KEY EVENTS TO WATCH FOR:
Tuesday, May 24, 2022
8:55 AM ET, Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +12.9%)
Latest Wk, Y/Y% (previous +12.7%)
9:45 AM ET. May US Flash Manufacturing PMI
PMI, Mfg (previous 59.7)
9:45 AM ET. May US Flash Services PMI
PMI, Services (previous 54.7)
10:00 AM ET. April New Residential Sales
New Home Sales (previous 763K)
New Home Sales, M/M% (previous -8.6%)
New Home Sales Months Supply (previous 6.4)
10:00 AM ET. May Richmond Fed Business Activity Survey
Mfg Idx (previous 14)
Shipments Idx (previous 17)
1:00 PM ET. April Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -2.4M)
Gasoline Stocks, Net Chg (Bbls) (previous -5.1M)
Distillate Stocks, Net Chg (Bbls) (previous +1.1M)
Wednesday, May 25, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 319.4)
Composite Idx, W/W% (previous -11.0%)
Purchase Idx-SA (previous 225)
Purchase Idx-SA, W/W% (previous -11.9%)
Refinance Idx (previous 826.9)
Refinance Idx, W/W% (previous -9.5%)
8:30 AM ET. April Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +0.8%)
Dur Goods, Ex-Defense, M/M% (previous +1.2%)
Dur Goods, Ex-Transport, M/M% (previous +1.1%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.0%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.2%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 420.82M)
Crude Oil Stocks, Net Chg (Bbl) (previous -3.394M)
Gasoline Stocks (Bbl) (previous 220.189M)
Gasoline Stocks, Net Chg (Bbl) (previous -4.779M)
Distillate Stocks (Bbl) (previous 105.264M)
Distillate Stocks, Net Chg (Bbl) (previous +1.235M)
Refinery Usage (previous 91.8%)
Total Prod Supplied (Bbl/day) (previous 19.661M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.43M)
2:00 PM ET. Federal Open Market Committee meeting minutes published
Thursday, May 26, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 218K)
Jobless Claims, Net Chg (previous +21K)
Continuing Claims (previous 1317000)
Continuing Claims, Net Chg (previous -25K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1023.8K)
Soybeans (Metric Tons) (previous 902.2K)
Wheat (Metric Tons) (previous 334.1K)
8:30 AM ET. 1st Quarter Preliminary Corporate Profits
8:30 AM ET. 1st Quarter 2nd estimate GDP
Annual Rate, Q/Q% (previous -1.4%)
Chain-Weighted Price Idx, Q/Q% (previous +8.0%)
Corporate Profits, Q/Q% (previous -0.8%)
PCE Price Idx, Q/Q% (previous +7.0%)
Purchase Price Idx, Q/Q% (previous +7.8%)
Real Final Sales, Q/Q% (previous -0.6%)
Core PCE Price Idx, Q/Q% (previous +5.2%)
Consumer Spending, Q/Q% (previous +2.7%)
10:00 AM ET. April Pending Home Sales Index
Pending Home Sales (previous 103.7)
Pending Home Sales Idx, M/M% (previous -1.2%)
Pending Home Sales Idx , Y/Y% (previous -8.2%)
10:30 AM ET, EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1732B)
Working Gas In Storage, Net Chg (Cbf) (previous +89B)
11:00 AM ET. May Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 28)
6-Mo Exp Prod Idx (previous 49)
Mfg Composite Idx (previous 25)
6-Mo Exp Composite Idx (previous 34)
4:30 PM ET. Federal Discount Window Borrowings
1630/2030 Foreign Central Bank Holdings
Friday, May 27, 2022
8:30 AM ET. April Personal Income & Outlays
Personal Income, M/M% (previous +0.5%)
Consumer Spending, M/M% (previous +1.1%)
PCE Price Idx, M/M% (previous +0.9%)
PCE Price Idx, Y/Y% (previous +6.6%)
PCE Core Price Idx, M/M% (previous +0.3%)
PCE Core Price Idx, Y/Y% (previous +5.2%)
8:30 AM ET. April Advance Economic Indicators Report
10:00 AM ET. May University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (previous 65.2)
End-Mo Expectations Idx (previous 62.5)
12-Month Inflation Forecast (previous 5.4%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 69.4)
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The Dow closed sharply higher on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 32,526.54 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 32,526.54. Second resistance is the 50-day moving average crossing at 33,732.68. First support is last-Friday's low crossing at 31,395.89. Second support is the 38% retracement level of the 2020-2022 rally crossing at 29,814.73.
