KEY EVENTS TO WATCH FOR:
Tuesday, April 26, 2022
8:30 AM ET. March Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -2.2%)
Dur Goods, Ex-Defense, M/M% (previous -2.7%)
Dur Goods, Ex-Transport, M/M% (previous -0.6%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.3%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.5%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +14.3%)
Latest Wk, Y/Y% (previous +15.2%)
9:00 AM ET. February U.S. Monthly House Price Index
9:00 AM ET. February S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +1.4%)
10-City Idx, Y/Y% (previous +17.5%)
20-City Idx, M/M% (previous +1.4%)
20-City Idx, Y/Y% (previous +19.1%)
National Idx, M/M% (previous +1.1%)
National Idx, Y/Y% (previous +19.2%)
10:00 AM ET. March New Residential Sales
New Home Sales (previous 772K)
New Home Sales, M/M% (previous -2.0%)
New Home Sales Months Supply (previous 6.3)
10:00 AM ET. April Richmond Fed Business Activity Survey
Mfg Idx (previous 13)
Shipments Idx (previous 9)
10:00 AM ET. April Consumer Confidence Index
Cons Conf Idx (previous 107.2)
Expectation Idx
Present Situation Idx (previous 153)
1:00 PM ET. March Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.5M)
Gasoline Stocks, Net Chg (Bbls) (previous +2.9M)
Distillate Stocks, Net Chg (Bbls) (previous -1.7M)
Wednesday, April 27, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 374)
Composite Idx, W/W% (previous -5.0%)
Purchase Idx-SA (previous 254)
Purchase Idx-SA, W/W% (previous -3.0%)
Refinance Idx (previous 1023.2)
Refinance Idx, W/W% (previous -7.7%)
8:30 AM ET. March Advance Economic Indicators Report
10:00 AM ET. March Pending Home Sales Index
Pending Home Sales (previous 104.9)
Pending Home Sales Idx, M/M% (previous -4.1%)
Pending Home Sales Idx , Y/Y% (previous -5.4%)
10:00 AM ET. 1st Quarter U.S. Housing Vacancies
10:00 AM ET. March Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 413.733M)
Crude Oil Stocks, Net Chg (Bbl) (previous -8.02M)
Gasoline Stocks (Bbl) (previous 232.378M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.761M)
Distillate Stocks (Bbl) (previous 108.735M)
Distillate Stocks, Net Chg (Bbl) (previous -2.664M)
Refinery Usage (previous 91.0%)
Total Prod Supplied (Bbl/day) (previous 19.033M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.262M)
Thursday, April 28, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 184K)
Jobless Claims, Net Chg (previous -2K)
Continuing Claims (previous 1417000)
Continuing Claims, Net Chg (previous -58K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1268.8K)
Soybeans (Metric Tons) (previous 1700.2K)
Wheat (Metric Tons) (previous 264.8K)
8:30 AM ET. 1st Quarter Advance estimate GDP
Annual Rate, Q/Q% (previous +6.9%)
Chain-Weighted Price Idx, Q/Q% (previous +7.1%)
PCE Price Idx, Q/Q% (previous +6.4%)
Purchase Price Idx, Q/Q% (previous +7.0%)
Real Final Sales 1st Est, Q/Q% (previous +1.5%)
Core PCE Price Idx, Q/Q% (previous +5.0%)
Personal Consumption, Q/Q% (previous +2.5%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1450B)
Working Gas In Storage, Net Chg (Cbf) (previous +53B)
11:00 AM ET. April Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 46)
6-Mo Exp Prod Idx (previous 61)
Mfg Composite Idx (previous 37)
6-Mo Exp Composite Idx (previous 41)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, April 29, 2022
8:30 AM ET. March Personal Income & Outlays
Personal Income, M/M% (previous +0.5%)
Consumer Spending, M/M% (previous +0.2%)
PCE Price Idx, M/M% (previous +0.6%)
PCE Price Idx, Y/Y% (previous +6.4%)
PCE Core Price Idx, M/M% (previous +0.4%)
PCE Core Price Idx, Y/Y% (previous +5.4%)
8:30 AM ET. 1st Quarter Employment Cost Index
ECI, Q/Q% (previous +1.0%)
ECI, Y/Y% (previous +4.0%)
9:45 AM ET. April Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (previous 62.9)
10:00 AM ET. April University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (previous 59.4)
End-Mo Expectations Idx (previous 54.3)
12-Month Inflation Forecast (previous 5.4%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 67.2)
3:00 PM ET. March Agricultural Prices
Farm Prices, M/M% (previous +7.4%)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed closed higher on Monday 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 when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the aforementioned decline, the 75% retracement level of the February-April rally crossing at 33,084.03 is the next downside target. Closes above the 20-day moving average crossing at 34,651.07 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 34,651.07. Second resistance is last-Thursday's high crossing at 35,492.22. First support is the 75% retracement level of the February-April rally crossing at 33,084.03. Second support is the 87% retracement level of the February-April rally crossing at 32,696.19.
