KEY EVENTS TO WATCH FOR:
Tuesday, October 25, 2022
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y%
Latest Wk, Y/Y%
9:00 AM ET. August U.S. Monthly House Price Index
9:00 AM ET. August S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous -0.8%)
10-City Idx, Y/Y% (previous +14.9%)
20-City Idx, M/M% (previous -0.8%)
20-City Idx, Y/Y% (previous +16.1%)
National Idx, M/M% (previous -0.3%)
National Idx, Y/Y% (previous +15.8%)
10:00 AM ET. October Richmond Fed Business Activity Survey
Mfg Idx (previous 0)
Shipments Idx (previous 14)
10:00 AM ET. October Consumer Confidence Index
Cons Conf Idx (previous 108)
Expectation Idx
Present Situation Idx (previous 149.6)
1:00 PM ET. September Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls)
Gasoline Stocks, Net Chg (Bbls)
Distillate Stocks, Net Chg (Bbls)
Wednesday, October 26, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 204.6)
Composite Idx, W/W% (previous -4.5%)
Purchase Idx-SA (previous 164.2)
Purchase Idx-SA, W/W% (previous -3.7%)
Refinance Idx (previous 394.6)
Refinance Idx, W/W% (previous -6.8%)
8:30 AM ET. September Advance Economic Indicators Report
10:00 AM ET. September New Residential Sales
New Home Sales (previous 685K)
New Home Sales, M/M% (previous +28.8%)
New Home Sales Months Supply (previous 8.1)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 437.357M)
Crude Oil Stocks, Net Chg (Bbl) (previous -1.725M)
Gasoline Stocks (Bbl) (previous 209.368M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.114M)
Distillate Stocks (Bbl) (previous 106.187M)
Distillate Stocks, Net Chg (Bbl) (previous +0.124M)
Refinery Usage (previous 89.5%)
Total Prod Supplied (Bbl/day) (previous 20.761M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.49M)
Thursday, October 27, 2022
8:30 AM ET. 3rd Quarter Advance estimate GDP
Annual Rate, Q/Q% (previous -0.6%)
Chain-Weighted Price Idx, Q/Q% (previous +9.0%)
PCE Price Idx, Q/Q% (previous +7.3%)
Purchase Price Idx, Q/Q% (previous +8.5%)
Real Final Sales 1st Est, Q/Q% (previous +1.3%)
Core PCE Price Idx, Q/Q% (previous +4.7%)
Personal Consumption, Q/Q% (previous +2.0%)
8:30 AM ET. September Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -0.2%)
Dur Goods, Ex-Defense, M/M% (previous -0.9%)
Dur Goods, Ex-Transport, M/M% (previous +0.2%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M%(previous +1.3%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 214K)
Jobless Claims, Net Chg (previous -12K)
Continuing Claims (previous 1385000)
Continuing Claims, Net Chg (previous +21K)
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 3342B)
Working Gas In Storage, Net Chg (Cbf) (previous +111B)
11:00 AM ET. October Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 2)
6-Mo Exp Prod Idx (previous 16)
Mfg Composite Idx (previous 1)
6-Mo Exp Composite Idx (previous 9)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, October 28, 2022
8:30 AM ET. September Personal Income & Outlays
Personal Income, M/M% (previous +0.3%)
Consumer Spending, M/M% (previous +0.4%)
PCE Price Idx, M/M% (previous +0.3%)
PCE Price Idx, Y/Y% (previous +6.2%)
PCE Core Price Idx, M/M% (previous +0.6%)
PCE Core Price Idx, Y/Y% (previous +4.9%)
8:30 AM ET. 3rd Quarter Employment Cost Index
ECI, Q/Q% (previous +1.3%)
ECI, Y/Y% (previous +5.1%)
10:00 AM ET. September Pending Home Sales Index
Pending Home Sales (previous 88.4)
Pending Home Sales Idx, M/M% (previous -2.0%)
Pending Home Sales Idx , Y/Y% (previous -24.2%)
10:00 AM ET. October University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (previous 58.6)
End-Mo Expectations Idx (previous 58.0)
12-Month Inflation Forecast (previous 4.7%)
5-Year Inflation Forecast (previous 2.7%)
End-Mo Current Idx (previous 59.7)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow gapped above the 50-day moving average crossing at 31,077.28 and closed higher on Monday as it extended the rally off October's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 the Dow extends the rally off October's low, the 62% retracement level of the August-October decline crossing at 32,135.65 is the next upside target. Closes below the 20-day moving average crossing at 29,866.23 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the August-October decline crossing at 31,467.05. Second resistance is the 62% retracement level of the August-October decline crossing at 32,135.65. First support is the 20-day moving average crossing at 29,866.23. Second support is the October 13th low crossing at 28,660.94.
The December NASDAQ 100 closed higher on Monday as it extends the rally off October's low. Today's high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible. If December extends the rally off October's low, the October 6th high crossing at 11,729.75. 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 October 6th high crossing at 11,729.75. Second resistance is the 50-day moving average crossing at 11,989.67. First support is last-Friday's low crossing at 10,935.50. Second support is October's low crossing at 10,484.75.
The December S&P 500 closed higher on Monday following last-Friday's key reversal up. The high-range close sets the stage for a steady to higher opening when Tuesday'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 October 5th high crossing at 3820.00 are needed to confirm 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 October 5th high crossing at 3820.00. Second resistance is the 50-day moving average crossing at 3892.72. First support is last-Friday's low crossing at 3641.50. Second support is October's low crossing at 3502.00.
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December T-bonds closed down 30-pts. at 118-06.