The June NASDAQ 100 closed higher on 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, diverging and are poised to turn neutral to bullish with additional strength that would signal that a short-term low has been posted. Closes above the 20-day moving average crossing at 12,545.14 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 12,545.14. Second resistance is the May 4th high crossing at 13,555.25. First support is last-Friday's low crossing at 11,491.25. 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 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 Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging and poised to turn bullish with additional strength that would signal a short-term low might be in or is near. Closes above the 20-day moving average crossing at 4064.22 would signal that a low has been posted. If June extends the decline off January's high, the March-2021 low crossing at 3759.50 is the next downside target. First resistance is the 20-day moving average crossing at 4064.22. Second resistance is the 50-day moving average crossing at 4293.16. 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 1-18 pts. at 140-07.
June T-bonds closed lower on Monday as it consolidated some of the rally off May'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 becoming overbought but remain 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 143-22 is the next upside target. Closes below the 20-day moving average crossing at 139-24 would signal that a short-term top has been posted. 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 143-22. First support is last-Wednesday's lowcrossing at 137-30. Second support is May's low crossing at 134-30.
June T-notes closed down 185 pts. at 119.175.
June T-notes closed lower on Monday as it consolidated some of the rally off May'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 becoming overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 120.204 would signal that a short-term low has been posted. Closes below last-Wednesday's low crossing at 118.160 would signal that a short-term top 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 120.204. First support is last-Wednesday's low crossing at 118.160. Second support is May's low crossing at 117.085.
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June crude oil closed higher on Monday as it extends last-Friday's upside reversal. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the April 25th low, March's high crossing at $121.17 is the next upside target. Closes below the 50-day moving average crossing at $103.71 would signal that a short-term top has been posted. First resistance is last-Wednesday'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 $103.71. Second support is theApril 25th low crossing at $95.28.
June heating oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. 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 $3.9256. Closes below the 50-day moving average crossing at $3.5777 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at $3.9256. Second resistance is May's high crossing at $4.2738. First support is the 50-day moving average crossing at $3.5777. Second support is April's low crossing at $3.0583.
June unleaded gas 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $3.6744 would signal that a short-term top has been posted. If June renews the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Monday's high crossing at 4.0640. Second resistance is unknown. First support is the 20-day moving average crossing at $3.6744. Second support is the 50-day moving average crossing at 3.3718.
June Henry natural gas closed sharply higher on Monday as it extends the rally off May's low. 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, May's high crossing at 8.996 is the next upside target. Closes below the 20-day moving average crossing at 7.817 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 7.817. Second support is the 50-day moving average crossing at 6.742.
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The June Dollar closed sharply lower on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday's nights session begins trading. Stochastics and the RSI are bearish signaling sideways to lower prices are possible near-term. If June extends the decline off May's high, the 50-day moving average crossing at $101.04 is the next downside target. Closes above the 10-day moving average crossing at 103.69 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 103.69. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.04. Second support is the April 21st low crossing at $99.81.
The June Euro closed sharply higher on Monday as it extends the rally off May's low. 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 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 $108.00 is the next upside target. Closes below the 10-day moving average crossing at $105.24 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $108.00. Second resistance is the April 21st high crossing at $109.59. First support is May'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 Monday as it extends the rally off May's low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the May 4th high crossing at 1.2638 would open the door for additional gains near-term. If June renews 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 May 4th high crossing at 1.2638. Second resistance is the 50-day moving average crossing at 1.2813. First support is May'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 Monday as it extends the rally off May's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the 50-day moving average crossing at 1.05012 is the next upside target. Closes below the 10-day moving average crossing at 1.01243 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.05012. Second resistance is the April 12th high crossing at 1.07960. First support is the 10-day moving average crossing at 1.01243. Second support is May's low crossing at 0.99485.
The June Canadian Dollar closed higher on Monday as it extends the rally off May's low.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the 50-day moving average crossing at 78.72 is the next upside target.First resistance is the 50-day moving average crossing at 78.72. Second resistance is the April 21st high crossing at 80.24. First support is the 10-day moving average crossing at 77.52. Second support is May's low crossing at 76.60.
The June Japanese Yen closed slightly lower on Monday as it extended the trading range of the past four-weeks. 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 trading is possible near-term. Closes above the April 27th high crossing at 0.078885 would signal that a short-term low has been posted. If June resumes the decline off March's high, the February-2002 low on the monthly continuation chart crossing at 0.074150 is the next downside target. 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 Monday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1856.40 would signal that a short-term low has been posted. If June renews the decline off April's high, the 87% retracement level of the 2021-2022 rally crossing at $1743.10 is the next downside target. First resistance is the 20-day moving average crossing at $1856.40. Second resistance is the 50-day moving average crossing at $1909.30. 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 slightly higher on Monday as it extended the rally off May's low. The low-range close sets the stage for a steady to slightly 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. Closes above the 20-day moving average crossing at 22.130 would signal that a short-term low has been posted. If July resumes 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 22.130. Second resistance is the May 5th high crossing at 23.345. First support is May'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 Monday as it extends the rally off May's low. 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 to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 4.2782 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 May 5th high crossing at 4.4400. Second resistance is the 50-day moving average crossing at 4.5317. First support is last-Wednesday's low crossing at 4.1315. Second support is May's low crossing at 4.0370.
