INO Evening Market Comments
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Started by tallpine - March 10, 2022, 4:33 p.m.

KEY EVENTS TO WATCH FOR:



Friday, March 11, 2022  



10:00 AM ET. 4th Quarter Quarterly Services



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



                       Mid-Mo Sentiment (expected 62.0; previous 61.7)

                       Mid-Mo Expectations (previous 57.4)

                       Mid-Mo Current Idx (previous 68.5)



Monday, March 14, 2022  



10:00 AM ET. January State Employment and Unemployment


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



The Dow closed lower on Thursday after the latest economic data showed a 40-year high CPI high of 7.9% for February over last year. Additional pressure came from news that talks between Russia and Ukraine's foreign ministers failed to make progress on negotiating a ceasefire. The high-range close sets the stage for a steady to lower opening when Friday'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 33,860.80 would signal that a short-term low has been posted while opening the door for additional short-covering gains. If the Down renews decline off February's high, a retest of the 25% retracement level of the 2020-2022-rally crossing at 32,264.22 is possible. First resistance is last-Thursday's high crossing at 34,179.07. Second resistance is the 50-day moving average crossing at 34,863.14. 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 June NASDAQ 100 posted an inside day with a lower close on Thursday as it consolidates some of Wednesday's rally. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. If June resumes the decline off February's high, the March-2021 low crossing at 12,727.50 is the next downside target. Closes above last-Thursday's high crossing at 14,389.00 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 14,389.00. Second resistance is the 50-day moving average crossing at 14,742.94. First support is February's low crossing at 13,031.00. Second support is the March-2021 low crossing at 12,727.50. 



The June S&P 500 posted an inside day with a lower close on Thursday as it consolidated some of Wednesday's rally. The high-range close sets the stage for a steady to slightly lower opening when Friday'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-Thursday's high crossing at 4410.50 would confirm that a short-term low has been posted. If March renews the decline off February's high, the 75% retracement level of the 2020-2022 rally crossing at 4018.92 is the next downside target. First resistance is last-Thursday's high crossing at 4410.50. Second resistance is the February 16th high crossing at 4476.50. First support is February's low crossing at 4094.25. Second support is the 75% retracement level of the 2020-2022 rally crossing at 4018.92.



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June T-bonds closed down 18/32's at 155-04. 



June T-bonds closed lower on Thursday as it extended the decline off Monday's high. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off Monday's high, the February 25th low crossing at 153-10 is the next downside target. Closes above the 10-day moving average crossing at 156-31 would signal that a short-term low has been posted. 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 the February 25th low crossing at 153-10. Second support is February's low crossing at 151-29.



June T-notes closed down 135-pts. at 126.040.



June T-notes closed lower on Thursday as it extends the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are bearish signaling sideways to lower prices are possible near-term. If June extends this week's decline, February's low crossing at 125.145 is the next downside target. Closes above the 50-day moving average crossing at 127.180 would temper the near-term bearish outlook. 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 February 25th 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 ""



May crude oil closed lower on Thursday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are still possible. Closes below the 20-day moving average crossing at $97.33 would signal that a short-term top has been posted. If May renews the rally off December's low, the 2008 high on the monthly continuation chart crossing at $147.27 is the next upside target. First resistance is Monday's high crossing at $126.41. Second resistance is the 2008 high on the monthly continuation chart crossing at $147.27. First support is the 20-day moving average crossing at $97.32. Second support is the 50-day moving average crossing at $87.92.   



May heating oil closed lower on Thursday as it extends the decline off Wednesday's high. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at $3.3229 signals that a short-term top has been posted. If May extends the aforementioned decline, the 20-day moving average crossing at $3.0230 is the next downside target. If May renews the rally off December's low into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at $4.3138. Second resistance is unknown. First support is the 20-day moving average crossing at $3.0230. Second support is the 50-day moving average crossing at $2.7069.    



May unleaded gas closed lower on Thursday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $3.0272 would signal that a short-term top has been posted. If May renews the rally off December's low, the 2008 high on the monthly continuation chart crossing at $4.1140 is the next upside target. First resistance is Monday's high crossing at 3.8075. Second resistance is the 2008 high on the monthly continuation chart crossing at $4.1140. First support is the 20-day moving average crossing at $3.0272. Second support is the 50-day moving average crossing at $2.7359.     



May Henry natural gas closed higher on Thursday as it consolidates some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Friday'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 last-Tuesday's low crossing at 4.361 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. Closes above Monday's high crossing at 5.199 are needed to renew this year's rally while opening the door for additional gains near-term. First resistance is Monday's high crossing at 5.199. Second resistance is the February-2014 high on the monthly continuation chart crossing at 6.493. First support is last-Tuesday's low crossing at 4.361. Second support is the 50-day moving average crossing at 4.217.    



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



The June Dollar closed higher on Thursday as it consolidates some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening when Friday's nights session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $97.01 would signal that a short-term top has been posted. If June extends the rally off February's high, the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26 is the next upside target. First resistance is Monday's high crossing at $99.46. Second resistance is the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26. First support is the 10-day moving average crossing at $97.97. Second support is the 20-day moving average crossing at $97.01.  



The June Euro closed lower on Thursday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening when Friday'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 112.35 would signal that a short-term low has been posted. If June renews the decline off February's high, is the March-2020 low on the weekly continuation chart crossing at $106.71 is the next downside target. First resistance is the 10-day moving average crossing at 110.92. Second resistance is the 20-day moving average crossing at 112.35. First support is Monday's low crossing at 108.46. Second support is the March-2020 low on the weekly continuation chart crossing at $106.71.



The June British Pound closed lower on Thursday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If June extends the decline off January's high, the 50% retracement level of the 2020-2021-rally crossing at 1.2894 is the next downside target. Closes above the 20-day moving average crossing at 1.3395 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.3249. Second resistance is the 20-day moving average crossing at 1.3395. First support is Tuesday's low crossing at 1.3074. Second support is the 50% retracement level of the 2020-2021-rally crossing at 1.2894. 

 

The June Swiss Franc closed lower on Thursday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, January's low crossing at 1.0762 is the next downside target. Closes above the 50-day moving average crossing at 1.0906 would signal that a short-term low has been posted. First resistance is February's high crossing at 1.0972. Second resistance is January's high crossing at 1.1045. First support is today's low crossing at 1.0781. Second support is the January's low crossing at 1.0762.  



The June Canadian Dollar closed higher on Thursday as it consolidates some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 78.78 would signal that a short-term low has been posted. If June renews the decline off January's high, December's low crossing at 77.19 is the next downside target. First resistance is last-Thursday's high crossing at 79.44. Second resistance is January's high crossing at 80.24. First support is Tuesday's low crossing at 77.51. Second support is December's low crossing at 77.19.



The June Japanese Yen closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday’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 June 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 the February 24th high crossing at 0.087590 would signal that a short-term low has been posted. First resistance is the February 24th high crossing at 0.087590. Second resistance is January's high crossing at 0.088310. First support is February's low crossing at 0.088170. Second support is the 75% retracement level of the 2015-2016 rally on the monthly continuation chart crossing at 0.084932.  



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



April gold closed higher on Thursday as it consolidates some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1920.70 would signal that a short-term top has been posted. If April extends the rally off January's low, the 2020 high crossing at $2117.10 is the next upside target. First resistance is the 87% retracement level of the 2020-2021-decline crossing at $2061.00. Second resistance is the 2020 high crossing at $2117.10. First support is the 10-day moving average crossing at $1959.20. Second support is the 20-day moving average crossing at $1920.70.  



May silver closed higher on Thursday as it consolidated some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 24.719 would signal that a short-term top has been posted. If May extends the rally off February's low, the 75% retracement level of the 2020-2021 decline crossing at 28.134 is the next upside target. First resistance is the 62% retracement level of the 2020-2021 decline crossing at 26.956. Second resistance is the 75% retracement level of the 2020-2021 decline crossing at 28.134. First support is the 10-day moving average crossing at 25.483. Second support is the 20-day moving average crossing at 24.719.       



May copper closed higher on Thursday as it consolidates some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off Monday's high, the 50-day moving average crossing at 4.5060 is the next downside target. If May renews the rally off December's low into uncharted territory, upside target will be hard to project. First resistance is Monday's high crossing at 5.0395. Second resistance is unknown. First support is the 50-day moving average crossing at 4.5060. Second support is the February 24th low crossing at 4.4470.



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



May Corn closed down $0.22 3/4-cents at $7.55 3/4. 



May corn closed higher on Thursday as it consolidates some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Friday'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 10-day moving average crossing at $7.29 would temper this year's rally. If May corn renews the rally off last-September's low, psychological resistance crossing at $8.00 is the next upside target. First resistance is last-Friday's high crossing at $7.82 3/4. Second resistance is psychological resistance crossing at $8.00. First support is the 10-day moving average crossing at $7.29. Second support is the 20-day moving average crossing at $6.93 1/4.     



May wheat closed down $1.14 1/2-cents at $10.87.  



May wheat closed sharply lower on Thursday as it consolidates some of the rally off January's low. The low-range close sets the stage for a lower opening when Friday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off Tuesday's high, last-Thursday's gap crossing at $10.59 is the next downside target. If May renews the rally off February's low into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at $13.63 1/2. Second resistance is unknown. First support is last-Thursday's gap crossing at $10.59. Second support is the 20-day moving average crossing at $9.64 1/4.



