KEY EVENTS TO WATCH FOR:
Wednesday, May 18, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 358.9)
Composite Idx, W/W% (previous +2.0%)
Purchase Idx-SA (previous 255.4)
Purchase Idx-SA, W/W% (previous +4.5%)
Refinance Idx (previous 913.6)
Refinance Idx, W/W% (previous -2.0%)
8:30 AM ET. April New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.75M; previous 1.793M)
Housing Starts, M/M% (expected -2.4%; previous +0.3%)
Building Permits (expected 1.82M; previous 1.873M)
Building Permits, M/M% (expected -2.8%; previous +0.4%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 424.214M)
Crude Oil Stocks, Net Chg (Bbl) (previous +8.487M)
Gasoline Stocks (Bbl) (previous 224.968M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.607M)
Distillate Stocks (Bbl) (previous 104.029M)
Distillate Stocks, Net Chg (Bbl) (previous -0.913M)
Refinery Usage (previous 90.0%)
Total Prod Supplied (Bbl/day) (previous 19.231M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.236M)
Thursday, May 19, 2022
N/A 3rd Quarter Manpower U.S. Employment Outlook Survey
8:30 AM ET. May Philadelphia Fed Business Outlook Survey
Business Activity (expected 15.0; previous 17.6)
Prices Paid (previous 84.6)
Employment (previous 41.4)
New Orders (previous 17.8)
Prices Received (previous 55.0)
Delivery Times (previous 17.9)
Inventories (previous 11.9)
Shipments (previous 19.1)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 200K; previous 203K)
Jobless Claims, Net Chg (previous +1K)
Continuing Claims (previous 1343000)
Continuing Claims, Net Chg (previous -44K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 239.3K)
Soybeans (Metric Tons) (previous 221.1K)
Wheat (Metric Tons) (previous 138.4K)
1000 AM ET. April Leading Indicators
Leading Index, M/M% (expected +0.0%; previous +0.3%)
Leading Index (previous 119.8)
Coincident Index, M/M% (previous +0.4%)
Lagging Index, M/M% (previous +0.6%)
10:00 AM ET. April Existing Home Sales
Existing Sales (expected 5.64M; previous 5.77M)
Existing Sales, M/M% (expected -2.3%; previous -2.7%)
Unsold Homes Month's Supply (previous 2.0)
Median Price (USD) (previous 375300)
Median Home Price, Y/Y% (previous +15.0%)
10:00 AM ET. 1st Quarter Quarterly Retail E-Commerce Sales
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1643B)
Working Gas In Storage, Net Chg (Cbf) (previous +76B)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
N/A U.S. President Joe Biden departs on South Korea / Japan visit
Friday, May 20, 2022
10:00 AM ET. 1st Quarter Advance Quarterly Services
10:00 AM ET. April State Employment and Unemployment
Monday, May 23, 2022
8:30 AM ET. April CFNAI Chicago Fed National Activity Index
NAI (previous 0.44)
NAI, 3-mo Moving Avg (previous 0.57)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Tuesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 33,120.94 would signal that a short-term low has been posted. If the Dow resumes 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. First resistance is the 20-day moving average crossing at 33,120.94. Second resistance is the 50-day moving average crossing at 33,854.53. First support is last-Thursday'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 last-Thursday's low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 12,890.86 would signal that a short-term low has been posted. If June resumes 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. First resistance is the 20-day moving average crossing at 12,890.86. Second resistance is the 50-day moving average crossing at 13,824.34. First support is last-Thursday'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 higher on Tuesday as it extended the rally off last-Thursday's low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4149.69 would signal that a low has been posted. If June renews the decline off January's high, the 87% retracement level of the 2021-2022 rally crossing at 3894.79 is the next downside target. First resistance is the 20-day moving average crossing at 4149.69. Second resistance is the 50-day moving average crossing at 4316.55. First support is the 87% retracement level of the 2021-2020 rally crossing at 3894.79. Second support is the March-2021 low crossing at 3759.50.
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June T-bonds closed down 1-21 pts. at 138-08.
June T-bonds closed lower on Wednesday 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 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 June extends the aforementioned rally, the 50-day moving average crossing at 144-28 is the next upside target. If June renews 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 144-28. First support is last-Monday's lowcrossing 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 down 310 pts. at 118.225.
