KEY EVENTS TO WATCH FOR:
Tuesday, February 15, 2022
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. February Empire State Manufacturing Survey
Mfg Idx (previous -0.7)
Employment Idx (previous 16.1)
New Orders Idx (previous -5.0)
Prices Received (previous 37.1)
8:30 AM ET. January PPI
PPI, M/M% (previous +0.2%)
Ex-Food & Energy PPI, M/M% (previous +0.5%)
Personal Consumption (previous +0.1%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +13.3%)
Latest Wk, Y/Y% (previous +13.3%)
4:00 PM ET. December Treasury International Capital Data
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -2.0M)
Gasoline Stocks, Net Chg (Bbls) (previous -1.1M)
Distillate Stocks, Net Chg (Bbls) (previous -2.2M)
Wednesday, February 16, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 567.7)
Composite Idx, W/W% (previous -8.1%)
Purchase Idx-SA (previous 282.3)
Purchase Idx-SA, W/W% (previous -9.6%)
Refinance Idx (previous 2183.5)
Refinance Idx, W/W% (previous -7.3%)
8:30 AM ET. January Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous -1.9%)
Sales, Ex-Auto, M/M% (previous -2.3%)
Sales, Ex-Auto & Gas, M/M% (previous -2.5%)
8:30 AM ET. January Import & Export Price Indexes
Import Prices (previous -0.2%)
Non-Petroleum Prices (previous +0.3%)
Petroleum Prices (previous -6%)
9:15 AM ET. January Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous -0.1%)
Capacity Utilization % (previous 76.5%)
Capacity Utilization, Net Chg (Pts) (previous -0.1)
10:00 AM ET. February NAHB Housing Market Index
Housing Mkt Idx (previous 83)
10:00 AM ET. December Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +1.3%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 410.387M)
Crude Oil Stocks, Net Chg (Bbl) (previous -4.756M)
Gasoline Stocks (Bbl) (previous 248.393M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.644M)
Distillate Stocks (Bbl) (previous 121.814M)
Distillate Stocks, Net Chg (Bbl) (previous -0.93M)
Refinery Usage (previous 88.2%)
Total Prod Supplied (Bbl/day) (previous 21.881M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.471M)
2:00 PM ET. Federal Open Market Committee meeting minutes published
Thursday, February 17, 2022
8:30 AM ET. February Philadelphia Fed Business Outlook Survey
Business Activity (previous 23.2)
Prices Paid (previous 72.5)
Employment (previous 26.1)
New Orders (previous 17.9)
Prices Received (previous 46.4)
Delivery Times (previous 25.2)
Inventories (previous 3.1)
Shipments (previous 20.8)
8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 1.702M)
Housing Starts, M/M% (previous +1.4%)
Building Permits (previous 1.873M)
Building Permits, M/M% (previous +9.1%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 223K)
Jobless Claims, Net Chg (previous -16K)
Continuing Claims (previous 1621000)
Continuing Claims, Net Chg (previous +0K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 589.1K)
Soybeans (Metric Tons) (previous 2490.8K)
Wheat (Metric Tons) (previous 133.2K)
9:45 AM ET. Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2101B)
Working Gas In Storage, Net Chg (Cbf) (previous -222B)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, February 18, 2022
10:00 AM ET. January Existing Home Sales
Existing Sales (previous 6.18M)
Existing Sales, M/M% (previous -4.6%)
Unsold Homes Month's Supply (previous 1.8)
Median Price (USD) (previous 358000)
Median Home Price, Y/Y% (previous +15.8%)
10:00 AM ET. January Leading Indicators
Leading Index, M/M% (previous +0.8%)
Leading Index (previous 120.8)
Coincident Index, M/M% (previous +0.2%)
Lagging Index, M/M% (previous +0.1%)
10:00 AM ET. 4th Quarter Advance Quarterly Services
10:00 AM ET. 4th Quarter Quarterly Retail E-Commerce Sales
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower for the third-day in a row on Monday as it extends the decline off last-Wednesday's high.Today's mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the aforementioned decline, the January 28th low crossing at 33,807.51 is the next downside target. Closes above the 50-day moving average crossing at 35,530.78 would signal that a short-term low has been posted. First resistance is the 75% retracement level of January's decline crossing at 35,997.12. Second resistance is the 87% retracement level of January's decline crossing at 36,454.25. First support is today's low crossing at 34,304.28. Second support is the January 28th low crossing at 33,807.51.
