INO Evening Market Comments
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Started by tallpine - Aug. 30, 2022, 4:49 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, August 31, 2022 



7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 270.1)

                       Composite Idx, W/W% (previous -1.2%)

                       Purchase Idx-SA (previous 202.8)

                       Purchase Idx-SA, W/W% (previous -0.5%)

                       Refinance Idx (previous 609.8)

                       Refinance Idx, W/W% (previous -2.8%)



9:45 AM ET. August Chicago Business Barometer - ISM-Chicago Business Survey -

                    Chicago PMI

                    PMI-Adj (previous 52.1)



10:00 AM ET. July Metropolitan Area Employment & Unemployment



10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 421.672M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.282M)

                       Gasoline Stocks (Bbl) (previous 215.647M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.027M)

                       Distillate Stocks (Bbl) (previous 111.594M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.662M)

                       Refinery Usage (previous 93.8%)

                       Total Prod Supplied (Bbl/day) (previous 19.339M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.882M)

                       

3:00 PM ET. July Agricultural Prices

                       Farm Prices, M/M% (previous +0.2%)



Thursday, September 1, 2022 



7:30 AM ET. August Challenger Job-Cut Report

                       Job Cuts, M/M% (previous -21%)



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

                       Jobless Claims (previous 243K)

                       Jobless Claims, Net Chg (previous -2K)

                       Continuing Claims (previous 1415000)

                       Continuing Claims, Net Chg (previous -19K)



8:30 AM ET. 2nd Quarter Revised Productivity & Costs

                       Non-Farm Productivity (previous (previous -7.3%)

                       Unit Labor Costs (previous +12.6%)



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

                       Corn (Metric Tons) (previous 475.3K)

                       Soybeans (Metric Tons) (previous 5203.7K)

                       Wheat (Metric Tons) (previous 409.6K)



9:45 AM ET. August US Manufacturing PMI

                       PMI, Mfg (previous 52.2)



10:00 AM ET. July Construction Spending - Construction Put in Place

                       New Construction (previous -1.1%)

                       Residential Construction



10:00 AM ET. August ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (previous 52.8)

                       Prices Idx (previous 60.0)

                       Employment Idx (previous 49.9)

                       Inventories (previous 57.3)

                       New Orders Idx (previous 48.0)

                       Production Idx (previous 53.5)



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

                       Working Gas In Storage (Cbf) (previous 2579B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +60B)

                       

11:00 AM ET. August Global Manufacturing PMI

                       PMI, Mfg (previous 51.1)



12:00 AM ET. August Monthly U.S. Retail Chain Store Sales Index



4:00 PM ET. August Domestic Auto Industry Sales



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, September 2, 2022 



8:30 AM ET. August U.S. Employment Report

                       Non-Farm Payrolls (previous +528K)

                       Unemployment Rate (previous 3.5%)

                       Avg Hourly Earnings (USD) (previous 32.27)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.15)

                       Avg Hourly Earnings, M/M% (previous +0.47%)

                       Avg Hourly Earnings, Y/Y% (previous +5.22%)

                       Overall Workweek (previous 34.6)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous +57K)

                       Private Payroll (previous +471K)

                       Participation Rate (previous 62.1%)

                       Non-Farm Payrolls Bench Net Chg



10:00 AM ET. July Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (previous +2.0%)

                       Orders, Ex-Defense, M/M% (previous +1.3%)

                       Orders, Ex-Transport, M/M% (previous +1.4%)

                       Durable Goods, M/M%

                       Durable Goods, M/M%


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



The Dow gap closed lower on Tuesday and closed below the 50-day moving average crossing at 33,122.78 as it extended the decline off August's high. 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 that sideways to lower prices are possible near-term. If the Dow extends the decline off August's high, the 62% retracement level of the June-August rally crossing at 31,427.93 is the next downside target. Closes above the 20-day moving average crossing at 33,123.25 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33,123.25. Second resistance is August's high crossing at 34,281.36. First support is the 62% retracement level of the June-August rally crossing at 31,427.93. Second support is the 75% retracement level of the June-August rally crossing at 30,813.63



The September NASDAQ 100 closed lower on Tuesday and below the 50-day moving average crossing at 12,529.24 as it extended the decline off August's high. Today's 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. If September extends the decline off August's high, the July-26th low crossing at 12,072.00 is the next downside target. Closes above the 20-day moving average crossing at 13,164.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,164.50. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 13,812.10. First support is is the July-26th low crossing at 12,072.00. Second support is the July 13th low crossing at 11,479.25.  



