INO Evening Market Comments
1 response | 0 likes
Started by tallpine - April 18, 2022, 4:59 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, April 19, 2022 



8:30 AM ET. March New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.769M)

                       Housing Starts, M/M% (previous +6.8%)

                       Building Permits (previous 1.859M)

                       Building Permits, M/M% (previous -1.9%)



8:55 AM ET. Johnson Redbook Retail Sales Index

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

                       Ret Sales Mo-to-Date, Y/Y% (previous +13.4%)

                       Latest Wk, Y/Y% (previous +13.4%)



9:00 AM ET. G24 Ministers and Governors Meeting



4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +7.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -5.1M)

                       Distillate Stocks, Net Chg (Bbls) (previous -5.0M



Wednesday, April 20, 2022 



7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 393.5)

                       Composite Idx, W/W% (previous -1.3%)

                       Purchase Idx-SA (previous 261.8)

                       Purchase Idx-SA, W/W% (previous +1.4%)

                       Refinance Idx (previous 1109)

                       Refinance Idx, W/W% (previous -4.9%)



10:00 AM ET. March Existing Home Sales

                       Existing Sales (previous 6.02M)

                       Existing Sales, M/M% (previous -7.2%)

                       Unsold Homes Month's Supply (previous 1.7)

                       Median Price (USD) (previous 357300)

                       Median Home Price, Y/Y% (previous +15.0%)



10:00 AM ET. G20 Finance Ministers and Central Bank Governors Meeting



10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 421.753M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +9.382M)

                       Gasoline Stocks (Bbl) (previous 233.139M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -3.648M)

                       Distillate Stocks (Bbl) (previous 111.399M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.902M)

                       Refinery Usage (previous 90.0%)

                       Total Prod Supplied (Bbl/day) (previous 18.771M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.044M)



2:00 PM ET. U.S. Federal Reserve Beige Book



Thursday, April 21, 2022  



8:30 AM ET. April Philadelphia Fed Business Outlook Survey

                       Business Activity (previous 27.4)

                       Prices Paid (previous 81.0)

                       Employment (previous 38.9)

                       New Orders (previous 25.8)

                       Prices Received (previous 54.4)

                       Delivery Times (previous 39.7)

                       Inventories (previous 0.5)

                       Shipments (previous 30.2)



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

                       Jobless Claims (previous 185K)

                       Jobless Claims, Net Chg (previous +18K)

                       Continuing Claims (previous 1475000)

                       Continuing Claims, Net Chg (previous -48K)



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

                       Corn (Metric Tons) (previous 1736K)

                       Soybeans (Metric Tons) (previous 1006.9K)

                       Wheat (Metric Tons) (previous 321.3K)



10:00 AM ET. March Leading Indicators

                       Leading Index, M/M% (previous +0.3%)

                       Leading Index (previous 119.9)

                       Coincident Index, M/M% (previous +0.4%)

                       Lagging Index, M/M% (previous +0%)



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

                       Working Gas In Storage (Cbf) (previous 1397B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +15B)

                       

4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, April 22, 2022  



9:45 AM ET. April US Flash Manufacturing PMI

                       PMI, Mfg (previous 58.5)



9:45 AM ET. April US Flash Services PMI

                       PMI, Services (previous 58.9)


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



The Dow closed lower on Monday.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 turning neutral to bullish signaling that sideways to higher prices are possible 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. If the Dow extends the decline off March's high, trendline support off the February-March lows crossing near 33,663.68 is the next downside target. First resistance is March'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 last-Tuesday's low crossing at 34,102.81. Second support is the February-March uptrend line crossing near 33,663.68. 



The June NASDAQ 100 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 June extends the decline off March's high, the 75% retracement level of March's rally crossing at 13,527.67 is the next downside target. Closes above the 20-day moving average crossing at 14,570.85 would signal that a short-term low 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 62% retracement level of March's rally crossing at 13,833.79. Second support is the 75% retracement level of March's rally crossing at 13,527.67. 



The June S&P 500 closed slightly 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 June extends the decline off March's high, the 50% retracement level of the February-March rally crossing at 4362.09 is the next downside target. Closes above the 20-day moving average crossing at 4494.91 would signal that a short-term low 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 the 50% retracement level of the February-March rally crossing at 4362.09. Second support is the 62% retracement level of the February-March rally crossing at 4298.43.



