INO Evening Market Comments
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Started by tallpine - Feb. 28, 2022, 4:33 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, March 1, 2022 



8:55 AM ET. Johnson Redbook Retail Sales Index

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

                       Ret Sales Mo-to-Date, Y/Y% (previous +14.4%)

                       Latest Wk, Y/Y% (previous +14.5%)

9:45 AM ET. February US Manufacturing PMI

                       PMI, Mfg (expected 57.6; previous 55.5)

10:00 AM ET. February ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (expected 58.0; previous 57.6)

                       Prices Idx (previous 76.1)

                       Employment Idx (previous 54.5)

                       Inventories (previous 53.2)

                       New Orders Idx (previous 57.9)

                       Production Idx (previous 57.8)

10:00 AM ET. January Construction Spending - Construction Put in Place

                       New Construction (expected +0.0%; previous +0.2%)

                       Residential Construction

11:00 AM ET. February Global Manufacturing PMI

                       PMI, Mfg (previous 53.2)



4:00 PM ET. February Domestic Auto Industry Sales

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +6.0M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +0.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous -1.0M)

9:00 PM ET. U.S. President Joe Biden delivers first State of the Union address



Wednesday, March 2, 2022 



7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 466.4)

                       Composite Idx, W/W% (previous -13.1%)

                       Purchase Idx-SA (previous 250.7)

                       Purchase Idx-SA, W/W% (previous -10.1%)

                       Refinance Idx (previous 1677.7)

                       Refinance Idx, W/W% (previous -15.6%)

8:15 AM ET. February ADP National Employment Report

                       Private Sector Jobs, Net Chg (expected +400000; previous -301000)



10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 416.022M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +4.514M)

                       Gasoline Stocks (Bbl) (previous 246.479M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.582M)

                       Distillate Stocks (Bbl) (previous 119.678M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.584M)

                       Refinery Usage (previous 87.4%)

                       Total Prod Supplied (Bbl/day) (previous 21.483M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.258M)

                       

2:00 PM ET. U.S. Federal Reserve Beige Book



  N/A              Texas Independence Day



Thursday, March 3, 2022 



7:30 AM ET. February Challenger Job-Cut Report

                       Job Cuts, M/M% (previous +0.63%)

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

                       Jobless Claims (expected 227K; previous 232K)

                       Jobless Claims, Net Chg (previous -17K)

                       Continuing Claims (previous 1476000)

                       Continuing Claims, Net Chg (previous -112K)

8:30 AM ET. 4th Quarter Revised Productivity & Costs

                       Non-Farm Productivity (expected +6.7%; previous -5.2%

                       Unit Labor Costs (expected +0.3%; previous +9.6%)

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

                       Corn (Metric Tons) (previous 1158.4K)

                       Soybeans (Metric Tons) (previous 2099K)

                       Wheat (Metric Tons) (previous 686.1K)

9:45 AM ET. February US Services PMI

                       PMI, Services (expected 56.7; previous 51.2)

10:00 AM ET. February ISM Report On Business Services PMI

                       Services PMI (expected 60.7; previous 59.9)

                       Business Activity Idx (previous 59.9)

                       Prices Idx (previous 82.3)

                       Employment Idx (previous 52.3)

                       New Orders Idx (previous 61.7)



10:00 AM ET. January Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (expected +0.6%; previous -0.4%)

                       Orders, Ex-Defense, M/M% (previous +0.1%)

                       Orders, Ex-Transport, M/M% (previous +0.1%)

                       Durable Goods, M/M%

                       Durable Goods, M/M%

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

                       Working Gas In Storage (Cbf) (previous 1782B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -129B)

                       

11:00 AM ET. February Global Services PMI

                       PMI, Services (previous 51.3)

12:00 PM ET. February 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, March 4, 2022 



8:30 AM ET. February U.S. Employment Report

                       Non-Farm Payrolls (expected +415K; previous +467K)

                       Unemployment Rate (expected 3.9%; previous 4%)

                       Avg Hourly Earnings (USD) (previous 31.63)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.23)

                       Avg Hourly Earnings, M/M% (expected +0.5%; previous +0.73%)