June T-notes closed lower on Tuesday 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 Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the April 27th high crossing at 120.185 would signal that a short-term low has been posted. If June renews 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 50-day moving average crossing at 121.056. First support is last-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 lower on Tuesday as it consolidates some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 the April 25th low, March's high crossing at $121.17 is the next upside target. Closes below the 50-day moving average crossing at $103.32 would signal that a short-term top has been posted. First resistance is today's high crossing at $115.56. Second resistance crossing at March's high crossing at $121.17. First support is the 50-day moving average crossing at $103.32. Second support is theApril 25th low crossing at $95.28.
June heating oil closed lower on Tuesday as it extended 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 trading session begins. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the 50-day moving average crossing at $3.5454 is the next downside target. If June renews 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 50-day moving average crossing at $3.5454. Second support is April's low crossing at $3.0583.
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 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $3.5691 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 4.0640. Second resistance is unknown. First support is the 10-day moving average crossing at $3.7641. Second support is the 20-day moving average crossing at 3.5691.
June Henry natural gas closed higher on Tuesday as it extends the rally off last-Tuesday's low. 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Tuesday's low, May's high crossing at 8.996 is the next upside target. Closes below the 20-day moving average crossing at 7.523 would signal that a short-term top has been posted.First resistance is May'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 20-day moving average crossing at 7.523. Second support is the 50-day moving average crossing at 6.447.
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The June Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's nights session begins trading. Stochastics and the RSI are bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $103.09 would signal that a short-term top has been posted. 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. First resistance is last-Friday's high crossing at $105.07. 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 $103.09. Second support is the 50-day moving average crossing at $100.70.
The June Euro closed higher for the third day in a row 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 are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $105.94 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at $105.94. Second resistance is the 50-day moving average crossing at $108.34. First support is last-Friday's low crossing at $103.62. Second support is the long-term support on the weekly continuation chart crossing at $102.47.
The June British Pound closed sharply higher on Tuesday as it extended the rally off last-Friday's low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.2509 would signal that a short-term low has been posted. If June extends the decline off January's high, the 87% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.1914 is the next downside target. First resistance is the 20-day moving average crossing at 1.2509. Second resistance is the 50-day moving average crossing at 1.2863. First support is last-Friday's low crossing at 1.2156. Second support is the 87% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.1914.
The June Swiss Franc closed higher on Tuesday as it consolidated some of the decline off the March 31st 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 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 1.02342 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.00821. Second resistance is the 20-day moving average crossing at 1.02342. First support is Monday's low crossing at 0.99485. 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 higher on Tuesday as it extends the rally off last-Thursday's low.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 bearish signaling that sideways to higher 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. Multiple closes above the 20-day moving average crossing at 77.89 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 77.89. Second resistance is the 50-day moving average crossing at 78.73. First support is last-Thursday's low crossing at 76.60. Second support isthe 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 three-weeks. 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 neutral signaling that sideways trading is possible near-term. If June 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 higher on Tuesday. The low-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 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 $1875.30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1875.30. Second resistance is the 50-day moving average crossing at $1922.90. First support is the 75% retracement level of the 2021-2022 rally crossing at $1789.90. Second support is the 87% retracement level of the 2021-2022 rally crossing at $1743.10.
July silver closed higher on Tuesday as it extended the rally off last-Friday'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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 22.684 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 22.684. Second resistance is the May 5th high crossing at 23.345. First support is last-Friday's low crossing at 20.240. Second support is the 62% retracement level of 2020's rally crossing at 19.158.
July copper closed higher on Tuesday as it extends the rally off last-Thursday'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.3477 would signal that a short-term low has been posted. If July renews the decline off March's high, the December 15th low crossing at 4.1105 is the next downside target. First resistance is the 20-day moving average crossing at 4.3477. Second resistance is the May 5th high crossing at 4.4400. First support is last-Thursday's low crossing at 4.0370. Second support is the August 16th 2021 low crossing at 3.9760.
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July Corn closed down $0.08 3/4-cents at $8.00 3/4.
