KEY EVENTS TO WATCH FOR:
Friday, May 6, 2022
8:30 AM ET. April U.S. Employment Report
Non-Farm Payrolls (expected +400K; previous +431K)
Unemployment Rate (expected 3.5%; previous 3.6%)
Avg Hourly Earnings (USD) (previous 31.73)
Avg Hourly Earnings-Net Chg (USD) (previous +0.13)
Avg Hourly Earnings, M/M% (expected +0.4%; previous +0.41%)
Avg Hourly Earnings, Y/Y% (expected +5.5%; previous +5.56%)
Overall Workweek (previous 34.6)
Overall Workweek Net Chg (previous -0.1)
Government Payrolls (previous +5K)
Private Payroll (previous +426K)
Participation Rate (previous 62.4%)
Non-Farm Payrolls Bench Net Chg
3:00 PM ET. March Consumer Credit
Consumer Credit Net Chg (USD) (expected +25.0B; previous +41.9B)
Monday, May 9, 2022
10:00 AM ET. April Employment Trends Index
ETI (previous 120.56)
ETI, Y/Y%
10:00 AM ET. March Monthly Wholesale Trade
Inventories, M/M% (previous +2.5%)
Tuesday, May 10, 2022
6:00 AM ET. April NFIB Index of Small Business Optimism
Small Business Idx (previous 93.2)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +14.1%)
Latest Wk, Y/Y% (previous +15.2%)
10:00 AM ET. May IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 45.5)
6-Mo Economic Outlook (previous 39.7)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -3.5M)
Gasoline Stocks, Net Chg (Bbls) (previous -4.5M)
Distillate Stocks, Net Chg (Bbls) (previous -4.5M)
Wednesday, May 11, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx
Composite Idx, W/W%
Purchase Idx-SA
Purchase Idx-SA, W/W%
Refinance Idx
Refinance Idx, W/W%
8:30 AM ET. April CPI
CPI, M/M% (previous +1.2%)
Core CPI, M/M% (previous +0.3%)
Energy Idx, M/M% (previous +11.0%)
Food Idx, M/M% (previous +1%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -1.1%)
CPI, Y/Y% (previous +8.5%)
Core Annual, Y/Y% (previous +6.5%)
8:30 AM ET. April Real Earnings
10:00 AM ET. April Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl)
Crude Oil Stocks, Net Chg (Bbl)
Gasoline Stocks (Bbl)
Gasoline Stocks, Net Chg (Bbl)
Distillate Stocks (Bbl)
Distillate Stocks, Net Chg (Bbl)
Refinery Usage
Total Prod Supplied (Bbl/day)
Total Prod Supplied, (Bbl/day) Net Chg
Thursday, May 12, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims
Jobless Claims, Net Chg
Continuing Claims
Continuing Claims, Net Chg
8:30 AM ET. April PPI
PPI, M/M% (previous +1.4%)
Ex-Food & Energy PPI, M/M% (previous +1%)
Personal Consumption (previous +1.3%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf)
Working Gas In Storage, (Cbf) Net Chg
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
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The Dow closed sharply lower on Thursday as they gave back all of this week's gains as trader's continued to weigh the Federal Reserve's latest monetary policy decision. 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 poised to turn neutral to bearish again with today's sharp decline that would signal a possible resumption of this year's decline. If the Dow resumes the aforementioned decline, February's low crossing at 32,272.64 is the next downside target. Closes above the 50-day moving average crossing at 34,068.17 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 34,068.17. Second resistance is April's high crossing at 35,492.22. First support is February's low crossing at 32,272.64. Second support is the March-2021 low crossing at 30,547.53.
The June NASDAQ 100 posted a new low close on Thursday and is poised to renew 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 poised to turn neutral to bearish again, which would signal that sideways to lower prices are possible near-term. If June extends the decline off March's high, the 38% retracement level of 2018-2021 rally on the monthly continuation chart crossing at 12,621.30 is the next downside target. Closes above the 50-day moving average crossing at 13,993.74 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,626.98. Second resistance is the 50-day moving average crossing at 13,993.74. First support is Monday's low crossing at 12,709.75. Second support is the 38% retracement level of 2018-2021 crossing at 12,621.30.
The June S&P 500 closed sharply lower on Thursday as it erased most of the gains 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 poised to turn neutral to bearish with additional weakness that would signal a resumption of the decline off March's high. If June resumes the decline off January's high, the 75% retracement level of the 2021-2022 rally crossing at 4020.19 is the next downside target. Closes above the 20-day moving average crossing at 4318.65 would signal that a low has been posted. First resistance is the 20-day moving average crossing at 4318.65. Second resistance is the 50-day moving average crossing at 4365.87. First support is the 75% retracement level of the 2021-2020 rally crossing at 4020.19. Second support is the 87% retracement level of the 2021-2020 rally crossing at 3894.79.
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June T-bonds closed down 2-12 pts. at 137-25.
