KEY EVENTS TO WATCH FOR:
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 higher on Tuesday as it extends 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 32,448.91 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 32,448.91. Second resistance is the 50-day moving average crossing at 33,707.32. 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 lower on Tuesday and posted a new low close for the year. 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, diverging 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 12,478.76 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 12,478.76. 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 lower on Tuesday. 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 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 4050.91 would signal that a low has been posted. If June resumes 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 4050.91. Second resistance is the 50-day moving average crossing at 4287.94. 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 up 1-23 pts. at 142-01.
June T-bonds 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 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 143-15 is the next upside target. Closes below the 20-day moving average crossing at 140-00 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 140-00. First support is last-Wednesday's lowcrossing at 137-30. Second support is May's low crossing at 134-30.
June T-notes closed up 280 pts. at 120.145.
June T-notes 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 neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 120.176 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 50-day moving average crossing at 120.204. Second resistance is the April 27th high crossing at 120.185. 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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July crude oil closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to lower 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 July extends the rally off the April 25th low, March's high crossing at $116.43 is the next upside target. Closes below the 50-day moving average crossing at $102.42 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $113.20. Second resistance crossing at March's high crossing at $116.43. First support is the 50-day moving average crossing at $102.42. Second support is the May 11th low crossing at $96.93.
July heating oil closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 $3.7165. Closes below the 50-day moving average crossing at $3.4357 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at $3.7165. Second resistance is May's high crossing at $3.9282. First support is the 50-day moving average crossing at $3.4357. Second support is April's low crossing at $3.0001.
July unleaded gas closed higher on Tuesday. The high-range close sets the stage for a 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. Closes below last-Thursday's low crossing at $3.4236 would signal that a short-term top has been posted. If July 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 3.8771. Second resistance is unknown. First support is last-Thursday's low crossing at $3.4236. Second support is the 50-day moving average crossing at 3.3024.
July Henry natural gas closed slightly higher on Tuesday as it extends the rally off May's low. 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 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, May's high crossing at 9.052 is the next upside target. Closes below the 20-day moving average crossing at 7.993 would signal that a short-term top has been posted.First resistance is May's high crossing at 9.052. 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 7.993. Second support is the 50-day moving average crossing at 6.896.
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The June Dollar closed lower on Tuesday as it extends the decline off May's high. 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 oversold but remain neutral to 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 $101.10 is the next downside target. Closes above the 10-day moving average crossing at $103.47 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $103.47. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.10. Second support is the April 21st low crossing at $99.81.
The June Euro 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 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 $107.95 is the next upside target. Closes below the 10-day moving average crossing at $105.45 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $107.95. 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 slightly lower on Tuesday as it consolidates 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 are neutral to 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 1.2803. 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 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 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 1.04957 is the next upside target. Closes below the 10-day moving average crossing at 1.01609 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.04957. Second resistance is the April 12th high crossing at 1.07960. First support is the 10-day moving average crossing at 1.01609. Second support is May's low crossing at 0.99485.
The June Canadian Dollar closed lower on Tuesday as it consolidates 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 June extends this month's rally, the 50-day moving average crossing at 78.72 is the next upside target. Closes below the 10-day moving average crossing at 77.64 would temper the near-term friendly outlook. 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 77.64. Second support is May's low crossing at 76.60.
The June Japanese Yen 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 are overbought but remain neutral to bullish signaling that sideways trading is possible near-term. Today's close above the April 27th high crossing at 0.078885 signal that a short-term low has been posted. If June extends the aforementioned rally, the 50-day moving average crossing at 0.079635 is the next upside target. 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 25% retracement level of the January-April decline crossing at 0.079266. Second resistance is the 50-day moving average crossing at 0.079635. First support is the 20-day moving average crossing at 0.077493. Second support is April's low crossing at 0.076280. Third 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 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 50-day moving average crossing at $1907.20 is the next upside target. Closes below the 10-day moving average crossing at $1833.20 would signal that a short-term top 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 50-day moving average crossing at $1907.20. Second resistance is the April 29th high crossing at $1921.30. 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 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 22.054 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 22.054. 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 slightly lower on Tuesday as it consolidates some of 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the May 5th high crossing at 4.4400 is the next upside target. Closes below last-Wednesday's low crossing at 4.1315 would signal that a short-term top has been posted. First resistance is the May 5th high crossing at 4.4400. Second resistance is the 50-day moving average crossing at 4.5276. 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 down $0.14 1/2-cents at $7.71 3/4.
