INO Evening Market Comments
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Started by tallpine - Sept. 7, 2022, 4:58 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, September 8, 2022  



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

                       Jobless Claims (previous 232K)

                       Jobless Claims, Net Chg (previous -5K)

                       Continuing Claims (previous 1438000)

                       Continuing Claims, Net Chg (previous +26K)



10:00 AM ET. 2nd Quarter Quarterly Services



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

                       Working Gas In Storage (Cbf) (previous 2640B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +61B)

                       

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 418.346M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.326M)

                       Gasoline Stocks (Bbl) (previous 214.475M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.172M)

                       Distillate Stocks (Bbl) (previous 111.706M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.112M)

                       Refinery Usage (previous 92.7%)

                       Total Prod Supplied (Bbl/day) (previous 20.073M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.734M)



3:00 PM ET. July Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +40.1B)



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, September 9, 2022 



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

                       Corn (Metric Tons)

                       Soybeans (Metric Tons)

                       Wheat (Metric Tons)



10:00 PM ET. August Online Help Wanted Index



10:00 PM ET. July Monthly Wholesale Trade

                       Inventories, M/M% (previous +1.8%)


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



The Dow closed sharply higher on Wednesday as it consolidates some of the decline off August's high. The high-range close sets the stage for a steady to higher 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 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 32,790.24 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32,168.04. Second resistance is the 20-day moving average crossing at 32,790.24. First support is the 75% retracement level of the June-August rally crossing at 30,813.63. Second support is the 87% retracement level of the June-August rally crossing at 30,255.18.



The September NASDAQ 100 closed sharply higher on Wednesday as it consolidates some of the decline off August's high. Today's high-range close sets the stage for a steady to higher opening when Thursday'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 13th low crossing at 11,479.25 is the next downside target. Closes above the 20-day moving average crossing at 12,912.45 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 12,568.04. Second resistance is the 20-day moving average crossing at 12,912.45.  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 sharply higher on Wednesday 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 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 4126.91 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4023.88. Second resistance is the 20-day moving average crossing at 4126.91. First support is today's low crossing at 3883.50. Second support is the July's low crossing at 3723.75.     



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



December T-bonds closed up 1-04-pts. at 133-18. 



December T-bonds closed higher on Wednesday 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 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 the decline off August's high, June's low crossing at 131-01 is the next downside target. Closes above the 50-day moving average crossing at 138-29 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 135-08. Second resistance is the 20-day moving average crossing at 137-11. First support is today's low crossing at 132-02. Second support is June's low crossing at 131-01.



December T-notes closed up 180-pts. at 116.050.



December T-notes closed higher on Wednesday 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 Thursday'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 December 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 117.283  would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 117.283. Second resistance is the 50-day moving average crossing at 118.200. First support is today's low crossing at 115.135. 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 on Wednesday marking a downside breakout of the July-September trading range. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends today's decline, the 50% retracement level of the 2021-2022 rally crossing at $75.35 is the next downside target. Closes above the 50-day moving average crossing at $92.81 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 92.82. Second resistance is last-Tuesday's high crossing at $97.66. First support is today's lowcrossing at $81.70. Second support is the February 18th lowcrossing at $79.83.  



October heating oil closed slightly lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, the August 15th low crossing at 3.3491 is the next downside target. Closes above the 10-day moving average crossing at 3.7365 would signal that a short-term low has been posted. 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 15th 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 Wednesday. 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 October extends the decline off June's high, the 50% retracement level of the 2021-2022 rally crossing at 2.2446 is the next downside target. Closes above the 50-day moving average crossing at $2.7714 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 $2.7714. Second resistance is the July 29th high crossing at $9.9628. First support is today's low crossing at 2.3001. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.2446.



October Henry natural gas closed lower on Wednesday and below the 50-day moving average crossing at 7.917 as it extends the decline off August's high. 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. Today's close below the 50-day moving average crossing at 7.917 opens the door for a larger-degree decline. Closes above last-Friday's high crossing at 9.394 would signal that a short-term low has been posted.First resistance is last-Friday's high crossing at 9.394. Second resistance is August's high crossing at 9.987. First support is August's low crossing at 7.536. Second support is the 62% retracement level of the July-August rally crossing at 7.133.      



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



The September Dollar posted a new contract high on Wednesday before profit taking tempered some of its recent gains. The low-range close sets the stage for a steady to lower opening when Thursday'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 $107.158 would signal that a short-term top has been posted. First resistance is today's high crossing at $110.785. Second resistance is monthly resistance crossing at $114.782. First support is the 20-day moving average crossing at $108.168. Second support is the 50-day moving average crossing at $107.158.   



The September Euro closed higher on Wednesday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain 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 $1.01807 is needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at $1.01807. Second resistance is August's high crossing at 1.03965. First support is Tuesday's low crossing at $0.98710. 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 slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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, psychological support crossing at 1.1400 is the next downside target. Closes above the 20-day moving average crossing at 1.1831 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at 1.1831. Second resistance is the 50-day moving average crossing at 1.1966. First support is today's low crossing at 1.1407. Second support is psychological support crossing at 1.1400.   

 

The September Swiss Franc closed sharply higher on Wednesday as it consolidates some of the decline off August's high. The high-range close sets the stage for a steady to higher 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, June's low crossing at 1.00235 is the next downside target. Closes above the 20-day moving average crossing at 1.04063 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.04063. Second resistance is August's high crossing at 1.07010. First support is today's low crossing at 1.01405. Second support is June's low crossing at 1.00235.  



