KEY EVENTS TO WATCH FOR:
Monday, August 8, 2022
10:00 AM ET. July Employment Trends Index
ETI (previous 119.38)
ETI, Y/Y%
N/A U.S: Victory Day in Rhode Island
Tuesday, August 9, 2022
6:00 AM ET. July NFIB Index of Small Business Optimism
Small Business Idx (previous 89.5)
8:30 AM ET. 2nd Quarter Preliminary Productivity & Costs
Non-Farm Productivity, Q/Q% (previous -7.5%)
Unit Labor Costs (previous +11.6%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +14.1%)
Latest Wk, Y/Y% (previous +15.5%)
10:00 AM ET. August IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 38.5)
6-Mo Economic Outlook (previous 32.2)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +2.2M)
Gasoline Stocks, Net Chg (Bbls) (previous -0.2M)
Distillate Stocks, Net Chg (Bbls) (previous -0.4M)
Wednesday, August 10, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 279.2)
Composite Idx, W/W% (previous +1.2%)
Purchase Idx-SA (previous 208.4)
Purchase Idx-SA, W/W% (previous +1.0%)
Refinance Idx (previous 640.6)
Refinance Idx, W/W% (previous +1.5%)
8:30 AM ET. July CPI
CPI, M/M% (previous +1.3%)
Core CPI, M/M% (previous +0.7%)
Energy Idx, M/M% (previous +7.5%)
Food Idx, M/M% (previous +1%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -1%)
CPI, Y/Y% (previous +9.1%)
Core Annual, Y/Y% (previous +5.9%)
8:30 AM ET. July Real Earnings
10:00 AM ET. June Monthly Wholesale Trade
Inventories, M/M% (previous +1.8%)
10:00 AM ET. July Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 426.553M)
Crude Oil Stocks, Net Chg (Bbl) (previous +4.467M)
Gasoline Stocks (Bbl) (previous 225.294M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.163M)
Distillate Stocks (Bbl) (previous 109.324M)
Distillate Stocks, Net Chg (Bbl) (previous -2.4M)
Refinery Usage (previous 91.0%)
Total Prod Supplied (Bbl/day) (previous 19.948M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.028M)
2:00 PM ET. July Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
Thursday, August 11, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 260K)
Jobless Claims, Net Chg (previous +6K)
Continuing Claims (previous 1416000)
Continuing Claims, Net Chg (previous +48K)
8:30 AM ET. July PPI
PPI, M/M% (previous +1.1%)
Ex-Food & Energy PPI, M/M% (previous +0.4%)
Personal Consumption (previous +1.3%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 314.6K)
Soybeans (Metric Tons) (previous 399.6K)
Wheat (Metric Tons) (previous 249.9K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2457B)
Working Gas In Storage, Net Chg (Cbf) (previous +41B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, August 12, 2022
8:30 AM ET. July Import & Export Price Indexes
Import Prices (previous +0.2%)
Non-Petroleum Prices (previous -0.4%)
Petroleum Prices (previous +5%)
10:00 AM ET. August University of Michigan Survey of Consumers - preliminary
Mid-Mo Sentiment (previous 51.1)
Mid-Mo Expectations (previous 47.3)
Mid-Mo Current Idx (previous 57.1)'
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Friday as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to higher opening when Monday'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 rally off June's low, June's high crossing at 33,272.34 is the next upside target. Closes below the 20-day moving average crossing at 31,915.99 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 31,915.99. Second support is the 50-day moving average crossing at 30,709.96.
The September NASDAQ 100 closed lower on Thursday as it consolidated some of the rally off June's low. Today's low-range close sets the stage for a steady to lower opening when Monday'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 13,812.10 is the next upside target. Closes below the 20-day moving average crossing at 12,469.67 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 13,384.50. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 13,812.10. First support is is the 20-day moving average crossing at 12,369.67. Second support is the 50-day moving average crossing at 12,192.94.
The September S&P 500 closed slightly lower on Friday as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to lower opening when Monday'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 3981.07 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 3981.07. Second support is the July 14th low crossing at 3723.75.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed down 2-09-pts. at 141-13.
September T-bonds closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at 141-09 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September renews the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 147-27 is the next upside target. First resistance is Tuesday's high crossing at 145-31. 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 141-09. Second support is the 50-day moving average crossing at 138-22.
September T-notes closed down 1075-pts. at 119.155.