                       Avg Hourly Earnings, Y/Y% (expected +5.8%; previous +5.68%)

                       Overall Workweek (previous 34.5)

                       Overall Workweek Net Chg (previous -0.2)

                       Government Payrolls (previous +23K)

                       Private Payroll (previous +444K)

                       Participation Rate (previous 62.2%)

                       Non-Farm Payrolls Bench Net Chg



Monday, March 7, 2022  



10:00 AM ET. February Employment Trends Index

                       ETI (previous 117.62)

                       ETI, Y/Y%

3:00 PM ET. January Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +18.9B)



Tuesday, March 8, 2022 



N/A 2nd Quarter Manpower U.S. Employment Outlook Survey



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

                       Small Business Idx (previous 97.1)



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

                       Trade Balance (USD) (previous -80.7B)

                       Exports (USD) (previous 228.1B)

                       Exports, M/M% (previous +1.5%)

                       Imports (USD) (previous 308.9B)

                       Imports, M/M% (previous +1.6%)

8:55 AM ET. Johnson Redbook Retail Sales Index

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

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

                       Latest Wk, Y/Y%

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

                       Economic Optimism Idx (previous 44.0)

                       6-Mo Economic Outlook (previous 38.9)

10:00 AM ET. January Monthly Wholesale Trade

                       Inventories, M/M% (previous +2.2%)



4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)



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



The Dow posted an inside day with a lower close on Monday and energy prices soared after an escalation of sanctions against Russia due to the ongoing conflict in Ukraine adding further uncertainty over the outlook for global financial markets. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 34,041.39 would signal that a short-term low has been posted. If the Dow renews the decline off February's high, the March-2021 low crossing at 30,547.53 is the next downside target. First resistance is the 10-day moving average crossing at 34,041.39. Second resistance is the 20-day moving average crossing at 34,653.54. First support is the 25% retracement level of the 2020-2022-rally crossing at 32,264.22. Second support is the March-2021 low crossing at 30,547.53.



The March NASDAQ 100 closed higher on Monday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Closes above the 20-day moving average crossing at 14,430.67 would signal that a short-term low has been posted. If March resumes the decline off February's high, the 87% retracement level of the 2021 rally crossing at 12,847.13 is the next downside target. First resistance is the 20-day moving average crossing at 14,431.15. Second resistance is the February 9th high crossing at 15,068.00. First support is last-Thursday's low crossing at 13,025.75. Second support is the 87% retracement level of the 2021 rally crossing at 12,847.13. 



The March S&P 500 closed slightly lower on Monday as it consolidates some of the rally off last-Thursday'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. Closes above the 20-day moving average crossing at 4430.54 would confirm that a short-term low has been posted. If March renews the decline off February's high, the 62% retracement level of the 2020-2022 rally crossing at 4055.79 is the next downside target. First resistance is the 20-day moving average crossing at 4430.54. Second resistance is the February 9th high crossing at 4484.50. First support is last-Thursday's low crossing at 4101.75. Second support is the 62% retracement level of the 2020-2022 rally crossing at 4055.79. 



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June T-bonds closed up 3-02/32's at 157-01. 



June T-bonds closed sharply 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 June extends the rally off February's low, the 50-day moving average crossing at 157-18 is the next upside target.If June 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 50-day moving average crossing at 157-18. Second resistance is February's high crossing at 158-15. First support is February's low crossing at 151-29. Second support is the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 150-06.



June T-notes closed up 1080-pts. at 127.160.



June T-notes closed sharply 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 sideways to higher prices are possible near-term. If June extends the rally off February's low, the 50-day moving average crossing at 128.020 is the next upside target. If June renews 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. First resistance is the 50-day moving average crossing at 128.020. Second resistance is February's high crossing at 128.085. First support is last-Friday's low crossing at 125.290. Second support is the February 10th low crossing at 125.145.  



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



April crude oil closed higher on Mondayafter more sanctions were implemented to isolate Russia, while the U.S. and its allies consider releasing about 60 million barrels of crude from emergency stockpiles to quell supply fears.The low-range close sets the stage for a steady to modestly higher opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are still possible. If April extends the rally off December's low, the May-2011 high on the monthly continuation chart crossing at $114.83 is the next upside target. Closes below the February 18th low crossing at $87.46 are needed to signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $100.54. Second resistance is the May-2011 high on the monthly continuation chart crossing at $114.83. First support is the February 18th low crossing at $87.46. Second support is the January 24th low crossing at $81.06.   



