INO Evening Market Comments
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Started by tallpine - April 7, 2022, 4:53 p.m.

KEY EVENTS TO WATCH FOR:



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



Tuesday, April 12, 2022  



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

                       Small Business Idx (previous 95.7)

8:30 AM ET. March CPI

                       CPI, M/M% (previous +0.8%)

                       Core CPI, M/M% (previous +0.5%)

                       Energy Idx, M/M% (previous +3.5%)

                       Food Idx, M/M% (previous +1%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.5%)

                       CPI, Y/Y% (previous +7.9%)

                       Core Annual, Y/Y% (previous +6.4%)

8:30 AM ET. March Real Earnings

8:55 AM ET. Johnson Redbook Retail Sales Index

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

                       Ret Sales Mo-to-Date, Y/Y% (previous +13.1%)

                       Latest Wk, Y/Y% (previous +14.3%)

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

                       Economic Optimism Idx (previous 41.0)

                       6-Mo Economic Outlook (previous 33.9)

2:00 PM ET. March Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +1.1M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -0.5M)

                       Distillate Stocks, Net Chg (Bbls) (previous +0.6M)



Wednesday, April 13, 2022 



7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 398.5)

                       Composite Idx, W/W% (previous -6.3%)

                       Purchase Idx-SA (previous 258.1)

                       Purchase Idx-SA, W/W% (previous -3.4%)

                       Refinance Idx (previous 1166.3)

                       Refinance Idx, W/W% (previous -9.9%)

8:30 AM ET. March PPI

                       PPI, M/M% (previous +0.8%)

                       Ex-Food & Energy PPI, M/M% (previous +0.2%)

                       Personal Consumption (previous +0.7%)

9:00 AM ET. G24 Deputies Meeting

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 412.371M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +2.421M)

                       Gasoline Stocks (Bbl) (previous 236.787M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -2.041M)

                       Distillate Stocks (Bbl) (previous 114.301M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.771M)

                       Refinery Usage (previous 92.5%)

                       Total Prod Supplied (Bbl/day) (previous 19.815M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.059M)

                       



Thursday, April 14, 2022  



8:30 AM ET. March Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +0.3%)

                       Sales, Ex-Auto, M/M% (previous +0.2%)

                       Sales, Ex-Auto & Gas, M/M% (previous -0.4%)

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

                       Jobless Claims

                       Jobless Claims, Net Chg

                       Continuing Claims

                       Continuing Claims, Net Chg

8:30 AM ET. March Import & Export Price Indexes

                       Import Prices (previous +1.4%)

                       Non-Petroleum Prices (previous +0.7%)

                       Petroleum Prices (previous +8.1%)

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

                       Corn (Metric Tons)

                       Soybeans (Metric Tons)

                       Wheat (Metric Tons)

10:00 AM ET. April University of Michigan Survey of Consumers - preliminary

                       Mid-Mo Sentiment (previous 59.7)

                       Mid-Mo Expectations (previous 54.4)

                       Mid-Mo Current Idx (previous 67.8)

10:00 AM ET. February Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +1.1%)

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

                       Working Gas In Storage (Cbf)

                       Working Gas In Storage, Net Chg (Cbf)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings



Friday, April 15, 2022 



8:30 AM ET. April Empire State Manufacturing Survey



                       Mfg Idx (previous -11.8)

                       Employment Idx (previous 14.5)

                       New Orders Idx (previous -11.2)

                       Prices Received (previous 56.1)

9:15 AM ET. March Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous +0.5%)

                       Capacity Utilization % (previous 77.6%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.3)

10:00 AM ET. March State Employment and Unemployment

4:00 PM ET. February Treasury International Capital Data

  N/A              U.S. stock markets closed on Good Friday

  N/A              Emancipation Day observed in Washington, DC

  N/A              Marianas: Good Friday


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



The Dow closed higher on Thursday's 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 Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 34,368.57 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If the Dow renews 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 the 10-day moving average crossing at 34,842.06. Second resistance is March's high crossing at 35,372.26. First support is the 50-day moving average crossing at 34,368.57. Second support is the March 8th low crossing at 32,578.73.



The June NASDAQ 100 closed higher on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 14,332.45 would signal that a short-term top has been posted. If June renews 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. 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 50-day moving average crossing at 14,332.45. Second support minor support crossing at 14,040.00. 



The June S&P 500 closed higher on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4459.34 would signal that a short-term top has been posted. If June renews the rally off February's low, the 87% retracement level of the January-February decline crossing at 4709.80 is the next upside target. 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 the 20-day moving average crossing at 4459.34. Second support is the 50-day moving average crossing at 4412.77. 



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



June T-bonds closed down 1-05/32's at 144-09. 