The September S&P 500 closed lower on Tuesday and below the 50-day moving average crossing at 4012.04 as it extended the decline off August's high. 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 that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the July 26th low crossing at 3913.25 is the next downside target. Closes above last-Friday's high crossing at 4217.25 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 4217.25. Second resistance is August's high crossing at 4327.50. First support is today's low crossing at 3964.50. Second support is the July 26th low crossing at 3913.25.    



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



September T-bonds closed up 3-pts. at 136-21. 



September T-bonds closed 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off the August 2nd high, the June 28th low crossing at 134-08 is the next downside target. Closes above the 20-day moving average crossing at 139-28 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 139-28. Second resistance is the August 2nd high crossing at 145-31. First support is the June 28th low crossing at 134-08. Second support is June's low crossing at 131-01.



September T-notes closed down 20-pts. at 116.310.



September T-notes closed lower on Tuesday as it extends the decline off the August 2nd high. 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 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 June 28st low crossing at 116.010 is the next downside target. Closes above the 20-day moving average crossing at 118.232 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 118.232. Second resistance is the August 2nd high crossing at 122.020. First support is the June 28st low crossing at 116.010. Second support is the June 14th low crossing at 117.075.  



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



October crude oil closed sharply lower on Tuesday as it consolidates some of the decline off August's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, the July 29th high crossing at $99.75 is the next upside target. Closes below the 20-day moving average crossing at $87.94 would signal that a short-term top has been posted. First resistance is the July 29th high crossing at $99.75. Second resistance is the July 5th high crossing at $105.00. 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 lower due to profit taking on Tuesday as it consolidates some of the rally off the August 8th low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. 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 2.5638 would confirm that a short-term top has been posted. If October renews the rally off the August 8th low, June's high crossing at 4.2595 is the next upside target. First resistance is last-Thursday's high crossing at 4.40392. Second resistance is June's high crossing at $4.2595. First support is the 20-day moving average crossing at 2.5638. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.1221. 



October unleaded gas closed lower on Tuesday as it extended 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 trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower 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 the 50-day moving average crossing at $2.8571 would confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at $2.8571. Second resistance is the July 29th high crossing at $9.9628. First support is today's low crossing at 2.5130. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.446.



October Henry natural gas 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 8.826 would signal that a short-term top has been posted. If October renews the rally off the August 8th low, weekly resistance crossing at 10.299 is the next upside target. First resistance is last-Tuesday's high crossing at 9.987. Second resistance is weekly resistance crossing at 10.299. First support is the 20-day moving average crossing at 8.826. Second support is the 50-day moving average crossing at 7.708.      



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



The September Dollar closed slightly lower on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's nights session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If September extends the rally off August's low, monthly resistance  crossing at $114.782 is the next upside target. Closes below the 50-day moving average crossing at $106.513 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $109.445. Second resistance is monthly resistance crossing at $114.782. First support is the 20-day moving average crossing at $107.114. Second support is the 50-day moving average crossing at $106.513.   



The September Euro closed 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.02440 would confirm that a low has been posted while opening the door for additional gains near-term. If September extends this year's decline, the 87% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $0.93211 is the next downside target. First resistance is the 50-day moving average crossing at $1.02440. Second resistance is August's high crossing at 1.03965. First support is last-Tuesday's low crossing at $0.99160. Second support is the 87% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $0.93211. 