June T-bonds closed sharply lower on Thursday as it renewed the decline off December's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 1981-2020 rally on the monthly continuation chart crossing at 118-21 is the next downside target. Closes above last-Wednesday's high crossing at 143-09 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 143-09. Second resistance is the 50-day moving average crossing at 147-26. First support is today's low crossing at 136-19. Second support is the October-2018 low on the monthly continuation chart crossing at 136-16.
June T-notes closed down 270 pts. at 118.095.
June T-notes closed lower on Thursday as it extended 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 sideways to lower 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 last-Wednesday's high crossing at 120.185 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 120.185. Second resistance is the 50-day moving average crossing at 122.174. First support is today's low crossing at 117.260. Second support is the October-2018 low on the monthly continuation chart crossing at 117.135.
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June crude oil closed higher on Thursday as it extended Wednesday's breakout above the upper boundary of the March-May symmetrical triangle crossing near $103.81.The mid-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the April 25th low, the March 24th high crossing at $113.51 is the next upside target. Closes below the 50-day moving average crossing at $101.83 would temper the friendly outlook. First resistance is the March 24th high crossing at $113.51. Second resistance crossing at March's high crossing at $121.17. First support is the April 25th low crossing at $95.28. Second support is April's low crossing at $92.60.
June heating oil closed lower on Thursday as it extended the trading range of the past three-days. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are 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 $3.7057 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $4.2380. Second resistance is weekly resistance on the weekly continuation chart crossing at $4.7099. First support is the 10-day moving average crossing at $3.9617. Second support is the 20-day moving average crossing at $3.7058.
June unleaded gas closed higher on Thursday and spiked to a new contract high as it extended the rally off March's low. 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally above March's high crossing at 3.7000, the March-2022 high on the weekly continuation chart crossing at 3.8904 is the next upside target. Closes below the 20-day moving average crossing at $3.3268 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.7222. Second resistance is the March-2022 high on the weekly continuation chart crossing at 3.8904. First support is the 10-day moving average crossing at $3.4482. Second support is the 20-day moving average crossing at 3.3268.
June Henry natural gas closed higher on Thursday as it extends this year's rally. 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 aforementioned rally, the 62% retracement level of the 2005-2020-decline on the monthly continuation chart crossing at 10.299 is the next upside target. Closes below the 20-day moving average crossing at 7.233 would open the door for a larger-degree decline near-term. First resistance is today's high crossing at 8.807. Second resistance is the 62% retracement level of the 2005-2020 decline on the monthly continuation chart crossing at 10.299. First support is the 10-day moving average crossing at 7.448. Second support is the 20-day moving average crossing at 7.233.
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The June Dollar posted a key reversal up on Thursday as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to higher opening when Friday's nights session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If June extends the rally off January's low, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.72 is the next upside target. Closes below the 20-day moving average crossing at $101.56 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 $102.85. Second support is the 20-day moving average crossing at $101.56.
The June Euro closed lower on Thursday as it extends the trading range of the past five-days. 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 $107.42 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $106.13. Second resistance is the 20-day moving average crossing at $107.42. First support is last-Thursday'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 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 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 1.2802 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2563. Second resistance is the 20-day moving average crossing at 1.2802. First support is today's low crossing at 1.2325. Second support is the 75% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.2232.
The June Swiss Franc posted a key reversal down as it closed sharply lower on Thursday while extending 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 1.04906 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.03217. Second resistance is the 20-day moving average crossing at 1.04906. First support is today's low crossing at 1.01285. 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 sharply 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the December-2021 low crossing at 77.19 is the next downside target. Closes above the 20-day moving average crossing at 78.73 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.73. Second resistance is the 50-day moving average crossing at 78.95. First support is Monday's low crossing at 77.41. Second support is the December-2021 low crossing at 77.19.
The June Japanese Yen 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at 0.078885 would signal that a short-term low has been posted. 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. First resistance is last-Wednesday's high crossing at 0.078885. Second resistance is the 38% retracement level of the January-April decline crossing at 0.080865. First support is last-Thursday's low crossing at 0.076280. Second support is the February-2002 low on the monthly continuation chart crossing at 0.074150.
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June gold closed higher on Thursday as it consolidated some of the decline off April'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 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 $1939.10 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1939.10. Second resistance is April's high crossing at $1997.10. First support is the 62% retracement level of the 2021-2022 rally crossing at $1841.50. Second support is the 75% retracement level of the 2021-2022 rally crossing at $1789.90.
July silver closed slightly higher on Thursday as it extends this week's trading range. 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 April's high, the December 15th low crossing at 21.565 is the downside target. Closes above the 20-day moving average 24.290 would signal that a short-term low has been posted. First resistance is the 10-day moving average 23.153. Second resistance is the 20-day moving average crossing at 24.290. First support is Monday's low crossing at 22.130. Second support is the December 15th low crossing at 21.565.
