monthly resistance crossing at $2.8181. First support is the 20-day moving average crossing at $2.4925. Second support is the January 24th low crossing at $2.3736.    



March Henry natural gas gapped down and was lower overnight as it extended the decline off last-Wednesday's high. Overnight trading 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 20-day moving average crossing at 4.262 would signal that a short-term top has been posted. If March renews the rally off December's low, the 87% retracement level of the October-December decline crossing at 5.781 is the next upside target. First resistance is the 75% retracement level of the October-December decline crossing at 5.454. Second resistance is the 87% retracement level of the October-December decline crossing at 5.781. First support is the 20-day moving average crossing at 4.262. Second support is the 50-day moving average crossing at 3.966. 



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



CURRENCIES:The March Dollar was slightly higher overnight as it consolidates some of the decline off January's high. Overnight trading sets the stage for a steady to slightly higher 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 last-week's decline, the January 14th low crossing at $94.61 is the next downside target. Closes above the 10-day moving average crossing at 96.20 would signal that a short-term low has been posted. First resistance is January's high crossing at $97.44. Second resistance is weekly resistance on the weekly continuation chart crossing at 99.31. First support is the  January 14th low crossing at $94.61. Second support is the 38% retracement level of the 2021-2022-rally crossing at $94.44.



The March Euro was slightly lower overnight as it consolidates some of last-week's rally. The mid-range overnight trade sets the stage for a steady to slightly lower 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 last-week's rally, the 38% retracement level of the 2020-2021-decline crossing at $116.26 is the next upside target. Closes below the 10-day moving average crossing at $113.07 would signal that a short-term top has been posted. First resistance is January's high crossing at $114.96. Second resistance is the 38% retracement level of the 2021-2022-decline crossing at $116.26. First support is the 10-day moving average crossing at $113.07. Second support is January's low crossing at $111.31.



The March British Pound was steady to lower overnight as it consolidates some of the rally off January's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off last-Thursday's low, January's high crossing at 1.3745 is the next upside target.If March resumes 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 last-Thursday's high crossing at 1.3627. Second resistance is January's high crossing at 1.3745. First support is January's low crossing at 1.3354. Second support is the 75% retracement level of the December-January rally crossing at 1.3311.



The March Swiss Franc was higher overnight as it consolidates some of the decline off last-Wednesday's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices possible near-term. If March renews the decline off January's high, November's low crossing at 1.0712 is the next downside target. Closes above last-Wednesday's high crossing at 1.0907 would signal that a short-term low has been posted while opening the door for additional short-term gains. First resistance is last-Wednesday's high crossing at 1.0907. Second resistance is the January 21st high crossing at 1.0994. First support is November's low crossing at 1.0712. Second support is weekly support on the weekly continuation chart crossing at 1.0673.  

 

The March Canadian Dollar was higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off January's high, the January 6th low crossing at $78.03 is the next downside target. Closes above the 20-day moving average crossing at $79.20 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $79.20. Second resistance is the January 26th high crossing at $79.66. 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 was steady to slightly higher overnight and sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish  signaling that a sideways to lower prices are possible near-term. If March resumes 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 0.087525 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.087525. Second resistance is January's high crossing at 0.088170. First support is the January 28th low crossing at 0.086465. 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 higher overnight as it consolidates some of the decline off January's high. 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 $1819.10 would signal that a short-term low has been posted. If April resumes the decline off January's high, December's low crossing at $1755.40 is the next downside target. First resistance is the 20-day moving average crossing at $1819.10. Second resistance is January's high crossing at $1856.70. First support is the January 28th low crossing at $1780.60. Second support is December's low crossing at $1755.40.



March silver was higher overnight. The high-range trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $23.161 would confirm that a short-term low has been posted. If March renews the decline off January's high, January's low crossing at $21.945 is the next downside target. First resistance is the 20-day moving average crossing at $23.161. Second resistance is the 50% retracement level of the November-December decline crossing at $23.482. First support is January's low crossing at $21.945. Second support is December's low crossing at $21.410.  



