INO Evening Market Comments
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Started by tallpine - May 9, 2022, 4:42 p.m.

KEY EVENTS TO WATCH FOR:



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



Friday, May 13, 2022 



8:30 AM ET. April Import & Export Price Indexes

                       Import Prices (expected +0.6%; previous +2.6%)

                       Non-Petroleum Prices (previous +1.1%)

                       Petroleum Prices (previous +16.1%)

10:00 AM ET. May University of Michigan Survey of Consumers - preliminary

                       Mid-Mo Sentiment (expected 64.4; previous 65.7)

                       Mid-Mo Expectations (previous 64.1)

                       Mid-Mo Current Idx (previous 68.1)



Monday, May 16, 2022  



8:30 AM ET. May Empire State Manufacturing Survey

                       Mfg Idx (previous 24.6)

                       Employment Idx (previous 7.3)

                       New Orders Idx (previous 25.1)

                       Prices Received (previous 49.1)



4:00 PM ET. March Treasury International Capital Data


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



The Dow closed sharply lower on Monday as it extends the decline off April'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 the Dow extends the decline off April's high, the 38% retracement level of the 2020-2022 rally crossing at 29,814.73 is the next downside target. Closes above the 50-day moving average crossing at 34,028.77 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 34,028.77. Second resistance is April's high crossing at 35,492.22. First support is today's low crossing at 32,245.93. Second support is the March-2021 low crossing at 32,071.41.  



The June NASDAQ 100 posted a new low close on Monday as it extends the decline off March'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 March-2021 low on the monthly continuation chart crossing at 12,207.25 is the next downside target. Closes above the 20-day moving average crossing at 13,433.81 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,433.81. Second resistance is the 50-day moving average crossing at 13,930.98. First support is today's low crossing at 12,210.50. Second support is the March-2021 low crossing at 12,207.25.



The June S&P 500 closed lower on Monday as it extends the decline off March'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 87% retracement level of the 2021-2022 rally crossing at 3894.79 is the next downside target. Closes above the 20-day moving average crossing at 4277.06 would signal that a low has been posted. First resistance is the 20-day moving average crossing at 4277.06. Second resistance is the 50-day moving average crossing at 4355.76. 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. 



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



June T-bonds closed up 1-06- pts. at 137-16. 



June T-bonds closed higher on Monday as it consolidated some of the decline off December'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 1981-2020 rally on the monthly continuation chart crossing at 118-21 is the next downside target. Closes above the 20-day moving average crossing at 140-10 would signal that a short-term low has been posted. First resistance is the April 27th high crossing at 143-09. Second resistance is the 50-day moving average crossing at 147-03. First support is today's low crossing at 134-30. Second support is the 50% retracement level of the 1981-2020 rally on the monthly continuation chart crossing at 118-21.



June T-notes closed up 210 pts. at 118.145.



June T-notes 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 sideways to lower prices are possible near-term. If June extends the decline off March's high, the April-2010 low on the monthly continuation chart crossing at 114.265 is the next downside target. Closes above the April 27th high crossing at 120.185 would signal that a short-term low has been posted. First resistance is the April 27th high crossing at 120.185. Second resistance is the April 14th high crossing at 121.090. First support is today's low crossing at 117.085. Second support is the April-2010 low on the monthly continuation chart crossing at 114.265.  



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



June crude oil closed sharply lower on Monday as it consolidated some of the rally off the April 25th low crossing at $95.28.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are turning neutral to bearish with today's decline signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $102.55 would temper the friendly outlook. If June extends the rally off the April 25th low, the March 24th high crossing at $113.51 is the next upside target. 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 50-day moving average crossing at $102.55. Second support is the April 25th low crossing at $95.28.  



June heating oil closed lower on Monday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $3.7772 would signal that a short-term top has been posted. 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. First resistance is last-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 20-day moving average crossing at $3.7772. Second support is the 50-day moving average crossing at $3.4554.     



June unleaded gas closed sharply lower on Monday as it consolidated some of the rally off March's low. 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 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 $3.3898 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.8312. 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 $3.5365. Second support is the 20-day moving average crossing at 3.3898.      



June Henry natural gas closed sharply lower on Monday following last-Friday's huge key reversal down and closed below the 20-day moving average crossing at 7.353 confirming that a short-term top has been posted. 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 with today's sell off signaling that a short-term top has been posted while opening the door for additional weakness near-term. If June extends the decline off last-Friday's high, the April 25th low crossing at 6.471 is the next downside target.First resistance is Monday's high crossing at 8.996. 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 April 25th low crossing at 6.471. Second support is the 50-day moving average crossing at 6.088.      