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July Corn closed up $0.07 1/2-cents at $7.86 1/4.
July corn closed higher on Monday. 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 diverging and turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews this year's rally, April's high crossing at $8.24 1/2 is the next upside target. Closes below the 50-day moving average crossing at $7.66 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 $7.66 3/4. Second support is the March 29th low crossing at $6.95 1/2.
July wheat closed up $0.21 1/4 at $11.90.
July wheat posted an inside day with a higher closed on Wednesday as it consolidates some of the decline off last-Tuesday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $11.34 1/2 would signal that a double top with March's high has been posted. If July renews 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. 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 20-day moving average crossing at $11.34 1/2. Second support is the 50-day moving average crossing at $10.94 3/4.
July Kansas City Wheat closed up $0.23 3/4-cents at $12.76 1/2.
July Kansas City wheat closed higher on Monday as it consolidates some of the decline off last-Tuesday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $12.09 1/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If July extends this year's rally, the January-2008 high on the monthly continuation chart crossing at $13.84 3/4 is the next upside target. 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 20-day moving average crossing at $12.09 1/4. Second support is the 50-day moving average crossing at $11.46 3/4.
July Minneapolis wheat closed up $0.19 1/2-cents at $12.98 1/2.
July Minneapolis wheat posted an inside day with a higher close on Monday. The high-range close sets the stage for a steady to higher 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. Closes below the 20-day moving average crossing at $12.50 3/4 would signal that a short-term top has been posted. If July resumes 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. 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 the 20-day moving average crossing at $12.50 3/4. Second support is the 50-day moving average crossing at $11.64 1/2.
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July soybeans closed down $0.18 1/4 at $16.87 1/4.
July soybeans posted a downside reversal as it closed lower on Monday to consolidate some of the rally off May'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 July extends this month's rally February's high crossing at $17.41 is the next upside target. Closes below the 20-day moving average crossing at $16.52 would signal that a short-term low has been posted. First resistance is the April 22nd high crossing at $17.34. 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 $7.40 at $422.50.
July soybean meal posted a key reversal down as it 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 50-day moving average crossing at $444.80 is the next upside target. Closes below the 10-day moving average crossing at $412.30 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $444.80. Second resistance is the April 21st high crossing at $467.80. 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 46 pts. at 80.47.
July soybean oil closed lower on Monday as it extends this month'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 bullish signaling that sideways to higher prices are possible near-term. If July extends the decline off April's high, the 50-day moving average crossing at 76.68 is the next downside target. 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 50-day moving average crossing at 76.68. Second support is April's low crossing at 67.52.
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June hogs closed up $1.73 at $110.60.
June hogs closed higher on Monday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the 50-day moving average crossing at $113.60 is the next upside target. Closes below the 10-day moving average crossing at $104.05 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $113.60. Second resistance is the April 22nd high crossing at $119.85. First support is the 10-day moving average crossing at $104.05. Second support is May's low crossing at $97.10.
June cattle closed up $1.40 at $132.98
June cattle closed higher on Monday. The high-range close sets the stage for a steady to higher 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 $133.33 would signal that a short-term low has been posted. If June extends the decline off April'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 $133.33. Second resistance is the 50-day moving average crossing at $135.12. 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 up $1.73 at $165.65.
August Feeder cattle closed higher 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends 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 $170.09 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $167.12. Second resistance is the 20-day moving average crossing at $170.09. First support is today's low crossing at $162.80. Second support is weekly support crossing at $152.22.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed slightly lower on Monday. The low-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. Closes below the reaction low crossing at 20.97 would signal that a short-term top has been posted. If July extends this month's rally, April's high crossing at 23.77 is the next upside target.
July cocoa closed slightly higher on Monday as it consolidates some of the decline off May's high. The mid-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 July extends the decline off April's high, the December-2021 low crossing at 23.66 is the next downside target. Closes above the 20-day moving average crossing at 25.04 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 overbought but 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 20.46 is the next upside target. Closes below the 20-day moving average crossing at 19.14 would signal that a short-term top has been posted.
July cotton closed higher on Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 50-day moving average crossing at 137.08 is the next downside target. 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 a ton tallpine!