The March NASDAQ 100 closed slightly higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. If March extends the decline off last-Wednesday's high, the January 28th low crossing at 13,831.00 is the next downside target. Closes above the 10-day moving average crossing at 14,632.27 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 15,260.00. Second resistance is the 50-day moving average crossing at 15,475.32. First support is today's low crossing at 14,031.00. Second support is January's low crossing at 13,706.00.
The March S&P 500 closed lower for the third-day in a row on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Wednesday's high, the January 27th low crossing at 4263.25 is the next downside target. If March renews the rally off January's low, the 50-day moving average crossing at 4596.33 is the next upside target. First resistance is the 50-day moving average crossing at 4596.33. Second resistance is the January 12th high crossing at 4738.50. First support is today's low crossing at 4354.00. Second support is the January 27th low crossing at 4263.25.
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March T-bonds closed down 28/32's at 151-25.
March T-bonds closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 154-09 would signal that a short-term low has been posted while opening the door for additional short covering gains. 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. First resistance is the January 13th high crossing at 156-28. Second resistance is the 50-day moving average crossing at 157-16. First support is last-Friday's lowcrossing at 150-26. 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 130-pts. at 125.315.
March T-notes closed lower on Monday. 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 oversold but remain neutral to bearish signaling 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 monthly continuation chart crossing at 123.084 is the next downside target. Closes above the 20-day moving average crossing at 127.122 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 127.122. Second resistance is the January 13th high crossing at 128.270. First support is last-Thursday's low crossing at 125.175. Second support is the 75% retracement level of the 2018-2020 rally on the monthly continuation chart crossing at 123.084.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
March crude oil closed higher on Monday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are turning 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 $100.36 is the next upside target. Closes below the 20-day moving average crossing at $88.31 would signal that a short-term top has been posted. First resistance is today's high crossing at $95.82. Second resistance is monthly resistance crossing at $100.36. First support is the 20-day moving average crossing at $88.31. Second support is the January 24th low crossing at $81.90.
March heating oil closed higher on Monday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. 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, monthly resistance crossing at $307.11 is the next upside target. Closes below the 20-day moving average crossing at $274.78 would signal that a short-term top has been posted. First resistance is today's high crossing at $296.66. Second resistance is monthly resistance crossing at $307.11. First support is the 20-day moving average crossing at $274.78. Second support is the February 1st low crossing at $266.26.
March unleaded gas closed higher on Monday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, monthly resistance crossing at $281.81 is the next upside target. Closes below the 20-day moving average crossing at $257.23 would signal that a short-term top has been posted. First resistance is today's high crossing at 278.70. Second resistance is monthly resistance crossing at 281.81. First support is the 20-day moving average crossing at $257.23. Second support is the February 1st low crossing at $251.12.
March Henry natural gas closed higher on Monday as it consolidated some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the January 20th low crossing at 3.629 is the next downside target. Closes above the 10-day moving average crossing at 4.426 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.259. Second resistance is the 10-day moving average crossing at 4.426. First support is the 50-day moving average crossing at 3.935. Second support is the January 20th low crossing at 3.629.
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The March Dollar closed higher on Monday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's nights session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's high, January's high crossing at $97.44 is the next upside target. If March renews the decline off January's high, January's low crossing at $94.61 is the next downside target. First resistance is today's high crossing at $96.43. Second resistance is January's high crossing at $97.44. First support is February's low crossing at $95.15. Second support is January's low crossing at $94.61.