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



June T-bonds closed down 24/32's at 140-10. 



June T-bonds closed lower on Monday as it extended the decline off December'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 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 monthly continuation chart crossing at 136-16 is the next downside target. Closes above the 20-day moving average crossing at 146-11 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 143-23. Second resistance is the 20-day moving average crossing at 146-11. First support is today's low crossing at 140-00. Second support is the October-2018 low on the monthly continuation chart crossing at 136-16.



June T-notes closed down 70 pts. at 119.230.



June T-notes closed lower on Monday. 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 turning 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 121.166 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 121.166. Second resistance is the March 31st high crossing at 123.040. First support is last-Tuesday's low crossing at 119.105. 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 ""



June crude oil closed higher for the fourth-day in a row on Monday as it extended the rally off last-Monday's low.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are still possible. If June extends the rally off last-Monday's low, the March 24th high crossing at $113.51 is the next upside target. Closes below the 50-day moving average crossing at $97.60 would signal that a short-term top has likely been posted. First resistance is the March 24th high crossing at $116.61. Second resistance is March's high crossing at $121.17. First support is April's low crossing at $92.60. Second support is March's low crossing at $92.20.   



June heating oil closed higher for the fourth-day in a row on Tuesday as it extended the rally off the April 7th low. The mid-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. 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 the April 7th low, the 87% retracement level of the March decline crossing at 3.8622 is the next upside target. Closes below the 10-day moving average crossing at $3.3408 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the March decline crossing at $3.7170. Second resistance is the 87% retracement level of the March decline crossing at $3.8622. First support is the 10-day moving average crossing at $3.3408. Second support is the 50-day moving average crossing at $3.0907.     



June unleaded gas closed higher for the fourth-day in a row on Monday as it extended the rally off the April 7th low crossing at 2.9649. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the 75% retracement level of March's decline crossing at 3.4806 is the next upside target. Closes below the 10-day moving average crossing at $3.1397 would signal that a short-term top has been posted. First resistance is today's high crossing at $3.4250. Second resistance is the 75% retracement level of March's decline crossing at 3.4806. First support is the 10-day moving average crossing at $3.1555. Second support is the 50-day moving average crossing at 3.0416.      



June Henry natural gas gapped up and closed sharply higher on Monday as it extends the rally off December's low. 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 December's low, the 50% retracement level of the 2005-2020 decline on the monthly continuation chart crossing at 8.606 is the next upside target. Closes below the 20-day moving average crossing at 6.077 would confirm that a short-term top has been posted. First resistance is today's high crossing at 8.197. Second resistance is the 50% retracement level of the 2005-2020 decline on the monthly continuation chart crossing at 8.606. First support is the 10-day moving average crossing at 6.673. Second support is the 20-day moving average crossing at 6.077.     



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



The June Dollar closed higher on Monday to extended the rally off January's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 2021-high on the monthly continuation chart crossing at $103.96 is the next upside target. Closes below the 20-day moving average crossing at $99.22 would signal that a short-term top has likely been posted. First resistance is the 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $102.04. Second resistance is the 2021-high on the monthly continuation chart crossing at $103.96. First support is last-Thursday's low crossing at $99.56. Second support is the 20-day moving average crossing at $99.22.  



The June Euro closed lower on Monday as it extends the decline off the March 31st 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 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 31st high, the March-2020 low on the weekly continuation chart crossing at $106.71 is the next downside target. Closes above the 20-day moving average crossing at $109.86 would would signal that a short-term low has likely been posted. First resistance is the 20-day moving average crossing at $109.86. Second resistance is the 50-day moving average crossing at $111.30. First support is last-Thursday's low crossing at $107.81. Second support is the March-2020 low on the weekly continuation chart crossing at $106.71.