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, March's low crossing at 13,417.25 is the next downside target. Closes above the 20-day moving average crossing at 14,359.25 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 13,869.65. Second resistance is the 20-day moving average crossing at 14,359.22. First support is the 87% retracement level of March's rally crossing at 13,249.39. Second support is March's low crossing at 13,417.25.
The June S&P 500 closed higher on Monday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to slightly lower opening when Tuesday's night session begins trading. Stochastics and the RSI 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 February-March rally crossing at 4162.47 is the next downside target. Closes above the 20-day moving average crossing at 4463.27 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4394.14. Second resistance is the 20-day moving average crossing at 4464.84. First support is the 75% retracement level of the February-March rally crossing at 4227.21. Second support is the 87% retracement level of the February-March rally crossing at 4162.47.
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June T-bonds closed up 1-14/32's at 141-17.
June T-bonds closed higher on Monday as it extended the rally off last-Wednesday'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 oversold but are poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 144-08 would signal that a short-term low has been posted. If June renews the decline off March's high, the October-2018 low on the monthly continuation chart crossing at 136-16 is the next downside target. First resistance is the 20-day moving average crossing at 144-08. Second resistance is the 50-day moving average crossing at 149-30. First support is last-Wednesday's low crossing at 138-14. Second support is the October-2018 low on the monthly continuation chart crossing at 136-16.
June T-notes closed up 220 pts. at 119.200.
June T-notes closed higher on Monday as it consolidated some of the decline off March's high. 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 oversold but are poised to turn neutral to bullish signaling sideways to higher prices are possible near-term. If June renews 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 120.204 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 120.204. Second resistance is the March 31st high crossing at 123.040. First support is last-Friday's low crossing at 118.080. Second support is the October-2018 low on the monthly continuation chart crossing at 117.135.
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June crude oil closed lower on Monday and below the 50-day moving average crossing at $99.15 signaling that a short-term top has likely been posted. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are still possible. If June renews the rally off April's low, the March 24th high crossing at $113.51 is the next upside target. 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 on Monday as it extended the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes 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 20-day moving average crossing at $3.3924 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 20-day moving average crossing at $3.3924. Second support is the 50-day moving average crossing at $3.1910.
June unleaded gas closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $3.0974 would confirm that a short-term top has been posted. If June renews the rally off April's low, the 75% retracement level of March's decline crossing at 3.4806 is the next upside target. First resistance is the 75% retracement level of March's decline crossing at 3.4806. Second resistance is the 87% retracement level of March's decline crossing at 3.5887. First support is the 20-day moving average crossing at $3.1793. Second support is the 50-day moving average crossing at 3.0975.
June Henry natural gas closed higher on Monday as it consolidated some of the decline off last-Monday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 6.495 would open the door for a larger-degree decline into the end of the month. Closes above the 10-day moving average crossing at 7.099 would temper the near-term bearish outlook. First resistance is last-Monday'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 20-day moving average crossing at 6.495. Second support is the 50% retracement level of the December-April rally crossing at 5.828.
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The June Dollar closed higher on Monday as it extends 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 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $102.04 is the next upside target. Closes below the 20-day moving average crossing at $99.80 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 2020-high on the monthly continuation chart crossing at $103.96. First support is the 20-day moving average crossing at $99.80. Second support is the 50-day moving average crossing at 98.51.