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



The June Dollar closed slightly lower on Monday. The mid-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 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 $101.96 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 20-day moving average crossing at $101.96. Second support is the 50-day moving average crossing at $99.95.  



The June Euro closed higher on Monday as it extends the trading range of the past seven-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 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 $107.07 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $107.07. Second resistance is the 50-day moving average crossing at $109.06. First support is April'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 slightly higher on Monday as it consolidated some of the decline off January'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 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 1.2730 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 1.2638. Second resistance is the 20-day moving average crossing at 1.2730. First support is today's low crossing at 1.2261. 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 on Monday as it extends the decline off the March 31st 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 June extends the decline off the March 31st high, the 87% retracement level of the 2016-2021 on the monthly continuation chart crossing at 0.98980 is the next downside target. Closes above the 20-day moving average crossing at 1.04597 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.02861. Second resistance is the 20-day moving average crossing at 1.04278. First support is today's low crossing at 1.00505. Second support is the the 87% retracement level of the 2016-2021 on the monthly continuation chart crossing at 0.98980.



The June Canadian Dollar closed sharply lower on Monday marking a downside breakout of a seven-month old trading range.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 aforementioned decline, the 50% retracement level of the 2020-2021 rally crossing at 75.86 is the next downside target. Closes above the 20-day moving average crossing at 78.50 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.50. Second resistance is the 50-day moving average crossing at 78.90. First support is today's low crossing at 76.89. Second support is the 50% retracement level of the 2020-2021 rally crossing at 75.86.  



The June Japanese Yen closed slightly higher on Monday as it bounces off support marked by April's low crossing at 1.076280. 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 signaling that sideways trading is possible near-term. If March resumes 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 April 27th high crossing at 0.078885 would signal that a short-term low has been posted. First resistance is the April 27th high crossing at 0.078885. Second resistance is the 25% retracement level of the January-April decline crossing at 0.079266. First support is April'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 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 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 $1937.40 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1937.40. 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 sharply lower on Monday as it renewed the decline off April'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 July extends the decline off April's high, the December 15th low crossing at 21.565 is the downside target. Closes above last-Thursday's high crossing at 23.345 would signal that a short-term low has been posted. First resistance is the April 29th high crossing at 23.650. Second resistance is the 20-day moving average crossing at 24.006. First support is today's low crossing at 21.665. Second support is the December 15th low crossing at 21.565.        



July copper closed lower on Monday as it renewed 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 March's high, the December 15th low crossing at 4.1105 is the next downside target. Closes above the 20-day moving average crossing at 4.5150 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 4.4400. Second resistance is the 20-day moving average crossing at 4.5150. First support is today's low crossing at 4.1240. Second support is the December 15th low crossing at 4.1105.



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



July Corn closed up $0.12 3/4-cents at $7.72. 



July corn closed lower on Monday as it extends the decline off April'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 July extends the decline off April's high, the 50-day moving average crossing at $7.51 1/2 is the next downside target. Closes above the 10-day moving average crossing at $7.98 1/2. First resistance is April'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 50-day moving average crossing at $7.51 1/2. Second support is the March 29th low crossing at $6.95 1/2.     



July wheat closed down $0.15 3/4-cents at $10.92 3/4.  



July wheat closed lower on Monday as it consolidated some of the rally off last-Monday's low. 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 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 last-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 last-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 down $0.06 1/4-cents at $11.64 1/4.

 

July Kansas City wheat closed lower on Monday as it consolidated some of the rally off Monday's low. 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 bullish signaling that sideways to lower prices are possible near-term. If July extends last week's rally, the 87% retracement level of March's decline  crossing at $12.28 is the next upside target. Closes below the 50-day moving average crossing at $11.09 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 $11.09 1/2. Second support is the April 6th low crossing at $10.63 3/4.



July Minneapolis wheat closed down $0.02-cents at $12.06 3/4.



July Minneapolis wheat closed lower on Monday after spiking above the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2 . 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off January's low, the 50% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $14.52 is the next upside target. Multiple closes below last-Monday's low crossing at $11.54 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2. Second resistance is the 50% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $14.52. First support is last-Monday's low crossing at $11.54 1/2. Second support is the 50-day moving average crossing at $11.16. 

       

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



July soybeans closed down $0.36 3/4 at $15.85 1/4.



