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 FridayFriday, 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)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The June NASDAQ 100 was steady to slightly higher overnightas it consolidates some of this week's losses.The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 14,862.35 would signal that a short-term low has been posted. If June resumes 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 50-day moving average crossing at 14,344.20 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the November-March decline crossing at 15,266.64. 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 14,344.20. Second support is minor support crossing at 13,881.29.
The June S&P 500 was steady to higher overnight as it consolidates some of the decline off last-Tuesday's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 4416.92 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 4709.86 is the next upside target. First resistance is the 10-day moving average crossing at 4543.82. Second resistance is the 75% retracement level of the January-February decline crossing at 4624.48. First support is the 20-day moving average crossing at 4475.77. Second support is the 50-day moving average crossing at 4416.95.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were steady to lower overnight as they extend this week's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 2018-2020-rally on the weekly continuation chart crossing at 143-17 is the next downside target. Closes above the 20-day moving average crossing at 148-30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 148-30. Second resistance is the March 31st high crossing at 150-13. First support is the overnight low crossing at 143-25. Second support is the 87% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 143-17.
June T-notes were steady to lower overnight as they extend this week's decline. 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 October-2018 low on the weekly continuation chart crossing at 117.135 is the next downside target. Closes above the 20-day moving average crossing at 122.200 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 122.200. Second resistance the March 31st high crossing at 123.040. First support is the overnight low crossing at 120.050. Second support is the October-2018 low on the weekly continuation chart crossing at 117.135.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:May crude oil was steady to slightly lower overnight. Overnight trading sets the stage for a steady to lower opening when the day 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 March 24th high, the March 15th low crossing at $92.20 is the next downside target. Closes above the 20-day moving average crossing at $103.28 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 the March 15th low crossing at $92.20. Second support is the 62% retracement level of the December-March rally crossing at $86.47.
May heating oil was slightly higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a slightly higher opening when the day 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 May extends the decline off the March 24th high, the 50-day moving average crossing at 3.1145 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 Tuesday's high crossing at $3.6167. Second resistance is the March 24th high crossing at $3.8570. First support is Thursday's low crossing at $3.1891. Second support is the 50-day moving average crossing at 3.1145.
May unleaded gas was lower overnight as it extends the decline off the March 24th high. The low-range trade overnight sets the stage for a steady to lower opening when the day 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, March's low crossing at $2.8633 is the next downside target. Closes above last-Wednesday's high crossing at $3.3076 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $3.3076. Second resistance is the March 24th high crossing at $3.4727. First support is the 50-day moving average crossing at 3.0377. Second support is March's low crossing at $2.8633.
May Henry natural gas was higher overnight as it extends the rally off December's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 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 5.447 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at 6.459. 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 5.842. Second support is the 20-day moving average crossing at 5.447.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was steady to slightly higher overnight as it extends the rally to a new contract high. Overnight trading sets the stage for a steady to higher opening when the day 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 this week's rally, 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 $98.81 would signal that a short-term top has likely been posted. First resistance is the overnight high crossing at $99.98. 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 $98.81. Second support is the March 17th low crossing at $97.72.
The June Euro was steady to slightly lower overnight as it extends the decline off last-Thursday's high. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 last-Thursday's high, March's low crossing at $108.46 is the next downside target. Closes above the 50-day moving average crossing at $111.75 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $110.30. Second resistance is the 50-day moving average crossing at $111.75. Second resistance is the February 22nd high crossing at $114.30. First support is the overnight low crossing at $108.74. Second support is March's low crossing at $108.46.
The June British Pound was lower overnight as it extends this week's decline. Overnight trading sets the stage for a steady to lower opening when the day 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 the March 23rd high, March's low crossing at 1.2994 is the next downside target. Closes above the 20-day moving average crossing at 1.3118 would signal that a short-term low has been posted. First resistance is the38% 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 the overnight low crossing at 1.3023. Second support is March's low crossing at 1.2994.
The June Swiss Franc was steady to slightly lower overnight as it extends the decline off the March 31st high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain 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 the 50-day moving average crossing at 1.0828 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 1.0791. Second resistance is the 50-day moving average crossing at 1.0828. 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 was lower overnight as it extended the decline off Tuesday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $79.52 would signal that a short-term top has been posted while opening the door for additional weakness near-term. Closes above the 10-day moving average crossing at $79.89 would temper the near-term bearish outlook. 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 $79.52. Second support is the 50-day moving average crossing at $78.94.