The March Euro closed 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 when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 113.41 signals that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off January's low, the 38% retracement level of the 2021-2022-decline crossing at 114.63 is the next upside target. First resistance is last-Thursday's high crossing at 115.04. Second resistance is the 38% retracement level of the 2021-2022-decline crossing at 114.63. First support is today's low crossing at 112.87. Second support is January's low crossing at 111.31.
The March British Pound closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible. Closes below the 50-day moving average crossing at 1.3456 would signal that a short-term top has been posted. If March resumes the rally off January's low, the January 20th high crossing at 1.3659 is the next upside target. 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 last-Thursday's high crossing at 1.3641. Second resistance is January's high crossing at 1.3745. First support is the 50-day moving average crossing at 1.3456. Second support is January's low crossing at 1.3354.
The March Swiss Franc posted an inside day with a slightly lower close on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March extends the decline off February's high, January's low crossing at 1.0715 is the next upside target. If March renews the rally off January's low, January's high crossing at 1.1015 is the next upside target. First resistance is February's high crossing at 1.0907. Second resistance is January's high crossing at 1.1015. First support is January's low crossing at 1.0715. Second support is the November's low crossing at 1.0712.
The March Canadian Dollar closed slightly higher on Monday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 79.13 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 last-Thursday's high crossing at 79.13. 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 posted an inside day with a lower close on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.087331 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 2015-2016 rally on the monthly continuation chart crossing at 0.084932 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-Thursday's low crossing at 0.086380. Second support is the 75% retracement level of the 2015-2016 rally crossing at 0.084932.
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April gold closed higher for the seventh-day in a row on Monday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, November's high crossing at $1882.50 is the next upside target. Closes below the 50-day moving average crossing at $1811.60 would signal that a short-term top has been posted. First resistance is today's high crossing at $1876.50. Second resistance is November's high crossing at $1882.50. First support is the 50-day moving average crossing at $1811.60. Second support is January's low crossing at $1780.60.
March silver closed higher on Monday as it extends the rally off this month's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, January's high crossing at 24.755 is the next upside target. Closes below the 50-day moving average crossing at 22.901 would signal that a short-term top has been posted. First resistance is today's high crossing at 23.965. Second resistance is January's high crossing at 24.755. First support is January's low crossing at 21.945. Second support is December's low crossing at 21.410.
March copper closed higher on Monday as it consolidated some of the decline off last-Thursday's high.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 441.50 would signal that a short-term top has been posted. If March resumes the rally off December's low, last-October's high crossing at 477.70 is the next upside target. First resistance is last-Thursday's high crossing at 470.85. Second resistance is last-October's high crossing at 477.70. First support is the 50-day moving average crossing at 441.50. Second support is January's low crossing at 428.20.
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March Corn closed up $0.04 3/4-cents at $6.55 3/4.
March corn closed higher on Monday as it posted a new high close for the year. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 75% retracement level of 2021's decline on the weekly continuation chart crossing at $6.81 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.27 1/2 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Thursday's high crossing at $6.62 3/4. Second resistance is the 75% retracement level of 2021's decline on the weekly continuation chart crossing at $6.81 3/4. First support is the 20-day moving average crossing at $6.27 1/2. Second support is the 50-day moving average crossing at $6.08 1/2.
March wheat closed up $0.01 1/2-cents at $7.99 1/4.
March wheat closed higher on Monday following last-Friday's key reversal up as it extended the rally off this month's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, January's high crossing at $8.31 1/2. 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 today's high crossing at $8.13 1/2. Second resistance is January's high crossing at $8.31 1/2. First support is February's low crossing at $7.40. Second support is the January 7th low crossing at $7.35 1/2.
March Kansas City Wheat closed up $0.04 1/4-cents at $8.28 1/2.
March Kansas City wheat closed higher on Monday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, January's high crossing at $8.49 1/4 is the next upside target. Closes below the 10-day moving average crossing at $7.97 1/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $8.44 1/4. Second resistance is January's high crossing at $8.49 1/4. First support is the 10-day moving average crossing at $7.97 1/4. Second support is February's low crossing at $7.53 1/4.
March Minneapolis wheat closed up $0.04 1/2-cents at $9.66.