June T-bonds closed lower on Thursday as it extended the decline off December'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 near-term. If June extends 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. Closes above the 20-day moving average crossing at 149-16 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 149-16. Second resistance is the March 31st high crossing at 150-13. First support is today's low crossing at 143-28. 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 80 pts. at 120.140.



June T-notes closed lower on Thursday as it extended the decline off December'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 sideways to lower prices are possible near-term. If June extends the decline off March's high, the October-2018 low on the monthly continuation chart crossing at 117.135 is the next downside target. Closes above the 20-day moving average crossing at 122.290 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 122.290. Second resistance is the 50-day moving average crossing at 125.103. First support is Wednesday's low crossing at 120.055. Second support is the October-2018 low on the monthly continuation chart crossing at 117.135.  



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



May crude oil closed slightly lower on Thursday.The mid-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are still possible. If May extends this week's decline, March's low crossing at $92.20 is the next downside target. Closes above the March 30th high crossing at $108.75 would signal that a short-term low has been posted. First resistance is the March 30th high crossing at $108.75. Second resistance is the March 24th high crossing at $116.64. First support is March's low crossing at $92.20. Second support is the 62% retracement level of the December-March rally crossing at $86.47.   



May heating oil closed lower on Thursday as it renewed the decline off the March 24th high crossing at 3.8570. 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 bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off the March 24th high, the 50-day moving average crossing at $3.1001 is the next downside target. Closes above Tuesday's high crossing at $3.6167 would signal that a short-term low has been posted. 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 the 50-day moving average crossing at $3.1001. Second support is the March 15th low crossing at $2.8635.     



May unleaded gas closed lower on Thursday as it tested the 50-day moving average crossing at 2.9715. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $2.9715 would open the door for a possible test of March's low crossing at 2.8105. If May rebounds off the 50-day moving average crossing at 2.9715, the March 30th high crossing at 3.2486 is the next upside target. First resistance is the March 24th high crossing at $3.3954. Second resistance is March's high crossing at 3.7000. First support is the 50-day moving average crossing at $2.9715. Second support is March's low crossing at 2.8105.      



May Henry natural gas closed higher on Thursday as it extends the rally off December's low. 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 overbought, diverging 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 5.361 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 6.440. 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 5.754. Second support is the 20-day moving average crossing at 5.361.     



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



The June Dollar closed higher on Thursday and extends the rally off 2021's low. 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 overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If June extends 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 20-day moving average crossing at $98.78 would signal that a short-term top has likely been posted. First resistance is today's high crossing at $99.85. 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 20-day moving average crossing at $98.78. Second support is the March 17th low crossing at $97.72. Third support is the 50-day moving average crossing at $97.48.  



The June Euro closed lower for the sixth-day in a row on Thursday as it extended the decline off last-Thursday'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 near-term. If the aforementioned decline continues, March's low crossing at $108.46 is the next downside target. Closes above the 50-day moving average crossing at $111.80 would open the door for a larger-degree rebound into early-April. First resistance is the 20-day moving average crossing at $110.32. Second resistance is the 50-day moving average crossing at $111.80. 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 Thursday as it extended 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 oversold but remain 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 Wednesday's low crossing at 1.3042. Second support is March's low crossing at 1.2997.  

 

The June Swiss Franc closed lower for the fifth-day in a row on Thursday as it extends the decline off last-Thursday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the March 28th low crossing at 1.0694 is the next downside target. Closes above Tuesday's high crossing at 1.0857 would signal that a short-term low has been posted. First resistance is the March 31st high crossing at 1.0908. Second resistance is February's high crossing at 1.0972. First support is the March 28th low crossing at 1.0694. Second support is March's low crossing at 1.0609.



The June Canadian Dollar closed lower on Thursday as it extended the decline off Tuesday'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 79.49 would signal that a short-term top has been posted. If June renews the rally off March's low, last-October's high crossing at 81.14 is the next upside target. First resistance is Tuesday's high crossing at 80.61. Second resistance is last-October's high crossing at 81.14. First support is the 20-day moving average crossing at 79.49. Second support is the 50-day moving average crossing at 78.92.  



The June Japanese Yen closed lower for the fifth-day in a row on Thursday as it extended the decline off last-Thursday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 0.082741 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 0.082595. Second resistance is the 20-day moving average crossing at 0.082741. First support is March'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 higher on Thursday while extending the trading range of the past three-weeks. 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 bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off March's low, the February 24th high crossing at $1976.50 is the next upside target. Closes below March'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 March's low crossing at $1888.30. Second support is the February 15th low crossing at $1845.40.  



May silver closed higher on Thursday. 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. Multiple closes below the March 29th low crossing at 24.045 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 25.104 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 25.104. Second resistance is the March 24th high crossing at 26.160. First support is the March 29th low crossing at 24.045. Second support is the February 15th low crossing at 23.125.       