March copper was steady to slightly lower overnight. 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 neutral to bullish signaling that sideways to higher prices are still possible near-term. If March extends the rally off last-Monday's low, January's high crossing at 4.6010 is the next upside target. Closes below the 50-day moving average crossing at 4.3895 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4.5195. Second resistance is January's high crossing at 4.6010. First support is the 62% retracement level of the December-January rally crossing at 4.3026. Second support is the 75% retracement level of the December-January rally crossing at 4.2388.



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



March corn gapped up and was higher overnight as it extended the rebound off last-Thursday's low. The high-range trade overnight sets the stage for a higher opening when the day sessions begins trading. Stochastics and the RSI are posed to turn neutral to bullish with additional gains that would signal sideways to higher prices are possible near-term. If March resumes the rally off September's low, weekly resistance on the continuation chart crossing at $6.49 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.14 3/4 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $6.42 1/2. Second resistance is weekly resistance on the continuation chart crossing at $6.49 1/4. First support is the 20-day moving average crossing at $6.14 3/4. Second support is the 50-day moving average crossing at $6.01 1/2. 



March wheat was higher overnight as it consolidates some of the decline off January's high. Overnight trading sets the stage for a higher opening when the day 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 $7.814 3/4 would signal that a short-term low has been posted. If March renews the decline off January's high, January's low crossing at $7.35 1/2 is the next downside target. First resistance is last-Monday's high crossing at $7.98 1/2. Second resistance is January's high crossing at $8.31 1/2. First support is last-Thursday's low crossing at $7.40. Second support is January's low crossing at $7.35 1/2.



March Kansas City wheat was higher overnight as it consolidates some of the decline off January's high. 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 $8.05 3/4 would signal that a short-term low has been posted. If March renews the decline off January's high, the 50% retracement level of the July-November rally crossing at $7.46 3/4 is the next upside target. First resistance is the 50-day moving average crossing at $8.05 3/4. Second resistance is January's high crossing at $8.49 1/4. First support is last-Thursday's  low crossing at $7.53 1/4. Second support is the 50% retracement level of the July-November rally crossing at $7.46 3/4.



March Minneapolis wheat was higher overnight. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March resumes the decline off last-Thursday's high, the 38% retracement level of 2020-2021-rally crossing at $8.78 1/2 is the next downside target. Closes above last-Monday's high crossing at $9.34 3/4 would signal that a short-term low has been posted while opening the door for additional short-term gains. First resistance is last-Monday's high crossing at $9.34 3/4. Second resistance is the January 25th high crossing at $9.65. 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 gapped up and was sharply higher overnight as it extends the rally off November's low. The high-range overnight trade sets the stage for a steady to 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 November's low, the 87% retracement level of 2021's decline on the weekly continuation chart crossing at $16.03 1/2 is the next upside target. Closes below the 20-day moving average crossing at $14.45 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $15.79 1/4. Second resistance is the 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 $15.00 1/4. Second support is the 20-day moving average crossing at $14.45 3/4.

 

March soybean meal gapped up and was higher overnight as it extends the rally off October'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, the May-2021 high on the monthly continuation chart crossing at $457.20 is the next upside target. Closes below the 20-day moving average crossing at $413.30 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $451.00. Second resistance is the May-2021 high on the monthly continuation chart crossing at $457.20. First support is the 10-day moving average crossing at $423.00. Second support is the 20-day moving average crossing at $413.30. 



March soybean oil was steady to slightly higher overnight as it extends the trading range of the past six-days. Overnight trading sets the stage for a steady to slightly 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, the 75% retracement level of the 2021's decline on the weekly continuation chart crossing at 68.07 is the next upside target. Closes below the 20-day moving average crossing at 62.50 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 66.92. Second resistance is the 75% retracement level of the 2021's decline on the weekly continuation chart crossing at 68.07. First support is the 10-day moving average crossing at 64.92. Second support is the 20-day moving average crossing at 62.50.       


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. 

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By metmike - Feb. 7, 2022, 11:28 a.m.
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Thanks very much tallpine!