The September Canadian Dollar closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 77.01 would signal that a short-term low has been posted. If September extends the decline off August's high, July's low crossing at 75.61 is the next downside target. First resistance is the 20-day moving average crossing at 77.01. Second resistance is the August 25th high crossing at 77.53. First support is last-Thursday's low crossing at 75.68. Second support is July's low crossing at 75.61.



The September Japanese Yen closed lower on Wednesday as it extends this year's decline. The mid-range close sets the stage for a 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 year's decline, is long-term support crossing at 0.065720 is the next downside target. Closes above the 50-day moving average crossing at 0.073552 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.073552. Second resistance is the August 11th high crossing at 0.076115. First support is today's low crossing at 0.069025. Second support is long-term support crossing at 0.065720.  



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



December gold closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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. If December extends the decline off August's high, monthly support crossing at $1610.30 is the next downside target. Closes above the 50-day moving average crossing at 1765.60 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1765.60. Second resistance August's high crossing at $1824.60. First support is last-Thursday low crossing at $1699.10. Second support is July's low crossing at $1696.10.



December silver closed higher on Wednesday 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 Thursday'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 19.414 would signal that a short-term low has been posted. If December extends this year's decline, the 75% retracement level of the 2020-2021 rally crossing at 16.315 is the next downside target. First resistance is the 50-day moving average crossing at 19.414. Second resistance is August's high crossing at 20.870. First support is last-Thursday's low crossing at 17.320. Second support is the 75% retracement level of the 2020-2021 rally crossing at 16.315. 



December copper closed lower on Wednesday.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 aforementioned 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 Tuesday's low crossing at 3.3610. Second support is July's low crossing at 3.1315.



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



December Corn closed down $0.06-cents at $6.70 1/4. 



December corn closed lower on Wednesday due to profit taking after failing to rally above resistance marked by the 62% retracement level of the May-July decline crossing at $6.88. 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 overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off July's low, the 75% retracement level of the May-July decline crossing at $7.15 is the next upside target. Closes below the 20-day moving average crossing at $6.46 1/2 would confirm 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 20-day moving average crossing at $6.46 1/2. Second support is the 50-day moving average crossing at $6.21 1/4. 



December wheat closed up $0.27 1/4-cents at $8.44 1/4.  



December wheat closed higher on Wednesday as it spiked above trading range resistance crossing at $8.63 3/4. Early strength gave way to a sell off ahead of the close and the mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower 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 up $0.19 1/2-cents at $9.01 1/2.



December Kansas City wheat closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 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 up $0.10 1/4-cents at $9.00.



December Minneapolis wheat closed higher on Wednesday as it extends the July-September trading range. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 20th high crossing at $9.67 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 $0.15 1/4-cents at $13.83 1/2.



November soybeans closed lower on Wednesday as it resumed the decline off August's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off August's high, the August 16th low crossing at $13.76 is the next downside target. Closes above last-Thursday's high would signal that a short-term low may have been posted. First resistance is last-Thursday's high crossing at $14.42 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 $4.70 at $411.50. 



December soybean meal closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $405.70 would open the door for a larger-degree decline near-term. Closes above the 10-day moving average crossing at $418.90 would signal that a short-term low has been posted. First resistance is August's high crossing at $436.60. Second resistance is February's high crossing at $439.00. First support the 50-day moving average crossing at $405.70. Second support is the August 16th low crossing at $395.60.   



December soybean oil closed down 118-pts. at 62.10. 



December soybean oil closed lower on Wednesday and below the 50-day moving average crossing at 62.76 signaling that a short-term top has been posted. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. 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 August 4th low crossing at 60.20. Second support is the July 22nd low crossing at 55.53. 

 

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



October hogs closed down $0.05 at $91.05. 



October hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 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 $94.33 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $94.33. Second resistance is the August 23rd high crossing at $96.98. First support is Tuesday's low crossing at $89.58. Second support is the 87% retracement level of the July-August rally crossing at $88.73. 



October cattle closed down $0.83 at $144.23. 



October cattle closed lower on Wednesday as it consolidates some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, August's high crossing at $146.25 is the next upside target. Closes below the 50-day moving average crossing at $142.48 would renew the decline off August's high. First resistance is today's high crossing at $145.50. Second resistance is August's high crossing at $146.25. First support is the 50-day moving average crossing at $142.48. Second support is the July 29th low crossing at $141.43. 



October Feeder cattle closed down $2.17 at $183.92. 



October Feeder cattle closed lower on Wednesday 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 Thursday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Tuesday's close above the 20-day moving average crossing at $185.46 would signal that a short-term low has been posted. If October renews the decline off August's high, the July low crossing at $176.25 is the next downside target. First resistance is Tuesday's high crossing at $187.00. 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 Wednesday and closed below the 20-day moving average crossing at $22.62 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 50-day moving average crossing at 21.73 is the next downside target. Closes above the 10-day moving average crossing at $23.38 would signal that a short-term low has been posted. First resistance is August's high crossing at $24.30. Second resistance is February's high crossing at $25.34. First support is the 50-day moving average crossing at $21.73. Second support is the August 19th low crossing at $20.95.                     



December cocoa closed lower on Wednesday as it extended the July-September trading range. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If December extends today's decline, August 23rd low crossing at 23.14 is the next downside target. If December 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 Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends last-Friday's rally, August's high crossing at 18.70 is the next upside target. 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.    



December cotton closed lower on Wednesday as it extended the decline off August's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends last-week's decline, the 50-day moving average crossing at 100.48 is the next downside target. Closes above the 20-day moving average crossing at 110.92 would signal that a low has been posted. 

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