KEY EVENTS TO WATCH FOR:
Tuesday, August 2, 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 +13.6%)
Latest Wk, Y/Y% (previous +13.3%)
10:00 AM ET. 2nd Quarter U.S. Housing Vacancies
10:00 AM ET. June Job Openings & Labor Turnover Survey
4:00 PM ET. July Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.0M)
Gasoline Stocks, Net Chg (Bbls) (previous -1.1M)
Distillate Stocks, Net Chg (Bbls) (previous -0.6M)
Wednesday, August 3, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 276)
Composite Idx, W/W% (previous -1.8%)
Purchase Idx-SA (previous 206.4)
Purchase Idx-SA, W/W% (previous -0.8%)
Refinance Idx (previous 631.4)
Refinance Idx, W/W% (previous -3.7%)
8:15 AM ET. July CANCELLED: ADP National Employment Report
Private Sector Jobs, Net Chg
8:30 AM ET. U.S. Department of the Treasury's quarterly refundingannouncement
9:45 AM ET. July US Services PMI, Services (previous 52.7)
10:00 AM ET. July ISM Report On Business Services PMI
Services PMI (previous 55.3)
Business Activity Idx (previous 56.1)
Prices Idx (previous 80.1)
Employment Idx (previous 47.4)
New Orders Idx (previous 55.6)
10:00 AM ET. June Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous +1.6%)
Orders, Ex-Defense, M/M% (previous +1.5%)
Orders, Ex-Transport, M/M% (previous +1.7%)
Durable Goods, M/M%
Durable Goods, M/M%
10:00 AM ET. June Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 422.086M)
Crude Oil Stocks, Net Chg (Bbl) (previous -4.523M)
Gasoline Stocks (Bbl) (previous 225.131M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.304M)
Distillate Stocks (Bbl) (previous 111.724M)
Distillate Stocks, Net Chg (Bbl) (previous -0.784M)
Refinery Usage (previous 92.2%)
Total Prod Supplied (Bbl/day) (previous 19.976M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.049M)
11:00 AM ET. July Global Services PMI
PMI, Services (previous 53.9)
Thursday, August 4, 2022
7:30 AM ET. July Challenger Job-Cut Report
Job Cuts, M/M% (previous +57%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 344K)
Soybeans (Metric Tons) (previous 690.2K)
Wheat (Metric Tons) (previous 412K)
8:30 AM ET. June U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -85.55B)
Exports (USD) (previous 255.89B)
Exports, M/M% (previous +1.2%)
Imports (USD) (previous 341.44B)
Imports, M/M% (previous +0.6%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 256K)
Jobless Claims, Net Chg (previous -5K)
Continuing Claims (previous 1359000)
Continuing Claims, Net Chg (previous -25K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2416B)
Working Gas In Storage, Net Chg (Cbf) (previous +15B)
12:00 AM ET. July Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, August 5, 2022
8:30 AM ET. July U.S. Employment Report
Non-Farm Payrolls (previous +372K)
Unemployment Rate (previous 3.6%)
Avg Hourly Earnings (USD) (previous 32.08)
Avg Hourly Earnings-Net Chg (USD) (previous +0.1)
Avg Hourly Earnings, M/M% (previous +0.31%)
Avg Hourly Earnings, Y/Y% (previous +5.11%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg
Government Payrolls (previous -9K)
Private Payroll (previous +381K)
Participation Rate (previous 62.2%)
Non-Farm Payrolls Bench Net Chg
3:00 PM ET. June Consumer Credit
Consumer Credit Net Chg (USD) (previous +22.3B)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Monday 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 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 the Dow extends the aforementioned rally, June's high crossing at 33,272.34 is the next upside target. Closes below the 20-day moving average crossing at 31,617.55 would signal that a short-term top has been posted. First resistance is June's high crossing at 33.272.34. Second resistance is May's high crossing at 34,117.74. First support is the 20-day moving average crossing at 31,617.55. Second support is July's low crossing at 30.143.93.
The September NASDAQ 100 closed slightly higher on Monday as it extended the rally off June's low. Today's mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought, diverging 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 13,164.61 is the next upside target. Closes below the 50-day moving average crossing at 12,092.26 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 13,108.75. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 13,164.61. First support is last-Tuesday's low crossing at 12,072.00. Second support is the July 13th low crossing at 11,479.25.
