INO Evening Market Comments
1 response | 0 likes
Started by tallpine - Sept. 1, 2022, 4:51 p.m.

KEY EVENTS TO WATCH FOR:



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 higher on Thursday as it consolidated the decline off August's high. The high-range close sets the stage for a steady to higher 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 the Dow extends the decline off August's high, the 75% retracement level of the June-August rally crossing at 30,813.63 is the next downside target. Closes above the 20-day moving average crossing at 33,000.07 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32,156.22. Second resistance is the 20-day moving average crossing at 33,000.07. 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 slightly higher on Thursday as it consolidated the decline off August's high. Today's high-range close sets the stage for a steady to higher opening when Friday'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 13,059.94 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 12,556.50. Second resistance is the 20-day moving average crossing at 13,059.74. First support is is the July 13th low crossing at 11,479.25. Second support is the June's low crossing at 11,068.50.  



The September S&P 500 closed slightly higher on Thursday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to slightly lower opening when Thursday'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 3723.75 is the next downside target. Closes above the 20-day moving average crossing at 4155.52 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4019.47. Second resistance is the 20-day moving average crossing at 4155.52. First support is today's low crossing at 3903.50. Second support is the July's low crossing at 3723.75.    



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



September T-bonds closed down 2-05-pts. at 134-08. 



September T-bonds closed sharply lower on Thursday 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 the decline off August's high, June's low crossing at 131-01 is the next downside target. Closes above the 20-day moving average crossing at 139-03 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 136-31. Second resistance is the 50-day moving average crossing at 139-19. First support is today's low crossing at 133-22. Second support is June's low crossing at 131-01.



September T-notes closed down 280-pts. at 116.000.



September T-notes closed lower on Thursday as it extends the decline off August's high. The mid-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 sideways to lower prices are possible near-term. If September extends the decline off August's high, June's low crossing at 114.075 is the next downside target. Closes above the 20-day moving average crossing at 118.106  would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 118.106. Second resistance is the August 2nd high crossing at 122.020. First support is today's low crossing at 115.230. Second support is the June 14th low crossing at 114.075.  



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



October crude oil closed sharply lower for the third day in a row on Thursday as it extends the decline off August's low. The low-range close sets the stage for a steady to lower opening when Friday'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 this week's decline, the 38% retracement level of the 2021-2022 rally crossing at $84.81 is the next downside target. Closes above the 50-day moving average crossing at $93.77 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $97.66. Second resistance is the July 29th high crossing at $99.75. 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 on Thursday as it extends the decline off August's high. The mid-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 3.5914 confirms 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 August's high crossing at 4.0392. Second resistance is June's high crossing at $4.2595. First support is the August 16th low crossing at 3.3491. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.1221. 



October unleaded gas closed lower on Thursday as it extended the decline off June'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 October extends the decline off June's high, the 50% retracement level of the 2021-2022 rally crossing at 2.4586 is the next downside target. Closes above the 50-day moving average crossing at $2.8225 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 $2.8225. Second resistance is the July 29th high crossing at $9.9628. First support is today's low crossing at 2.3501. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.446.



October Henry natural gas closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher 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. Closes below the 20-day moving average crossing at 8.919 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 8.919. Second support is the 50-day moving average crossing at 7.802.      



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



The September Dollar closed higher on Thursday as it posted a new contract high. The mid-range close sets the stage for a steady to higher opening when Friday'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 $106.714 would signal that a short-term top has been posted. First resistance is today's high crossing at $109.980. Second resistance is monthly resistancecrossing at $114.782. First support is the 20-day moving average crossing at $107.429. Second support is the 50-day moving average crossing at $106.714.   



The September Euro closed lower on Thursday as it extended the trading range of the past two-weeks. 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 turning neutral to bearish signaling that sideways to lower prices are possible 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. Closes above the 50-day moving average crossing at $1.02197 is needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at $1.02197. 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 Thursday 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 year'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 1.2012 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at 1.1914. Second resistance is the 50-day moving average crossing at 1.2012. First support is today's low crossing at 1.1501. Second support is the March-2020 low on the monthly continuation chart crossing at 1.1438.   

 

The September Swiss Franc closed lower on Thursday as it extended the decline off August's high. The mid-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 the aforementioned decline, June's low crossing at 1.00235 is the next downside target. Closes above the 20-day moving average crossing at 1.04473 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.04473. Second resistance is August's high crossing at 1.07010. First support is today's low crossing at 1.01510. Second support is June's low crossing at 1.00235.  



The September Canadian Dollar closed lower on Thursday as it extended the decline off August's high. The mid-range close sets the stage for a steady to lower opening when Thursday'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 77.22 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 77.22. Second resistance is the August 25th high crossing at 77.53. First support is today's low crossing at 75.68. Second support is July's low crossing at 75.61.



