KEY EVENTS TO WATCH FOR:
Wednesday, October 5, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 254.8)
Composite Idx, W/W% (previous -3.7%)
Purchase Idx-SA (previous 199.3)
Purchase Idx-SA, W/W% (previous -0.4%)
Refinance Idx (previous 524.1)
Refinance Idx, W/W% (previous -10.9%)
8:15 AM ET. September ADP National Employment Report
Private Sector Jobs, Net Chg (previous +132000)
8:30 AM ET. August U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -70.65B)
Exports (USD) (previous 259.29B)
Exports, M/M% (previous +0.2%)
Imports (USD) (previous 329.94B)
Imports, M/M% (previous -2.9%)
9:00 AM ET. IMF World Economic Outlook analytical chapters
9:45 AM ET. September US Services PMI
PMI, Services (previous 43.7)
10:00 AM ET. September ISM Report On Business Services PMI
Services PMI (previous 56.9)
Business Activity Idx (previous 60.9)
Prices Idx (previous 71.5)
Employment Idx (previous 50.2)
New Orders Idx (previous 61.8)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 430.559M)
Crude Oil Stocks, Net Chg (Bbl) (previous -0.215M)
Gasoline Stocks (Bbl) (previous 212.188M)
Gasoline Stocks, Net Chg (Bbl) (previous -2.422M)
Distillate Stocks (Bbl) (previous 114.359M)
Distillate Stocks, Net Chg (Bbl) (previous -2.891M)
Refinery Usage (previous 90.6%)
Total Prod Supplied (Bbl/day) (previous 20.77M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.832M)
11:00 AM ET. September Global Services PMI
PMI, Services (previous 49.2)
Thursday, October 6, 2022
7:30 AM ET. September Challenger Job-Cut Report
Job Cuts, M/M% (previous -21%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 193K)
Jobless Claims, Net Chg (previous -16K)
Continuing Claims (previous 1347000)
Continuing Claims, Net Chg (previous -29K)
8:30 AM ET. U.S. Weekly Export Sales
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2977B)
Working Gas In Storage, Net Chg (Cbf) (previous +103B)
12:00 PM ET. September Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, October 7, 2022
8:30 AM ET. IMF releases Chapter 2 of the Global Financial Stability Report
8:30 AM ET. September U.S. Employment Report
Non-Farm Payrolls (previous +315K)
Unemployment Rate (previous 3.7%)
Avg Hourly Earnings (USD) (previous 32.36)
Avg Hourly Earnings-Net Chg (USD) (previous +0.1)
Avg Hourly Earnings, M/M% (previous +0.31%)
Avg Hourly Earnings, Y/Y% (previous +5.20%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg (previous -0.1)
Government Payrolls (previous +7K)
Private Payroll (previous +308K)
Participation Rate (previous 62.4%)
Non-Farm Payrolls Bench Net Chg
10:00 AM ET. August Monthly Wholesale Trade
Inventories, M/M% (previous +0.6%)
3:00 PM ET. August Consumer Credit
Consumer Credit Net Chg (USD) (previous +23.8B)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Wednesday as it consolidated some of the decline off August's high to start the four-quarter on a high note. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remained neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 30,402.86 would signal that a short-term low has been posted. If the Dow renews the decline off August's high, monthly support crossing at 27,953.65 is the next downside target. First resistance is the 20-day moving average crossing at 30,402.86. Second resistance is the 50-day moving average crossing at 31,811.16. First support is last-Friday's low crossing at 28,715.85. Second support is monthly support crossing at 27,953.65.
The December NASDAQ 100 closed slightly lower on Wednesday as it consolidated some of the rally off Monday's low. 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 remain neutral to bullish signaling sideways to higher prices are possible. Closes above the 20-day moving average crossing at 11,789.23 would signal that a short-term low has been posted. If December renews the decline off August's high, monthly support crossing at 10,027.00 is the next downside target. First resistance is the 20-day moving average crossing at 11,789.23. Second resistance is the 50-day moving average crossing at 12,531.60. First support is Monday's low crossing at 10,890.75. Second support is monthly support crossing at 10,027.00.
The December S&P 500 closed slightly lower on Wednesday. The high-range close sets the stage for a steady to slightly higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3832.60 would signal that a short-term low has been posted. If December renews the decline off August's high, the 50% retracement level of the 2020-2022 crossing at 3491.65 is the next downside target. First resistance is the 20-day moving average crossing at 3832.60. Second resistance is the 50-day moving average crossing at 4017.59. First support is Monday's low crossing at 3571.75. Second support is the 50% retracement level of the 2020-2022 crossing at 3491.65.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
December T-bonds closed down 1-24-pts. at 126-29.