The September S&P 500 closed slightly lower on Monday as it consolidated some of the rally off June's low. The mid-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 September extends the rally off June's low, the 50% retracement level of the January-June decline crossing at 4215.81 is the next upside target. Closes below the 20-day moving average crossing at 3927.53 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the January-June decline crossing at 4215.81. Second resistance is the April 28th high crossing at 4308.50. First support is the 20-day moving average crossing at 3927.52. Second support is the July 14th low crossing at 3723.75.
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September T-bonds closed up 23-pts. at 144-23.
September T-bonds closed higher on Monday as it extends the rally off June'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 September extends the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 147-27 is the next upside target. Closes below the 20-day moving average crossing at 140-17 would confirm that a short-term top has been posted while opening the door for additional weakness near-term.First resistance is today's high crossing at 145-00. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 147-27. First support is the 20-day moving average crossing at 140-17. Second support is the 50-day moving average crossing at 138-16.
September T-notes closed up 100-pts. at 121.145.
September T-notes closed higher on Monday as it extended the rally off June'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 sideways to higher 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 119.070 would signal that a short-term top has been posted. First resistance is today's high crossing at 121.190. Second resistance is the 50% retracement level of the December-June decline crossing at 122.204. First support is the 20-day moving average crossing at 119.070. Second support is the 50-day moving average crossing at 118.136.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
September crude oil closed sharply lower on Monday due to increased recession concerns. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at $86.43 is the next downside target. If September extends the rally off July's low, the 50-day moving average crossing at $104.06 is the next upside target. First resistance is the 50-day moving average crossing at $104.06. Second resistance is the June 29th high crossing at $111.14. First support is the July 14thlow crossing at $88.23. Second support is the 38% retracement level of the 2021-2022 rallycrossing at $86.43.
September heating oil closed lower on Monday while extending July's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at 3.1874 is the next downside target. Closes above the 50-day moving average crossing at 3.7951 would confirm an upside breakout of July's trading range. First resistance is the 50-day moving average crossing at 3.7951. Second resistance is June's high crossing at $4.3703. First support is the July 6th low crossing at 3.2946. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.1874.
September unleaded gas closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 September renews the decline off June's high, the 38% retracement level of the 2021-2022 rally crossing at 2.8073 is the next downside target. Closes above last-Friday's high crossing at $3.2492 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $3.2492. Second resistance is the 50-day moving average crossing at $3.4143. First support is July's low crossing at $3.8890. Second support is the 38% retracement level of the 2021-2022 rally crossing at 2.8073.
September Henry natural gas closed slightly 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 7.557 would signal that a short-term top has been posted. If September renews the rally off July's low, June's high crossing at 9.598 is the next upside target. First resistance is last-Tuesday's high crossing at 9.419. Second resistance is June's high crossing at 9.598. First support is the 50-day moving average crossing at 7.557. Second support is the 20-day moving average crossing at 7.229.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed lower on Monday as it extends the decline off July'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 oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If September extends the decline off July's high, the 50-day moving average crossing at $104.766 is the next downside target. Closes above the 20-day moving average crossing at 106.903 would signal that a short-term low has been posted. First resistance is July's high crossing at $109.140. Second resistance is the 87% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $114.782. First support is today's low crossing at $105.105. Second support is the 50-day moving average crossing at $104.766.
The September Euro closed higher on Monday as it extends the trading range of the past two-weeks. 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. Closes above the July 21st high crossing at $1.03200 would signal that a low has been posted while opening the door for additional gains near-term. If September renews the decline, the December-2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. First resistance is the July 21st high crossing at $1.03200. Second resistance is the 50-day moving average crossing at $1.04761. First support is the July 14th low crossing at $1.00000. Second support is the December-2002 low on the monthly continuation chart crossing at $0.98540.
The September British Pound closed higher on Monday as it extends the rally off July'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 sideways to higher prices are possible near-term. If September extends the rally off July's low, the 25% retracement level of the 2021-2022 decline crossing at 1.2385 is the next upside target. Closes below the 20-day moving average crossing at 1.2014 would temper the near-term friendly outlook. First resistance is the 25% retracement level of the 2021-2022 decline crossing at 1.2385. Second resistance is the May high crossing at 1.2677. First support is July's low crossing at 1.1778. Second support is the March-2020 low on the monthly continuation chart crossing at 1.1438.
