INO Evening Market Comments
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Started by tallpine - Aug. 16, 2022, 4:46 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, August 17, 2022  



7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 279.8)

                       Composite Idx, W/W% (previous +0.2%)

                       Purchase Idx-SA (previous 205.4)

                       Purchase Idx-SA, W/W% (previous -1.4%)

                       Refinance Idx (previous 662.9)

                       Refinance Idx, W/W% (previous +3.5%)



8:30 AM ET. July Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +1.0%)

                       Sales, Ex-Auto, M/M% (previous +1.0%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.7%)



10:00 AM ET. June Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +1.4%)



10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 432.01M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +5.457M)

                       Gasoline Stocks (Bbl) (previous 220.316M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -4.978M)

                       Distillate Stocks (Bbl) (previous 111.49M)

                       Distillate Stocks, Net Chg (Bbl) (previous +2.166M)

                       Refinery Usage (previous 94.3%)

                       Total Prod Supplied (Bbl/day) (previous 19.474M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.474M)

                       

2:00 PM ET. Federal Open Market Committee meeting minutes published



Thursday, August 18, 2022  



8:30 AM ET. August Philadelphia Fed Business Outlook Survey

                       Business Activity (previous -12.3)

                       Prices Paid (previous 52.2)

                       Employment (previous 19.4)

                       New Orders (previous -24.8)

                       Prices Received (previous 30.3)

                       Delivery Times (previous -10.2)

                       Inventories (previous -9.3)

                       Shipments (previous 14.8)



8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 262K)

                       Jobless Claims, Net Chg (previous +14K)

                       Continuing Claims (previous 1428000)

                       Continuing Claims, Net Chg (previous +8K)



8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 383.1K)

                       Soybeans (Metric Tons) (previous 410.5K)

                       Wheat (Metric Tons) (previous 359.2K)



10:00 AM ET. July Existing Home Sales

                       Existing Sales (previous 5.12M)

                       Existing Sales, M/M% (previous -5.4%)

                       Unsold Homes Month's Supply (previous 3.0)

                       Median Price (USD) (previous 416000)

                       Median Home Price, Y/Y% (previous +13.4%)



10:00 AM ET. July Leading Indicators

                       Leading Index, M/M% (previous -0.8%)

                       Leading Index

                       Coincident Index, M/M% (previous +0.2%)

                       Lagging Index, M/M% (previous +0.8%)



10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2501B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +44B)



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, August 19, 2022 



10:00 AM ET. 2nd Quarter Quarterly Retail E-Commerce Sales



10:00 AM ET. 2nd Quarter Advance Quarterly Services



10:00 AM ET. July State Employment and Unemployment



  N/A              U.S: Hawaii Statehood Day



The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes



The Dow gap closed higher on Tuesday and spiked above the 62% retracement level of January-June decline crossing at 34,179.81 as it extended the rally off June's low. Strong earnings from Walmart and Home Depot helped drive gains in the Dow. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off June's low, the 75% retracement level of the January-June decline crossing at 35,160.79 is the next upside target. Closes below the 20-day moving average crossing at 32,734.35 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the January-June decline crossing at 34,179.81. Second resistance is the 75% retracement level of the January-June decline crossing at 35,160.79. First support is the 10-day moving average crossing at 33,238.59. Second support is the 20-day moving average crossing at 32,735.24.



The September NASDAQ 100 closed lower on Tuesday as it consolidates some of the rally off June's low. Today's mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. 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 12,990.86 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 13,740.75. 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 12,990.86. Second support is the 50-day moving average crossing at 12,314.65.  



The September S&P 500 closed slightly higher on Tuesday as it extended the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 62% retracement level of the January-June decline crossing at 4352.80 is the next upside target. Closes below the 20-day moving average crossing at 4114.32 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4327.50. Second resistance is the 62% retracement level of the January-June decline crossing at 4352.80. First support is the 20-day moving average crossing at 4114.26. Second support is the 50-day moving average crossing at 3961.09.     



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



September T-bonds closed down 9-pts. at 141-08. 



September T-bonds closed lower on Tuesday. 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 turning neutral to bullish signaling that sideways to higher prices are possible 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. If September extends the aforementioned decline, the 50-day moving average crossing at 138-30 is the next downside target. First resistance is the August 2nd 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 50-day moving average crossing at 138-30. Second support is the July 11th low crossing at 136-24. 



September T-notes closed down 95-pts. at 119.130.



September T-notes closed lower on Tuesday as it extends the trading range of the past two-weeks. 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 sideways to lower prices are possible near-term. If September extends the decline off the August 2nd high, the 50-day moving average crossing at 118.153 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 the August 2nd 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 118.153. 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 Tuesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, the February 18th low crossing at $80.66 is the next downside target. Closes above last-Thursday's high crossing at $95.05 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at $95.05. Second resistance is the 50-day moving average crossing at $100.36. First support is the 38% retracement level of the 2021-2022 rallycrossing at $86.43. Second support is the February 18th lowcrossing at $80.66.  