September T-notes closed sharply lower on Friday as it extends the decline off Tuesday's high. Today's close below the 20-day moving average crossing at 119.158 signals that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. If September extends this week's decline, the 50-day moving average crossing at 118.150 is the next downside target. If September renews the rally off June's low, the 50% retracement level of the December-June decline crossing at 122.204 is the next upside target. First resistance is Monday's high crossing at 122.020. Second resistance is the 50% retracement level of the December-June decline crossing at 122.204. First support is the 50-day moving average crossing at 118.150. Second support is the July 21st low crossing at 117.145.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
September crude oil closed lower on Friday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins. 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 June's high, the 38% retracement level of the 2021-2022 rally crossing at $86.43 is the next downside target. Closes above the 20-day moving average crossing at $95.32 would temper the near-term bearish outlook. First resistance is last-Friday's high crossing at $101.88. Second resistance is the 50-day moving average crossing at $102.96. First support is the 38% retracement level of the 2021-2022 rallycrossing at $86.43. Second support is the 50% retracement level of the 2021-2022 rallycrossing at $76.56.
September heating oil closed lower on Friday as it marked a downside breakout of the July-August trading range. The low-range close sets the stage for a steady to lower opening when Monday'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 September extends the decline off June's high, the 50% retracement level of the 2021-2022 rally crossing at 2.8185 is the next downside target. Closes above the 20-day moving average crossing at 3.5098 would confirm an upside breakout of July's trading range. First resistance is the 20-day moving average crossing at 3.5098. Second resistance is the July 28th high crossing at $3.7308. First support is the 38% retracement level of the 2021-2022 rally crossing at 3.1874. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.8185.
September unleaded gas posted an inside day with a higher close on Friday as it consolidated some of the decline off last-Friday's high. The mid-range close sets the stage for a steady to higher opening when Monday'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 June's high, the 50% retracement level of the 2021-2022 rally crossing at 2.4586 is the next downside target. Closes above Wednesday's high crossing at $3.1427 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 $3.3761. First support is the 38% retracement level of the 2021-2022 rally crossing at 2.8073. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.4586.
September Henry natural gas posted an inside day with a lower close on Friday as it extended this week's trading range. The low-range close sets the stage for a steady to lower opening when Monday'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 7.518 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 July'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 7.518. Second support is the July 15th low crossing at 6.351.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's nights 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 106.776 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $105.121 would open the door for additional weakness near-term. First resistance is the July 27th high crossing at $107.300. Second resistance is July's high crossing at $109.140. First support is the 50-day moving average crossing at $105.121. Second support is the June 16th low crossing at 103.200.
The September Euro closed lower on Thursday as it extends the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Monday'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, the December-2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. 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. First resistance is the July 21st high crossing at $1.03200. Second resistance is the 50-day moving average crossing at $1.04368. 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 lower on Friday as it extended the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2046 would temper the near-term friendly outlook. If September renews the rally off July's low, the 25% retracement level of the 2021-2022 decline crossing at 1.2385 is the next upside target. 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 the 20-day moving average crossing at 1.2046. Second support is July's low crossing at 1.1778.
The September Swiss Franc closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 1.03883 would signal that a short-term top has been posted. If September renews the rally off July's low, the 38% retracement level of the 2021-2022 decline crossing at 1.06242 is the next upside target. First resistance is the 38% retracement level of the 2021-2022 decline crossing at 1.06242. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 1.08120. First support is the 50-day moving average crossing at 1.03883. Second support is the July 14thcrossing at 1.01650. Third support is June's low crossing at 1.00235.
The September Canadian Dollar closed sharply lower on Friday and below the 20-day moving average crossing at 77.45 signaling that a short-term top has been posted. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off Monday's high, the July 5th low crossing at 76.43 is the next downside target. If September renews the rally off July's low, the 62% retracement level of the April-July decline crossing at 78.67 is the next upside target. 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 July 5th low crossing at 76.43. Second support is July's low crossing at 75.61.
The September Japanese Yen closed lower on Friday as it extended the decline off Tuesday's high. The low-range close sets the stage for a steady to lower opening when Monday’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 0.073808 is the next downside target. If September renews the rally off July's low, the 38% retracement level of this year's decline crossing at 0.078281 is the next upside target. First resistance is Tuesday's high crossing at 0.076960. Second resistance is the 38% retracement level of the crossing at 0.078281. First support is the 20-day moving average crossing at 0.073808. Second support is July's low crossing at 0.072085.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
December gold closed lower on Friday 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 Monday'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. Closes above the 50-day moving average crossing at $1808.70 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $1753.10 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $1808.70. Second resistance is the 38% retracement level of the March-July decline crossing at $1846.60. First support is the 20-day moving average crossing at $1753.10. Second support is July's low crossing at $1696.10.