The September Swiss Franc closed higher on Monday as it extends the rally off July'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 September extends the rally off July's low, the 38% retracement level of the 2021-2022 decline crossing at 1.06242 is the next upside target. Closes below the 20-day moving average crossing at 1.03628 would signal that a short-term top has been posted. First resistance is June'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 July 14thcrossing at 1.01650. Second support is June's low crossing at 1.00235.
The September Canadian Dollar closed lower on Monday as it consolidates some of the rally off July'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 September extends the aforementioned rally, the 62% retracement level of the April-July decline crossing at 78.67 is the next upside target. Closes below the 20-day moving average crossing at 77.29 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the April-July decline crossing at 78.09. Second resistance is the 62% retracement level of the April-July decline crossing at 78.67. First support is the 20-day moving average crossing at 77.29. Second support is July's low crossing at 75.61.
The September Japanese Yen closed higher on Friday and above the 25% retracement level of this year's decline crossing at 0.076118 as it extends the rally off July'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 September extends the rally off July's low, the 38% retracement level of this year's decline crossing at 0.078281 is the next upside target. Closes below the 20-day moving average crossing at 0.073589 is the next downside target. First resistance is the 25% retracement level of the crossing at 0.075146. Second resistance is the 38% retracement level of the crossing at 0.078281. First support is the 20-day moving average crossing at 0.073589. Second support is July's low crossing at 0.072085.
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December gold closed higher on Monday as it extends the rally off July'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 December extends the rally off July's low, the 50-day moving average crossing at $1815.10 is the next upside target. If December renews the decline off June's high, the March-2021 low on the monthly continuation chart crossing at $1673.30 is the next downside target. First resistance is the 50-day moving average crossing at $1815.10. Second resistance is the 38% retracement level of the March-July decline crossing at $1846.60. First support is July's low crossing at $1696.10. Second support is the March-2021 low on the monthly continuation chart crossing at $1673.30.
September silver closed higher on Monday as it extends the rally off July's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 50-day moving average crossing at 20.577 is the next upside target. If September resumes the decline off March's high, the June-2020 low on the weekly continuation chart crossing at 17.015 is the next downside target. First resistance is the 50-day moving average crossing at 20.577. Second resistance is the 38% retracement level of the March-July decline crossing at 21.575. First support is the 20-day moving average crossing at 19.010. Second support is the July 14th low crossing at 18.010.
September copper closed lower on Monday as it consolidates some of the rally off July'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 bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 50-day moving average crossing at 3.8488 opens the door for additional gains near-term. Closes below the 20-day moving average crossing at 3.6345 would signal that a short-term top has been posted. If July renews the decline off June's high, the 75% retracement level of the 2020-2021 rally crossing at 2.8770 is the next downside target. First resistance is today's high crossing at 3.5970. Second resistance is the June 28th high crossing at 3.8500. First support is the July 15th low crossing at 3.1315. Second support is the 75% retracement level of the 2020-2021 rally crossing at 2.8770.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed down $0.10 1/4-cents at $6.09 3/4.
December corn closed lower on Monday as it consolidated some of the rally off July's low. The mid-range close sets the stage for a steady to lower 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. Closes above the July 18th high crossing at $6.23 3/4 would signal that a short-term low has been posted. If December resumes 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. First resistance is the June 11th high crossing at $6.58 1/2. Second resistance is the 50-day moving average crossing at $6.59 1/2. First support is last-Tuesday's gap crossing at $5.84 1/4. Second support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4.
September wheat closed down $0.07 1/2-cents at $8.00 1/4.
September wheat closed lower on Monday as it extends the trading range of the past four-weeks. The mid-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. Closes above the July 20th high crossing at $8.43 1/2 would signal that a short-term low has been posted. If September renews the decline off May's high, the 75% retracement level of the January-May rally crossing at $7.23 is the next downside target. First resistance is the July 20th high crossing at $8.43 1/2. Second resistance is the July 11th high crossing at $9.40 1/4. First support is July's low crossing at $7.54. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.
September Kansas City Wheat closed down $0.08-cents at $8.66 1/2.
September Kansas City wheat closes lower on Monday as it extends the trading range of the past four-weeks. The mid-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. Closes above last-Friday's high crossing at $9.15 1/4 would signal that a short-term low has been posted. If September renews the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target. First resistance is last-Friday's high crossing at $9.15 1/4. Second resistance is the July 11th high crossing at $9.98 1/4. First support is July's low crossing at $8.14 1/2. Second support is February's low crossing at $7.64 1/2.
