KEY EVENTS TO WATCH FOR:
Thursday, July 7, 2022
7:30 AM ET. June Challenger Job-Cut Report
Job Cuts, M/M% (previous -14.7%)
8:15 AM ET. June CANCELLED: ADP National Employment Report
Private Sector Jobs, Net Chg (previous +128000)
8:30 AM ET. May U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -84.9B; previous -87.08B)
Exports (USD) (previous 252.62B)
Exports, M/M% (previous +3.5%)
Imports (USD) (previous 339.70B)
Imports, M/M% (previous -3.4%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 233K; previous 231K)
Jobless Claims, Net Chg (previous -2K)
Continuing Claims (previous 1328000)
Continuing Claims, Net Chg (previous -3K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2251B)
Working Gas In Storage, Net Chg (Cbf) (previous +82B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 415.6M)
Crude Oil Stocks, Net Chg (Bbl) (previous -2.8M)
Gasoline Stocks (Bbl) (previous 221.6M)
Gasoline Stocks, Net Chg (Bbl) (previous +2.6M)
Distillate Stocks (Bbl) (previous 112.4M)
Distillate Stocks, Net Chg (Bbl) (previous +2.6M)
Refinery Usage
Total Prod Supplied (Bbl/day)
Total Prod Supplied, Net Chg (Bbl/day)
12:00 PM ET. June Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, July 8, 2022
8:30 AM ET. June U.S. Employment Report
Non-Farm Payrolls (expected +250K: previous +390K)
Unemployment Rate (expected 3.6%: previous 3.6%)
Avg Hourly Earnings (USD) (previous 31.95)
Avg Hourly Earnings-Net Chg (USD) (previous +0.1)
Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.31%)
Avg Hourly Earnings, Y/Y% (expected +5.0%: previous +5.24%)
Overall Workweek (previous 34.6)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous +57K)
Private Payroll (previous +333K)
Participation Rate (previous 62.3%)
Non-Farm Payrolls Bench Net Chg
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 208.1K)
Soybeans (Metric Tons) (previous 7.5K)
Wheat (Metric Tons) (previous 496.7K)
10:00 AM ET. May Monthly Wholesale Trade
Inventories, M/M% (expected +2.0%: previous +2.2%)
3:00 PM ET. May Consumer Credit
Consumer Credit Net Chg (USD) (expected +30.0B; previous +38.0B)
Monday, July 11, 2022
10:00 AM ET. June Employment Trends Index
ETI (previous 119.77)
ETI, Y/Y%
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher 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 Thursday'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 last-Tuesday's high crossing at 31,885.09 are needed to confirm that a short-term low has been posted. If the Dow renews last-week's decline, June's low crossing at 29,653.29 is the next downside target. First resistance is last-Tuesday's high crossing at 31,885.09. Second resistance is the 50-day moving average crossing at 32,020.48. First support is June's low crossing at 29.653.29. Second support is the 38% retracement level of the 2020-2021 rally crossing at 29,814.73.
The September NASDAQ 100 closed higher on Wednesday as it consolidated some of the decline off last-Monday's high. Today's high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June's low, the 50-day moving average 12,259.70 is the next upside target. If September renews the decline off May's high, June's low crossing at 11,092.50 is the next downside target. First resistance is last-Monday's high crossing at 12,262.00. Second resistance is the 50-day moving average crossing at 12,259.70. First support is June'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 Wednesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at 3950.00 would open the door for additional gains near-term. If September renews the decline off May's high, the 50% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at 3491.65 is the next downside target. First resistance is last-Tuesday's high crossing at 3950.0. Second resistance is the 50-day moving average crossing at 3987.28. First support is last-Thursday's low crossing at 3741.25. Second support is June's low crossing at 3642.00.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed down 1-21. at 139-16.
