INO Evening Market Comments
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Started by tallpine - April 28, 2022, 4:53 p.m.

KEY EVENTS TO WATCH FOR:



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 sharply 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 when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the aforementioned decline, the 87% retracement level of the February-April rally crossing at 32,696.19 is the next downside target. Closes above the 20-day moving average crossing at 34,399.85 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 34,399.85. 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 sharply higher on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold and are poised to turn neutral to bullish with additional gains that would signal that a short-term low has been posted. Closes above the 50-day moving average crossing at 14,090.42 would signal that a short-term low has been posted. If June resumes the decline off March's high, the March-2021 low crossing at 12,727.50 is the next downside target. First resistance is the 10-day moving average crossing at 13,617.77. Second resistance is the 50-day moving average crossing at 14,090.42. First support is Tuesday's low crossing at 12,801.50. Second support is the March-2021 low crossing at 12,727.50.



The June S&P 500 closed sharply higher on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a higher opening when Friday's night session begins trading. Stochastics and the RSI oversold but are poised to turn neutral to bullish with additional strength that would signaling a low has likely been posted. Closes above the 20-day moving average crossing at 4407.46 would confirm that a low has been posted. If June renews the decline off March's high, February's low crossing at 4094.25 is the next downside target. First resistance is the 10-day moving average crossing at 4328.27. Second resistance is the 50-day moving average crossing at 4381.98. First support is the 87% retracement level of the February-March rally crossing at 4162.47. Second support is February's low crossing at 4094.25.



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June T-bonds closed unchanged at 141-17. 



June T-bonds closed unchanged on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 143-07 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 143-07. Second resistance is the 50-day moving average crossing at 149-08. 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 down 85 pts. at 119.170.



June T-notes closed lower on Thursday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 120.085 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 117.135 is the next downside target. First resistance is the 20-day moving average crossing at 120.085. 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.  



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



June crude oil closed higher on Thursday and is testing the upper boundary of the symmetrical triangle that began in early-March with today's high.The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the April 18th high crossing at $109.20 is the next upside target. 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 April 18th high crossing at $109.20. Second resistance is the March 24th high crossing at $116.61. 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 Thursday as it extends the rally off March's low and spiked to a new contract high. The high-range close sets the stage for a steady to higher opening when Friday'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 March's low, weekly resistance on the weekly continuation chart crossing at $4.7099 is the next upside target. Closes below the 20-day moving average crossing at $3.4873 would signal that a short-term top has been posted. First resistance is today's high crossing at $4.0390. Second resistance is weekly resistance on the weekly continuation chart crossing at $4.7099. First support is the 20-day moving average crossing at $3.4873. Second support is the 50-day moving average crossing at $3.2652.     



June unleaded gas closed higher on Thursday and tested the 75% retracement level of March's decline crossing at 3.4806. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 87% retracement level of March's decline crossing at 3.5887 is the next upside target. Closes below the 50-day moving average crossing at $3.1341 would confirm that a short-term top has been posted. 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 $3.2131. Second support is the 50-day moving average crossing at 3.1341.      



June Henry natural gas closed lower on Thursday ending a three-day rally off Monday's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 6.471 would open the door for a larger-degree decline near-term. Closes above Wednesday's high crossing at 7.524 would renew the aforementioned decline while opening the door for a possible retest of last-Monday's high. 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 Monday's low crossing at 6.471. Second support is the 50% retracement level of the December-April rally crossing at 5.828.     



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



The June Dollar closed higher for the sixth-day in a row on Thursday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Friday's nights session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If June extends the rally off January's low, the 2020-high on the monthly continuation chart crossing at $103.96 is the next upside target. Closes below the 20-day moving average crossing at $100.48 would signal that a short-term top has been posted. First resistance is the 2020-high on the monthly continuation chart crossing at $103.96. Second resistance is the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.72. First support is the 10-day moving average crossing at $101.50. Second support is the 20-day moving average crossing at $100.48.  