September Minneapolis wheat closed down $0.08 1/2-cents at $8.97 1/2.
September Minneapolis wheat closed lower on Monday as it extends the trading range of the past four-weeks. The mid-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. Closes above the July 20th high crossing at $9.56 would signal that a short-term low has been posted. If September resumes 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. First resistance is the July 20th high crossing at $9.56. Second resistance is the July 11th high crossing at $9.56. First support is July's low crossing at $8.69 1/4. 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 down $0.62 1/2-cents at $14.06.
November soybeans closed sharply lower on Monday ending a six-day rally off July'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 are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $13.66 1/4 would confirm that a short-term top has been posted. If November extends the rally off last-Friday's low, the June 30th high crossing at $15.07 3/4 is the next upside target. First resistance is last-Friday's high crossing at $14.89. Second resistance is the June 30th high crossing at $15.07 3/4. First support is the bottom of last-Tuesday's gap crossing at $13.49 1/4. Second support is the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4.
December soybean meal closed down $19.20 at $399.30.
December soybean meal closed sharply lower on Monday as it consolidates some of the rally off July'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 have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $398.40 would signal that a short-term top has been posted. If December resumes the rally off July's low, March's high crossing at $436.80 is the next upside target. First resistance is March's high crossing at $436.80. Second resistance is February's high crossing at $439.00. First support is the 20-day moving average crossing at $398.40. Second support is the July 22nd low crossing at $380.80.
December soybean oil closed down 240-pts. at 64.09.
December soybean oil closed sharply lower on Monday as it consolidated some of the rally off July'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 December extends the aforementioned rally, the 50-day moving average crossing at 67.17 is the next upside target. Closes below the 20-day moving average crossing at 59.13 would signal that a short-term top has been posted. First resistance last-Friday's high crossing at 66.11. Second resistance is the 50-day moving average crossing at 67.17. First support is the 20-day moving average crossing at 59.13. Second support is July's low crossing at 54.42.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
October hogs closed down $0.23 at $97.00.
October hogs closed lower 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July's low, April's high crossing at $100.38 is the next upside target. Closes below the 20-day moving average crossing at $94.30 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $97.88. Second resistance is April's high crossing at $100.38. First support is the 20-day moving average crossing at $94.30. Second support is last-Tuesday's low crossing at $92.43.
October cattle closed up $0.33 at $142.55
October 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off June's low, May's high crossing at $145.10 is the next upside target. Closes below the 20-day moving average crossing at $141.07 would confirm that a short-term top has been posted. First resistance is May's high crossing at $145.10. Second resistance is the top of the April 25th gap crossing at $145.98. First support is the 20-day moving average crossing at $141.07. Second support is the 50-day moving average crossing at $140.30.
September Feeder cattle closed up $1.48 at $183.03.
September Feeder cattle gapped up and closed higher on Monday following last-Friday's key reversal up. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off May's low, February's high crossing at $188.25 is the next upside target. Close below last-Friday's low crossing at $178.28 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the July 22nd high crossing at $184.90. Second resistance is February's high crossing at $188.25. First support is last-Friday's low crossing at $178.28. Second support is the 50-day moving average crossing at $176.31.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed lower on Monday as it consolidates some of the rally off July's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Monday's low crossing at $20.42 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at $22.19 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at $22.19. Second resistance is July's high crossing at $22.90. First support is last-Monday's low crossing at $20.42. Second support is July's low crossing at $19.60.
September cocoa closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 22.85 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 24.00 would open the door for additional gains near-term.
October sugar closed slightly 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off July's high, the 38% retracement level of the 2020-2022 rally crossing at 16.88 is the next downside target. Closes above the 20-day moving average crossing at 18.33 would signal that a short-term low has been posted.
December cotton closed lower on Monday as it consolidated some of the rally off July's low. 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 December extends the rally off July's low, the June 30th high crossing at 99.49 is the next upside target. If December renews the decline off May's high, the 75% retracement level of the 2020-2022 rally crossing at 74.58 is the next downside target.
Thanks tallpine!
The weather was much less bullish for grains compared to expectations.
NG featured a gap and crap selling exhaustion which is mildly bullish.
Crude down $5 hurt grains.