September T-bonds closed lower on Wednesday due to profit taking as it consolidated some of the rally off June'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 38% retracement level of the 2021-2022 decline crossing at 143-28 is the next upside target. Closes below the 20-day moving average crossing at 136-00 would signal that a short-term top has been posted. First resistance is May's high crossing at 141-21. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 143-28. First support is the 20-day moving average crossing at 136-00. Second support is last-Monday's low crossing at 134-08. Third support is June's low crossing at 131-01.
September T-notes closed down 1005 pts. at 118.290.
September T-notes closed lower on Wednesday as it consolidated some of the rally off June'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 overbought but remain neutral to bullish signaling sideways to lower prices are possible near-term. If September extends the rally off June's low, the 50% retracement level of the December-June decline crossing at 122.204 is the next upside target. Closes below the 20-day moving average crossing at 117.057 would signal that a short-term top has been posted. First resistance is May's high crossing at 120.195. Second resistance is the 50% retracement level of the December-June decline crossing at 122.204. First support is last-Monday's low crossing at 116.110. Second support is June's low crossing at 114.075.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil closed lower on Wednesday as it extends the decline off June's high. The mid-range close sets the stage for a steady to lower opening when Thursday'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. If August extends the decline off June's high, April's low crossing at $91.66 is the next downside target. Closes above the 20-day moving average crossing at $110.80 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $110.80. Second resistance is June's high crossing at $123.68. First support is April's low crossing at $91.66. Second support is the 38% retracement level of the 2021-2022 rallycrossing at $88.16.
August heating oil closed sharply lower for the second day in a row on Wednesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. 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 June's high, the 38% retracement level of the 2021-2022 rally crossing at 3.2689 is the next downside target. Closes above the 20-day moving average crossing at 4.1208 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.1208. Second resistance is June's high crossing at $4.4898. First support is May's low crossing at 3.3578. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.2689.
August unleaded gas closed lower for the second day in a row on Wednesday as it extends the decline off June's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, the 38% retracement level of the 2021-2022 rally crossing at 3.9354 is the next downside target. Closes above the 20-day moving average crossing at $3.7535 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.7535. Second resistance is June's high crossing at $4.1237. First support is today's low crossing at $3.1880. Second support is May's low crossing at $2.9974.
August Henry natural gas posted an inside day with a slightly higher close on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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, the 62% retracement level of the 2020-2022 rally crossing at 5.067 is the next downside target. Closes above the 20-day moving average crossing at 7.070 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.127. Second resistance is the 20-day moving average crossing at 7.070. First support is the 62% retracement level of the 2020-2022 rally crossing at 5.067 is the next downside target. Second support is the 75% retracement level of 2021-2022 rally crossing at 4.083.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed higher on Wednesday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Thursday's nights session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If September extends 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. Closes below the 50-day moving average crossing at $103.481 would open the door for a larger-degree decline. First resistance is today's high crossing at $107.070. 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 $104.565. Second support is the 50-day moving average crossing at $103.481.
The September Euro closed lower on Wednesday as it extends this year's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline, the December-2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. Closes above the 50-day moving average crossing at $1.06256 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at $1.05136. Second resistance is the 20-day moving average crossing at $1.05609. First support is today's low crossing at $1.02150. Second support is the December-2002 low on the monthly continuation chart crossing at $0.98540.
The September British Pound closed lower on Wednesday. The mid-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 bearish signaling sideways to lower prices are possible near-term. If September extends today's decline, the 87% retracement level of 2020-2021 rally on the monthly continuation chart crossing at 1.1802 is the next downside target. Closes above the 20-day moving average crossing at 1.2243 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2243. Second resistance is the 50-day moving average crossing at 1.2388. First support is today's low crossing at 1.1892. Second support is the 87% retracement level of 2020-2021 rally on the monthly continuation chart crossing at 1.1802.
The September Swiss Franc closed lower on Wednesday as it extends the decline off last-Wednesday's high. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.03437 would signal that a short-term top has been posted. If September renews the rally off June's low, the 38% retracement level of the 2021-2022 decline crossing at 1.06242 is the next upside target. First resistance is last-Wednesday's high crossing at 1.05910. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 1.06242. First support is the 50-day moving average crossing at 1.03437. Second support is June's low crossing at 1.00235.
