KEY EVENTS TO WATCH FOR:
Wednesday, June 22, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 307.4)
Composite Idx, W/W% (previous +6.6%)
Purchase Idx-SA (previous 225)
Purchase Idx-SA, W/W% (previous +8.1%)
Refinance Idx (previous 735.5)
Refinance Idx, W/W% (previous +3.7%)
8:30 AM ET. 1st Quarter State Quarterly Personal Income
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +11.9%)
Latest Wk, Y/Y% (previous +11.4%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +0.7M)
Gasoline Stocks, Net Chg (Bbls) (previous -2.2M)
Distillate Stocks, Net Chg (Bbls) (previous +0.2M)
Thursday, June 23, 2022
8:30 AM ET. 1st Quarter International Transactions
Current Account (USD) (expected -274.0B; previous -217.88B)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 225K; previous 229K)
Jobless Claims, Net Chg (previous -3K)
Continuing Claims (previous 1312000)
Continuing Claims, Net Chg (previous +3K)
9:45 AM ET. June US Flash Manufacturing PMI
PMI, Mfg (expected 56.1; previous 57.5)
9:45 AM ET. June US Flash Services PMI
PMI, Services (expected 53.5; previous 53.5)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2095B)
Working Gas In Storage, Net Chg (Cbf) (previous +92B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 418.714M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.956M)
Gasoline Stocks (Bbl) (previous 217.474M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.71M)
Distillate Stocks (Bbl) (previous 109.709M)
Distillate Stocks, Net Chg (Bbl) (previous +0.725M)
Refinery Usage (previous 93.7%)
Total Prod Supplied (Bbl/day) (previous 19.703M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.524M)
11:00 AM ET. June Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 19)
6-Mo Exp Prod Idx (previous 39)
Mfg Composite Idx (previous 23)
6-Mo Exp Composite Idx (previous 31)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Federal Reserve Board releases annual bank stress test results
4:30 PM ET. Foreign Central Bank Holdings
Friday, June 24, 2022
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 279.8K)
Soybeans (Metric Tons) (previous 724.8K)
Wheat (Metric Tons) (previous 236.9K)
10:00 AM ET. May New Residential Sales
New Home Sales (expected 600K; previous 591K)
New Home Sales, M/M% (expected +1.5%; previous -16.6%)
New Home Sales Months Supply (previous 9.0)
10:00 AM ET. June University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (expected 50.2; previous 58.4)
End-Mo Expectations Idx (previous 55.2)
12-Month Inflation Forecast (previous 5.3%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 63.3)
Monday, June 27, 2022
8:30 AM ET. May Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +0.4%)
Dur Goods, Ex-Defense, M/M% (previous +0.3%)
Dur Goods, Ex-Transport, M/M% (previous +0.3%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.8%)
10:00 AM ET. May Pending Home Sales Index
Pending Home Sales (previous 99.3)
Pending Home Sales Idx, M/M% (previous -3.9%)
Pending Home Sales Idx , Y/Y% (previous -9.1%)
10:30 AM ET. June Texas Manufacturing Outlook Survey
Business Activity (previous -7.3)
Mfg Production Idx (previous 18.8)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed sharply 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 bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this year's decline, the 50% retracement level of the 2020-2021 rally crossing at 27,601.58 is the next downside target. Closes above the 20-day moving average crossing at 31,915.31 would signal that a short-term low has been posted. First resistance is last-Monday's gap crossing at 31,387.84. Second resistance is the June 10th gap crossing at 32,267.78. First support is the 38% retracement level of the 2020-2021 rally crossing at 29,814.73. Second support is the 50% retracement level of the 2020-2021 rally crossing at 27,601.58.
The September NASDAQ 100 closed higher on Tuesday as it consolidated some of the decline off May's high. Today's 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 bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, weekly support crossing at 10,942.25 is the next downside target. Closes above the 20-day moving average 12,076.58 would signal that a short-term low has been posted. First resistance is last-Monday's gap crossing at 11,849.25. Second resistance is the 20-day moving average crossing at 12,076.58. First support is last-Thursday's low crossing at 11,092.50. Second support is weekly support crossing at 10,942.25.
The September S&P 500 closed higher on Tuesday as it consolidated some of the decline off May'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 September extends the aforementioned decline, the 50% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at 3491.65 is the next downside target. Closes above last-Monday's gap crossing at 3896.50 would signal that a short-term low has been posted. First resistance is last-Monday's gap crossing at 3896.50. Second resistance is the 20-day moving average crossing at 3955.15. First support is last-Thursday's low crossing at 3642.00. Second support is the 50% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at 3491.65.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed down 30. at 133-23.