July corn closed lower on Tuesday on news that China and Brazil signed an agreement for Brazil to supply China with corn on a regular basis. Today's sell off spiked below key support marked by the 50-day moving average crossing at $7.67 3/4 before a rebound ahead of the close tempered some of today's loss. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $7.67 3/4 would confirm that a short-term top has been posted. If July renews this year's rally, April's high crossing at $8.24 1/2 is the next upside target. 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 $7.67 3/4. Second support is the March 29th low crossing at $6.95 1/2.
July wheat closed down $0.35 1/4 at $11.54 3/4.
July wheat closed sharply lower on Tuesday as it extended the decline off last-Tuesday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $11.37 1/4 would confirm 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 $11.37 1/4. Second support is the 50-day moving average crossing at $10.96 1/4.
July Kansas City Wheat closed up $0.38 3/4-cents at $12.37 3/4.
July Kansas City wheat closed lower on Tuesday as it extends the decline off last-Tuesday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $12.13 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If July renews 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 $12.13. Second support is the 50-day moving average crossing at $11.49 3/4.
July Minneapolis wheat closed down $0.21 1/4-cents at $12.77 1/4.
July Minneapolis wheat closed lower on Tuesday as it extends the decline off May'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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $12.55 1/4 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 $12.55 1/4. Second support is the 50-day moving average crossing at $11.69.
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July soybeans closed up $0.06 at $16.93.
July soybeans 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 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 $4.60 at $427.10.
July soybean meal 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 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 $443.90 is the next upside target. Closes below the 10-day moving average crossing at $414.70 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $443.90. Second resistance is the April 21st high crossing at $467.80. First support is May's low crossing at $395.00. Second support is the 62% retracement level of the 2021-2022 rally crossing at $384.10.
July soybean oil closed down 35 pts. at 80.12.
July soybean oil closed lower on Tuesday as it extends this month's trading range. 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 July extends the decline off April's high, the 50-day moving average crossing at 76.88 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 76.88. Second support is April's low crossing at 67.52.
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July hogs closed down $1.80 at $109.05.
July hogs closed lower on Tuesday 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 Wednesday'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 July extends the aforementioned rally, the 50-day moving average crossing at $114.33 is the next upside target. Closes below the 10-day moving average crossing at $105.15 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $114.33. Second resistance is the April 22nd high crossing at $121.08. First support is the 10-day moving average crossing at $105.15. Second support is May's low crossing at $97.37.
August cattle closed down $0.23 at $132.75
August cattle closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold 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 $134.46 would signal that a short-term low has been posted. If August extends the decline off April's high, the 62% retracement level of the 2021-2022 rally crossing at $128.54 is the next downside target. First resistance is the 20-day moving average crossing at $134.46. Second resistance is the 50-day moving average crossing at $136.34. First support is the 50% retracement level of the 2021-2022 rally crossing at $130.28. Second support is the 62% retracement level of the 2021-2022 rally crossing at $128.54.
August Feeder cattle closed up $2.853 at $168.15.
August Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 average crossing at $169.85 would signal that a short-term low has been posted. If August extends the decline off March's high, weekly support crossing at $152.22 is the next downside target. First resistance is the 20-day moving average crossing at $169.85. Second resistance is the 50-day moving average crossing at $173.71. First support is Monday's low crossing at $162.80. Second support is weekly support crossing at $152.22.
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July coffee closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 renews this month's rally, April's high crossing at 23.77 is the next upside target.
July cocoa closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to higher 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 20-day moving average crossing at 25.01 would signal that a short-term low has been posted and could lead to additional gains near-term.
July sugar closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 20.46 is the next upside target. Closes below the 20-day moving average crossing at 19.18 would signal that a short-term top has been posted.
July cotton closed lower on Tuesday. 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 July extends this month's decline, the 50-day moving average crossing at 137.60 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.