KEY EVENTS TO WATCH FOR:
Tuesday, April 5, 2022
8:30 AM ET. February U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -88.2B; previous -89.7B)
Exports (USD) (previous 224.4B)
Exports, M/M% (previous -1.7%)
Imports (USD) (previous 314.1B)
Imports, M/M% (previous +1.2%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +12.9%)
Latest Wk, Y/Y% (previous +12.9%)
9:45 AM ET. March US Services PMI
PMI, Services (expected 58.9; previous 56.5)
10:00 AM ET. March ISM Report On Business Services PMI
Services PMI (expected 58.0; previous 56.5)
Business Activity Idx (previous 55.1)
Prices Idx (previous 83.1)
Employment Idx (previous 48.5)
New Orders Idx (previous 56.1)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -3.0M)
Gasoline Stocks, Net Chg (Bbls) (previous -1.4M)
Distillate Stocks, Net Chg (Bbls) (previous -0.2M)
Wednesday, April 6, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 425.1)
Composite Idx, W/W% (previous -6.8%)
Purchase Idx-SA (previous 267.1)
Purchase Idx-SA, W/W% (previous +0.6%)
Refinance Idx (previous 1295.1)
Refinance Idx, W/W% (previous -14.9%)
10:00 AM ET. March Online Help Wanted Index
10:00 AM ET. February Metropolitan Area Employment & Unemployment
10:00 AM ET. SEC Open Meeting
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 409.95M)
Crude Oil Stocks, Net Chg (Bbl) (previous -3.449M)
Gasoline Stocks (Bbl) (previous 238.828M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.785M)
Distillate Stocks (Bbl) (previous 113.53M)
Distillate Stocks, Net Chg (Bbl) (previous +1.395M)
Refinery Usage (previous 92.1%)
Total Prod Supplied (Bbl/day) (previous 19.874M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.25M)
11:00 AM ET. March Global Services PMI
PMI, Services (previous 53.9)
2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast
Thursday, April 7, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 200K; previous 202K)
Jobless Claims, Net Chg (previous +14K)
Continuing Claims (previous 1307000)
Continuing Claims, Net Chg (previous -35K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 923.7K)
Soybeans (Metric Tons) (previous 1359.8K)
Wheat (Metric Tons) (previous 176.3K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1415B)
Working Gas In Storage, Net Chg (Cbf) (previous +26B)
12:00 PM ET. March Monthly U.S. Retail Chain Store Sales Index
2:00 PM ET. SEC Closed Meeting
3:00 PM ET. February Consumer Credit
Consumer Credit Net Chg (USD) (expected +15.3B; previous +6.8B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, April 8, 2022
10:00 AM ET. February Monthly Wholesale Trade
Inventories, M/M% (expected +2.1%; previous +0.8%)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
Monday, April 11, 2022
N/A G24 Committee of the Whole meeting
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Monday's as investors monitored the potential for more sanctions against Russia amid ongoing concerns over inflation and global economic growth. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 34,247.71 would signal that a short-term top has been posted. If the Dow extends the rally off February's low, the 75% retracement level of the January-February decline crossing at 35,783.87 is the next upside target. First resistance is last-Tuesday's high crossing at 35,372.26. Second resistance is the 75% retracement level of the January-February decline crossing at 35,783.87. First support is the 50-day moving average crossing at 34,350.83. Second support is the 20-day moving average crossing at 34,247.71.
The June NASDAQ 100 closed sharply higher on Monday ending a three-day decline off last-Tuesday'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 75% retracement level of the November-March decline crossing at 15,763.56 is the next upside target. Closes below the 20-day moving average crossing at 14,297.81 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the November-March decline crossing at 15,262.64. Second resistance is the 75% retracement level of the November-March decline crossing at 15,763.56. First support is the 10-day moving average crossing at 14,874.92. Second support is the 50-day moving average crossing at 14,309.90.
The June S&P 500 closed higher on Monday as it consolidated some of the decline off last-Tuesday'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 87% retracement level of the January-February decline crossing at 4709.80 is the next upside target. Closes below the 20-day moving average crossing at 4418.32 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the December-February decline crossing at 4624.48. Second resistance is the 87% retracement level of the January-February decline crossing at 4709.80. First support is last-Friday's low crossing at 4501.25. Second support is the 20-day moving average crossing at 4418.32.