May copper closed higher on Thursday. 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 last-Monday's low crossing at 4.6420 would signal that a short-term top has been posted. 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. 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 4.6070.



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



May Corn closed up $0.03 1/4-cents at $7.50 1/4. 



May corn closed higher on Thursday and above the upper boundary of the March-April trading range crossing at $7.47. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Tuesday's low, minor resistance crossing near $7.76 is the next upside target. Closes below the 20-day moving average crossing at $7.27 1/2 would temper the near-term friendly outlook. First resistance is Tuesday's high crossing at $7.55 1/2. Second resistance is minor resistance crossing at $7.76. First support is the 20-day moving average crossing at $7.27 1/2. Second support is the March 29th high crossing at $6.95 1/2.     



May wheat closed down $0.18 1/4-cents at $10.20.  



May wheat 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $10.66 would signal that a short-term low has been posted. If May renews to decline off March's high, the 50-day moving average crossing at $9.67 1/4 is the next downside target. First resistance is the March 22nd high crossing at $11.69 1/4. Second resistance is March's high crossing 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 $9.67 1/4.



May Kansas City Wheat closed down $0.14 1/4-cents at $10.70 3/4.

 

May Kansas City wheat posted an inside day with a lower close 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off the March 15th high crossing at $11.64 1/2 is the next upside target. If May renews the decline off March's high, the 50-day moving average crossing at $9.79 is the next downside target. 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 down $0.09 1/4-cents at $10.99 1/2.



May Minneapolis wheat closed lower on Thursday while extending the trading range of the past three-weeks. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are is possible near-term. If May extends the rally off the March 29th low, March's high crossing at $12.11 3/4 is the next upside target. Closes below the March 29th 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 the March 29th low crossing at $10.19 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 up $0.26-cents at $16.45 1/2.



May soybeans closed higher on Thursday as it extended the rally off Monday's low. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $16.59 would signal that a short-term low has been posted. If May renews the decline off February's high, the 38% retracement level of the November-February rally crossing at $15.46 3/4. 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 Monday'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 down $1.60 at $460.20. 



May soybean meal 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $473.50 would signal that a short-term low has been posted. If May renews the decline off March's high, the February 16th low crossing at $435.80 is the next downside target. First resistance is the 20-day moving average crossing at $473.50. Second resistance is March's high crossing at $494.70. 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 119 pts. at 73.02. 



May soybean oil closed higher on Thursday as it extends the rally off last-Friday's low. 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. Closes above the 20-day moving average crossing at 73.22 would signal that a short-term low has been posted. If May renews 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. 

 

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



June hogs closed down $0.55 at $114.15. 



June hogs closed lower on Thursday as it consolidates above the 38% retracement level of the September-March rally crossing at $111.94. The high-range close sets the stage for a steady to higher 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 June extends the decline off March's high, the March 7th low crossing at $109.15 is the next downside target. Closes above the 10-day moving average crossing at $120.16 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $115.74. Second resistance is the 20-day moving average crossing at $119.89. First support is the 38% retracement level of the September-March rally crossing at $111.94. Second support is the March 15th low crossing at $109.15.  



June cattle closed down $0.13 at $134.1 



June 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off the March 29th high, March's low crossing at $130.97 is the next downside target. Closes above the 10-day moving average crossing at $136.02 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $136.02. Second resistance is the March 29th high crossing at $138.53. First support is the March 10th low crossing at $132.15. Second support is March's low crossing at $130.97.  



May Feeder cattle closed down $0.48 at $159.47. 



May Feeder cattle 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 May extends the decline off the 87% retracement level of the 2021-2022 rally crossing at $156.27 is the next downside target. Closes above the 20-day moving average crossing at $165.25 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $165.25. Second resistance is the March 29th high crossing at $170.40. First support is Wednesday's low crossing at $157.70. Second support is the 87% retracement level of the 2021-2022 rally crossing at $156.27.   



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



May coffee closed lower on Thursday 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 Friday. 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 22.23 would signal that a short-term top has been posted. If May extends the rally off March's low, the 50-day moving average crossing at 23.30 is the next upside target.             



May cocoa closed higher on Thursday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening on 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 last-Thursday's high, March's low crossing at 24.53 is the next downside target. Closes above the 50-day moving average crossing at 26.22 would signal that a short-term low has been posted.        



May sugar closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. 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, last-November's high crossing at 20.29 is the next upside target. Closes below the 20-day moving average crossing at 19.28 would signal that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at 18.57.              



May cotton closed lower on Thursday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 130.71 would confirm that a top has been posted. If May renews 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. 

Comments
By metmike - April 7, 2022, 5:57 p.m.
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Thanks much tallpine!

Another big USDA report out tomorrow at 11am!

NG has been bullish this week.

Positive seasonals, low stocks, bullish EIA report and late season cold hitting.