The September British Pound closed lower on Tuesday as it extends the decline off August's high. 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 remains neutral to bearish signaling sideways to lower prices are possible near-term. If September extends this month's decline, the March-2020 low on the monthly continuation chart crossing at 1.1438 is the next downside target. Closes above the 50-day moving average crossing at 1.2040 would signal that a short-term low has been posted. First resistance the 50-day moving average crossing at 1.2040. Second resistance is August's high crossing at 1.2306. First support is today's low crossing at 1.1624. Second support is the March-2020 low on the monthly continuation chart crossing at 1.1438.   

 

The September Swiss Franc closed lower on Tuesday as it extended the decline off August's high. 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 that sideways to lower prices are possible near-term. If September extends the aforementioned decline, July's low crossing at 1.01650 is the next downside target. Closes above the 20-day moving average crossing at 1.04713 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.04713. Second resistance is August's high crossing at 1.07010. First support is today's low crossing at 1.02580. Second support is July's low crossing at 1.01650.  



The September Canadian Dollar closed lower on Tuesday as it extended the decline off August's high. 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 that sideways to lower prices are possible near-term. If September extends the decline off August's high, July's low crossing at 75.61 is the next downside target. Closes above the 20-day moving average crossing at 77.40 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 77.40. Second resistance is August's high crossing at 78.55. First support is today's low crossing at 76.26. Second support is July's low crossing at 75.61.



The September Japanese Yen closed slightly higher 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, is long-term support crossing at 0.070000 is the next downside target. Closes above the 20-day moving average crossing at 0.073994 would temper the near-term bearish outlook. First resistance is the August 11th high crossing at 0.076115. Second resistance is the August 2nd high crossing at 0.076960. First support is today's low crossing at 0.072000. Second support is long-term support crossing at 0.070000.  



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



December gold 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the July 27th low crossing at $1727.00 is the next downside target. Closes above the 20-day moving average crossing at 1780.20 would temper the near-term bearish outlook. First resistance August's high crossing at $1824.60. Second resistance is the 38% retracement level of the March-July decline crossing at $1846.60. 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 Tuesday as it extended the decline off August's high. 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 that sideways to lower prices are possible near-term. If September extends this month's decline July's low crossing at 18.010 is the next downside target. Closes above the 20-day moving average crossing at 19.637 would signal that a short-term low has been posted. First resistance is August'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 18.120. Second support is July's low crossing at 18.010. 



September copper closed lower on Tuesday and below the 50-day moving average crossing at 3.5652 would signal 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 September extends this week's decline, the August 4th low crossing at 3.4160 is the next downside target. If September renews the rally off July's low, the 38% retracement level of the March-July decline crossing at 3.8395 is the next upside target. First resistance is the 38% retracement level of the March-July decline crossing at 3.8395. Second resistance is the 50% retracement level of the March-July decline crossing at 4.0590. First support is the August 4th low crossing at 3.4160. Second support is July's low crossing at 3.1315.



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



December Corn closed down $0.05 3/4-cents at $6.77 1/4. 



December corn posted an inside day with a lower close on Tuesday as it consolidated some of the rally off July's low. The high-range close sets the stage for a steady to slightly 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 aforementioned rally, the 62% retracement level of the May-July decline crossing at $6.88 is the next upside target. Closes below the 20-day moving average crossing at $6.31 1/4 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the May-July decline crossing at $6.88. Second resistance is the 75% retracement level of the May-July decline crossing at $7.15. First support the 10-day moving average crossing at $6.46 3/4. Second support is the 20-day moving average crossing at $6.31 1/4. 



December wheat closed down $0.22 1/2-cents at $8.20 1/4.  



December wheat posted an inside day with a lower close 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 when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 29th high crossing at $8.63 3/4 would signal that a short-term low has been posted. If December renews the decline off May's high, the 75% retracement level of the January-May rally crossing at $7.23 is the next downside target. First resistance is the July 29th high crossing at $8.63 3/4. Second resistance is the July 11th high crossing at $9.54. First support is August'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 down $0.14 3/4-cents at $8.97 3/4.