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June T-bonds closed down 26/32's at 149-00.
June T-bonds closed lower on Monday as it consolidated some of the rally off last-Monday's low. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 151-02 would signal that a short-term low has been posted. If June renews the decline off March's high, the 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at 143-17 is the next downside target. First resistance is the 20-day moving average crossing at 151-02. Second resistance is the 50-day moving average crossing at 153-28. First support is last-Monday's low crossing at 146-10. Second support is the 87% retracement level of the 2020-2021 decline on the monthly continuation chart crossing at 143-17.
June T-notes closed down 30 pts. at 122.045.
June T-notes closed lower on Monday as it consolidates some of the rally off last-Monday's low. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 123.252 would signal that a short-term low has been posted. If June resumes this month's decline, the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147 is the next downside target. First resistance is the 20-day moving average crossing at 123.252. Second resistance is the 50-day moving average crossing at 125.242. First support is last-Monday's low crossing at 120.305. Second support is the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
May crude oil closed higher on Monday on news that Saudi Arabia raised oil prices for customers in all regions as Russia’s invasion of Ukraine continues to work through the energy markets.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are still possible. If May extends the decline off the March 24th high, the 50-day moving average crossing at $96.78 is the next downside target. Closes above last-Wednesday's high crossing at $108.75 would signal that a short-term low has been posted. If May renews the rally off the March 15th low, March's high crossing at $126.41 is the next upside target. First resistance is the March 24th high crossing at $116.64. Second resistance is March's high crossing at $126.41. First support is last-Friday's low crossing at $97.78. Second support is the 50-day moving average crossing at $96.78.
May heating oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off the March 15th low, the 75% retracement level of March's decline crossing at $3.9534 is the next upside target. If May resumes the decline off the March 24th high, the 50-day moving average crossing at $3.0498 is the next downside target. First resistance is the March 24th high crossing at 3.8570. Second resistance is the 75% retracement level of March's decline crossing at $3.9534. First support is last-Tuesday's low crossing at $3.2114. Second support is the 50-day moving average crossing at $3.0498.
May unleaded gas closed slightly higher 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 are neutral signaling that sideways trading is possible near-term. If May renews the rally off the March 15th low, March's high crossing at $3.8075 is the next upside target. If May extends the decline off last-Thursday's high, the 50-day moving average crossing at $2.9853 is the next downside target. First resistance is the March 4th high crossing at $3.4817. Second resistance is March's high crossing at 3.8075. First support is last-Tuesday's low crossing at $3.0309. Second support is the 50-day moving average crossing at $2.9983.
May Henry natural gas spiked to a new contract high before profit taking erased early gains, which led to a slightly lower close on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are 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, the February-2014 high on the monthly continuation chart crossing at 6.493 is the next upside target. Closes below the 20-day moving average crossing at 5.131 are needed to confirm 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 5.857. Second resistance is the February-2014 high on the monthly continuation chart crossing at 6.493. First support is the 10-day moving average crossing at 5.510. Second support is the 20-day moving average crossing at 5.131.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed higher on Monday as it extended the rebound off last-Wednesday's low crossing at $97.73. The high-range close sets the stage for a steady to higher opening when Tuesday's nights session begins trading. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. If June renews the rally off January's low, the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26 is the next upside target. Closes below the March 17th low crossing at $97.72 would mark a downside breakout of this month's trading range while opening the door for a possible test of the 50-day moving average crossing at $97.29. First resistance is March'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 March 17th low crossing at $97.72. Second support is the 50-day moving average crossing at $97.29.
The June Euro closed lower on Monday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $109.77 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 112.05 would open the door for a larger-degree rebound into early-April. First resistance is the 50-day moving average crossing at 112.05. Second resistance is February's high crossing at $114.87. First support is March'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 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 turning neutral to bearish signaling that sideways to lower prices are possible. If June renews the decline off the March 23rd high, March's low crossing at 1.2997 is the next downside target. First resistance is the 38% retracement level of the January-March decline crossing at 1.3277. Second resistance is the 50% retracement level of the January-March decline crossing at 1.3365. First support is last-Tuesday's low crossing at 1.3047. Second support is March's low crossing at 1.2997.