April heating oil closed higher on Monday as it posted a new high close for the year. The mid-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off December's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $326.43 is the next upside target. Closes below the February 18th low crossing at $267.28 would signal that a short-term top has been posted. First resistance is psychological resistance crossing at $300.00. Second resistance is the June-2014 high on the monthly continuation chart crossing at $307.11. First support is the February 18th low crossing at $267.28. Second support is the February 1st low crossing at $259.23.  



April unleaded gas close higher on Monday erasing all of last-Friday's losses. The low-range close sets the stage for a steady to slightly higher opening when Tuesday'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 $280.67 would signal that a short-term top has been posted. If April renews the rally off December's low, the 87% retracement level of the 2008-2020-decline crossing at $320.88 is the next upside target. First resistance is last-Thursday's high crossing at 307.01. Second resistance is the 87% retracement level of the 2008-2020-decline crossing at $320.88. First support is the 20-day moving average crossing at $280.67. Second support is the February 1st low crossing at $261.88.    



April Henry natural gas closed lower on Monday as it consolidated some of the rally off February's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 20-day moving average crossing at 4.407 would signal that a short-term top has been posted. If April extends the rally, February's high crossing at 5.053 is the next upside target. First resistance is February's high crossing at 5.053. Second resistance is the 50% retracement level of the 2005-2020-decline crossing at 8.606.First support is the 20-day moving average crossing at 4.407. Second support is the 50-day moving average crossing at 4.018.    



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



The March Dollar closed slightly higher on Monday. The low-range close sets the stage for a steady to slightly higher opening when Tuesday's nights session begins trading. Stochastics and the RSI are diverging and turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $95.97 would signal that a short-term top has likely been posted. If March extends the rally off February's high, the 62% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $98.31 is the next upside target. First resistance is last-Thursday's high crossing at $97.74. Second resistance is the 62% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $98.31. First support is the February 21st low crossing at $95.65. Second support is February's low crossing at $95.15.  



The March Euro close lower on Monday as it consolidated some of last-Thursday's loss. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 113.47 would signal that a short-term low has been posted. If March extends the decline off February's high, the 87% retracement level of the 2020-2021-rally crossing at $108.26 is the next downside target. First resistance is the February 16th high crossing at 114.02. Second resistance is February's high crossing at 115.04. First support is last-Thursday's low crossing at 111.11. Second support is the 87% retracement level of the 2020-2021-rally crossing at $108.26.



The March British Pound closed slightly higher on Tuesday as it consolidated some of last-Thursday's sharp 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. If March extends last-Thursday's decline, the 87% retracement level of the December-January rally crossing at 1.3241 is the next downside target. Closes above the 20-day moving average crossing at 1.3529 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3529. Second resistance is the February 10th high crossing at 1.3641. First support is the 87% retracement level of the December-January rally crossing at 1.3241. Second support is December's low crossing at 1.3166. 

 

The March Swiss Franc closed sharply higher on Monday and above the 50-day moving average crossing at 1.0880 signaling that a short-term low has been posted. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at 1.0935 would renew the rally off January's low while opening the door for additional gains near-term. If March renews last-Thursday's decline, January's low crossing at 1.0715 is the next downside target. First resistance is last-Tuesday's high crossing at 1.0935. Second resistance is January's high crossing at 1.1015. First support is February's low crossing at 1.0764. Second support is the January's low crossing at 1.0715.  



The March Canadian Dollar closed higher on Monday. 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 the reaction high crossing at 79.13 would confirm that a short-term low has been posted. If March renews the decline off January's high, December's low crossing at 71.13 is the next downside target. First resistance is the reaction high crossing at 79.13. Second resistance is January's high crossing at 80.32. First support is last-Thursday's low crossing at 77.64. Second support is December's low crossing at 77.13.