The September Canadian Dollar posted an inside day with a higher close on Wednesday.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 neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, the 50% retracement level of the 2020-2022 rally crossing at 75.79 is the next downside target. Closes above the 50-day moving average crossing at 77.87 would signal that a short-term low has been posted.First resistance is the 50-day moving average crossing at 77.87. Second resistance is June's high crossing at 79.84. First support is Tuesday's low crossing at 76.43. Second support is the 50% retracement level of the 2020-2022 rally crossing at 75.79.
The September Japanese Yen closed lower on Wednesday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.074505 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 0.074505. Second resistance is the 50-day moving average crossing at 0.076585. First support is last-Wednesday's low crossing at 0.073390. 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 sharply lower for the second day in a row on Wednesday as it extended the decline off March's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the August-2021low crossing at $1710.20 is the next downside target. Closes above the 50-day moving average crossing at $1847.30 would confirm that a low has been posted while opening the door for additional gains near-term. First resistance is the 10-day moving average crossing at $1807.40. Second resistance is the 20-day moving average crossing at $1825.30. First support is today's low crossing at $1730.70. Second support is the August-2021low crossing at $1710.20.
September silver closed slightly higher on Wednesday but not before posting a new low for the year. 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 but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the June-2020 low on the weekly continuation chart crossing at 17.015 is the next downside target. Closes above the 20-day moving average crossing at 21.134 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 20.487. Second resistance is the 20-day moving average crossing at 21.134. First support is today's low crossing at 18.705. Second support is the June-2020 low on the weekly continuation chart crossing at 17.015 .
September copper closed slightly higher on Wednesday but not before posting a new low close for the year. 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 but remain bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off June's high, the 62% retracement level of the 2020-2021 rally crossing at 3.2498 is the next downside target. Closes above the 20-day moving average crossing at 3.9673 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.6942. Second resistance is the 20-day moving average crossing at 3.9673. First support is today's low crossing at 3.2730. Second support is the 62% retracement level of the 2020-2021 rally crossing at 3.2498.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up $0.06 1/2-cents at $5.85.
December corn closed higher on Wednesday 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 Thursday'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 December extends the decline off May's high, the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4 is the next downside target. Closes above Tuesday's gap crossing at $6.04 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.38. Second resistance is the 20-day moving average crossing at $6.79. First support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4. Second support is the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4.
September wheat closed down $0.02 1/2-cents at $8.04 1/2.
September wheat closed lower on Wednesday as it extended the decline off June's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the 75% retracement level of the January-May rally crossing at $7.23 is the next downside target. Closes above the 20-day moving average crossing at $9.84 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at $9.00. Second resistance is the 20-day moving average crossing at $9.84. First support is today's low crossing at $7.85 1/4. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.
September Kansas City Wheat closed down $0.10 1/2-cent at $8.51 1/2.
September Kansas City wheat closed lower for the fourth-day in a row on Wednesday as it extended the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target. Closes above the 20-day moving average crossing at $10.50 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.59 1/2. Second resistance is the 20-day moving average crossing at $10.50 3/4. First support is the 62% retracement level of the January-May rallycrossing at $8.32 3/4. Second support is February's low crossing at $7.64 1/2.
September Minneapolis wheat closed down $0.03 3/4-cents at $8.86 1/4.
September Minneapolis wheat closed lower on Wednesday as it extends the decline off May'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the 75% retracement level of the January-May rally crossing at $8.12 3/4 is the next downside target. Closes above the 10-day moving average crossing at $10.08 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.08 1/4. Second resistance is the 20-day moving average crossing at $11.05 3/4. First support is today's low crossing at $8.70 1/2. Second support is the 75% retracement level of the January-May rally crossing at $8.12 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed up $0.06 3/4 at $13.22 3/4.