July corn posted an inside day with a lower close on Tuesday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, April's high crossing at $8.24 1/2 is the next downside target. Closes below the 50-day moving average crossing at $7.61 3/4 would confirm that a short-term top has been posted. 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 $7.61 3/4. Second support is the March 29th low crossing at $6.95 1/2.
July wheat closed up $0.30 at $12.77 1/2.
July wheat closed higher on Tuesday as it extends the rally off May's low. 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 overbought but remain bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the 2008 high on the monthly continuation chart crossing at $13.34 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.11 would signal that a double top with March's high has been posted. First resistance is March's high crossing at $12.78 1/4. Second resistance is the 2008 high on the monthly continuation chart crossing at $13.34 1/2. First support is the 10-day moving average crossing at $11.47 1/4. Second support is the 20-day moving average crossing at $11.11.
July Kansas City Wheat closed up $0.15 3/4-cents at $12.67 3/4.
July Kansas City wheat closed higher on Tuesday as it extends this year's rally to a new contract 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 overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If July extends last week's rally, the January-2008 high on the monthly continuation chart crossing at $13.84 3/4 is the next upside target. Closes below the 20-day moving average crossing at $11.82 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the January-2008 high on the monthly continuation chart crossing at $13.84 3/4. Second resistance is unknown. First support is the 10-day moving average crossing at $12.28 1/4. Second support is the 20-day moving average crossing at $11.82 3/4.
July Minneapolis wheat closed up $0.08 1/2-cents at $13.93 1/2.
July Minneapolis 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 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. Closes below the 10-day moving average crossing at $12.69 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $14.52. Second resistance is the 62% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $16.82 1/2. First support is Monday's gap crossing at $13.35 3/4. Second support is the 10-day moving average crossing at $12.69.
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July soybeans closed up $0.21 1/2 at $16.78.
July soybeans closed higher on Tuesday as it extended the rally off May's low. 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 bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally the April 29th high crossing at $17.04 3/4 is the next upside target. Closes below the 10-day moving average crossing at $16.28 3/4 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 May's low crossing at $15.78. Second support is April's low crossing at $15.60 1/2.
July soybean meal closed down $1.70 at $411.90.
July soybean meal closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $425.40 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at $425.40. Second resistance is the 50-day moving average crossing at $448.10. 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 42 pts. at 83.41.
July soybean oil closed higher on Tuesday as it extends this month's trading range. 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. Multiple closes below the 20-day moving average crossing at 81.97 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 81.97. Second support is the 50-day moving average crossing at 75.95.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed up $1.25 at $105.08.
June hogs closed higher on Tuesday 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 Wednesday'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 20-day moving average crossing at $107.10 would signal that a short-term low has been posted. If June renews the decline off March's high, the 75% retracement level of the September-April rally crossing at $97.05 is the next downside target. First resistance is the 20-day moving average crossing at $107.10. Second resistance is the 50-day moving average crossing at $114.21. First support is last-Thursday's low crossing at $97.10. Second support is the 87% retracement level of the September-April rally crossing at $92.21.
June cattle closed down $0.33 at $132.85
June cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 average crossing at $134.57 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at $134.57. Second resistance is the 50-day moving average crossing at $135.26. 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 $0.90 at $166.52.
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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off March's high, weekly support crossing at $152.22 is the next downside target. Closes above the 20-day moving average crossing at $172.11 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $172.11. Second resistance is the 50-day moving average crossing at $174.96. First support is the September-2021 low crossing at $166.08. Second support is weekly support crossing at $152.22.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed higher on Tuesday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. If July extends this month's rally, April's high crossing at 23.77 is the next upside target. Closes below last-Friday's low crossing at 20.97 would signal that a short-term top has been posted.
July cocoa closed higher on Tuesday as it extends the rally off last-Friday's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 25.85 would signal that a short-term low has been posted and could lead to additional gains near-term. If July renews the decline off April's high, the December-2021 low crossing at 23.66 is the next downside target.
July sugar closed higher for the fourth-day in a row on Tuesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the decline off April's high, April's high crossing at 20.46 is the next upside target. Closes below the 10-day moving average crossing at 18.76 would signal that a short-term top has been posted.
July cotton closed lower on Tuesday as it consolidated some of its recent gains. 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 144.25 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 tallpine!