The June Japanese Yen was steady to slightly lower overnight as it extends the decline off last-Thursday's high. Overnight weakness sets the stage for a steady to lower opening when the day 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 March extends this week's decline, March's low crossing at 0.080085 is the next downside target. Closes above the 20-day moving average crossing at 0.082506 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.082506. Second resistance is the 50-day moving average crossing at 0.085139. First support is March's low crossing at 0.080085. Second support is the June-2015 low on the monthly continuation chart crossing at 0.079450.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Aprilgold was steady to slightly lower overnight as it extends the trading range of the past three-weeks. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 24th high crossing at $1967.20 would signal that a short-term low has been posted. Closes below the March 29th low crossing at $1888.30 would open the door for additional weakness near-term. First resistance is the March 24th high crossing at $1967.20. Second resistance is the February 24th high crossing at $1976.50. Third resistance is March's high crossing at $2082.00. First support is the 50-day moving average crossing at $1907.00. Second support is the 50% retracement level of the 2021-2022-rally crossing at $1879.50.
May silver was steady to slightly higher overnight. The high-range trade sets the stage for a steady to slightly higher opening when the day session begins trading later this morning. 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 $25.037 would signal that a short-term low has been posted. Closes below March's low crossing at $24.045 would open the door for additional weakness near-term. First resistance is the March 24th high crossing at $26.160. Second resistance is March's high crossing at $27.495. First support is March's low crossing at $24.045. Second support is the 62% retracement level of the December-March rally crossing at $23.749.
May copper was higher overnight as it consolidates some of the decline off Tuesday's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Monday's low crossing at 4.6420 would signal that a short-term top might be in or is near. If May renews 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 4.6132.
GRAINS http://quotes.ino.com/ex changes/?c=grains
May corn was steady to slightly lower overnight as it extends the March-April trading range. Overnight trading sets the stage for a steady to lower opening when the day sessions 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 29th low, March's high crossing at $7.82 3/4 is the next upside target. Closes below the March 29th low crossing at $7.13 1/2 would confirm a downside breakout of the March-April trading range while opening the door for a possible test of the 50-day moving average crossing at $7.05 1/2. First resistance is March's high crossing at $7.82 3/4. Second resistance is the June-2011 high on the monthly continuation chart crossing at $7.99 3/4. First support is the March 29th low crossing at $7.13 1/2. Second support is the 50-day moving average crossing at $7.05 1/2.
May wheat was steady to higher overnight and sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off March's high, the 50-day moving average crossing at $9.72 is the next downside target. Closes above the 20-day moving average crossing at $10.61 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 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 $9.72.
May Kansas City wheat was steady to slightly lower overnight and sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes above the 20-day moving average crossing at $10.78 1/4 would signal that a short-term low has been posted. If May renews the decline off March's high, the 50-day moving average crossing at $9.84 1/2 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 50-day moving average crossing at $9.84 1/2.
May Minneapolis wheat was steady to slightly higher overnight as it extends the March-April trading range. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. Closes above the March 22nd high crossing at $11.23 would mark a possible upside breakout of March's trading range and would open the door for a larger-degree rally near-term. If May renews the decline off March's high, the 62% retracement level of the January-March rally crossing at $10.01 1/4 is the next downside target. 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 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 were higher overnight as it extends the rally off Monday's low. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at $16.83 3/4 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If May renews the decline off March's high, the 38% retracement level of the November-February rally crossing at $15.46 3/4 is the next downside target. First resistance is last-Wednesday's high crossing at $16.83 3/4. Second resistance is the March 23rd high crossing at $17.36 1/2. 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 was steady to higher overnight. Overnight strength sets the stage for a steady to higher opening when the day 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 $472.80 would signal that a short-term low has been posted. If May resumes the decline off March's high, the 38% retracement level of the October-March rally crossing at $427.10 is the next downside target. First resistance is the 20-day moving average crossing at $472.80. Second resistance is March's high crossing at $494.70. First support is the 25% retracement level of the October-March rally crossing at $450.40. Second support is the February 16th low crossing at $435.80.
May soybean oil was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 73.07 would signal that a short-term low has likely 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 the 50-day moving average crossing at 70.78. 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.
Thanks tallpine!