July soybeans closed lower on Monday as it extends the decline off April'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 low prices are possible near-term. If July extends the decline off April's high, April's low crossing at $15.60 1/2 is the next downside target. Closes above the 20-day moving average crossing at $16.66 would signal that a short-term low has been posted. First resistance is the April 29th high crossing at $17.04 3/4. Second resistance is February's high crossing at $17.41. First support is today's low crossing at $15.78. Second support is April's low crossing at $15.60 1/2.



July soybean meal closed down $9.90 at $403.70. 



July soybean meal closed lower on Monday as it extended the decline off April'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 July extends the decline off March's high, the 62% retracement level of the 2021-2022 rally crossing at $384.10 is the next downside target. Closes above the 20-day moving average crossing at $441.00 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $425.10. Second resistance is the 20-day moving average crossing at $441.00. First support is the 50% retracement level of the 2021-2022 rally crossing at $403.40. Second support is the 62% retracement level of the 2021-2022 rally crossing at $384.10.



July soybean oil closed down 116 pts. at 79.74. 



July soybean oil closed lower on Monday as it extends last-week's trading range. 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. Multiple closes below the 20-day moving average crossing at 79.92 would confirm 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 April's high crossing at 87.65. Second resistance is unknown. First support is the 20-day moving average crossing at 79.92. Second support is the 50-day moving average crossing at 74.67. 

 

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



June hogs closed down $2.80 at $101.30. 



June hogs gapped down and closed sharply lower on Monday as it extends the decline off March'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 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 $112.28 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $106.36. Second resistance is the 20-day moving average crossing at $112.28. First support is today's low crossing at $100.55. Second support is the 75% retracement level of the September-April rally crossing at $97.05. 



June cattle closed up $0.80 at $133.55 



June cattle posted an upside reversal as it closed higher on Monday signaling a possible double bottom with March's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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-Friday's high, the 50% retracement level of the 2021-2022 rally crossing at $130.28 is the next downside target. Closes above the 50-day moving average crossing at $135.69 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $135.69. Second resistance is the April 25th gap crossing at $138.35. First support is March's low crossing at $130.97. Second support is the 50% retracement level of the 2021-2022 rally crossing at $130.28.   



August Feeder cattle closed down $0.48 at $174.22. 



August Feeder cattle closed lower on Monday. The high-range close sets the stage for a steady to higher 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 August renews the decline off March's high, last-November's low crossing at $166.77 is the next downside target. Closes above the 50-day moving average crossing at $176.18 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at $176.18. Second resistance is the April 22nd high crossing at $178.23. First support is the 10-day moving average crossing at $173.04. Second support is April's low crossing at $167.32.    



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



July coffee closed sharply lower for the third day in a row on Monday and is testing key support marked by the 38% retracement level of the 2020-2022 rally crossing at 20.77. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible. If July renews the decline off April's high, the 50% retracement level of the 2021-2022 rally crossing at 18.53 is the next downside target. Closes above the 50-day moving average crossing at 22.29 would signal that a short-term low has been posted.                   



July cocoa closed lower for the fourth-day in a row on Monday as it extends last-week's decline. The mid-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 December-2021 low crossing at 23.66 is the next downside target. Closes above the 50-day moving average crossing at 25.98 would signal that a short-term low has been posted and could lead to additional gains near-term.           



July sugar closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 19.34 would signal that a short-term low has been posted. If July extends the decline off April's high, the March 16th low crossing at 18.44 is the next downside target.                  



July cotton closed lower for the third day in a row on Monday 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 Tuesday. Stochastics and the RSI neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 142.17 would signal that a short-term top has been posted. If July renews 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.   

Comments
By metmike - May 9, 2022, 4:53 p.m.
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Thanks tallpine!

Some insane trading in ng today down over 10,000/contract from the highs.

Crop conditions are out and the extended guidance is DRY.

By metmike - May 9, 2022, 5:12 p.m.
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NG was down over 12,000 from the highs at one point and has had only a slight bounce.

Now down 20,000/contract from just a few trading days ago.

https://www.marketforum.com/forum/topic/83540/


Here's the weather: Extended is cool Great Lakes/Upper Midwest, HOT in the south, especially TX. This is close to the May analog for La Nina years.

https://www.marketforum.com/forum/topic/83844/

https://www.marketforum.com/forum/topic/83698/

https://www.marketforum.com/forum/topic/84238/


See the crop info here

https://www.marketforum.com/forum/topic/84245/

https://www.marketforum.com/forum/topic/84229/