INO Evening Market Comments
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Started by tallpine - March 11, 2022, 4:37 p.m.

KEY EVENTS TO WATCH FOR:



Monday, March 14, 2022  



10:00 AM ET. January State Employment and Unemployment


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The Dow closed lower on Friday as investors weight positive remarks from Russian President Vladimir Putin about diplomatic discussions with Ukraine and a weaker-than-expected print on U.S. consumer sentiment. The low-range close sets the stage for a steady to lower opening when Monday'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 the 20-day moving average crossing at 33,748.62 would signal that a short-term low has been posted while opening the door for additional short-covering gains. If the Dow 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 the 20-day moving average crossing at 33,748.62. Second resistance is last-Thursday's high crossing at 34,179.07. 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 closed lower on Friday as it consolidates some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening when Monday'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 14,681.14. 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 closed lower on Friday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 50-day moving average crossing at 4462.56. 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 up 15/32's at 155-06. 



June T-bonds posted an inside day with a higher close on Wednesday as it consolidated some of the decline off Monday's high. The mid-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 near-term. If June renews 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 157-02 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 unchanged at 126.010.



June T-notes closed unchanged on Friday as it consolidates some of the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain 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 127.154 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 higher on Friday 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 Monday'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 $98.25 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 $98.25. Second support is the 50-day moving average crossing at $88.53.   



May heating oil closed higher on Friday as it consolidates some of the decline off Wednesday's high. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Close below the 20-day moving average crossing at $3.0540 signals that a short-term top has been posted. 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 $3.0540. Second support is the 50-day moving average crossing at $2.7264.    



May unleaded gas closed higher on Friday 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 Monday'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 $3.0535 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 $3.0535. Second support is the 50-day moving average crossing at $2.7543.     



May Henry natural gas closed higher on Friday 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 Monday'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 Monday's high crossing at 5.199 are needed to renew this year's rally while opening the door for additional gains 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. 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 4.239.    



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



The June Dollar closed higher on Friday and is poised to renew this year's rally. The high-range close sets the stage for a steady to higher opening when Monday's nights session begins trading. Stochastics and the RSI are turning neutral signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at $97.17 would signal that a short-term top has been posted. If June renews 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 $98.24. Second support is the 20-day moving average crossing at $97.17.  



The June Euro closed lower on Friday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 112.07 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 112.07. Second resistance is the 50-day moving average crossing at 113.12. 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 Friday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling 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 1.3369 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.3212. Second resistance is the 20-day moving average crossing at 1.3369. First support is today's low crossing at 1.3026. Second support is the 50% retracement level of the 2020-2021-rally crossing at 1.2894. 

 

The June Swiss Franc closed sharply lower on Friday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, last-March's low crossing at 1.0713 is the next downside target. Closes above the 50-day moving average crossing at 1.0901 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0866. Second resistance is the 50-day moving average crossing at 1.0901. First support is today's low crossing at 1.0735. Second support is the last-March's low crossing at 1.0713.  



The June Canadian Dollar closed higher on Friday 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 Monday'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 the 50-day moving average crossing at 78.79 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 the 50-day moving average crossing at 78.79. Second resistance is last-Thursday's high crossing at 79.44. 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 sharply lower on Friday as it renewed the decline off . 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 extends 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 50-day moving average crossing at 0.087041 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.087041. Second resistance is the February 24th high crossing at 0.087590. First support is today's low crossing at 0.085390. Second support is the 75% retracement level of the 2015-2016 rally on the monthly continuation chart crossing at 0.084932.  



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April gold closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday'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 $1928.00 would signal that a short-term top has been posted. If April renews 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 $1968.80. Second support is the 20-day moving average crossing at $1928.00.  



May silver closed lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 24.850 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 25.298. Second support is the 20-day moving average crossing at 24.849.       



May copper closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 4.5104 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 4.5104. Second support is the February 24th low crossing at 4.4470.



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



May Corn closed up $0.06 3/4-cents at $7.62 1/2. 



May corn closed higher on Friday and is poised to renew the rally off Tuesday's low. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May corn renews the rally off last-September's low, psychological resistance crossing at $8.00 is the next upside target. Closes below Tuesday's low crossing at $7.28 3/4 would temper this year's rally. 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 Tuesday's low crossing at $7.28 3/4. Second support is the 20-day moving average crossing at $6.99 1/4.     



May wheat closed down $0.19 1/2-cents at $11.06 1/2.  



May wheat closed higher on Friday as it consolidates some of the decline off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Monday'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, the 62% retracement level of the January-March rally crossing at $9.77 3/4 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 highcrossing at $13.63 1/2. Second resistance is unknown. First support is the 50% retracement level of the January-March rally crossing at $10.51 1/2. Second support is the 62% retracement level of the January-March rally crossing at $9.77 3/4.



May Kansas City Wheat closed up $0.23 1/2-cents at $10.89.

 

May Kansas City wheat closed higher on Thursday as it consolidated some of the decline off Monday's high. 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 near-term. If May extends this week's decline, the 20-day moving average crossing at $9.86 1/4. 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 $10.35 1/2. Second support is the 20-day moving average crossing at $9.86 1/4.



May Minneapolis wheat closed up $0.15 1/4-cents at $10.70 1/4.



May Minneapolis wheat closed higher on Friday as it consolidates some of the decline off Tuesday's high. The mid-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 is possible near-term. Closes below the 20-day moving average crossing at $10.31 1/2 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 $10.31 1/2. Second support is the 62% retracement level of the January-March rally crossing at $10.01 1/4. 

       

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



May soybeans closed down $0.10 1/4-cents at $16.76



May soybeans closed lower on Friday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 $16.37 3/4 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 $16.37 3/4. Second support is the February 25th low crossing at $15.79.  



May soybean meal closed lower $6.60 at $477.10. 



May soybean meal closed lower on Friday as it consolidated some of this week's gains. The mid-range close sets the stage for a steady to lower opening when Monday'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 Thursday'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 up 135 pts. at 76.03. 



May soybean oil posted a key reversal up as it closed higher on Friday while extending the trading range of the past two-weeks. 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 near-term. Closes below the 20-day moving average crossing at 71.37 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 71.37. Second support is the February 25th low crossing at 68.22. 

 

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



April hogs closed up $2.75 at $102.85. 



April hogs closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 97.67 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 $97.67. 



April cattle closed up $1.40 at $137.30 



April cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 $141.90 would signal that a short-term low has been posted. 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. First resistance is the 10-day moving average crossing at $138.39. Second resistance is the 20-day moving average crossing at $141.90. 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 up $1.65 at $157.90. 



April feeder cattle posted an inside day with a higher close on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are 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 $164.59 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $159.69. Second resistance is the 20-day moving average crossing at $164.59. 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 Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 decline off February's high, the 38% retracement level of the 2020-2022-rally crossing at 20.24 is the next downside target. Closes above the 50-day moving average crossing at 23.80 would signal that a short-term low has been posted.              



May cocoa closed lower on Friday as it consolidates some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening on Monday. 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 closed higher on Friday. The high-range close sets the stage for a steady to slightly higher opening on Monday. 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 18.31 would signal that a short-term top has been posted. If May renews the rally off February's low, November's high crossing at 20.29 is the next upside target.            



May cotton closed sharply higher on Friday and above the 20-day moving average crossing at 119.54 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's rally, the March 1st high crossing at 123.31 is the next upside target. If May renews the decline off February's high, the 50% retracement level of the December-February rally crossing at 113.54 is the next downside target. 

Comments
By metmike - March 12, 2022, 12:38 a.m.
Like Reply

Thanks tallpine!