The March Japanese Yen closed higher on Monday leaving last-Thursday's key reversal down unconfirmed at this time. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.087078 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 the 50-day moving average crossing at 0.087078. Second resistance is January's high crossing at 0.088170. First support is February's low crossing at 0.086380. Second support is the 75% retracement level of the 2015-2016 rally crossing at 0.084932.  



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



April gold closed higher on Monday as turmoil and uncertainty over Russia's invasion of Ukraine. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1856.30 would signal that a short-term top has been posted. If April extends the rally off January's low, the November-2020 high crossing at $1985.10 is the next upside target. First resistance is last-Thursday's high crossing at $1976.50. Second resistance is the November-2020 high crossing at $1985.10. First support is the 10-day moving average crossing at $1894.00. Second support is the 20-day moving average crossing at $1856.30.  



May silver closed higher on Monday as it consolidated some of some of last-Friday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 23.529 would signal that a short-term top has been posted. If May renews the rally off February's low, the 50% retracement level of the 2020-2021 decline crossing at 25.904 is the next upside target. First resistance is last-Thursday's high crossing at 25.705. Second resistance is the 50% retracement level of the 2020-2021 decline crossing at 25.904. First support is the 10-day moving average crossing at 24.109. Second support is the 20-day moving average crossing at 23.529.       



May copper 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. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 445.10 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 474.15 is the next upside target. First resistance is February's high crossing at 469.95. Second resistance is last-October's high crossing at 474.15. First support is the 50-day moving average crossing at 445.10. Second support is January's low crossing at 428.80.



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



May Corn closed up $0.35-cents at $6.90 3/4. 



May corn closed limit up on Monday as it turmoil and uncertainty over Russia's invasion of Ukraine have raised market volatility to heightened levels. 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 poised to turn neutral to bullish with additional strength on Tuesday that would signal that sideways to higher prices are possible near-term. If May resumes the rally off January's low, the 2021 high on the weekly continuation chart crossing at $7.43 1/4 is the next upside target. If May extends last-Friday's sharp decline, the 20-day moving average crossing at $6.47 3/4 is the next downside target. Closes below the 20-day moving average crossing at $6.47 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-Thursday's high crossing at $7.16 1/4. Second resistance is the 2021 high on the weekly continuation chart crossing at $7.43 1/4. First support is the 20-day moving average crossing at $6.47 3/4. Second support is the 50-day moving average crossing at $6.22 1/2.     



May wheat closed up $0.74 3/4-cents at $9.34 1/2.  



May wheat closed sharply higher on Monday as it erased almost all of last-Friday's decline due to heightened concerns over Russian wheat exports and increased economic sanctions due to their invasion of Ukraine. 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 and are turning neutral signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 62% retracement level of the 2008-2016-decline on the monthly continuation chart crossing at $9.72 1/4 is the next upside target. Closes below the 20-day moving average crossing at $8.10 3/4 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $9.51 1/4. Second resistance is the 62% retracement level of the 2008-2016-decline on the monthly continuation chart crossing at $9.72 1/4. First support is the 10-day moving average crossing at $8.45 1/4. Second support is the 20-day moving averagecrossing at $8.10 3/4.



May Kansas City Wheat closed up $0.62-cents at $9.53.

 

May Kansas City wheat closed sharply higher on Monday as it erased a large portion of last-Friday's sharp decline. 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 and are turning neutral signaling that sideways trading is possible near-term. If May extends the rally off February's low, the 62% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $10.01 1/4 is the next upside target. Closes below the 20-day moving average crossing at $8.34 1/2 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $9.81. Second resistance is the 62% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $10.01 1/4. First support is the 10-day moving average crossing at $8.73 1/2. Second support is the 20-day moving average crossing at $8.34 1/2.



May Minneapolis wheat closed up $0.33 3/4-cents at $9.94.



May Minneapolis wheat closed higher on Monday as it consolidated some of last-Friday's decline. 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 neutral to bearish signaling that sideways to lower prices are is possible near-term. Closes below the 20-day moving average crossing at $9.48 3/4 would signal that a short-term top has been posted. If May renews the rally off January's low, monthly resistance crossing at $11.20 is the next upside target. First resistance is last-Thursday's high crossing at $10.62 3/4. Second resistance is monthly resistance crossing at $11.20. First support is the 50-day moving average crossing at $9.52 1/4. Second support is the 20-day moving average crossing at $9.48 3/4. 