The June British Pound 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 are neutral to bullish signaling that sideways to higher prices are possible. Closes above the 20-day moving average crossing at 1.3105 would signal that a short-term low has been posted. If June renews the decline off the March 23rd high, the 50% retracement level of the 2020-2021-rally crossing at 1.2894 is the next downside target. First resistance is the 20-day moving average crossing at 1.3105. Second resistance is the 50-day moving average crossing at 1.3252. First support is last-Wednesday's low crossing at 1.2969. Second support is the 50% retracement level of the 2020-2021-rally crossing at 1.2894.  

 

The June Swiss Franc closed lower on Monday as it extended the decline off the March 31st 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off the March 31st high, the 87% retracement level of the 2020-2021-rally crossing at 1.0564 is the next downside target. Closes above the 20-day moving average crossing at 1.0764 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0764. Second resistance is the 50-day moving average crossing at 1.0811. First support is today's low crossing at 1.0604. Second support is the 87% retracement level of the 2020-2021-rally crossing at 1.0564.



The June Canadian Dollar closed slightly lower 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. Closes above the 20-day moving average crossing at 79.69 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 79.00 would open the door for additional weakness near-term. First resistance is last-Thursday's high crossing at 79.84. Second resistance is the April 5th high crossing at 80.61. First support is the 50-day moving average crossing at 79.00. Second support is the 62% retracement level of the March-April rally crossing at 78.69.  



The June Japanese Yen gapped down and closed lower on Monday as it extended the decline off January'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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, March's low the February-2002 low on the monthly continuation chart crossing at 0.074150 is the next downside target. Closes above the 20-day moving average crossing at 0.081267 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.080281. Second resistance is the 20-day moving average crossing at 0.081267. First support is today's low crossing at 0.078865. Second support is the February-2002 low on the monthly continuation chart crossing at 0.074150.  



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



April gold closed higher on Monday as it extended the rally off March's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off March's low, the 62% retracement level of the March decline crossing at $2005.50 is the next upside target. Closes below the 50-day moving average crossing at $1924.20 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $1997.10. Second resistance is the 62% retracement level of the March decline crossing at $2005.50. First support is the 20-day moving average crossing at $1942.60. Second support is the 50-day moving average crossing at $1924.20.  



May silver closed higher on Monday as it extended the rally off March's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, March's high crossing at 27.495 is the next upside target. Closes below the 50-day moving average crossing at 24.842 would signal that a short-term top has been posted. First resistance is today's high crossing at 26.495. Second resistance is March's high crossing at 27.495. First support is the 20-day moving average crossing at 24.446. Second support is the March 29th low crossing at 24.045.        



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 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 4.6240 would open the door for additional weakness near-term. 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 4.6240. Second support is March's low crossing at 4.4685.



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



July Corn closed up $0.23 1/4-cents at $8.07. 



July corn closed sharply higher on Monday and closed above key resistance marked by the June-2011 high on the monthly continuation chart crossing near $7.99 3/4 as it extends the rally off last-September's low. 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 July extends the rally off the March 29th low, the August-2012 high on the monthly continuation chart crossing at $8.43 3/4 is the next upside target. Closes below the 10-day moving average crossing at $7.64 1/4 would signal that a short-term top has likely been posted. First resistance is today's high crossing at $8.10. Second resistance is the August-2012 high on the monthly continuation chart crossing near $8.43 3/4. First support is the 10-day moving average crossing at $7.64 1/4. Second support is the 20-day moving average crossing at $7.45 1/2.     



July wheat closed down $0.24 1/4-cents at $11.28 3/4.  



July wheat closed higher on Friday as it extended the rally off March's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, the 62% retracement level of the March decline crossing at $11.59 1/4 is the next upside target. Closes below the 20-day moving average crossing at $10.62 3/4 would signal that a short-term top has been posted. First resistance is the March 22nd high crossing at $11.39 3/4. Second resistance is the 62% retracement level of the March decline crossing at $11.59 1/4. First support is the 20-day moving average crossing at $10.62 3/4. Second support is the 50-day moving average crossing at $9.93.



July Kansas City Wheat closed up $0.31 3/4-cents at $11.89.

 

July Kansas City wheat closed lower on Thursday due to profit taking ahead of the Easter holiday weekend. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off the March 29th low, March's high crossing at $12.59 is the next upside target. Closes below the 20-day moving average crossing at $10.89 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $11.90 1/2. Second resistance is March's high crossing at $12.59. First support is the 20-day moving average crossing at $10.89 3/4. Second support is the 50% retracement level of the January-March rally crossing at $10.06.