December T-bonds 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 129-15 would signal that a short-term low has been posted. If December renews the decline off August's high, monthly support crossing at 118-21 is the next downside target. First resistance is the 20-day moving average crossing at 129-15. Second resistance is the 50-day moving average crossing at 135-07. First support is last-Wednesday's low crossing at 123-30. Second support is monthly support on the continuation chart crossing at 118-21.
December T-notes closed down 305-pts. at 112.170.
December T-notes closed lower on Wednesday as it consolidated some of the rally off last-Wednesday's low. 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 bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 113.211 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 2000-2020 on the monthly continuation chart crossing at 105.157 is the next downside target. First resistance is the 20-day moving average crossing at 113.211. Second resistance is the 50-day moving average crossing at 116.224. First support is last-Wednesday's low crossing at 110.190. Second support is the 75% retracement level of the 2000-2020 crossing at 105.157.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
November crude oil closed higher on Wednesday as it extends the rally off September's low and closed above the 50-day moving average crossing at $87.47. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off September's low, the August 30th high crossing at $96.82 is the next upside target. Closes below the 10-day moving average crossing at $81.83 would signal that a short-term top has been posted. First resistance is the September 14th high crossing at $89.63. Second resistance is the August 30th high crossing at $96.82. First support is the 10-day moving average crossing at $81.83. Second support is September's low crossing at $76.25.
November heating oil closed sharply higher on Wednesday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off September's low, August's high crossing at 3.9641 is the next upside target. Closes below the 10-day moving average crossing at 3.3133 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.7174. Second resistance is August's high crossing at 3.9641. First support is the 38% retracement level of the 2021-2022 rally crossing at 3.0693. Second support is the 50% retracement level of the 2021-2022 rally crossing at 3.7293.
November unleaded gas closed lower 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off September's low, the July 29th high crossing at $2.8440 is the next upside target. Closes below the 20-day moving average crossing at $2.4246 would signal that a short-term top has been posted. First resistance is the August 11th high crossing at $2.7173. Second resistance is the July 29th high crossing at $2.8440. First support is the September low crossing at 2.2487. Second support is the 50% retracement level of the 2021-2022 rally crossing at $2.1346.
November Henry natural gas closed 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 are poised to turn neutral to bullish with additional gains that would signal a short-term low has likely been posted. If November extends the decline off August's high, the 87% retracement level of the June-August rally crossing at 6.048 is the next downside target. Closes above the 20-day moving average crossing at 7.510 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.510. Second resistance is the 50-day moving average crossing at 8.255. First support is the 87% retracement level of the July-August rally crossing at 6.048. Second support is July's low crossing at 5.465.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The December Dollar posted an inside day with a higher close on Wednesday as it consolidates some of the decline off last-Wednesday's high. The mid-range close sets the stage for a steady to higher opening when Thursday's nights session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 50-day moving average crossing at $100.586 is the next downside target. If December resumes the rally off August's low, monthly resistance crossing at $114.782 is the next upside target. First resistance is last-Wednesday's high crossing at $114.745. Second resistance is monthly resistance crossing at $114.782. First support is the 50-day moving average crossing at $108.586. Second support is September's low crossing at $107.450.
The December Euro posted an inside day with a lower close on Wednesday as it consolidates some of the rally off last-Wednesday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.00974 would open the door for a possible test of September's high crossing at 1.02650. If December renews 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 $1.00974. Second resistance is September's high crossing at 1.02650. First support is last-Wednesday's low crossing at $0.95920. 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 lower on Wednesday as it consolidates some of the rally off last-Monday's low. 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 overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off last-Monday's low, the 50-day moving average crossing at 1.1696 is the next upside target. If December renews this year's decline, psychological support crossing at 1.0000 is the next downside target. First resistance is the 50-day moving average crossing at 1.1696. Second resistance is the August 26th high crossing at 1.1923. First support is last-Monday's low crossing at 1.0392. Second support is psychological support crossing at 1.0000.
The December Swiss Franc posted an inside day with a lower close on Wednesday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.03539 would signal that a short-term low has been posted. If December resumes the decline off September's high, the June low on the monthly continuation chart crossing at 1.00235 is the next downside target. First resistance is the 20-day moving average crossing at 1.03539. Second resistance is the 50-day moving average crossing at 1.04527. First support is last-Wednesday's low crossing at 1.01105. Second support is the monthly continuation chart crossing at 1.00235 is the next downside target.