September T-bonds 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 138-07 would signal that a short-term low has been posted. If September renews the decline off May's high, the December-2013 low on the monthly continuation chart crossing at 127-23 is the next downside target. First resistance is the 20-day moving average crossing at 136-23. Second resistance is the 50-day moving average crossing at 138-07. First support is last-Thursday's low crossing at 131-01. Second support is the December-2013 low on the monthly continuation chart crossing at 127-23.
September T-notes closed down 95 pts. at 115.285.
September T-notes 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 neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 118.122 would signal that a short-term low has been posted. If September renews he decline off May's high, the 62% retracement level of the 2000-2020 rally on the monthly continuation chart crossing at 111.233 is the next downside target. First resistance is the 20-day moving average crossing at 117.220. Second resistance is the 50-day moving average crossing at 118.122. First support is last-Tuesday's low crossing at 114.075. Second support is the 62% retracement level of the 2000-2020 rally on the monthly continuation chart crossing at 111.233.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil closed higher on Tuesday as it consolidates some of the decline off June's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $106.77 would open the door for a possible test of May's low crossing at $95.47. Closes above the 10-day moving average crossing at 114.58 would signal that a short-term low has been posted. If August renews the rally off the April 25th low, monthly resistance crossing at $130.50 is the next upside target. First resistance is June's high crossing at $123.68. Second resistance crossing at monthly resistance crossing at $130.50. First support is the 50-day moving average crossing at $106.77. Second support is May's low crossing at $95.47.
August heating oil closed 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 trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $4.1138 would signal that a short-term top has been posted. If August resumes the rally off May's low, the March-2022 high on the weekly continuation chart crossing at $4.6709 is the next upside target. First resistance is last-Thursday's high crossing at $4.4898. Second resistance is the March-2022 high on the weekly continuation chart crossing at $4.6709. First support is the 20-day moving average crossing at $4.1138. Second support is the 50-day moving average crossing at $3.7380.
August unleaded gas closed lower on Tuesday as it extends the decline off June'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the 50-day moving average crossing at $3.5312 is the next downside target. Closes above the 10-day moving average crossing at $3.8586 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.8586. Second resistance is June's high crossing at $4.1237. First support is the 50-day moving average crossing at $3.5312. Second support is the May 19th low crossing at $3.2904.
August Henry natural gas closed lower on Tuesday as it extended the decline off June'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 August extends the aforementioned decline, May's low crossing at 6.507 is the next downside target. Closes above the 20-day moving average crossing at 8.264 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 8.264. Second resistance is June's high crossing at 9.645. First support is May's low crossing at 6.507. Second support is the 50% retracement level of the 2020-2022 rally crossing at 5.947 is the next downside target.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed lower on Tuesday. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's nights session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $102.616 would open the door for a larger-degree decline. If September resumes the rally off May's low, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717 is the next upside target. First resistance is last-Wednesday's high crossing at $105.57. Second resistance is the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717. First support is the 20-day moving average crossing at $102.97. Second support is the 50-day moving average crossing at $102.616.
The September Euro 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.06999 would confirm that a low has been posted while opening the door for additional gains near-term. If September resumes the decline, May's low crossing at $1.04255 is the next downside target. First resistance is May's high crossing at $1.08530. Second resistance is the April 21st high crossing at $1.10200. First support is last-Wednesday's low crossing at $1.04280. Second support is May's low crossing at $1.04255.
The September British Pound closed slightly 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 have turned neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.2428 would signal that a short-term low has been posted. If September renews this year's decline, the March-2020 low crossing at 1.1575 is the next downside target. First resistance is the 20-day moving average crossing at 1.2428. Second resistance is the 50-day moving average crossing at 1.2544. First support is last-Tuesday's low crossing at 1.1952. Second support is the March-2020 low crossing at 1.2484.
The September Swiss Franc closed slightly higher on Tuesday as it extended the trading range following last-Thursday's huge rally. 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 September extends the rally off last-Tuesday's low, May's high crossing at 1.05470 is the next upside target. Closes below the 10-day moving average crossing at 1.02590 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.04615. Second resistance is May's high crossing at 1.05470. First support is last-Tuesday's low crossing at 1.00235. Second support is May's low crossing at 1.00170.
