INO Evening Market Comments
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Started by tallpine - March 2, 2022, 4:39 p.m.

KEY EVENTS TO WATCH FOR:



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 closed sharply higher on Wednesday as it erased all of Tuesday's losses. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at 34,095.74 would confirm that a short-term low has been posted. Additional weakness could lead to a retest of the 25% retracement level of the 2020-2022-rally crossing at 32,264.22 is possible. 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 last-Friday's high crossing at 34,095.74. Second resistance is the 20-day moving average crossing at 34,508.78. 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 Wednesday and is poised to extend the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Closes above the 20-day moving average crossing at 14,359.91 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 14,359.91. 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 sharply higher on Wednesday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 4415.48 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 4415.48. 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.



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



June T-bonds closed down 3-05/32's at 156-00. 



June T-bonds closed sharply lower on Wednesday as it consolidates 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 overbought and are poised to turn neutral to bearish with additional weakness that would signal that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 154-27 would signal that a short-term top has been posted. If June extends the rally off February's low, the 62% retracement level of the December-February decline crossing at 160-17 is the next upside target. First resistance is the 62% retracement level of the December-February decline crossing at 160-17. Second resistance is the 75% retracement level of the December-February decline crossing at 162-12. First support is 20-day moving average crossing at 154-27. Second support is February's low crossing at 151-29.



June T-notes closed down 1180-pts. at 127.055.



June T-notes closed sharply lower on Wednesday as it consolidates 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 neutral to bullish signaling sideways to higher prices are possible near-term. If June extends the rally off February's low, the 62% retracement level of the December-February decline crossing at 129.043 is the next upside target. Closes below the 20-day moving average crossing at 126.210 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the December-February decline crossing at 129.043. Second resistance is the 75% retracement level of the December-February decline crossing at 129.296. First support is the 20-day moving average crossing at 126.210. 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 sharply higher on Wednesday as it extends the rally off December's low.The high-range close sets the stage for a steady to higher opening when Thursday'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 last-Friday's low crossing at $90.06 would signal that a short-term top has been posted. First resistance is today's high crossing at $112.51. Second resistance is the May-2011 high on the monthly continuation chart crossing at $114.83. First support is the 10-day moving average crossing at $95.16. Second support is the 20-day moving average crossing at $92.35.   



April heating oil closed sharply higher on Wednesday as it posted another new high close for the year. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off December's low, the 87% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $369.37 is the next upside target. Closes below the 20-day moving average crossing at $283.39 would signal that a short-term top has been posted. First resistance is today's high crossing at $360.72. Second resistance is the 87% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $369.37. First support is the 20-day moving average crossing at $283.39. Second support is the February 18th low crossing at $267.28.   



April unleaded gas close sharply higher on Wednesday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off December's low, the April-2011 high on the monthly continuation chart crossing at $347.62 is the next upside target. Closes below the 20-day moving average crossing at $286.13 would signal that a short-term top has been posted. First resistance is today's high crossing at 335.55. Second resistance is the April-2011 high on the monthly continuation chart crossing at $347.62. First support is the 20-day moving average crossing at $286.13. Second support is the February 18th low crossing at $273.16.    



April Henry natural gas closed higher on Wednesday as it extends the rally off Tuesday's low. The high-range close sets the stage for a steady to higher 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. If April renews the rally, February's high crossing at 5.053 is the next upside target. Closes below Tuesday's low crossing at 4.340 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 4.938. Second resistance is February's high crossing at 5.053. First support is Tuesday's low crossing at 4.340. Second support is the 50-day moving average crossing at 4.065.    



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



The March Dollar closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's nights session begins trading. 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 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. Closes below the 50-day moving average crossing at $96.01 would signal that a short-term top has likely been posted. First resistance is today's high crossing at $97.85. 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 closed slightly lower on Wednesday as it extended the decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, last-March's low crossing at $108.22 is the next downside target. Closes above the 20-day moving average crossing at 113.35 would signal that a short-term low has been posted. First resistance is the February 16th high crossing at 114.02. Second resistance is February's high crossing at 115.04. First support is today's low crossing at 110.60. Second support is last-March's low crossing at $108.22.



The March British Pound closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If March extends the decline off January's high, 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 1.3515 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3515. 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 lower on Wednesday. The mid-range close sets the stage for a steady to  lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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 Wednesday as it extends the January-March trading range. The high-range close sets the stage for a steady to higher opening when Thursday'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 mark an upside breakout of the January-March trading range while signaling 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 lower on Wednesday. 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 poised to turn neutral to bearish with additional weakness that would signal that sideways to lower prices are possible near-term. 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. Closes above last-Thursday's high crossing at 0.087425 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 0.087425. 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 lower on Wednesday. The mid-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 bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, the November-2020 high crossing at $1985.10 is the next upside target. Closes below the 20-day moving average crossing at $1869.70 would signal that a short-term top has been posted. 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 last-Thursday's low crossing at $1878.60. Second support is the 20-day moving average crossing at $1869.70.  



May silver posted an inside day with a lower close on Wednesday as it consolidates some of the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 May extends the rally off February's low, the 50% retracement level of the 2020-2021 decline crossing at 25.904 is the next upside target. Closes below the 20-day moving average crossing at 23.816 would signal that a short-term top has been posted. 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 last-Thursday's low crossing at 23.920. Second support is the 20-day moving average crossing at 23.816.       