March Minneapolis wheat closed higher on Monday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at $9.64 1/2 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $9.29 1/2 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $9.64 1/2. Second resistance is the December 27th high crossing at $10.36 3/4. First support is February's low crossing at $8.96 1/2. Second support is January's low crossing at $8.72 1/4.
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March soybeans closed down $0.13-cents at $15.70.
March soybeans closed lower on Monday. Today's mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below today's low crossing at $15.51 1/2 would signal that a short-term top has been posted. If January extends the rally off November's low, resistance on the weekly continuation chart crossing at $16.67 1/2 is the next upside target. First resistance is last-Thursday's high crossing at $16.33. Second resistance is long-term resistance on the weekly continuation chart crossing at $16.67 1/2. First support is today's low crossing at $15.51 1/2. Second support is the 20-day moving average crossing at $14.94 3/4.
March soybean meal closed down $8.20 at $448.40.
March soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below today's low crossing at $445.20 would signal that a short-term top has been posted. If March extends the rally off January's low, the June-2014 high on the monthly continuation chart crossing at $509.40 is the next upside target. First resistance is last-Thursday's high crossing at $477.90. Second resistance is the June-2014 high on the month continuation chart crossing at $509.40. First support is today's low crossing at $445.20. Second support is the 20-day moving average crossing at $424.20.
March soybean oil closed up 9 pts. at 65.81.
March soybean oil closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews 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 last-Wednesday's low crossing at 62.70 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the February 2nd high crossing at 66.92. Second resistance is the 75% retracement level of 2021's decline crossing at 68.07. First support is last-Wednesday's low crossing at 62.70. Second support is the January 24th low crossing at 61.22.
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April hogs closed up $0.10 at $102.33.
April hogs closed higher on Monday as it consolidated some of the decline off last-Thursday's high. The mid-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $97.84 would signal that a short-term top has been posted. If April extends the rally off October's low, monthly resistance on the continuation chart crossing at $110.53 is the next upside target. First resistance is last-Thursday's high crossing at $107.70. Second resistance is monthly resistance on the continuation chart crossing at $110.53. First support is the 10-day moving average crossing at $101.30. Second support is the 20-day moving average crossing at $97.84.
April cattle closed up $0.18 at $146.35
April cattle closed higher on Monday as it consolidates some of last-week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $145.23 would signal that a short-term top has been posted. If April extends the rally off January's low, the 87% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $159.54 is the next upside target. First resistance is last-Thursday's high crossing at $148.70. Second resistance is the 87% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $159.54. First support is last-Tuesday's low crossing at $145.23. Second support is the 20-day moving average crossing at $144.37.
April Feeder cattle closed up $0.80 at $171.50.
April feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the rally off January's low, weekly resistance on the weekly continuation chart crossing at $174.84 is the next upside target. Closes below the 50-day moving average crossing at $169.12 would signal that a short-term top has been posted. First resistance is last-Thursday crossing at $173.97. Second resistance is weekly resistance on the weekly continuation chart crossing at $174.84. First support is the 50-day moving average crossing at $169.12. Second support is January's low crossing at $163.90.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Monday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 237.59 would confirm that a short-term top has been posted. If March extends the rally off January's low, monthly resistance on the continuation chart crossing at 280.94 signal is the next upside target.
March cocoa closed sharply lower on Monday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening 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 aforementioned rally, last October's high crossing at 28.12 is the next upside target. Closes below the 20-day moving average crossing at 26.15 would temper the friendly outlook.
March sugar closed slightly lower on Monday. The low-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 March renews the decline off January's high, January's low crossing at 17.60 is the next downside target. Multiple closes above the 50-day moving average crossing at 18.71 would confirm that a short-term low has been posted.
March cotton closed lower on Monday and below the 20-day moving average crossing at 124.31 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the January 24th low crossing at 119.20 is the next downside target. If March renews the rally off September's low, monthly resistance on the continuation chart crossing at 134.17 is the next upside target.
Thanks tallpine!!