The September Canadian Dollar closed higher on Tuesday as it consolidated some of the decline off June'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 a low might be in or is near. Closes above the 50-day moving average crossing at 78.32 would signal that a short-term low has been posted. If September resumes the decline off June's high, the 50% retracement level of the 2020-2021 rally crossing at 75.79 is the next downside target. First resistance is the 50-day moving average crossing at 78.32. Second resistance is June's high crossing at 79.84. First support is May's low crossing at 76.46. Second support is the 50% retracement level of the 2020-2021 rally crossing at 75.79.
The September Japanese Yen closed lower on Tuesday as it resumed 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 are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.076306 would signal that a short-term low has been posted. If September renews the decline off May's high, the August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. First resistance is the 20-day moving average crossing at 0.076306. Second resistance is the 50-day moving average crossing at 0.077532. First support is today's low crossing at 0.073640. Second support is the August-1998 low on the monthly continuation chart crossing at 0.068730.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
August gold closed lower on Tuesday as it extended the May-June 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, May's low crossing at $1792.00 is the next downside target. Closes above the 50-day moving average crossing at $1877.10 would confirm that a low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at $1877.10. Second resistance is the 38% retracement level of the March-May decline crossing at $1905.00. First support is last-Tuesday's low crossing at $1806.10. Second support is May's low crossing at $1792.00.
July silver closed slightly 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 renews the rally off May's low, the 50-day moving average crossing at 22.628 is the next upside target. If July resumes this month's decline, May's low crossing at 20.420. First resistance is June's high crossing at 22.565. Second resistance is the 50-day moving average crossing at 22.628. First support is last-Tuesday's low crossing at 20.845. Second support is May's low crossing at 20.420.
July copper closed higher on Tuesday as it consolidated some of the decline off June'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 bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 38% retracement level of the 2020-2021 rally crossing at 3.9344 is the next downside target. Closes above the 20-day moving average crossing at 4.2729 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.2729. Second resistance is the 50-day moving average crossing at 4.3583. First support is today's low crossing at 3.9455. Second support is the 38% retracement level of the 2020-2021 rally crossing at 3.9344.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed down $0.23 3/4-cents at $7.60 3/4.
July corn closed sharply lower on Tuesday as weather forecast are calling for a break it the current heat wave, which triggered today's sell off. Today's close below the 20-day moving average crossing at $7.63 1/4 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 trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Friday's high, June's low crossing at $7.20 1/2 is the next downside target. If July renews the rally off June's low, May's high crossing at $8.10 1/4 is the next upside target. First resistance is May's high crossing at $8.10 1/4. Second resistance is April's high crossing at $8.24 1/2. First support is today's low crossing at $7.52 1/4. Second support is June's low crossing at $7.20 1/2.
July wheat closed down $0.59-cents at $9.75 1/4.
July wheat closed sharply lower on Tuesday marking a downside breakout of 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's low, the 62% retracement level of the January-May rally crossing at $9.45 1/2 is the next downside target. Closes above the 50-day moving average crossing at $11.04 would signal that a short-term low has been posted. First resistance the 50-day moving average crossing at $11.04. Second resistance is the May 27th high crossing at $11.70 1/4. First support is the 62% retracement level of the January-May's rally crossing at $9.45 1/2. Second support is the 75% retracement level of the January-May's rally crossing at $8.73.
July Kansas City Wheat closed down $0.63 3/4-cents at $10.41 1/4.
July Kansas City wheat closed sharply 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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 62% retracement level of the January-May rally crossing at $9.91 is the next downside target. Closes above the 50-day moving average crossing at $11.78 3/4 would signal that a short-term low has been posted.First resistance is the 50-day moving average crossing at $11.78 3/4. Second resistance is the May 27th high crossing at $12.51. Third resistance is May's high crossing at $13.79 1/4. First support is today's low crossing at $10.37. Second support is the 62% retracement level of the January-May rally crossing at $9.91.
July Minneapolis wheat closed down $0.51 3/4-cents at $11.17 3/4.
July Minneapolis wheat closed sharply lower on Tuesday as it extends the decline off May'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 62% retracement level of the January-May rally crossing at $10.76 is the next downside target. Closes above the 20-day moving average crossing at $12.27 1/2 would signal that a short-term low has been posted. First resistance is the June 6th high crossing at $12.48. Second resistance is the May 27th high crossing at $13.20 1/4. Third resistance is May's high crossing at $14.12 3/4. First support is today's low crossing at $11.10 3/4. Second support is the 62% retracement level of the January-May rally crossing at $10.76.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed down $0.21 at $16.81.