The June Euro closed lower for the sixth-day in a row on Thursday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off the March 31st high, the December-2016 low on the weekly continuation chart crossing at $103.68 is the next downside target. Closes above the 20-day moving average crossing at $108.52 would signal that a short-term low has likely been posted. First resistance is the 10-day moving average crossing at $107.51. Second resistance is the 20-day moving average crossing at $108.85. First support is today's low crossing at $104.91. Second support is the December-2016 low on the weekly continuation chart crossing at $103.68.



The June British Pound closed lower for the sixth-day in a row on Thursday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 75% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.2232 is the next downside target. Closes above the 20-day moving average crossing at 1.2952 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2830. Second resistance is the 20-day moving average crossing at 1.2952. First support is today's low crossing at 1.2411. Second support is the 75% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.2232.  

 

The June Swiss Franc closed lower for the sixth-day in a row on Thursday as it extended the decline off the March 31st high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off the March 31st high, the 75% retracement level of the 2016-2021 on the monthly continuation chart crossing at 1.01109 is the next downside target. Closes above the 20-day moving average crossing at 1.06330 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.04852. Second resistance is the 20-day moving average crossing at 1.06330. First support is today's low crossing at 1.02670. Second support is the the 75% retracement level of the 2016-2021 on the monthly continuation chart crossing at 1.01109.



The June Canadian Dollar closed higher on Thursday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, March's low crossing at 77.51 is the next downside target. Closes above the 20-day moving average crossing at 79.26 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 79.02. Second resistance is the 20-day moving average crossing at 79.26. First support is today's low crossing at 77.61. Second support is March's low crossing at 77.51.  



The June Japanese Yen closed sharply lower on Thursday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are oversold and turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If March extends the decline off March's high, 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 0.079509 would signal that a short-term low has been posted. First resistance is Wednesday's high crossing at 0.078885. Second resistance is the 20-day moving average crossing at 0.079509. First support is today's low crossing at 0.076280. 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 ""



June gold closed higher on Thursday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the 62% retracement level of the 2021-2022 rally crossing at $1841.50 is the next downside target. Closes above the 50-day moving average crossing at $1941.50 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1941.50. Second resistance is April'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 Thursday as it extends the decline off April's high and tested the 75% retracement level of the December-March rally crossing at 23.023. The high-range close sets the stage for a steady to slightly lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 87% retracement level of the December-March rally crossing at 22.316 is the downside target. Closes above the 50-day moving average 25.033 would signal that a short-term low has been posted. First resistance is the 50-day moving average 25.033. Second resistance is April's high crossing at 26.575. First support is the 75% retracement level of the December-March rally crossing at 23.023. Second support is the 87% retracement level of the December-March rally crossing at 22.316.        



July copper closed lower on Thursday as it extended the decline off April's high. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the 75% retracement level of the December-March rally crossing at 4.3362 is the next downside target. Closes above the 20-day moving average crossing at 4.6745 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.6152. Second resistance is the 20-day moving average crossing at 4.6745. First support is today's low crossing at 4.3865. Second support is the 75% retracement level of the December-March rally crossing at 4.3362.



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



July Corn closed up $0.01 1/4-cents at $8.13 1/2. 



July corn closed higher on Thursday as it extends this year's rally. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought, diverging 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 20-day moving average crossing at $7.75 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $8.19 3/4. Second resistance is the August-2012 high on the monthly continuation chart crossing near $8.43 3/4. First support is the 20-day moving average crossing at $7.75 3/4. Second support is the 50-day moving average crossing at $7.32 1/4.     



July wheat closed down $0.05 1/2-cents at $10.85 3/4.  



July wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at $10.55 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 Monday's low crossing at $10.55 3/4. Second support is the 50-day moving average crossing at $10.42.



July Kansas City Wheat closed down $0.12 3/4-cents at $11.41 1/4.