September heating oil closed higher on Tuesday and closed above the 20-day moving average crossing at 3.4442 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 trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off the August 8th low crossing at 3.1424, the 50-day moving average crossing at 3.7213 is the next upside target. If September renews the decline off June's high, the 50% retracement level of the 2021-2022 rally crossing at 2.8185 is the next downside target. First resistance is last-Friday's high crossing at 3.5500. Second resistance is the 50-day moving average crossing at $3.7213. 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 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 have turned 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 2021-2022 rally crossing at 2.4586 is the next downside target. Closes above last-Thursday's high crossing at $3.1199 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is last-Thursday's high crossing at $3.1199. Second resistance is the July 29th high crossing at $3.2492. 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 closed higher on Tuesday as it extended the rally off the August 8th low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off the August 8th low, June's high crossing at 9.598 is the next upside target. Closes below the 20-day moving average crossing at 8.302 would signal that a short-term top has been posted. First resistance is July's high crossing at 9.419. Second resistance is June's high crossing at 9.598. First support is the 20-day moving average crossing at 8.302. Second support is the 50-day moving average crossing at 7.506.      



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The September Dollar closed slightly lower on Tuesday as it consolidated some of the decline off July's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's nights session begins trading. Stochastics and the RSI are bullish signaling sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $106.151 signals that a short-term low has been posted. If September renews the decline off July's high, the 38% retracement level of the 2021-2022 rally crossing at $102.753 is the next downside target. First resistance is the July 27th high crossing at $107.300. Second resistance is July's high crossing at $109.140. First support is last-Thursday's slow crossing at $104.515. Second support is the 38% retracement level of the 2021-2022 rally crossing at $102.753.   



The September Euro closed slightly higher on Tuesday as it consolidated some of the decline off last-Wednesday's high. 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 bearish signaling that sideways to lower prices are possible near-term. This week's closes below the July 27th low crossing at $1.01345 would mark a downside breakout of the July-August trading range while opening the door for a possible test of July's low crossing at 1.00000. Closes above the 50-day moving average crossing at $1.03632 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 $1.03632. Second resistance is the June 27th high crossing at 1.06785. First support is the July 27th low crossing at $1.01345. Second support is July's low crossing at $1.00000. 



The September British Pound closed higher on Tuesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to lower prices are possible near-term. Closes below the August 5th low crossing at 1.2012 would mark a possible downside breakout of the aforementioned trading range. 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 August 5th low crossing at 1.2012. Second support is July's low crossing at 1.1778.   

 

The September Swiss Franc closed lower on Tuesday as it consolidates some of the rally off June'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 diverging and have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.04988 would signal that a short-term top has been posted. If September extends the rally off July's low, the 50% retracement level of the 2021-2022 decline crossing at 1.08120 is the next upside target. First resistance is last-Thursday's high crossing at 1.07010. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 1.08120. First support is the 20-day moving average crossing at 1.04988. Second support is the 50-day moving average crossing at 1.04018.  



The September Canadian Dollar closed higher on Tuesday as it consolidated some of the decline off last-Thursday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 5th low crossing at 76.99 would confirm that a short-term top has been posted. 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 last-Thursday's high crossing at 78.55. Second resistance is the 62% retracement level of the April-July decline crossing at 78.67. First support is the August 5th low crossing at 76.99. Second support is the July 5th low crossing at 76.43.



The September Japanese Yen closed lower on Tuesday as it extends this month's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 8th low crossing at 0.073975 would mark a downside breakout of the aforementioned trading range while opening the door for a possible test of July's low crossing at 0.072085. 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 the August 2nd high crossing at 0.076960. Second resistance is the 38% retracement level of the crossing at 0.078281. First support is the August 8th low crossing at 0.073975. 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 Tuesday as it consolidates some of the rally off July's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1777.50 would signal that a short-term top has been posted. If December renews the rally off July's low, the 38% retracement level of the March-July decline crossing at $1846.60 is the next upside target. First resistance is the 38% retracement level of the March-July decline crossing at $1846.60. Second resistance is the 50% retracement level of the March-July decline crossing at $1894.90. First support is the 20-day moving average crossing at $1777.50. Second resistance is the July 27th low crossing at $1727.00.  



September silver closed lower on Tuesday 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 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. Closes below the 20-day moving average crossing at 19.758 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 March-July decline crossing at 21.575. First resistance is Monday's high crossing at 20.870. 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 19.758. Second support is the July 14th low crossing at 18.010. 



September copper 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.5095 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 3.6833 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 3.6833. Second resistance is the 38% retracement level of the March-July decline crossing at 3.8395. First support is the 20-day moving average crossing at 3.5095. Second support is the August 4th low crossing at 3.4160.



GRAINS? http://quotes.ino.com/ex?changes/?c=grains "



December Corn closed down $0.18-cents at $6.10 1/4. 



December corn closed sharply lower on Tuesday 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 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. Closes below the 20-day moving average crossing at $6.05 3/4 would signal that a short-term top has been posted. Closes above last-Friday's high crossing at $6.42 3/4 would open the door for a possible test of the 50% retracement level of the May-July decline crossing at $6.64. First resistance is last-Friday's high crossing at $6.42 3/4. Second resistance is the 50% retracement level of the May-July decline crossing at $6.64. First support the 20-day moving average crossing at $6.05 3/4.  Second support is the July 26th gap crossing at $5.84 1/4. 



September wheat closed down $0.14 3/4-cents at $7.86.  



September wheat closed lower on Tuesday while extending the July-August 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 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 the July 29th high crossing at $8.45 3/4 would signal that a short-term low has been posted while marking a potential upside breakout of the aforementioned trading range. First resistance is the July 29th high crossing at $8.45 3/4. Second resistance is the 50-day moving average crossing at $8.80 1/2. First support is the August 3rd 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 11-cents at $8.71 3/4.



September Kansas City wheat closed lower on Tuesday as it extends the July-August 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 September renews the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target. Closes above the July 29th high crossing at $9.15 1/4 would signal that a short-term low has been posted. First resistance is the July 29th high crossing at $9.15 1/4. Second resistance is the 50-day moving average crossing at $9.47. 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-cents at $9.02 3/4.



September Minneapolis wheat closed lower on Tuesday as it extends the July-August 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 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. Closes above the July 20th high crossing at $9.56 would signal that a short-term low has been posted. First resistance is the July 20th high crossing at $9.56. Second resistance is the 50-day moving average crossing at $9.95 1/2. First support is the August 3rd 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 $0.31 1/4-cents at $13.81.



November soybeans closed lower on Tuesday and below the 20-day moving average crossing at $13.97 confirming 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this week's decline, the July 26th gap crossing at $13.49 1/4 is the next downside target. 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 the July 29th high crossing at $14.89. Second resistance is the June 30th high crossing at $15.07 3/4. First support is the bottom of the July 26th gap crossing at $13.49 1/4. Second support is July's low crossing at $12.88 1/2.  



December soybean meal closed down $9.00 at $396.10. 



December soybean meal 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. Multiple closes below the August 3rd low crossing at $395.50 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 August 3rd low crossing at $395.50. Second support is the July 22nd low crossing at $380.80.  



December soybean oil closed down 93-pts. at 66.06. 



December soybean oil closed lower on Tuesday 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 Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off July's low, the 62% retracement level of the June-July decline crossing at 69.82 is the next upside target. Closes below the 20-day moving average crossing at 62.47 would signal that a short-term top has been posted. First resistance is the June 29th high crossing at 67.76. Second resistance is the 62% retracement level of the June-July decline crossing at 69.82. First support is the 20-day moving average crossing at 62.47. Second support is July's low crossing at 54.42. 

 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



October hogs closed down $4.00 at $96.57. 



October hogs closed sharply lower on Tuesday and below the 20-day moving average crossing at $97.48 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 session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends today's decline, the 50-day moving average crossing at $94.41 is the next downside target. If October renews the rally off July's low, weekly resistance crossing at $103.72 is the next upside target. First resistance is last-Thursday's high crossing at $101.65. Second resistance is weekly resistance crossing at $103.72. First support is the 50-day moving average crossing at $94.41. Second support is the July 26th low crossing at $92.43. 



October cattle closed up $1.88 at $145.68 



October cattle closed higher on Tuesday as it extended the rally off May's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, the April 25th gap crossing at $145.98 is the next upside target. Closes below the 20-day moving average crossing at $143.23 would confirm that a short-term top has been posted. First resistance is the April 25th gap crossing at $145.98. Second resistance is April's high crossing at $147.50. First support is the 20-day moving average crossing at $143.23. Second support is the 50-day moving average crossing at $141.59. 



September Feeder cattle closed up $2.48 at $185.48. 



September Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, February's high crossing at $188.25 is the next upside target. Close below the July 29th 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 today's high crossing at $186.33. Second resistance is February's high crossing at $188.25. First support is the July 29th low crossing at $178.28. Second support is the July 11th low crossing at $173.15.     



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



September coffee closed lower on Tuesday 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 Wednesday. 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, July's high crossing at $23.61 is the next upside target. Closes below the reaction low crossing at $20.42 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $22.77. Second resistance is July's high crossing at $23.61. First support is the reaction low crossing at $20.42. Second support is July's low crossing at $19.60.                     



September cocoa closed lower on Tuesday and below the 20-day moving average crossing at 23.45 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If September extends the rally off August's low, the June 21st high crossing at 24.76 is the next upside target.       



October sugar closed lower on Tuesday as it consolidates some of the rally off August's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 August's low, July's high crossing at 19.69 is the next upside target. Closes below the 20-day moving average crossing at 17.96 would signal that a short-term top has been posted. 



December cotton gapped up and closed higher on Tuesday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 75% retracement level of the May-July decline crossing at 121.11 is the next upside target. Closes below Monday's gap crossing at 108.59 would signal that a short-term top has been posted. 

Comments
By metmike - Aug. 17, 2022, 2:04 a.m.
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thanks tallpine!

Back in Detroit with my 97 year old Dad for the rest of this week.


 Late in the growing season for weather. Dry-ish in the Northwest Cornbelt. 2 week rains below on the last 18z GFS ensemble.



NG is off to the races but not because of US weather. More because of extreme bullishness in Europe.