December Kansas City wheat posted an inside day with a lower close on Tuesday as it consolidated some of the rally off August'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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 29th high crossing at $9.21 1/2 would signal that a short-term low has been posted. If December renews the decline off May's high, February's low crossing at $7.64 1/2 is the next downside target.First resistance is the July 29th high crossing at $9.21 1/2. Second resistance is the July 11th high crossing at $10.10. First support is August's low crossing at $8.08 1/2. Second support is February's low crossing at $7.64 1/2.



December Minneapolis wheat closed down $0.12 3/4-cents at $9.20 1/2.



December Minneapolis wheat posted an inside day with a lower close on Tuesday as it consolidated some of the rally off August'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 20th high crossing at $9.67 would signal that a short-term low has been posted. 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. First resistance is the July 20th high crossing at $9.67. Second resistance is the July 11th high crossing at $10.56 1/4. First support is August'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.

       

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



November soybeans closed down $0.05 1/4-cents at $14.32 1/2.



November soybeans closed lower on Tuesday but remains above the 20-day moving average crossing at $14.23 1/4. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $14.04 1/2. 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-Wednesday's high crossing at $14.84 1/2. 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 50-day moving average crossing at $14.04 1/2. Second support is the August 16th low crossing at $13.76.  



December soybean meal closed down $2.60 at $424.50. 



December soybean meal closed lower on Tuesday. The high-range close sets the stage for a steady to slightly lower opening when Wednesday'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 extends the rally off August's low, February's high crossing at $439.00 is the next upside target. Multiple closes below the 20-day moving average crossing at $412.50 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $436.60. Second resistance is February's high crossing at $439.00. First support the 20-day moving average crossing at $412.50. Second support is the August 16th low crossing at $395.60.   



December soybean oil closed down 9-pts. at 66.35. 



December soybean oil closed lower on Tuesday. The high-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 65.53 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 65.53. Second support is the August 4th low crossing at 60.20. 

 

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



October hogs closed up $1.28 at $93.53. 



October hogs closed higher on Tuesday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 50-day moving average crossing at $94.46 would signal that a short-term low has been posted. If October resumes the aforementioned decline, the 87% retracement level of the July-August rally crossing at $88.73 is the next downside target. First resistance is the 50-day moving average crossing at $94.46. Second resistance is the 20-day moving average crossing at $96.01. First support is the 75% retracement level of the July-August rally crossing at $90.52. Second support is the 87% retracement level of the July-August rally crossing at $88.73. 



October cattle closed up $0.93 at $143.83. 



October cattle closed higher on Tuesday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, the 50-day moving average crossing at $142.17 is the next downside target. Closes above the 10-day moving average crossing at $144.22 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $144.22. Second resistance is August's high crossing at $146.25. First support is the 50-day moving average crossing at $142.17. Second support is the July 29th low crossing at $141.43. 



October Feeder cattle closed up $2.15 at $183.23. 



October Feeder cattle closed higher on Tuesday filling Monday's gap but remained below the 50-day moving average as it consolidated some of the decline off August's low. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 October extends the aforementioned decline, the July low crossing at $176.25 is the next downside target. Closes above the 20-day moving average crossing at $185.83 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $185.83. Second resistance is August's high crossing at $190.20. First support is July's low crossing at $176.25. Second support is the June 13th low crossing at $173.60.     



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



December coffee closed lower on Tuesday as it consolidates some of last-week's rally. 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 December extends the rally off July's low, February's high crossing at $25.34 is the next upside target. Closes below the 20-day moving average crossing at $22.12 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $24.30. Second resistance is February's high crossing at $25.34. First support is the 10-day moving average crossing at $22.77. Second support is the 20-day moving average crossing at $22.12.                     



December cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 last-Tuesday's low crossing at 23.14 would temper the near-term friendly outlook.      



October sugar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends last-week's rally, August's high crossing at 18.70 is the next upside target. Closes above the August 19th low crossing at 17.61 would temper the near-term bullish outlook.  



December cotton closed lower on Tuesday as it extended August's trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 August 15th gap crossing at 108.59 would signal that a short-term top has been posted. 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.

Comments
By metmike - Aug. 30, 2022, 9:05 p.m.
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thanks tallpine