 

July Kansas City wheat closed lower on Thursday as it extended the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $11.02 3/4 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 $11.02 3/4. Second support is the 50-day moving average crossing at $10.73 1/4.



July Minneapolis wheat closed down $0.03 1/4-cents at $11.91 1/2.



July Minneapolis wheat closed lower on Thursday as it consolidated some of this year's rally. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 $11.43 1/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $12.06. 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 $11.43 1/4. Second support is the 50-day moving average crossing at $10.86 1/4. 

       

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



July soybeans closed down $0.08-cents at $16.84 3/4.



July soybeans closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to low prices are possible near-term. Closes below the 50-day moving average crossing at $16.47 1/4 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 $16.56 1/2. Second support is the 50-day moving average crossing at $16.47 1/4.



July soybean meal closed down $10.90 at $430.10. 



July soybean meal 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 when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, the 38% retracement level of the 2021-2022 rally crossing at $422.70 is the next downside target. Closes above the 50-day moving average crossing at $457.30 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $467.80. Second resistance is March's high crossing at $484.60. First support is Wednesday's low crossing at $429.00. Second support is the 38% retracement level of the 2021-2022 rally crossing at $422.70. 



July soybean oil closed up 188 pts. at 86.60. 



July soybean oil closed higher on Thursday as it extends this year's rally. The high-range close sets the stage for a higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 76.19 would signal that a short-term top has been posted. First resistance is today's high crossing at 86.69. Second resistance is unknown. First support is the 10-day moving average crossing at 80.59. Second support is the 20-day moving average crossing at 76.19. 

 

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



June hogs closed up $0.68 at $111.03. 



June hogs closed higher on Thursday as it consolidated some of the decline off last-Tuesday's high. The high-range close sets the stage for a steady to higher opening when 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 last-Tuesday's high, the 50% retracement level of the September-April rally crossing at $107.13 is the next downside target. Closes above the 50-day moving average crossing at $117.53 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $117.53. Second resistance is April's high crossing at $123.08. First support is the 50% retracement level of the September-March rally crossing at $107.13. Second support is the 62% retracement level of the September-March rally crossing at $102.37.  



June cattle closed down $1.18 at $133.85 



June cattle closed lower on Thursday as it extended the decline off last-Friday's high. 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 last-Friday's high, April's low crossing at $132.48 is the next downside target. Closes above Monday'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 up $1.45 at $170.40. 



August Feeder cattle posted an inside day with a higher close on Thursday as it consolidated  some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Friday'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 decline off March's high, last-November's low crossing at $166.77 is the next downside target. Closes above the 20-day moving average crossing at $173.62 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $173.62. Second resistance is the 50-day moving average crossing at $177.67. First support is last-November's low crossing at $166.77. Second support is the September-2021 low crossing at $166.08.  



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



July coffee closed higher on Thursday ending a four-day decline. The high-range close sets the stage for a steady to higher opening on Friday. 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 March 28th low crossing at 21.27 is the next downside target. Closes above the 50-day moving average crossing at 22.69 would signal that a short-term low has been posted.                



July cocoa closed higher on Thursday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 26.16 would signal that a short-term low has been posted. If July extends the aforementioned decline, the December 20th low crossing at 24.59 is the next downside target.          



July sugar closed higher on Thursday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening on Friday. 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 March 16th low crossing at 18.44 is the next downside target. Closes above the 20-day moving average crossing at 19.59 would signal that a short-term low has been posted.                



July cotton closed limit up on Thursday as it renewed this year's rally. The high-range close sets the stage for a higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July 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 Monday's low crossing at 132.33 would signal that a short-term top has been posted.   

Comments
By metmike - April 28, 2022, 7:52 p.m.
Like Reply

Thanks much tallpine!!

By metmike - April 28, 2022, 7:53 p.m.
Like Reply

I'll try to update the planting weather forecast later. 

It's still not so good.