The June Euro closed lower on Monday as it renewed the decline off February'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 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 $109.30 would signal that a short-term low has likely been posted. First resistance is the 20-day moving average crossing at $109.30. Second resistance is the 50-day moving average crossing at $110.64. First support is today's low crossing at $107.18. Second support is the March-2020 low on the weekly continuation chart crossing at $106.71.
The June British Pound closed sharply lower for the second day in a row 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 June extends the decline off January's high, the 62% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.2582 is the next downside target. Closes above last-Thursday's high crossing at 1.3145 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 1.3145. Second resistance is the 50-day moving average crossing at 1.3192. First support is today's low crossing at 1.2696. Second support is the 62% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.2582.
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 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 crossing at 1.0415 is the next downside target. Closes above the 20-day moving average crossing at 1.0699 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0605. Second resistance is the 20-day moving average crossing at 1.0699. First support is today's low crossing at 1.0443. Second support is the March-2020 low crossing at 1.0415.
The June Canadian Dollar closed lower on Monday as it extended the decline off April's high. The high-range close sets the stage for a steady to slightly 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 aforementioned decline, the 87% retracement level of the March-April rally crossing at 77.91 is the next downside target. Closes above the 20-day moving average crossing at 79.56 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 79.04. Second resistance is the 10-day moving average crossing at 79.21. First support is the 75% retracement level of the March-April rally crossing at 78.28. Second support is the 87% retracement level of the March-April rally crossing at 77.91.
The June Japanese Yen closed slightly lower on Monday as it extends the trading range of the past four-days. 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 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 0.080105 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.078825. Second resistance is the 20-day moving average crossing at 0.080105. First support is last-Tuesday's low crossing at 0.077385. Second support is the February-2002 low on the monthly continuation chart crossing at 0.074150.
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June gold closed sharply lower on Tuesday as it extended the decline off last-Monday'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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the 50% retracement level of the 2021-2022 rally crossing at $1887.60 is the next downside target. Closes above the 10-day moving average crossing at $1956.90 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1956.90. Second resistance is last-Monday's high crossing at $1997.10. First support is the 50% retracement level of the 2021-2022 rally crossing at $1887.60. Second support is the 62% retracement level of the 2021-2022 rally crossing at $1841.50.
July silver closed lower on Monday as it extended the decline off April's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 75% retracement level of the December-March rally crossing at 23.023 is the downside target. Closes above the 10-day moving average 25.271 would signal that a short-term low has been posted. First resistance is the 50-day moving average 25.046. Second resistance is the 10-day moving average crossing at 25.023. First support is the 62% retracement level of the December-March rally crossing at 23.801. Second support is the 75% retracement level of the December-March rally crossing at 23.023.
May copper closed sharply lower on Monday as it extended the decline off April's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the 75% retracement level of the December-March rally crossing at 4.3466 is the next downside target. Closes above the 20-day moving average crossing at 4.7055 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.7055. Second resistance is last-Monday's high crossing at 4.8425. First support is today's low crossing at 4.4065. Second support is the 75% retracement level of the December-March rally crossing at 4.3466.
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July Corn closed up $0.09-cents at $7.98.
July corn posted an inside day with a higher close on Monday as it consolidated some of the decline off last-Tuesday's high crossing at $8.14. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Tuesday's high, the 20-day moving average crossing at $7.62 1/2 is the next downside target. If July renews 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. First resistance is last-Tuesday's high crossing at $8.14. 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 $7.89. Second support is the 20-day moving average crossing at $7.62 1/2.
July wheat closed down $0.02 3/4-cents at $10.72 1/2.
July wheat closed lower on Monday as it extended the decline off last-Tuesday's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $10.61 3/4 would signal that a short-term top has been posted. If July renews the rally off March's low, the 62% retracement level of the March decline crossing at $11.59 1/4 is the next upside target. First resistance is the 62% retracement level of the March decline crossing at $11.59 1/4. Second resistance is the 75% retracement level of the March decline crossing at $12.00 1/4. First support is the 20-day moving average crossing at $10.61 3/4. Second support is the 50-day moving average crossing at $10.24 1/4.
July Kansas City Wheat closed up $0.03 1/2-cents at $11.53.