The December Canadian Dollar 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 74.54 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 2020-2021 rally crossing at 72.14 is the next downside target. First resistance is the 20-day moving average crossing at 74.54. Second resistance is the 50-day moving average crossing at 76.17. First support is the 75% retracement level of the 2020-2021 rally crossing at 72.14. Second support is the 87% retracement level of the 2020-2021 rally crossing at 70.42.
The December Japanese Yen closed slightly lower on Wednesday as it extends the September-October trading range. 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 neutral signaling that sideways trading is possible near-term. If December renews this year's decline, is long-term support crossing at 0.065720 is the next downside target. Closes above the September 22nd high crossing at 0.071895 would signal that a short-term low has been posted. First resistance is the September 22nd high crossing at 0.071895. Second resistance is the 50-day moving average crossing at 0.72667. First support is the September 22nd low crossing at 0.069150. Second support is long-term support crossing at 0.065720.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
December gold closed lower on Wednesday as it consolidated some of the rally off last-Wednesday's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1736.90 would confirm 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 $1736.90. Second resistance is September's high crossing at $1746.40. First support is last-Wednesday's low crossing at $1622.20. Second support is monthly support crossing at $1610.30.
December silver closed lower on Wednesday as it consolidated some of the rally off September's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 50% retracement level of the March-September decline crossing at 22.448 is the next upside target. Closes below the 20-day moving average crossing at 19.357 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the March-September decline crossing at 21.248. Second resistance is the 50% retracement level of the March-September decline crossing at 22.448. First support is the 20-day moving average crossing at 19.357. Second support is last-Wednesday's low crossing at 17.895.
December copper closed higher on Tuesday and above the 50-day moving average crossing at 3.5322 signaling that a short-term low has been posted. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Wednesday's low, September's high crossing at 3.6925 is the next upside target. If December renews the decline off August's high, July's low crossing at 3.1315 is the next downside target. First resistance is September's high crossing at 3.6925. Second resistance is August's high crossing at 3.7835. First support last-Wednesday's low crossing at 3.2430. Second support is July's low crossing at 3.1315.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up $0.01-cents at $6.84.
December corn closed higher on Wednesday as it extends the August-October 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 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 last-Wednesday's low crossing at $6.61 1/2 would open the door for a possible test of the 50-day moving average crossing at $6.52 1/4 is the next downside target. First resistance is psychological resistance crossing at $7.00. Second resistance is the 75% retracement level of the May-July decline crossing at $7.15. First support is last-Wednesday's low crossing at $6.61 1/2. Second support is the 50-day moving average crossing at $6.52 1/4.
December wheat closed down $0.01-cents at $9.02.
December wheat 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 diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $8.79 would signal that a short-term top has been posted. If December extends the rally off August's low, the 38% retracement level of the May-August decline crossing at $9.49 1/4. First resistance is last-Friday's high crossing at $9.45 3/4. Second resistance is the 38% retracement level of the May-August decline crossing at $9.49 1/4. First support is the 20-day moving average crossing at $8.79. Second support is the 50-day moving average crossing at $8.35 3/4.
December Kansas City Wheat closed up $0.01 1/2-cents at $9.90 1/4.
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 diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 38% retracement level of the May-August decline crossing at $10.26 3/4 is the next upside target. Closes below the 20-day moving average crossing at $9.51 3/4 would signal that a short-term top has been posted. First resistance is the July 11th high crossing at $10.10. Second resistance is the 38% retracement level of the May-August decline crossing at $10.26 3/4. First support is the 20-day moving average crossing at $9.51 3/4. Second support is the 50-day moving average crossing at $9.05 1/4.
December Minneapolis wheat closed up $0.05 1/4-cents at $9.81 1/2.
December Minneapolis 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 diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 38% retracement level of the May-August decline crossing at $10.66 1/2 is the next upside target. Closes below the 20-day moving average crossing at $9.49 1/2 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the May-August decline crossing at $9.94 3/4. Second resistance is the 38% retracement level of the May-August decline crossing at $10.66 1/2. First support is the September 19th low crossing at $9.06 1/2. Second support is September's low crossing at $8.80.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed down $0.13 1/4-cents at $13.69 3/4.
November soybeans closed lower on Wednesday ending a two-day bounce off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Thursday's night trade begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off September's high, August's low crossing at $13.56 is the next downside target. Closes above the 20-day moving average crossing at $14.26 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $14.26 3/4. Second resistance is the 75% retracement level of the June-July decline crossing at $15.12. First support is Monday's low crossing at $13.61 1/4. Second support is the August's low crossing at $13.56.