July Minneapolis wheat closed up $0.31 1/4-cents at $11.78.



July Minneapolis wheat closed sharply higher on Monday and posted a new contract 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 is possible near-term. If July extends the rally off the March 29th low, the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.03 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $11.88 3/4. Second resistance is the March 29th low, the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2. First support is the 10-day moving average crossing at $11.31. Second support is the 20-day moving average crossing at $11.03 1/2. 

       

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



July soybeans closed up a $0.28-cents at $16.93 1/4.



July soybeans closed higher on Monday as it extended the rally off April's low. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, March's high crossing at $17.13 is the next upside target. Closes below the 50-day moving average crossing at $16.28.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 the 50-day moving average crossing at $16.28. Second support is April's low crossing at $15.60 1/2.



July soybean meal closed up $4.60 at $460.30. 



July soybean meal 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at $463.90 would signal that a short-term low has been posted. If July renews the decline off March's high, the February 16th low crossing at $435.50 is the next downside target. First resistance is last-Monday's high crossing at $463.90. Second resistance is March's high crossing at $484.60. First support is April's low crossing at $441.10. Second support is the February 16th low crossing at $435.50. 



July soybean oil closed up 120 pts. at 78.07. 



July soybean oil gapped up and closed higher on Monday as it extended this year's rally to another new contract 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 July extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 72.25 would signal that a short-term top has been posted. First resistance is today's high crossing at 78.50. Second resistance is unknown. First support is the 10-day moving average crossing at 73.48. Second support is the 20-day moving average crossing at 72.25. 

 

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



June hogs closed up $4.00 at $122.48. 



June hogs closed limit up on Monday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the March 5th low, March's high crossing at $127.32 is the next upside target. Closes below the 10-day moving average crossing at $116.60 would signal that a short-term top has been posted. First resistance is today's high crossing at $122.50. Second resistance is March's high crossing at $127.32. First support is the 38% retracement level of the September-March rally crossing at $111.94. Second support is the March 7th low crossing at $109.15.  



June cattle closed down $0.55 at $136.35 



June cattle posted a key reversal down as it closed lower on Monday as it consolidated some of the rally off April's slow. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $137.32 would open the door for a possible test of the March 29th high crossing at $138.53. Closes below the 10-day moving average crossing at $135.07 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $137.32. Second resistance is the March 29th high crossing at $138.53. First support is the April 6th low crossing at $132.48. Second support is March's low crossing at $130.97.  



May Feeder cattle closed down $2.68 at $159.10. 



May Feeder cattle gapped down and closed lower on Monday, The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews 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 $163.44 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $163.44. Second resistance is the 50-day moving average crossing at $167.56. First support is last-Monday's low crossing at $156.85. 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 



July coffee closed slightly higher on Monday as it extended last-Thursday's breakout below the 20-day moving average crossing at 22.58. The mid-range close sets the stage for a steady to slightly higher opening on Tuesday. 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-Tuesday's high, the March 28th low crossing at 21.27 is the next downside target. Closes above the 50-day moving average crossing at 23.13 would signal that a short-term low has been posted.              



July cocoa closed sharply lower on Monday as it extended the decline off last-Monday's high. The low-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. If July extends the decline off last-Monday's high, March's low crossing at 24.87 is the next downside target. Closes above the 50-day moving average crossing at 26.52 would signal that a short-term low has been posted.          



July sugar closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought and remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off February's low, weekly resistance crossing at 20.69 is the next upside target. Closes below the 20-day moving average crossing at 19.57 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 18.74.               



May cotton closed higher on Monday as it extended the rally off December's low. The high-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 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. Closes below the 20-day moving average crossing at 133.29 would confirm that a top has been posted. 

Comments
By metmike - April 18, 2022, 5:23 p.m.
Like Reply

Thanks tallpine!

Markets are extremely wild.

Crop condition and weather remains bullish for grains.

https://www.marketforum.com/forum/topic/83441/


Big shots of cold for Spring helping NG!

https://www.marketforum.com/forum/topic/81073/