July soybeans 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $16.80 3/4 would open the door for a larger-degree decline near-term. Closes above the 10-day moving average crossing at $17.17 1/2 would temper the near-term bearish outlook. First resistance is June's high crossing at $17.84. Second resistance is the all-time high crossing at $17.89. First support is the 50-day moving average crossing at $16.80 3/4. Second support is May's low crossing at $15.78 1/4.
July soybean meal closed down $6.80 at $431.30.
July soybean meal closed lower on Tuesday but remains above the 50-day moving average crossing at $428.10 signaling that a short-term low has been posted. 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 becoming 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, the April 21st high crossing at $467.80 is the next upside target. Closes below last-Wednesday's low crossing at $408.00 would signal that a short-term top has been posted. First resistance is today's high crossing at $440.00. Second resistance is the April 21st high crossing at $467.80. First support is June's low crossing at $404.00. Second support is May's low crossing at $395.00.
July soybean oil closed down 42-pts. at 73.37.
July soybean oil closed lower on Tuesday as it extends 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 aforementioned decline, the 50% retracement level of the December-May rally crossing at 69.46 is the next downside target. Closes above the 50-day moving average crossing at 79.94 would signal that a short-term low has been posted. First resistance June's high crossing at 83.44. Second resistance is May's high crossing at 84.64. First support is today's low crossing at 71.96. Second support is the 50% retracement level of the December-May rally crossing at 69.46.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed up $1.73 at $109.60.
August hogs closed higher on Tuesday and closed above the 50-day moving average. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at $109.25 would confirm that a low has been posted. If July renews this month's decline, the May 13th gap crossing at $101.30 is the next downside target. First resistance is June's high crossing at $114.00. Second resistance is the April 28th high crossing at $114.30. First support is last-Monday's low crossing at $103.53. Second support is the May 16th gap crossing at $101.30.
August cattle closed down $0.33 at $136.25
August 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 neutral signaling that sideways trading is possible near-term. If August extends the rally off last-Monday's low, the bottom of the April 25th gap crossing at $138.75 is the next upside target. Closes below last-Monday's low crossing at $132.45 would confirm that a short-term top has been posted. First resistance is the June 9th high crossing at $137.95. Second resistance is the bottom of the April 25th gap crossing at $138.75. Third resistance is the top of the April 25th gap crossing at $140.27. First support is last-Monday's low crossing at $132.45. Second support is May's low crossing at $129.97.
August Feeder cattle closed up $2.48 at $175.43.
August Feeder cattle gapped up and 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. If August renews the rally off May's low, May's high crossing at $177.50 is the next upside target. Closes below the 20-day moving average crossing at $171.13 would signal that a short-term top has been posted. First resistance is May's high crossing at $177.50. Second resistance is the April 22nd high crossing at $178.23. First support is the 20-day moving average crossing at $171.13. Second support is the May 31st low crossing at $164.75. Third support is May's low crossing at $162.80.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral signaling that sideways trading is possible. Closes above the June 9th high crossing at 23.58 would temper the bearish outlook. If September renews the decline off June's high, the May 24th low crossing at 21.10 is the next downside target. First resistance is the June 9th high crossing at $23.58. Second resistance is June's high crossing at 24.20. First support is the June 13th low crossing at 21.90. Second support is the May 24th low crossing at 21.10.
September cocoa gapped up and close higher on Tuesday as it extended the rally off last-week's low. Today's close above the 20-day moving average crossing at 24.61 signals that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 50-day moving average crossing at 25.20 is the next upside target. If September renews the decline off April's high, the November-2020 low crossing at 22.75 is the next downside target.
October sugar closed slightly higher on Tuesday. 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 near-term. If October extends the decline off May's high, the February 28th low crossing at 17.57 is the next downside target. Closes above the 50-day moving average crossing at 19.42 would confirm that a short-term low has been posted.
October cotton gapped down and closed sharply lower on Tuesday as it resumed the decline off May's high. 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 October extends the decline off May's high, the 25% retracement level of the 2020-2022 rally crossing at 119.16 is the next downside target. Closes above the 50-day moving average crossing at 129.59 would signal that a short-term low has been posted.
Thanks tallpine!