July Kansas City wheat closed higher on Monday as it extended the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $11.10 would signal that a short-term top has been posted. If July renews the rally off the 87% retracement level of March's decline crossing at $12.28 is the next upside target. First resistance is last-Tuesday's high crossing at $12.02 1/4. Second resistance is the 87% retracement level of March's decline crossing at $12.28. First support is the 20-day moving average crossing at $11.10. Second support is the 50-day moving average crossing at $10.53 1/2.
July Minneapolis wheat closed up $0.14 3/4-cents at $11.77 1/2.
July Minneapolis wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are is possible near-term. If July renews 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 $11.23 1/2 would signal that a short-term top has been posted. First resistance is last-Monday'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 20-day moving average crossing at $11.23 1/2. Second support is the 50-day moving average crossing at $10.71 3/4.
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July soybeans closed down $0.12 3/4-cents at $16.75 1/4.
July soybeans closed lower on Monday after posting a key reversal down last-Friday signaling that a short-term top appears to have been posted with last-Friday's high. 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 that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $16.40 1/2 would confirm that a short-term top has been posted. If July renews the rally off April's low, February's high crossing at $17.41 is the next upside target. First resistance last-Friday's high crossing at $17.34. Second resistance is February's high crossing at $17.41. First support is the 20-day moving average crossing at $16.49 1/2. Second support is the 50-day moving average crossing at $16.40 1/2.
July soybean meal closed down $6.50 at $445.50.
July soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off March's high, the February 16th low crossing at $435.50 is the next downside target. If July resumes the rally off March's low, the March 29th high crossing at $473.00 is the next upside target. First resistance is the March 29th high crossing at $473.00. 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 down 43 pts. at 80.08.
July soybean oil closed lower on Monday as it consolidated some of this year's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but 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 74.05 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 83.21. Second resistance is unknown. First support is the 10-day moving average crossing at 77.50. Second support is the 20-day moving average crossing at 74.05.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed down $4.75 at $114.03.
June hogs closed limit down on Monday as it extended the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Tuesday's high, April's low crossing at $112.20 is the next downside target. If June renews the rally off the March 5th low, March's high crossing at $127.32 is the next upside target. First resistance is last-Tuesday's high crossing at $123.08. 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 $3.00 at $135.43
June cattle gapped down and closed sharply lower on Monday following last-Friday's bearish cattle-on-feed report. Today's close below the 20-day moving average crossing at $136.31 signals that a short-term top has been posted while opening the door for additional weakness near-term. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI turned neutral to bullish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Friday's high, April's low crossing at $132.48 is the next downside target. Closes above today's gap crossing at $138.35 would signal that a short-term low has been posted. First resistance is the 75% retracement level of the February-March decline crossing at $140.29. Second resistance is the the 87% retracement level of the February-March decline crossing at $141.78. First support is April's low crossing at $133.48. Second support is March's low crossing at $130.97.
August Feeder cattle closed down $2.40 at $174.50.
August Feeder cattle closed lower on Monday as it consolidated some of last-week's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off April's low, the 50-day moving average crossing at $178.55 is the next upside target. If August renews the decline off March's high, last-November's low crossing at $166.77 is the next downside target. First resistance is the 50-day moving average crossing at $178.55. Second resistance is the March 29th high crossing at $182.10. First support is April's low crossing at $170.15. Second support is last-November's low crossing at $166.77.
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July coffee closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 22.88 would signal that a short-term low has been posted. If July renews the decline off April's high, the March 28th low crossing at 21.27 is the next downside target.
July cocoa closed lower on Monday as it extended the decline off February'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 aforementioned decline, the December 20th low crossing at 24.59 is the next downside target. Closes above the 50-day moving average crossing at 26.30 would signal that a short-term low has been posted.
July sugar gapped down and closed below the 50-day moving average crossing at 18.92 on Monday as it extended the decline off April'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 April's high, the March 16th low crossing at 18.44 is the next downside target. Closes above the 10-day moving average crossing at 19.78 would signal that a short-term low has been posted.
July cotton closed lower on Monday as it extended the decline off last-Thursday's high. The high-range close sets the stage for a steady to slightly lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If July extends this month's decline, the April 11th low crossing at 130.25 is the next downside target. If July resumes 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 much tallpine!