July copper 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the December 15th low crossing at 4.1105 is the next downside target. Closes above the 20-day moving average crossing at 4.5642 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.4031. Second resistance is the 20-day moving average crossing at 4.5642. First support is Monday's low crossing at 4.2040. Second support is the December 15th low crossing at 4.1105.
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July Corn closed up $0.03 1/4-cents at $7.97 1/2.
July corn closed higher on Thursday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $7.91 1/2 would signal that a short-term top has been posted. 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-Friday's high crossing at $8.24 1/2. 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 $7.91 1/2. Second support is the 50-day moving average crossing at $7.46 3/4.
July wheat closed up $0.30-cents at $11.06 1/2.
July wheat closed higher on Thursday as it extended the rally off Monday's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below Monday's low crossing at $10.34 1/4 would open the door for a larger-degree decline during the first half of May. 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 $10.34 1/4. Second support is the April 1st low crossing at $9.82.
July Kansas City Wheat closed up $0.53 3/4-cents at $11.77.
July Kansas City wheat closed sharply higher on Thursday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, the April-19th high crossing at $12.02 is the next upside target. Closes below the 50-day moving average crossing at $10.99 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is April-19th 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 50-day moving average crossing at $10.99 1/2. Second support is the April 6th low crossing at $10.63 3/4.
July Minneapolis wheat closed up $0.32 1/2-cents at $12.09 3/4.
July Minneapolis wheat closed higher on Thursday as it renewed the rally off January's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off January's 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. Multiple closes below the 20-day moving average crossing at $11.64 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at $12.10 1/2. 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 $11.64 3/4. Second support is the 50-day moving average crossing at $11.07.
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July soybeans closed up $0.06 1/2 at $16.47.
July soybeans closed higher on Thursday. The low-range close sets the stage for a steady to slightly higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to low prices are possible near-term. If July extends the decline off April's high, the 25% retracement of 2021-2022 rally crossing at $16.09 1/2 is the next downside target. If July renews the rally off April's low, February's high crossing at $17.41 is the next upside target. First resistance April's high crossing at $17.34. Second resistance is February's high crossing at $17.41. First support is the 25% retracement of 2021-2022 rally crossing at $16.09 1/2. Second support is April's low crossing at $15.60 1/2.
July soybean meal closed up $1.70 at $419.90.
July soybean meal posted an inside day with a slightly higher close on Thursday as it consolidates some of the decline off April'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 50% retracement level of the 2021-2022 rally crossing at $403.40 is the next downside target. Closes above the 20-day moving average crossing at $446.00 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $433.10. Second resistance is the 20-day moving average crossing at $446.00. First support is Wednesday's low crossing at $417.50. Second support is the 50% retracement level of the 2021-2022 rally crossing at $403.40.
July soybean oil closed down 58 pts. at 81.85.
July soybean oil closed lower on Thursday ending a two-day bounce off Tuesday'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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 79.14 would signal that a short-term top has been posted. If July resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 87.65. Second resistance is unknown. First support is the 20-day moving average crossing at 79.14. Second support is the 50-day moving average crossing at 74.23.
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June hogs closed up $1.98 at $107.08.
June hogs closed higher on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Friday's 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 the September-April rally crossing at $97.05 is the next downside target. Closes above the 20-day moving average crossing at $113.45 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $109.10. Second resistance is the 20-day moving average crossing at $113.45. First support is the 62% retracement level of the September-March rally crossing at $102.37. Second support is the 75% retracement level of the September-April rally crossing at $97.05.
June cattle closed down $1.05 at $133.78
June cattle 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 on Friday. 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-Friday's high, March's low crossing at $130.97 is the next downside target. Closes above last-Monday's gap crossing at $138.35 would signal that a short-term low has been posted. First resistance is last-Monday's gap crossing at $138.35. Second resistance is the 75% retracement level of the February-March decline crossing at $140.29. 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 $1.78 at $174.42.
August Feeder cattle closed lower on Thursday as it consolidated some of the rally off last-Friday's low. The mid-range close sets the stage for a steady to lower 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. Closes above the 50-day moving average crossing at $176.50 would open the door for additional gains near-term. 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 $176.50. Second resistance is the April 22nd high crossing at $178.23. First support is the 10-day moving average crossing at $173.31. Second support is last-Friday's low crossing at $167.32.
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July coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible. Closes above the 50-day moving average crossing at 22.41 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 sharply lower on Thursday as it consolidated some of the rally off April's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off April's high, the December 20th low crossing at 24.59 is the next downside target. Closes above the 50-day moving average crossing at 26.05 would signal that a short-term low has been posted and could lead to additional gains near-term.
July sugar posted an inside day with a higher close on Thursday as it consolidated some of the decline off April's high. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 19.44 would signal that a short-term low has been posted.
July cotton closed limit down on Thursday due to profit taking as it consolidated some of this year's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the 75% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 177.09 is the next upside target. Closes below the 20-day moving average crossing at 140.96 would signal that a short-term top has been posted.
Thanks much tallpine!
HRW crop will be clobbered in the driest area's next week: