INO Evening Market Comments
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Started by tallpine - Sept. 9, 2022, 4:51 p.m.

KEY EVENTS TO WATCH FOR:



Monday, September 12, 2022 



11:00 AM ET. Federal Reserve Board of Governors closed meeting



12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)



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



The Dow gapped up and closed sharply higher on Friday as it extended the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 32,655.93 would signal that a short-term low has been posted. If the Dow renews 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. First resistance is the 50-day moving average crossing at 32,207.73. Second resistance is the 20-day moving average crossing at 32,655.93. 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 December NASDAQ 100 closed sharply higher on Friday as it extends the rally off Wednesday's low. Today's high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bullish signaling sideways to higher prices are possible. Closes above the 20-day moving average crossing at 12,899.02 would signal that a short-term low has been posted. If December renews the decline off August's high, the 75% retracement level of the June-August rally crossing at 11,799.16 is the next downside target. First resistance is the 50-day moving average crossing at 12,673.49. Second resistance is the 20-day moving average crossing at 12,899.02. First support is is the 75% retracement level of the June-August rally crossing at 11,799.16. Second support is the 87% retracement level of the June-August rally crossing at 11,474.02.



The December S&P 500 closed sharply higher on Friday as it extended the rally off Wednesday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If December renews the decline off August's high, the 75% retracement level of the June-August rally crossing at 3828.16 is the next downside target. Closes above the 20-day moving average crossing at 4127.23 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4127.23. Second resistance is the August 26th high crossing at 4234.25. First support is Wednesday's low crossing at 3900.00. Second support is the 75% retracement level of the June-August rally crossing at 3828.16.     



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



December T-bonds closed down 10-pts. at 132-31. 



December T-bonds closed lower on Friday. 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 December 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 136-19 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 134-18. Second resistance is the 20-day moving average crossing at 136-19. First support is Wednesday's low crossing at 132-02. Second support is June's low crossing at 131-01.



December T-notes closed down 65-pts. at 115.245.



December T-notes closed lower on Friday. 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 December extends the decline off August's high, the 87% retracement level of the June-August rally crossing at 115.067 is the next downside target. Closes above the 20-day moving average crossing at 117.166 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 117.166. Second resistance is the 50-day moving average crossing at 118.186. First support is Wednesday'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 higher on Friday 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 Monday'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 $92.01 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 89.49. Second resistance is the 50-day moving average crossing at $92.01. First support is Thursday's lowcrossing at $81.20. Second support is the February 18th lowcrossing at $79.83.  



October heating oil closed slightly higher on Friday as it extends the trading range of the past two-weeks. 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 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 Tuesday's high crossing at 3.7771 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 3.7771. Second resistance is August's high crossing at 4.0392. 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 higher on Friday as it consolidated some of the decline off June'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 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 20-day moving average crossing at $2.5935 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.5935. Second resistance is the 50-day moving average crossing at $2.7346. First support is Thursday's low crossing at 2.2890. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.2446.



October Henry natural gas closed higher on Friday as it consolidates some of the decline off August's high. The mid-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 October extends the decline off August's high, the 62% retracement level of the June-August rally crossing at 7.133 is the next downside target. Closes above the 20-day moving average crossing at 8.934 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 December Dollar closed lower on Friday due to profit taking as it consolidates some of its recent gains. The mid-range close sets the stage for a steady to lower opening when Monday's nights session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $107.030 would confirm that a short-term top has been posted. If December extends the rally off August's low, monthly resistance crossing at $114.782 is the next upside target. First resistance is Wednesday's high crossing at $110.480. Second resistance is monthly resistancecrossing at $114.782. First support is the 20-day moving average crossing at $108.301. Second support is the 50-day moving average crossing at $107.030.   



The December Euro closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.02293 is needed to confirm that a low has been posted. If December 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 $1.02293. Second resistance is August's high crossing at 1.04650. First support is Tuesday's low crossing at $0.99350. Second support is the 87% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $0.93211. 



The December British Pound 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 sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.1793 would signal that a short-term low has been posted. If December extends this year's decline, psychological support crossing at 1.1400 is the next downside target. First resistance the 20-day moving average crossing at 1.1783. Second resistance is the 50-day moving average crossing at 1.1965. First support is Wednesday's low crossing at 1.1427. Second support is psychological support crossing at 1.1400.   

 

The December Swiss Franc closed higher for the third-day in a row on Friday as it extended the rally off Wednesday's low. 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 bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 1.04829 would signal that a short-term low has been posted. If December renews the decline off August's high, June's low crossing at 1.01300 is the next downside target. First resistance is the 50-day moving average crossing at 1.04829. Second resistance is August's high crossing at 1.07550. First support is Wednesday's low crossing at 1.02210. Second support is June's low crossing at 1.01300.  



The December Canadian Dollar closed higher on Friday as it consolidated some of the decline off August's high. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 76.81 would signal that a short-term low has been posted. If December renews the decline off August's high, the 62% retracement level of the 2020-2021 rally crossing at 74.06 is the next downside target.First resistance is the 20-day moving average crossing at 76.81. Second resistance is the August 25th high crossing at 77.50. First support is Wednesday's low crossing at 75.67. Second support is the 62% retracement level of the 2020-2021 rally crossing at 74.06.