September silver closed lower on Friday due to profit taking 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 Monday'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. Closes below the 20-day moving average crossing at 19.177 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 20.423 would open the door for additional gains and a possible test of the 38% retracement level of the March-July decline crossing at 21.575. First resistance is the 50-day moving average crossing at 20.423 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 19.177. Second support is the July 14th low crossing at 18.010.
September copper closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Monday's night 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 July's low, the 50-day moving average crossing at 3.7851 opens the door for additional gains near-term. Closes below the 20-day moving average crossing at 3.3938 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 Monday's high crossing at 3.5970. Second resistance is the 50-day moving average crossing at 3.7851. 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 up $0.03 3/4-cents at $6.10.
December corn closed higher on Friday as it consolidates some of the decline off last-Friday's high. The mid-range close sets the stage for a steady to higher opening when Monday'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 December extends the rally off Wednesday's low, the 50-day moving average crossing at $6.49 is the next upside target. Closes below last-Tuesday's gap crossing at $5.84 1/4 would temper the near-term neutral to friendly outlook. First resistance is last-Friday's high crossing at $6.36 1/2. Second resistance is the 50-day moving average crossing at $6.49. 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 $0.06 3/4-cents at $7.75 3/4.
September wheat closed lower on Friday as it extends the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. 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. Closes above last-Friday's high crossing at $8.45 3/4 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $8.45 3/4. Second resistance is the July 11th high crossing at $9.40 1/4. First support is Wednesday's low crossing at $7.52. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.
September Kansas City Wheat closed down $0.12-cents at $8.48 1/4.
September Kansas City wheat closes lower on Friday as it extends the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If September renews the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target. Closes above last-Friday's high crossing at $9.15 1/4 would signal that a short-term low has been posted. 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 $0.07 3/4-cents at $8.86 1/2.
September Minneapolis wheat closed lower on Friday as it extends the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Monday'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 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 Wednesday's low crossing at $8.64 3/4. 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 $0.09-cents at $14.08 3/4.
November soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $13.75 would confirm that a short-term top has been posted. If November renews the rally off July'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 $15.60 at $405.10.
December soybean meal closed sharply lower on Friday as it erased most of Thursday's rally. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off July's low, March's high crossing at $436.80 is the next upside target. Multiple closes below Wednesday's low crossing at $395.50 would signal that a short-term top has been posted. First resistance is March's high crossing at $436.80. Second resistance is February's high crossing at $439.00. First support is Wednesday's low crossing at $395.50. Second support is the July 22nd low crossing at $380.80.
December soybean oil closed up 255-pts. at 63.97.
December soybean oil closed sharply higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 below the 20-day moving average crossing at 59.56 would signal that a short-term top has been posted. If December extends today's rally, the 50-day moving average crossing at 66.18 is the next upside target. First resistance last-Friday's high crossing at 66.11. Second resistance is the June 29th high crossing at 67.76. First support is the 20-day moving average crossing at 59.81. Second support is July's low crossing at 54.42.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
October hogs closed up $0.75 at $98.35.
October hogs closed higher on Friday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening when Monday's 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 October renews the rally off July's low, April's high crossing at $100.38 is the next upside target. Closes below the 50-day moving average crossing at $93.56 would signal that a short-term top has been posted. First resistance is today's high crossing at $98.95. Second resistance is April's high crossing at $100.38. First support is the 50-day moving average crossing at $93.56. Second support is the July 26th low crossing at $92.43.
October cattle closed up $0.43 at $144.08
October cattle closed higher on Friday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain 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 $141.90 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 $141.90. Second support is the 50-day moving average crossing at $140.73.
September Feeder cattle closed up $1.20 at $183.78.
September Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's 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 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 $177.44.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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 $22.16 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at $22.16. 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 lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below Thursday's low crossing at 22.59 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 23.88 would open the door for additional gains near-term.
October sugar closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 18.21 would signal that a short-term low has been posted. 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.
December cotton closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are poised to turn neutral to bullish with additional strength on Monday that would signal 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!
Will be in Detroit with my 97 year old Dad the next week but try to continue to post.
The NWS has had below rain in every extended, week 2 forecast the last week but keep INCREASING the week 1 rains from what they were expected to be when they were week 2 rains.
Here's the 2 week forecast from the last 18z GFS ensemble for instance. The forecast a week ago from the NWS told us that most of the Midwest would not see much rain during the next 2 weeks.
The ECB and Upper Midwest are close to average(above in OH), other areas on the dry side