The June Swiss Franc closed lower on Monday as it consolidated some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0771 would signal that a short-term top has been posted. If June extends the rally off March's low, February's high crossing at 1.0972 is the next upside target.First resistance is last-Thursday's high crossing at 1.0908. Second resistance is February's high crossing at 1.0972. First support is the 20-day moving average crossing at 1.0771. Second support is last-Monday's low crossing at 1.0694.
The June 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, last-October's high crossing at 81.14 is the next upside target. Closes below the 20-day moving average crossing at 79.21 would signal that a short-term top has been posted. First resistance is the November 10th high crossing at 80.55. Second resistance is last-October's high crossing at 81.14. First support is the 20-day moving average crossing at 79.21. Second support is the 50-day moving average crossing at 78.87.
The June Japanese Yen closed lower on Monday as it consolidated some of the rally off last-Monday's low. 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 20-day moving average crossing at 0.083575 would signal that a short-term low has been posted. If March renews the decline off January's high, the June-2015 low on the monthly continuation chart crossing at 0.079450 is the next downside target. First resistance is the 10-day moving average crossing at 0.082024. Second resistance is the 20-day moving average crossing at 0.083575. First support is last-Monday's low crossing at 0.080085. Second support is the the June-2015 low on the monthly continuation chart crossing at 0.079450.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed sharply higher on Monday while extending the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off last-Tuesday's low, the February 24th high crossing at $1976.50 is the next upside target. Closes below last-Tuesday's low crossing at $1888.30 would open the door for a larger-degree decline near-term. First resistance is the February 24th high crossing at $1976.50. Second resistance is March's high crossing at $2078.80. First support is last-Tuesday's low crossing at $1888.30. Second support is the February 15th low crossing at $1845.40.
May silver closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 24.439 would open the door for additional weakness into the end of the month. Closes above the 20-day moving average crossing at 25.370 would signal that a short-term low has been posted. First resistance is the March 24th high crossing at 26.160. Second resistance is March's high crossing at 27.495. First support is the 50-day moving average crossing at 24.439. Second support is the February 15th low crossing at 23.125.
May copper 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off March's low, the 75% retracement level of March's decline crossing at 4.8967 is the next upside target. Closes below last-Monday's low crossing at 4.6420 would signal that a short-term top has been posted. First resistance is the 62% retracement level of March's decline crossing at 4.8214. Second resistance is the 75% retracement level of March's decline crossing at 4.8967. First support is last-Monday's low crossing at 4.6420. Second support is the 50-day moving average crossing at 4.5898.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
May Corn closed up $0.15 1/2-cents at $7.50 1/2.
May corn closed higher on Monday while extending the March-April trading range. 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 signaling that sideways trading is possible near-term. If May extends the rally off Tuesday's low, March's high crossing at $7.82 3/4 is the next upside target. Closes below last-Tuesday's low crossing at $7.13 1/2 would mark a downside breakout of March's trading range while opening the door for additional weakness near-term. First resistance is March's high crossing at $7.82 3/4. Second resistance is psychological resistance crossing at $8.00. First support is the 25% retracement level of the September-March rally crossing at $7.15. Second support is the 50-day moving average crossing at $6.94 1/2.
May wheat closed up $0.25 3/4-cents at $10.10 1/4.
May wheat posted an inside day with a higher close on Monday as it consolidated some of the decline off March'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the 50-day moving average crossing at $9.53 3/4 is the next downside target. Closes above the 20-day moving average crossing at $10.98 3/4 would signal that a short-term low has been posted. First resistance is the March 22nd high crossing at $11.69 1/4. Second resistance is March's highcrossing at $13.63 1/2. First support is the 62% retracement level of the January-March rally crossing at $9.77 3/4. Second support is the 50-day moving average crossing at $9.53 3/4.
May Kansas City Wheat closed higher $0.24 3/4-cents at $10.37 3/4.
May Kansas City wheat 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the 50-day moving average crossing at $9.63 3/4 is the next downside target. Closes above the 20-day moving average crossing at $10.86 1/4 would signal that a short-term low has been posted. First resistance is the March 15th high crossing at $11.64 1/2. Second resistance is March's high crossing at $12.99 1/2. First support is the 50% retracement level of the January-March rallycrossing at $10.23. Second support is the 62% retracement level of the January-March rally crossing at $9.57 3/4.
May Minneapolis wheat closed up $0.19 3/4-cents at $10.85.