       

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



May soybeans closed up $0.52 1/4-cents at $16.36 3/4.



May soybeans closed sharply 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $15.85 would signal that a short-term top has been posted. If May resumes the rally off November's low, the 2012 high on the monthly continuation chart crossing at $17.89 is the next upside target.First resistance is last-Thursday's high crossing at $17.59 1/4. Second resistance is the 2012 high on the monthly continuation chart crossing at $17.89. First support is the 20-day moving average crossing at $15.85. Second support is the February 15th low crossing at $15.46 1/4.  



May soybean meal closed up $3.60 at $446.30. 



May soybean meal posted an inside day with a higher close 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the February 16th low crossing at $435.80 would signal that a short-term top has been posted. If May renews the rally off last-October's low, the June-2014 high on the month continuation chart crossing at $509.40 is the next upside target. First resistance is last-Thursday's high crossing at $487.00. Second resistance is the June-2014 high on the month continuation chart crossing at $509.40. First support is the February 16th low crossing at $435.80. Second support is the 50-day moving average crossing at $418.40.        



May soybean oil closed up 359 pts. at 72.52. 



May soybean oil closed sharply higher on Monday as it posted the highest close of 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 are turning neutral signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 66.90 would signal 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 74.58. Second resistance is unknown. First support is the 20-day moving average crossing at 66.90. Second support is the February 9th low crossing at 62.81. 

 

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



April hogs closed down $0.50 at $103.17. 



April hogs closed lower for the fourth-day in a row on Monday and below the 20-day moving average crossing at $103.39 signaling that a short-term top has been posted. The low-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. If April extends the aforementioned decline, the February 14th low crossing at 101.00 is the next downside target. If April renews the rally off October's low, monthly resistance on the continuation chart crossing at $121.70 is the next upside target. First resistance is last-Wednesday's high crossing at $112.85. Second resistance is monthly resistance on the continuation chart crossing at $121.70. First support is the February 14th low crossing at $101.00. Second support is the February 4th low crossing at $97.90. 



April cattle closed down $0.43 at $141.50 



April cattle closed lower for the fourth-day in a row on Monday as it extends the decline off February's high. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, January's low crossing at $139.03 is the next downside target. Closes above the 20-day moving average crossing at $145.66 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $143.62. Second resistance is  the 20-day moving average crossing at $145.66. First support is today's low crossing at $140.25. Second support is January's low crossing at $139.03. 



April Feeder cattle closed down $2.67 at $162.07. 



April feeder cattle closed sharply lower on Monday due to strength in corn and wheat as it extends the decline off February'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, November's low crossing at $156.15 is the next downside target. Closes above the 20-day moving average crossing at $169.80 would signal that a short-term low has been posted. First resistance is last-Friday's gap crossing at $167.72. Second resistance is the 20-day moving average crossing at $169.80. First support is today's low crossing at $159.90. Second support is November's low crossing at $156.15.  



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



May coffee gapped below the 50-day moving average crossing at 238.54 as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned decline, the January 24th low crossing at 230.75 is the next downside target. Closes above the 20-day moving average crossing at 245.50 would signal that a short-term low has been posted.            



May cocoa gapped down and closed sharply lower on Monday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the January 27th low crossing at 24.95 is the next downside target. Closes above the 20-day moving average crossing at 26.83 would signal that a short-term low has been posted.   



May sugar posted an inside day with a higher close on Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off January's high, January's low crossing at 17.39 is the next downside target. Closes above the 50-day moving average crossing at 18.13 would confirm that a short-term low has been posted.          



May cotton posted an inside day with a higher close 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 on Tuesday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 116.61 would open the door for a larger-degree decline into early-March. Closes above the 20-day moving average crossing at 121.79 would signal that a short-term low has been posted. 

Comments
By metmike - Feb. 28, 2022, 5:50 p.m.
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Thanks tallpine!

Another crazy day. It's all about the news from Ukraine!

https://www.marketforum.com/forum/topic/82202/#82244