December soybean meal closed down $3.00 at $398.50.
December soybean meal closed lower on Wednesday as it extended the decline off September'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. If December extends the aforementioned decline, the August 16th low crossing at $395.60 is the next downside target. Closes above the 20-day moving average crossing at $418.40 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $418.40. Second resistance is September's high crossing at $443.80. First support is today's low crossing at $396.50. Second support the August's low crossing at $395.60.
December soybean oil closed up 52-pts. at 65.54.
December soybean oil 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the August 12th high crossing at 68.16 is the next upside target. If December renews the decline off September's high, 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 August's low crossing at 60.20. Second support is the July 22nd low crossing at 55.53.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
December hogs closed up $2.13 at $76.55.
December hogs posted an inside day with a higher close on Wednesday as it consolidated some of the decline off September's high. The high-range close sets the stage for a steady to higher 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 December extends the decline off September's high, the 87% retracement level of the 2021-2022 rally crossing at $70.41 is the next downside target. Closes above the 20-day moving average crossing at $81.93 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $79.15. Second resistance is the 20-day moving average crossing at $81.93. First support is the 75% retracement level of the 2021-2022 rally crossing at $73.31. Second support is the 87% retracement level of the 2021-2022 rally crossing at $70.41.
December cattle closed up $0.38 at $147.88.
December cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $149.21 would signal that a short-term low has been posted. If December renews the decline off September's high, the 75% retracement level of the May-September rally crossing at $144.56 is the next downside target. First resistance is the 20-day moving average crossing at $149.21. Second resistance is September's high crossing at $152.23. First support is the 62% retracement level of the May-September rally crossing at $145.92. Second support is the 75% retracement level of the May-September rally crossing at $144.56.
November Feeder cattle closed up $2.10 at $177.30.
November Feeder cattle closed higher on Wednesday as it extended the trading range of the past six-days. The high-range close sets the stage for a steady to higher 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 November extends the decline off August's high, the 87% retracement level of the May-August rally crossing at $173.53 is the next downside target. Closes above the 20-day moving average crossing at $179.96 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $179.96. Second resistance is the 50-day moving average crossing at $184.15. First support is last-Thursday's low crossing at $174.23. Second support is the 87% retracement level of the May-August rally crossing at $173.53.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off September's high, August's high crossing at $24.30 is the next upside target. If December renews Monday's decline, September's low crossing at 21.09 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $23.21. Second resistance is August's high crossing at $24.30. First support is September's low crossing at $21.09. Second support is the August 19th low crossing at $20.95.
December cocoa closed higher on Wednesday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the aforementioned rally, August's high crossing at 24.69 is the next upside target. If December renews the decline off August's high, weekly support on the continuation chart crossing at 19.46 is the next downside target.
March 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. Closes above the September 13th high crossing at 18.18 would signal that a short-term low has been posted. If March renews this summer's decline, the 38% retracement level of the 2020-2022 rally crossing at 17.11 is the next downside target.
December cotton closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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, monthly support crossing at 80.10 is the next downside target. Closes above the 20-day moving average crossing at 94.42 would signal that a low has been posted.
Thanks tallpine!
https://www.marketforum.com/forum/topic/83844/
Potential rain in drought areas of S.Plains.
7 Day Total precipitation below:
http://www.wpc.ncep.noaa.govcdx /qpf/p168i.gif?1530796126
Soilmoisture anomaly:
These maps sometimes take a day to catch up to incorporate the latest data(the bottom map is only updated once a week).
https://www.cpc.ncep.noaa.gov/products/Soilmst_Monitoring/US/Soilmst/Soilmst.shtml#
++++++++++++++++++++++++++++
https://mrcc.purdue.edu/cliwatch/watch.htm#curMonths
September 27, 2022 Below
Drought worsening!!
https://droughtmonitor.unl.edu/Maps/CompareTwoWeeks.aspx
If they miss this rain, and we go thru Oct without much moisture, HRW has huge upside potential pricewise.
HRW was extremely volatile today, going from lower overnight, sharply higher after the funds stepped in early, then selling off later on the rain chances.
Heating oil, not the greatest weather market shot higher because the amount in storage is extremely low and the Northeast region that uses heating oil will see some decent cold the next 2 weeks.
The HO/RB spread took off like a rocket, with RB unch to down much of the day and HO up 20c from the lows.