The December Japanese Yen closed higher on Friday as it consolidates some of the decline off August's high. The mid-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 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 0.074058 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.071788. Second resistance is the 20-day moving average crossing at 0.073157. First support is Wednesday's low crossing at 0.069665. 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 Friday as it extended the trading range of the past five-days. The mid-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 the 50-day moving average crossing at $1760.90 would signal that a short-term low has been posted. If December renews the decline off August's high, monthly support crossing at $1610.30 is the next downside target. First resistance is the 50-day moving average crossing at $1760.90. Second resistance August's high crossing at $1824.60. First support is the September 1st low crossing at $1699.10. Second support is July's low crossing at $1696.10.



December silver closed higher on Friday as it extended the rally off the September 1st low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 19.317 would signal that a short-term low has been posted. If December renews 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 19.317. Second resistance is August's high crossing at 20.870. First support is the September 1st low crossing at 17.320. Second support is the 75% retracement level of the 2020-2021 rally crossing at 16.315. 



December copper closed higher on Friday.The low-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3.5848 would signal that a short-term low has been posted while opening the door for a possible test of the 38% retracement level of the March-July decline crossing at 3.8395 is the next upside target. If December extends the decline off August's high, July's low crossing at 3.1315 is the next downside 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 up $0.16 1/2-cents at $6.85. 



December corn closed higher on Friday and posted  the highest close since June 23. 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 December extends 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 $6.52 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 $6.52. Second support is the 50-day moving average crossing at $6.22 1/4. 



December wheat closed up $0.40 1/2-cents at $8.69 1/2.  



December wheat closed sharply lower on Friday and closed above the July 29th high crossing at $8.63 3/4. 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 bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the July 29th high crossing at $8.63 3/4 would mark an upside breakout of the July-September trading range. Closes below the September 1st low crossing at $7.91 1/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $8.72 1/2. 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 $0.36 1/4-cents at $9.29 1/4.



December Kansas City wheat closed higher on Friday and above the July 29th high crossing at $9.21 1/2 signaling that a short-term low 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the July 11th high crossing at $10.10 is the next upside target. 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 Wednesday's high crossing at $9.34. 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 $0.29 1/4-cents at $9.27 1/2.



December Minneapolis wheat closed higher on Friday as it extends the July-September trading range. The high-range close sets the stage for a steady to higher opening when Monday's night 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 July 20th high crossing at $9.67 would mark an upside breakout of the July-September trading range and would open the door for additional gains 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. 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 up $0.26 1/4-cents at $14.12 1/4.



November soybeans closed higher on Friday 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 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 November renews the decline off August's high, the August 3rd low crossing at $13.56 is the next downside target. Closes above Thursday's high would signal that a short-term low may have been posted. First resistance is Thursday's high crossing at $14.32 1/4. Second resistance is the July 29th high crossing at $14.89. 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 $4.80 at $410.70. 



December soybean meal 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $405.90 would open the door for a larger-degree decline near-term. Closes above Wednesday's high crossing at $424.00 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 $405.90. Second support is the August 16th low crossing at $395.60.   



December soybean oil closed up 159-pts. at 64.79. 



December soybean oil closed higher on Friday as it consolidated some of this month'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 turning neutral to bullish signaling that sideways to higher 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. If December renews this month's decline, August's low crossing at 60.20 is the next downside 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 up $0.93 at $93.05. 



October hogs closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $94.41 would signal that a short-term low has been posted. If October renews the decline off August's high, 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 $94.41. Second resistance is the August 23rd high crossing at $96.98. First support is Thursday's low crossing at $89.12. Second support is the 87% retracement level of the July-August rally crossing at $88.73. 



October cattle closed up $1.45 at $145.83. 



October cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 $142.73 would renew the decline off August's high. First resistance is Today's high crossing at $145.88. Second resistance is August's high crossing at $146.25. First support is the 50-day moving average crossing at $142.73. Second support is the July 29th low crossing at $141.43. 



October Feeder cattle closed up $1.50 at $185.90. 



October Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, August's high crossing at $190.20 is the next upside target. 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 higher on Friday. 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 December extends the decline off August's high, the 50-day moving average crossing at 21.75 is the next downside target. Closes above the 10-day moving average crossing at $23.11 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 $21.75. Second support is the August 19th low crossing at $20.95.                     



December cocoa closed higher on Friday as it extends the July-September trading range. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If December extends this week'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 Friday as it extends the August-September symmetrical triangle. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher 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. Closes above the August 30th high crossing at 18.52 would signal that a short-term low has been posted.    



December cotton closed higher on Friday as it consolidates some of the decline off August's high. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain 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 100.83 is the next downside target. Closes above the 20-day moving average crossing at 111.07 would signal that a low has been posted. 

Comments
By metmike - Sept. 9, 2022, 5:58 p.m.
Like Reply

Thanks very much tallpine!