November soybeans closed higher on Wednesday consolidated some of the decline off June'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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the aforementioned decline, the 50% retracement level of the 2020-2022 rally crossing at $12.11 1/2 is the next downside target. Closes above Tuesday's gap crossing at $13.91 1/4 would signal that a short-term low has been posted. First resistance is Tuesday's gap crossing at $13.91 1/4. Second resistance is the 10-day moving average crossing at $14.18 1/4. First support is the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4. Second support is January's low crossing at $12.76.
December soybean meal closed up $1.90 at $379.50.
December soybean meal posted an inside day with a higher close on Wednesday as it consolidated some of the decline off last-Thursday's high. The mid-range close sets the stage for a steady to higher opening when Thursday'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. If December extends the decline off last-Thursday's high, the 50% retracement level of the 2020-2022 rally crossing at $365.40 is the next downside target. Closes above the 50-day moving average crossing at $399.40 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $418.00. Second resistance is the April 21st high crossing at $429.60. First support is Tuesday's low crossing at $375.30. Second support is the 50% retracement level of the 2020-2022 rally crossing at $365.40.
December soybean oil closed down 78-pts. at 56.64.
December soybean oil closed lower on Wednesday as it extended the decline off June's high. The mid-range close sets the stage for a steady to lower opening when Thursday'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 December extends the aforementioned decline, the 50% retracement level of the 2020-2022 rally crossing at 53.93 is the next downside target. Closes above Tuesday's gap crossing at 62.01 would signal that a short-term low has been posted. First resistance Tuesday's gap crossing at 62.01. Second resistance is last-Wednesday's high crossing at 67.76. First support is today's low crossing at 55.69. Second support is the 50% retracement level of the 2020-2022 rally crossing at 53.93.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed up $3.25 at $109.20.
August hogs gapped up and closed sharply higher on Wednesday 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 session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the June 21st high crossing at $110.23 would open the door for additional gains near-term. If August renews the decline off June's high, May's low crossing at $98.65 is the next downside target. First resistance is June's high crossing at $111.05. Second resistance is the April 28th high crossing at $114.30. First support is May's low crossing at $98.65. Second support is last-November's low crossing at $95.67.
August cattle closed up $1.58 at $134.50
August cattle posted an inside day with a higher close on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 $134.71 would temper the near-term bearish outlook. If August renews the decline off June's high, May's low crossing at $129.97 is the next downside target. 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-Thursday's low crossing at $131.70. Second support is May's low crossing at $129.97.
August Feeder cattle closed up $0.60 at $173.30.
August Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are 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. Close below the June 13th low crossing at $169.40 would open the door for a possible test of the May 31st low crossing at $164.75 is the next downside target. 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 June 13th low crossing at $169.40. 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 lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If September resumes the decline off June's high, the May 24th low crossing at $21.14 is the next downside target. Closes above the reaction high crossing at $23.71 would temper the bearish outlook. First resistance is the reaction high crossing at $23.71. Second resistance is June's high crossing at 24.18. First support is the May 24th low crossing at $21.14. Second support is May's low crossing at $20.24.
September cocoa closed higher on Wednesday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 24.06 would signal that a short-term low has been posted. If September extends the decline off April's high, the November-2020 low crossing at 22.75 is the next downside target.
October sugar posted an inside day with a higher close on Wednesday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Thursday. 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 February 28th low crossing at 17.57 is the next downside target. Closes above the 20-day moving average crossing at 18.61 would confirm that a short-term low has been posted.
October cotton closed limit down on Wednesday as it posted a new low for the year. The low-range close sets the stage for a steady to lower opening on Thursday. 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 62% retracement level of the 2020-2022 rally crossing at 87.67 is the next downside target. Closes above the June 23rd gap crossing at 114.66 would signal that a short-term low has been posted.
Thanks tallpine!
If the weather models/forecast doesn't change and crude doesn't take another nosedive, the lows may be in for the C and S new crop for awhile.
An unexpectedly huge rain event the next 48 hours could cause one last spike lower.
If the dry week 2 models/forecast adds back some rain, that too would potentially cause grains to be under pressure again.