May Kansas City Wheat closed down $0.48 3/4-cents at $10.65 3/4.

 

May Kansas City wheat closed lower on Wednesday as it extended the decline off Monday's high. The low-range close sets the stage for a lower opening when Friday'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 May extends this week's decline, the 20-day moving average crossing at $9.71 3/4. If May renews the rally off February's low, the 2008-high on the monthly continuation chart crossing at $13.84 3/4 is the next upside target.First resistance is Monday's high crossing at $12.99 1/2. Second resistance is the 2008-high on the monthly continuation chart crossing at $13.84 3/4. First support is today's low crossing at $10.40 3/4. Second support is the 20-day moving average crossing at $9.71 3/4.



May Minneapolis wheat closed down $0.29-cents at $10.55.



May Minneapolis wheat closed lower on Thursday as it extended the decline off Tuesday's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are is possible near-term. Closes below the 20-day moving average crossing at $10.25 would signal that a short-term top has been posted. If May extends the rally off January's low, the 38% retracement level of the 2008-2009 decline on monthly continuation chart crossing at $12.21 1/2 is the next upside target. First resistance is Tuesday's high crossing at $12.11 3/4. Second resistance is the 38% retracement level of the 2008-2009 decline on monthly continuation chart crossing at $12.21 1/2. First support is the 20-day moving average crossing at $10.25. Second support is the 50-day moving average crossing at $9.67 1/4. 

       

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



May soybeans closed up $0.14 1/2-cents at $16.85 1/4



May soybeans closed higher on Thursday as it extends the trading range of the past seven-days. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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 $16.32 1/2 would signal that a short-term top has been posted. First resistance is February'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 $16.32 1/2. Second support is the February 25th low crossing at $15.79.  



May soybean meal closed up $9.00 at $483.70. 



May soybean meal closed higher on Thursday and posted a new contract high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-October's low, psychological resistance crossing at $500.00 is the next upside target. Closes below the March 2nd low crossing at $443.10 would signal that a short-term top has been posted. First resistance is today's high crossing at $490.00. Second resistance is psychological resistance crossing at $500.00. First support is the March 2nd low crossing at $443.10. Second support is the February 16th low crossing at $435.80. 



May soybean oil closed down 53 pts. at 74.68. 



May soybean oil posted an inside day with a higher close on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 70.79 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If May resumes the rally off December's low into uncharted territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at 78.58. Second resistance is unknown. First support is the 20-day moving average crossing at 70.79. Second support is the February 25th low crossing at 68.22. 

 

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



April hogs closed down $0.73 at $100.42. 



April hogs closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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, the 50-day moving average crossing at 97.39 is the next downside target. Closes above last-Friday's gap crossing at $105.05 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $107.45. Second resistance is February's high crossing at $112.85. First support is Monday's low crossing at $98.47. Second support is the 50-day moving average crossing at $97.38. 



April cattle closed down $1.73 at $135.85 



April cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the 50% retracement level of the 2020-2022-rally crossing at $132.46 is the next downside target. Closes above the 20-day moving average crossing at $142.37 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $138.85. Second resistance is the 20-day moving average crossing at $142.37. First support is last-Friday's low crossing at $133.50. Second support is the 50% retracement level of the 2020-2022-rally crossing at $132.46. 



April Feeder cattle closed down $3.85 at $156.30. 



April feeder cattle gapped down and closed sharply lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 resumes the decline off February's high, the 87% retracement level of the 2021-2022 rally crossing at $152.09 is the next downside target. Closes above the 20-day moving average crossing at $165.28 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $160.38. Second resistance is the 20-day moving average crossing at $165.28. First support is last-Friday's low crossing at $154.27. Second support is the 87% retracement level of the 2021-2022 rally crossing at $152.09.  



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



May coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 23.92 would signal that a short-term low has been posted. If May extends the decline off February's high, the 38% retracement level of the 2020-2022-rally crossing at 20.24 is the next downside target.             



May cocoa closed higher on Thursday as it extended the rally off last-Tuesday's low. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the January 20th high crossing at 27.33 is the next upside target. Closes below the 10-day moving average crossing at 25.99 would signal that a short-term top has been posted.    



May sugar posted an inside day with a slightly higher close on Thursday. The low-range close sets the stage for a steady to slightly higher opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 18.24 would signal that a short-term top has been posted. If May extends this month's rally, November's high crossing at 20.29 is the next upside target.            



May cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the December-February rally crossing at 113.54 is the next downside target. Closes above the 20-day moving average crossing at 119.65 would signal that a short-term low has been posted. 

Comments
By metmike - March 10, 2022, 6:52 p.m.
Like Reply

Thanks tallpine!!