The September Japanese Yen gapped down and closed lower on Thursday as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday’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 50-day moving average crossing at 0.073795 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.073795. Second resistance is the August 11th high crossing at 0.076115. First support is today's low crossing at 0.071380. 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 Thursday. The low-range close sets the stage for a steady to lower opening when Thursday'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 21th low crossing at $1696.10 is the next downside target. Closes above the 20-day moving average crossing at 1772.70 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1772.70. Second resistance August's high crossing at $1824.60. First support is today low crossing at $1699.10. Second support is July's low crossing at $1696.10.



September silver closed lower on Thursday as it extended the decline off August's high. The high-range close sets the stage for a steady to slightly 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 year's decline, the 75% retracement level of the 2020-2021 rally crossing at 16.315 is the next downside target. Closes above the 50-day moving average crossing at 19.471 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 19.471. Second resistance is August's high crossing at 20.870. First support is today's low crossing at 17.320. Second support is the 75% retracement level of the 2020-2021 rally crossing at 16.315. 



September copper closed lower on Thursday as it extended the decline off last-Friday'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 3.1315 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 today's low crossing at 3.4125. Second support is July's low crossing at 3.1315.



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



December Corn closed down $0.12 1/2-cents at $6.58. 



December corn closed lower on Thursday 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 Friday's night session begins trading. Stochastics and the RSI were overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.37 1/2 would signal that a short-term top has been posted. If December extends the aforementioned rally, the 62% retracement level of the May-July decline crossing at $6.88 is the next upside target. 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 $6.56 3/4. Second support is the 20-day moving average crossing at $6.37 1/2. 



December wheat closed down $0.37 1/4-cents at $7.94 1/4.  



December wheat closed lower on Thursday 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 Friday'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 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. Closes above the July 29th high crossing at $8.63 3/4 would signal that a short-term low has been posted. 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 $0.44 1/2-cents at $8.68.



December Kansas City wheat closed lower on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December 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 $9.21 1/2 would signal that a short-term low has been posted. 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 $0.43-cents at $8.86 1/2.



December Minneapolis wheat closed lower on Thursday 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 Friday'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 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 July 20th high crossing at $9.67 would signal that a short-term low has been posted. 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 $0.27 3/4-cents at $13.94 3/4.



November soybeans closed lower on Thursday and below the 50-day moving average crossing at $14.01. 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 bearish signaling that sideways to lower prices are possible near-term. If November extends this week's decline, the August 16th low crossing at $13.76 is the next downside target. Closes above Wednesday's high would signal that a short-term low may have been posted. 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 August 16th low crossing at $13.76. Second support is the August 3rd low crossing at $13.56.  



December soybean meal closed up $0.10 at $415.20. 



December soybean meal closed slightly higher on Thursday. The low-range close sets the stage for a steady to slightly 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. Multiple closes below the 20-day moving average crossing at $413.10 would confirm that a short-term top has been posted. If December resumes the rally off August's low, February's high crossing at $439.00 is the next upside target. 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 $413.10. Second support is the 50-day moving average crossing at $404.50.   



December soybean oil closed down 389-pts. at 63.59. 



December soybean oil posted a key reversal down and closed sharply lower on Thursday. 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. Closes below the 50-day moving average crossing at 62.82 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 50-day moving average crossing at 62.82. Second support is the August 4th low crossing at 60.20. 

 

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



October hogs closed up $0.40 at $91.93. 



October hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 resumes the aforementioned decline, the 87% retracement level of the July-August rally crossing at $88.73 is the next downside target. Closes above the 50-day moving average crossing at $94.36 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $94.36. Second resistance is the 20-day moving average crossing at $95.51. 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 $0.33 at $142.90. 



October cattle posted an inside day with a higher close on Thursday as it consolidated some of the decline off August's high. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $142.21 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at $144.12 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $144.12. Second resistance is August's high crossing at $146.25. First support is the 50-day moving average crossing at $142.21. Second support is the July 29th low crossing at $141.43. 



October Feeder cattle closed up $1.08 at $184.55. 



October Feeder cattle closed higher on Thursday but remained below the 20-day moving average as it consolidated some of the decline off August's low. The mid-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $185.68 would signal that a short-term low has been posted. If October renews the aforementioned decline, the July low crossing at $176.25 is the next downside target. First resistance is the 20-day moving average crossing at $185.68. 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 Thursday as it consolidates some of last-week's rally. The low-range close sets the stage for a steady to lower opening on Friday. 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 $22.32 would signal that a short-term top has been posted. If December renews the rally off July's low, February's high crossing at $25.34 is the next upside target. 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 $23.19. Second support is the 20-day moving average crossing at $22.32.                     



December cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 23.14 would temper the near-term friendly outlook. If September resumes the rally off August's low, the June 21st high crossing at 25.07 is the next upside target.       



October sugar closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 19th low crossing at 17.61 would open the door for a possible test of August's low crossing at 17.20. If October extends last-week's rally, August's high crossing at 18.70 is the next upside target.   



December cotton closed limit down on Thursday and marked a downside breakout of August's trading range. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Today's close below the August 15th gap crossing at 108.59 opens the door for a possible test of the 50-day moving average crossing at 100.19 is the next downside target. If December renews 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 - Sept. 1, 2022, 6:06 p.m.
Like Reply

Thanks tallpine!