May copper closed higher on Wednesday as it extended the rally off December's low.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, last-October's high crossing at 474.15 is the next upside target. Closes below the 50-day moving average crossing at 446.42 would signal that a short-term top has been posted. First resistance is today's high crossing at 470.50. Second resistance is last-October's high crossing at 474.15. First support is the 50-day moving average crossing at 446.42. Second support is January's low crossing at 428.80.



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



May Corn closed down $0.00 3/4-cents at $7.25. 



May corn closed fractionally lower on Wednesday as it consolidated some of this week's rally. Profit taking ahead of the close tempered early-session losses and the mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above key resistance marked by the 2021 high on the weekly continuation chart crossing at $7.43 1/4 would open the door for a possible test of monthly resistance crossing at $7.72 1/4. Closes below last-Friday's low crossing at $6.55 1/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $7.47 3/4. Second resistance is monthly resistance crossing at $7.72 1/4. First support is the 10-day moving average crossing at $6.79. Second support is last-Friday's low crossing at $6.55 1/4.     



May wheat closed up $0.75-cents at $10.59.  



May wheat closed limit up on Wednesday and posted a new contract high as it extends the rally off January's low. The limit up close sets the stage for a steady to higher opening when Thursday'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 May extends the rally off February's low, the 75% retracement level of the 2008-2016-decline crossing at $10.97 1/4 is the next upside target. Closes below the 20-day moving average crossing at $8.35 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $10.59. Second resistance is the 75% retracement level of the 2008-2016-decline crossing at $10.97 1/4. First support is the 10-day moving average crossing at $8.90 1/4. Second support is the 20-day moving average crossing at $8.35 3/4.



May Kansas City Wheat closed up $0.75-cents at $10.78.

 

May Kansas City wheat closed limit up on Wednesday as it posted a new contract high. The high-range close sets the stage for a steady to higher opening when Thursday'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 May extends the rally off February's low, the 87% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $11.53 1/2 is the next upside target. Closes below the 20-day moving average crossing at $8.60 would signal that a short-term top has been posted. First resistance is today's high crossing at $10.78. Second resistance is the 87% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $11.53 1/2. First support is the 10-day moving average crossing at $9.17 1/2. Second support is the 20-day moving average crossing at $8.60.



May Minneapolis wheat closed up $0.04 1/2-cents at $10.58 1/4.



May Minneapolis wheat closed higher on Wednesday as it extends the rally off January's low. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are is possible near-term. If May extends the rally off January's low, monthly resistance crossing at $11.20 is the next upside target. Closes below the 20-day moving average crossing at $9.63 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $11.13 3/4. Second resistance is monthly resistance crossing at $11.20. First support is the 50-day moving average crossing at $9.54. Second support is the February 11th low crossing at $9.27 1/4. 

       

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



May soybeans closed up $0.27-cents at $16.63.



May soybeans posted an inside day with a lower close on Wednesday as it consolidated some of the rally off last-Friday'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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $16.01 1/4 would signal that a short-term top has been posted.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 $16.01 1/4. Second support is the February 15th low crossing at $15.46 1/4.  



May soybean meal closed down $5.10 at $449.20. 



May soybean meal closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 $421.60.        



May soybean oil closed down 39 pts. at 75.82. 



May soybean oil closed lower on Wednesday as it consolidated some of its recent gains. The mid-range close sets the stage for a steady to lower opening when Thursday'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 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 67.97 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 77.02. Second resistance is unknown. First support is the 20-day moving average crossing at 67.97. Second support is the February 9th low crossing at 62.81. 

 

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



April hogs closed up $0.18 at $106.37. 



April hogs closed higher on Wednesday as it rebounds off support marked by the 20-day moving average crossing at $104.37. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off October's low, monthly resistance on the continuation chart crossing at $121.70 is the next upside target. If April renews the decline off February's high, the February 14th low crossing at 101.00 is the next downside target. First resistance is February'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 $0.33 at $140.20 



April cattle closed lower for the sixth-day in a row on Wednesday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Thursday. 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 $145.20 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $143.60. Second resistance is the 20-day moving average crossing at $145.20. First support is today's low crossing at $139.75. Second support is January's low crossing at $139.03. 



April Feeder cattle closed up $3.70 at $163.50. 



April feeder cattle closed sharply higher on Wednesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 decline off February's high, November's low crossing at $156.15 is the next downside target. Closes above the 20-day moving average crossing at $169.08 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 $169.08. First support is Tuesday's low crossing at $159.15. Second support is November's low crossing at $156.15.  



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



May coffee closed lower on Wednesday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Thursday. 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, January's low crossing at 220.70 is the next downside target. Closes above the 20-day moving average crossing at 245.12 would signal that a short-term low has been posted.            



May cocoa closed slightly higher on Wednesday as it consolidated some of the decline off February's high. The mid-range close sets the stage for a steady to slightly higher opening on Thursday. 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, January's low crossing at 24.54 is the next downside target. Closes above the 20-day moving average crossing at 26.74 would signal that a short-term low has been posted.   



May sugar closed higher on Wednesday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, January's high crossing at 18.98 is the next upside target. If May renews the decline off January's high, January's low crossing at 17.39 is the next downside target.           



May cotton closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends Tuesday's rally, last-Thursday's high crossing at 125.13 is the next upside target. Closes below the 50-day moving average crossing at 117.17 would open the door for a larger-degree decline into early-March. 

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By metmike - March 2, 2022, 6:25 p.m.
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Thanks extremely much tallpine!

Sorry for the problems  that we had causing us to be temporary offline which were completely beyond my control as you read from the email.

metmike