KEY EVENTS TO WATCH FOR:
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 lower on Tuesday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 33,993.19 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 33,993.19. Second resistance is April's high crossing at 35,492.22. First support is today's low crossing at 31,887.89. Second support is the 38% retracement level of the 2020-2022 rally crossing at 29,814.73.
The June NASDAQ 100 closed higher on Tuesday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 2018-2021 rally on the weekly continuation chart crossing at 11,324.15 is the next downside target. Closes above the 20-day moving average crossing at 13,352.04 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,352.04. Second resistance is the 50-day moving average crossing at 13,893.95. First support is today's low crossing at 12,102.25. Second support is the 50% retracement level of 2018-2021 rally on the weekly continuation chart crossing at 11,324.15.
The June S&P 500 closed slightly higher on Tuesday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 4255.71 would signal that a low has been posted. First resistance is the 20-day moving average crossing at 4255.71. Second resistance is the 50-day moving average crossing at 4348.17. 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 up 1-18 pts. at 138-16.
June T-bonds closed higher on Tuesday 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 Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving averagecrossing at 140-05 would signal that a short-term low has been posted. 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. First resistance is the April 27th high crossing at 143-09. Second resistance is the 50-day moving average crossing at 146-24. First support is Monday'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 200 pts. at 118.260.
June T-notes closed higher on Tuesday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the April 27th high crossing at 120.185 would signal that a short-term low has been posted. 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. 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 Monday'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 for the second day in a row on Tuesday and below the 50-day moving average crossing at $102.73 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the April 25th low crossing at $95.28 is the next downside target. If June renews 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 theApril 25th low crossing at $95.28. Second support is April's low crossing at $92.60.
June heating oil closed higher on Tuesday 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 Wednesday's night trading session begins. 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 $3.8176 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 April'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 $3.8176. Second support is the 50-day moving average crossing at $3.4788.
June unleaded gas closed lower on Tuesday 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 Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $3.4171 would confirm that a short-term top has been posted. If June resumes 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. First resistance is Monday'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 20-day moving average crossing at $3.4171. Second support is the 50-day moving average crossing at 3.2618.
June Henry natural gas closed higher on Tuesday as it consolidated some of the decline off last-Friday's high but remains below the 20-day moving average crossing at 7.378. The high-range close sets the stage for a steady to higher opening when Wednesday'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 last-Friday's high, the 50-day moving average crossing at 6.142 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 6.142.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $102.16 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 $102.16. Second support is the 50-day moving average crossing at $100.10.
The June Euro closed lower on Tuesday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $106.89 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $106.89. Second resistance is the 50-day moving average crossing at $108.92. 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 lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 1.2694 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 1.2694. First support is Monday'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 Tuesday as it extends the decline off the March 31st high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 1.03922 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.02158. Second resistance is the 20-day moving average crossing at 1.03922. First support is today's low crossing at 1.00400. 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 lower on Tuesday as it extends the decline off April's high.The low-range close sets the stage for a steady to lower opening when Wednesday'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 78.38 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.38. Second resistance is the 50-day moving average crossing at 78.86. First support is today's low crossing at 76.60. Second support is the 50% retracement level of the 2020-2021 rally crossing at 75.86.
The June Japanese Yen closed slightly lower on Tuesday as it extended the trading range of the past two-weeks above April's low crossing at 1.076280. The low-range close sets the stage for a steady to lower opening when Wednesday’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.
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June gold closed lower on Tuesday as it renewed the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 75% retracement level of the 2021-2022 rally crossing at $1789.90 is the next downside target. Closes above the 50-day moving average crossing at $1933.70 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1913.50. Second resistance is the 50-day moving average crossing at $1936.10. 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 lower on Tuesday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 62% retracement level of 2020's rally crossing at 19.158 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 23.824. First support is today's low crossing at 21.255. Second support is the 62% retracement level of 2020's rally crossing at 19.158.
July copper closed lower on Tuesday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 4.4909 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 4.4909. First support is Monday'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 $0.03 1/4-cents at $7.75 1/4.
July corn closed higher on Tuesday 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 Wednesday'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 50-day moving average crossing at $7.53 1/2 is the next downside target. Closes above the 10-day moving average crossing at $7.96. 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 $7.53 1/2. Second support is the March 29th low crossing at $6.95 1/2.
July wheat closed unchanged at $10.92 3/4.
July wheat closed unchanged on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday'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 up $0.10 3/4-cents at $11.75.
July Kansas City wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $11.14 1/4 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 $11.14 1/4. Second support is the April 6th low crossing at $10.63 3/4.
July Minneapolis wheat closed up $0.06 3/4-cents at $12.13 1/2.
July Minneapolis wheat closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 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 $11.20 1/2.
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July soybeans closed up $0.07 at $15.92 1/4.
July soybeans posted an inside day with a higher close on Tuesday as it consolidated some of the decline off April's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 $16.68 1/4 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 Monday's low crossing at $15.78. Second support is April's low crossing at $15.60 1/2.
July soybean meal closed down $1.30 at $402.80.
July soybean meal closed lower on Tuesday as it extended the decline off April's high. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 $438.40 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $421.60. Second resistance is the 20-day moving average crossing at $438.40. 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 up 130 pts. at 81.04.
July soybean oil closed higher on Tuesday as it extends last-week's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday'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 80.33 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 80.33. Second support is the 50-day moving average crossing at 74.88.
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June hogs closed up $0.28 at $101.58.
June hogs closed higher on Tuesday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 $105.42. Second resistance is the 20-day moving average crossing at $111.62. First support is today's low crossing at $100.15. Second support is the 75% retracement level of the September-April rally crossing at $97.05.
June cattle closed down $1.15 at $132.40
June cattle closed lower on Tuesday after posting a possible double bottom with March's low on Monday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 20-day moving average crossing at $135.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $135.50. 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 $2.38 at $171.85.
August Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $176.02 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at $176.02. Second resistance is the April 22nd high crossing at $178.23. First support is April's low crossing at $167.32. Second support is the September-2021 low crossing at $166.08.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed lower for the four-day in a row on Tuesday 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 Wednesday. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible. If July extends 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 22.23 would signal that a short-term low has been posted.
July cocoa closed lower for the fifth-day in a row on Tuesday as it extends last-week's decline. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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-2021 low crossing at 23.66 is the next downside target. Closes above the 50-day moving average crossing at 25.96 would signal that a short-term low has been posted and could lead to additional gains near-term.
July sugar closed lower on Tuesday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher 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 19.25 would signal that a short-term low has been posted.
July cotton closed slightly higher on Tuesday as it consolidated some of the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 142.64 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.
Thanks very much tallpine!