May Minneapolis wheat posted an inside day with a higher close on Monday while extending the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are is possible near-term. If May renews the rally off last-Tuesday's low, March's high crossing at $12.11 3/4 is the next upside target. Closes below the last-Tuesday's low crossing at $10.19 1/2 would mark a resumption of the decline off March's high. First resistance is the March 22nd high crossing at $11.23. Second resistance is March's high crossing at $12.11 3/4. First support is last-Tuesday's low crossing at $10.19 1/2. Second support is the 50-day moving average crossing at $10.15 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans closed up $0.19 1/2-cents at $16.02 1/4.
May soybeans closed higher on Monday as it consolidated some of last-week's decline but remains below broken support marked by the 50-day moving average crossing at $16.11 1/2. 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 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 November-February rally crossing at $15.46 3/4. Closes above the 20-day moving average crossing at $16.66 1/2 would signal that a short-term low has been posted. First resistance March's high crossing at $17.36 1/2. Second resistance is February's high crossing at $17.59 1/4. First support is today's low crossing at $15.76 3/4. Second support is the 38% retracement level of the November-February rally crossing at $15.46 3/4.
May soybean meal closed up $5.10 at $455.10.
May soybean meal closed higher on Monday as it consolidated some of the decline off March'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off last-Friday's high, the February 16th low crossing at $435.80 is the next downside target. Closes above the 20-day moving average crossing at $475.70 would signal that a short-term low has been posted. First resistance is March's high crossing at $494.70. Second resistance is psychological resistance crossing at $500.00. First support is last-Friday's low crossing at $448.10. Second support is the February 16th low crossing at $435.80.
May soybean oil closed up 114 pts. at 72.34.
May soybean oil closed higher on Monday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 73.59 would signal that a short-term low has been posted. If May extends the decline off March's high, the 38% retracement level of the December-March rally crossing at 68.10 is the next downside target. First resistance is the March 24th high crossing at 76.63. Second resistance is March's high crossing at 78.58. First support is last-Friday's low crossing at 68.84. Second support is the 38% retracement level of the December-March rally crossing at 68.10.
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April hogs closed down $1.85 at $99.45.
April hogs closed lower for the fifth-day in a row on Monday as it extended the decline off last-Monday's high. The low-range close sets the stage for a lower opening when Tuesday's session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off last-Monday's high, the March 18th low crossing at $99.22 is the next downside target. Closes above the 10-day moving average crossing at $103.36 would temper the near-term bearish outlook. First resistance is last-Monday's high crossing at $108.45. Second resistance is February's high crossing at $112.85. First support is the March 18th low crossing at $99.22. Second support is the March 7th low crossing at $98.47.
April cattle closed down $0.65 at $138.00
April cattle closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the March 23rd low crossing at $138.10 signals that a short-term top has been posted. If April extends the decline off last-Tuesday's low, the March 10th low crossing at $135.82. Closes above the March 16th high crossing at $141.48 would confirm that a short-term low has been posted. First resistance is the March 16th high crossing at $141.48. Second resistance is the 50-day moving average crossing at $141.99. First support is today's low crossing at $136.95. Second support is March's low crossing at $133.50.
April Feeder cattle closed up $3.20 at $158.37.
April feeder cattle closed sharply lower on Monday as it extended the decline off last-Tuesday's high, The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the March 23rd low crossing at $158.85 signals that a short-term top has been posted. Closes above the March 29th high crossing at $165.00 would confirm that a short-term low has been posted. First resistance is the March 29th high crossing at $165.00. Second resistance is the February 24th gap crossing at $167.72. First support is the March 10th low crossing at $156.05. Second support is March's low crossing at $154.27.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed higher on Monday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50-day moving average crossing at 23.35 is the next upside target. If May renew 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 lower on Monday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 25.36 would signal that a short-term top has been posted. If May extends the rally off March's low, March's high crossing at 27.10 is the next upside target.
May sugar closed higher on Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off February's low, March's high crossing at 19.89 is the next upside target. Closes below last-Tuesday's low crossing at 18.84 would open the door for a possible test of the 50-day moving average crossing at 18.49.
May cotton closed higher on Monday as it appears to be forming a small bull flag. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 128.00 would confirm that a top has been posted. If May extends the rally off March's low, the 62% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 154.43 is the next upside target.
Thanks tallpine!
Winter wheat conditions/rating were horrible: