KEY EVENTS TO WATCH FOR:
Monday, August 22, 2022
8:30 AM ET. July CFNAI Chicago Fed National Activity Index
NAI (previous -0.19)
NAI, 3-mo Moving Avg (previous -0.04)
Tuesday, August 23, 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 +11.6%)
Latest Wk, Y/Y% (previous +12.7%)
9:45 AM ET. August US Flash Manufacturing PMI
PMI, Mfg (previous 52.3)
9:45 AM ET. August US Flash Services PMI
PMI, Services (previous 47.0)
10:00 AM ET. August Richmond Fed Business Activity Survey
Mfg Idx (previous 0)
Shipments Idx (previous 7)
10:00 AM ET. July New Residential Sales
New Home Sales (previous 590K)
New Home Sales, M/M% (previous -8.1%)
New Home Sales Months Supply (previous 9.3)
1:00 PM ET. July Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -0.4M)
Gasoline Stocks, Net Chg (Bbls) (previous -4.5M)
Distillate Stocks, Net Chg (Bbls) (previous -0.8M)
Wednesday, August 24, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 273.3)
Composite Idx, W/W% (previous -2.3%)
Purchase Idx-SA (previous 203.8)
Purchase Idx-SA, W/W% (previous -0.8%)
Refinance Idx (previous 627.1)
Refinance Idx, W/W% (previous -5.4%)
8:30 AM ET. July Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +1.9%)
Dur Goods, Ex-Defense, M/M% (previous +0.4%)
Dur Goods, Ex-Transport, M/M% (previous +0.3%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.5%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.7%)
10:00 AM ET. July Pending Home Sales Index
Pending Home Sales (previous 91.0)
Pending Home Sales Idx, M/M% (previous -8.6%)
Pending Home Sales Idx , Y/Y% (previous -20.0%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 424.954M)
Crude Oil Stocks, Net Chg (Bbl) (previous -7.056M)
Gasoline Stocks (Bbl) (previous 215.674M)
Gasoline Stocks, Net Chg (Bbl) (previous -4.642M)
Distillate Stocks (Bbl) (previous 112.256M)
Distillate Stocks, Net Chg (Bbl) (previous +0.766M)
Refinery Usage (previous 93.5%)
Total Prod Supplied (Bbl/day) (previous 21.221M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.747M)
Thursday, August 25, 2022
8:30 AM ET. 2nd Quarter Preliminary Corporate Profits
8:30 AM ET. 2nd Quarter 2nd estimate GDP
Annual Rate, Q/Q% (previous -0.9%)
Chain-Weighted Price Idx, Q/Q% (previous +8.7%)
Corporate Profits, Q/Q% (previous +1.0%)
PCE Price Idx, Q/Q% (previous +7.1%)
Purchase Price Idx, Q/Q% (previous +8.2%)
Real Final Sales, Q/Q% (previous +1.1%)
Core PCE Price Idx, Q/Q% (previous +4.4%)
Consumer Spending, Q/Q% (previous +1.0%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 250K)
Jobless Claims, Net Chg (previous -2K)
Continuing Claims (previous 1437000)
Continuing Claims, Net Chg (previous +7K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 849.3K)
Soybeans (Metric Tons) (previous 1399.7K)
Wheat (Metric Tons) (previous 207.2K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2519B)
Working Gas In Storage, Net Chg (Cbf) (previous +18B)
11:00 AM ET. August Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 7)
6-Mo Exp Prod Idx (previous 29)
Mfg Composite Idx (previous 13)
6-Mo Exp Composite Idx (previous 26)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, August 26, 2022
8:30 AM ET. July Personal Income & Outlays
Personal Income, M/M% (previous +0.6%)
Consumer Spending, M/M% (previous +1.1%)
PCE Price Idx, M/M% (previous +1%)
PCE Price Idx, Y/Y% (previous +6.8%)
PCE Core Price Idx, M/M% (previous +0.6%)
PCE Core Price Idx, Y/Y% (previous +4.8%)
8:30 AM ET. July Advance Economic Indicators Report
10:00 AM ET. August University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (previous 51.5)
End-Mo Expectations Idx (previous 47.3)
12-Month Inflation Forecast (previous 5.2%)
5-Year Inflation Forecast (previous 2.9%)
End-Mo Current Idx (previous 58.1)
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The Dow gap closed lower on Friday ending a 4-week old rally as it consolidates 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 and 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 33,031.62 would signal that a short-term top has been posted. 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. 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 33,577.36. Second support is the 20-day moving average crossing at 33,031.62.
The September NASDAQ 100 closed sharply lower on Thursday as it consolidates 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 turning neutral to bearish signaling sideways to lower prices are possible. Closes below the 20-day moving average crossing at 13,048.98 would signal that a short-term top has been posted while opening the door for additional weakness 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. First resistance is Tuesday'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 13,131.01. Second support is the 50-day moving average crossing at 12,360.72.
The September S&P 500 closed lower on Friday 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 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 4158.01 would confirm that a short-term top has been posted. 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. First resistance is Tuesday'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 4158.01. Second support is the 50-day moving average crossing at 3969.16.
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September T-bonds closed down 1-24-pts. at 138-22.
September T-bonds closed sharply lower on Friday and below the 50-day moving average crossing at 139-03 there 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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 141-29 would signal that a short-term low has been posted. If September extends the decline off the August 2nd high, the July 11th low crossing at 136-24 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 July 11th low crossing at 136-24. Second support is June's low crossing at 131-01.
September T-notes closed down 195-pts. at 118.075.
September T-notes closed lower on Friday as it extends the decline off the August 2nd 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 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 July 21st low crossing at 117.145 is the next downside target. Closes above the 20-day moving average crossing at 119.257 would signal that a short-term low has been posted. 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 July 21st low crossing at 117.145. Second support is the June 26th low crossing at 116-.110.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
October crude oil closed slightly higher on Friday as it consolidates some of the decline off June's high. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at $94.17 would confirm that a short-term low has been posted. If October extends the decline off June's high, the February 18th low crossing at $79.83 is the next downside target. First resistance is last-Thursday's high crossing at $94.17. Second resistance is the 50-day moving average crossing at $96.77. First support is the 38% retracement level of the 2021-2022 rallycrossing at $84.81. Second support is the February 18th lowcrossing at $79.83.
October heating oil closed higher on Friday and above the 50-day moving average crossing at 3.6299 as it extends the rally off the August 8th low. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. 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 the August 8th low, July's high crossing at 3.8684 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 today's high crossing at 3.6954. Second resistance is July's high crossing at $3.8684. First support is the 38% retracement level of the 2021-2022 rally crossing at 3.1221. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.7707.
October unleaded gas closed slightly lower on Friday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If October 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 2.446.
October Henry natural gas closed 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off the August 8th low, weekly resistance crossing at 9.752 is the next upside target. Closes below the 20-day moving average crossing at 8.473 would signal that a short-term top has been posted.First resistance is Wednesday's high crossing at 9.677. Second resistance is weekly resistance crossing at 9.752. First support is the 20-day moving average crossing at 8.473. Second support is the 50-day moving average crossing at 7.507.
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The September Dollar closed higher on Friday as it the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Monday's nights session begins trading. Stochastics and the RSI are overbought but remains neutral to bullish signaling sideways to higher prices are possible near-term. If September extends the rally off last-Wednesday's low, July's high crossing at $109.140 is the next upside target. 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 today's high crossing at $108.140. Second resistance is July's high crossing at $109.140. First support is last-Wednesday'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 lower on Friday as it extends the decline off last-Wednesday'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. This week's downside breakout below the July 27th low crossing at $1.01345 opens the door for a possible test of July's low crossing at 1.00000. Closes above the 50-day moving average crossing at $1.03247 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 $1.03247. Second resistance is the June 27th high crossing at 1.06785. First support is today's low crossing at $1.00505. Second support is July's low crossing at $1.00000.
The September British Pound closed sharply lower for the second day in a row on Friday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remains neutral to bearish signaling sideways to lower prices are possible near-term. If September extends this week's decline, July's low crossing at 1.1778 is the next downside target. Closes above the 50-day moving average crossing at 1.2109 would signal that a short-term low has been posted. First resistance the 50-day moving average crossing at 1.2109. Second resistance is the 25% retracement level of the 2021-2022 decline crossing at 1.2385. First support is today's low crossing at 1.1797. Second support is July's low crossing at 1.1778.
The September Swiss Franc closed lower for the fifth-day in a row on Friday as it extended the decline off August's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 50-day moving average crossing at 1.04108 is the next downside target. If September renews 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 50-day moving average crossing at 1.04108. Second support is the July 21st low crossing at 1.03000.
The September Canadian Dollar closed lower on Friday as it extends the decline off August'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. Today's close below the August 5th low crossing at 76.99 confirms 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 today's low crossing at 76.85. Second support is the July 5th low crossing at 76.43.
The September Japanese Yen closed lower on Friday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, July's low crossing at 0.072085 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 the August 2nd high crossing at 0.076960. Second resistance is the 38% retracement level of the crossing at 0.078281. First support is today's low crossing at 0.073015. Second support is July's low crossing at 0.072085.
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December gold closed lower on Friday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the July 27th low crossing at $1727.00 is the next downside target. 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 July 27th low crossing at $1727.00. Second support is July's low crossing at $1696.10.
September silver 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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline July's low crossing at 18.010 is the next downside target. Closes above the 10-day moving average crossing at 20.141 would signal that a short-term low has been posted. 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 today's low crossing at 18.925. Second support is July's low crossing at 18.010.
September copper closed 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. Multiple closes above the 50-day moving average crossing at 3.6337 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 3.5547 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 3.6337. 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 3.5547. Second support is the August 4th low crossing at 3.4160.
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December Corn closed up $0.07 1/2-cents at $6.23 1/4.
December corn closed closed higher on Friday as it consolidated some of the decline off last-Friday's high. 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 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. Closes below the 20-day moving average crossing at $6.12 would signal that a short-term top has been posted. 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 $6.12. Second support is the July 26th gap crossing at $5.84 1/4.
December wheat closed up $0.22-cents at $7.71.
December wheat posted an inside day with a higher close on Friday as it consolidated some of this week's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, the 75% retracement level of the January-May rally crossing at $7.23 is the next downside target. Closes above the August 8th high crossing at $8.36 would signal that a short-term low has been posted. First resistance is the July 29th high crossing at $8.45 3/4. Second resistance is the 50-day moving average crossing at $8.76 1/2. First support is the Thursday's low crossing at $7.43 1/4. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.
December Kansas City Wheat closed up $0.31 3/4-cents at $8.47.
December Kansas City wheat posted an inside day with a higher close on Friday as it consolidated some of Thursday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target. Closes above the August 11th high crossing at $8.97 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 $9.34 1/2. First support is Thursday's low crossing at $8.08 1/2. Second support is February's low crossing at $7.64 1/2.
December Minneapolis wheat closed up $0.22 1/4-cents at $8.87.
December Minneapolis wheat posted an inside day with a higher close on Friday as it consolidated some of Thursday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off May's high, the 75% retracement level of the January-May rally crossing at $8.29 1/2 is the next downside target. Closes above the August 11th high crossing at $9.41 would signal that a short-term low has been posted. First resistance is the July 20th high crossing at $9.59 1/2. Second resistance is the 50-day moving average crossing at $9.84 1/4. First support is Thursday's low crossing at $8.61 3/4. Second support is the 75% retracement level of the January-May rally crossing at $8.29 1/2.
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November soybeans closed down $0.01 1/4-cents at $14.04.
November soybeans closed lower on Friday but remains below the 20-day moving average crossing at $14.09 1/2 confirming that a short-term top has been posted. 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 November renews the rally off July's low, the June 30th high crossing at $15.07 3/4 is the next upside target. If November extends this week's decline, the July 26th gap crossing at $13.49 1/4 is the next downside target. First resistance is last-Friday's high crossing at $14.64 3/4. Second resistance is the July 29th high crossing at $14.89. Third resistance is the June 30th high crossing at $15.07 3/4. First support is the August 3rd low crossing at $13.56. Second support is the bottom of the July 26th gap crossing at $13.49 1/4. Third support is July's low crossing at $12.88 1/2.
December soybean meal closed down $5.60 at $402.30.
December soybean meal posted an inside day with a lower close on Friday. 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes below the August 3rd low crossing at $395.50 would confirm a downside breakout of August's trading range while opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at $408.30 would temper the near-term bearish outlook. First resistance is the August 10th high crossing at $424.00. Second resistance is the July 29th high crossing at $431.70. 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 up 143-pts. at 65.70.
December soybean oil closed higher on Friday as it consolidates some of this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 63.69 would signal that a short-term top has been posted. If December resumes the rally off July's low, the 62% retracement level of the June-July decline crossing at 69.82 is the next upside target. First resistance is the August 12th high crossing at 68.16. 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 63.69. Second support is the August 4th low crossing at 60.20.
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October hogs closed down $0.20 at $93.10.
October hogs closed lower on Friday as it extended the decline off August's high. The mid-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the aforementioned decline, the 75% retracement level of the July-August rally crossing at $90.52 is the next downside target. Closes above the 10-day moving average crossing at $98.35 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $94.51. Second resistance is the 20-day moving average crossing at $97.31. First support is the 62% retracement level of the July-August rally crossing at $92.50. Second support is the 75% retracement level of the July-August rally crossing at $90.52.
October cattle closed up $0.53 at $145.28
October cattle posted an inside day with a higher close on Friday. The mid-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, the April 22nd high crossing at $147.50 is the next upside target. Closes below the 20-day moving average crossing at $143.76 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 $143.76. Second support is the 50-day moving average crossing at $141.87.
October Feeder cattle closed down $0.53 at $187.15.
October Feeder cattle closed lower on Friday as it consolidates some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Close below the 20-day moving average crossing at $185.88 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If October extends the rally off May's low, the 62% retracement level of the 2014-2020 decline on the monthly continuation chart crossing at $191.56 is the next upside target. First resistance is Wednesday's high crossing at $190.20. Second resistance is the 62% retracement level of the 2014-2020 decline on the monthly continuation chart crossing at $191.56. First support is the 20-day moving average crossing at $185.88. Second support is the 50-day moving average crossing at $182.19.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Monday. 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 $21.31 would signal that a short-term top has been posted. If December extends the rally off July's low, July's high crossing at $23.23 is the next upside target. First resistance is last-Friday's high crossing at $22.34. Second resistance is July's high crossing at $23.23. First support is the 20-day moving average crossing at $21.31. Second support is the August 2nd low crossing at $20.28.
December 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 turning neutral signaling sideways to higher prices are possible near-term. If September extends the rally off August's low, the June 21st high crossing at 25.07 is the next upside target. Closes below Wednesday's low crossing at 23.51 would temper the near-term friendly outlook.
October sugar closed higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, August's low crossing at 17.20 is the next downside target. Closes above the 50-day moving average crossing at 18.36 would temper the near-term bearish outlook.
December cotton closed higher on Friday. 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 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.
Thanks tallpine!