December T-bonds closed lower for the fourth-day in a row on Monday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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, monthly support crossing at 114-06 is the next downside target. Closes above the 20-day moving average crossing at 124-17 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 124-17. Second resistance is the October 4th high crossing at 129-12. First support is today's low crossing at 117-19. Second support is monthly support on the continuation chart crossing at 114-06.
December T-notes closed down 35-pts. at 109.220.
December T-notes closed lower on Monday as it consolidates some of this year's decline. The low-range close sets the stage for a steady to lower opening when Tuesday'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, the 75% retracement level of the 2000-2020 on the monthly continuation chart crossing at 105.157 is the next downside target. Closes above the 20-day moving average crossing at 111.108 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 111.108. Second resistance is the October 4th high crossing at 113.055. First support is last-Friday's low crossing at 108.265. 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 ""
December crude oil closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $81.30 would renew the decline off October's high. Closes above last-Thursday's high crossing at $87.14 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $87.15. Second resistance is the October 10th high crossing at $92.34. First support is last-Tuesday's low crossing at $81.30. Second support is September's low crossing at $75.70.
December heating oil closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. 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 $3.4563 would confirm that a short-term top has been posted. If December renews the rally off September's low, August's high crossing at $3.8939 is the next upside target. First resistance is October's high crossing at $3.8315. Second resistance is August's high crossing at $3.8939. First support is the 50-day moving average crossing at $3.4563. Second support is the 50% retracement level of the September-October rally crossing at $3.3997.
December unleaded gas posted a key reversal up and closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If December renews the rally off September's low, the July 29th high crossing at $2.7536 is the next upside target. Closes below last-Tuesday's low crossing at $2.3528 would signal that a short-term top has been posted. First resistance is the October 10th high crossing at $2.6185. Second resistance is the July 29th high crossing at $2.7536. First support is last-Tuesday's low crossing at $2.3526. Second support is the September low crossing at $2.1877.
December Henry natural gas closed higher on Monday as it bounces off the 62% retracement level of the July-August rally crossing at 5.393 to end a six-day decline. The high-range close sets the stage for a steady to higher opening when Tuesday'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, the 75% retracement level of the June-August rally crossing at 4.382 is the next downside target. Closes above last-Tuesday's gap crossing at 6.772 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.699. Second resistance is the October 6th high crossing at 7.436. First support is the 62% retracement level of the July-August rally crossing at 5.393. Second support is the 75% retracement level of the June-August rally crossing at 4.382.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The December Dollar closed slightly lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's nights session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends last-Friday's key reversal down, the 50-day moving average crossing at $110.410 is the next downside target. If December renews the rally off October's low, the September 28th high crossing at $114.745 is the next upside target. First resistance is the September 28th high crossing at $114.745. Second resistance is monthly resistancecrossing at $114.782. First support is the 50-day moving average crossing at $110.410. Second support is September's low crossing at $108.980.
The December Euro closed higher on Monday following last-Friday's key reversal up. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $0.99674 are needed to confirm that a low has been posted while opening the door for a possible test of September's high crossing at 1.02650. If December renews this month's decline, September's low crossing at $0.95920 is the next downside target. First resistance is October's high crossing at $1.00545. Second resistance is September's high crossing at 1.02650. First support is September'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 slightly higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 50-day moving average crossing at 1.1441 would signal that a low has been posted while opening the door for a possible test of September's high crossing at 1.1759. If December renews the decline off October's high, September's low crossing at 1.0392 is the next downside target. First resistance is the 50-day moving average crossing at 1.1441. Second resistance is the September 13th high crossing at 1.1759. First support is the October 12th low crossing at 1.0937. Second support is September's low crossing at 1.0392.
The December Swiss Franc closed lower on Monday leaving last-Friday's key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.01340 would signal that a short-term low has been posted. If December extends the decline off September's high, the 87% retracement level of the 2016-2021 rally on the monthly continuation chart crossing at 0.98980 is the next downside target. First resistance is the 20-day moving average crossing at 1.01340. Second resistance is the 50-day moving average crossing at 1.03128. First support is last-Friday's low crossing at 0.99125. Second support is the 87% retracement level of the 2016-2021 rally monthly continuation chart crossing at 0.98980 is the next downside target.
The December Canadian Dollar closed lower on Monday leaving last-Friday's key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Tuesday'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 October's low, the October 4th high crossing at 74.09 is the next upside target. If December renews the decline off August's high, the 87% retracement level of the 2020-2021 rally crossing at 70.42 is the next downside target. First resistance the October 4th high crossing at 74.09. Second resistance is the 50-day moving average crossing at 74.81. 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 lower on Monday leaving last-Friday's huge key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Tuesday’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 20-day moving average crossing at 0.068778 would signal that a short-term low has been posted. If December renew this year's decline, is long-term support crossing at 0.065720 is the next downside target. First resistance is the 20-day moving average crossing at 0.068778. Second resistance is the September 22nd high crossing at 0.071895. First support is last-Friday's low crossing at 0.066235. Second support is long-term support crossing at 0.065720.
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December gold closed slightly lower on Monday as it consolidated some of last-Friday's rally that left a possible double bottom with September's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $1674.70 would signal that a short-term low has been posted. If December extends the decline off October's high, monthly support crossing at $1610.30 is the next downside target. First resistance is the 50-day moving average crossing at $1704.80. Second resistance is October's high crossing at $1738.70. First support is last-Friday's low crossing at $1621.10. Second support is monthly support crossing at $1610.30.
December silver closed slightly higher on Monday. The low-range close sets the stage for a steady to slightly higher opening when Tuesday'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 19.287 would signal that a short-term low has been posted. If December renews the decline off September's high, the September 28th low crossing at 17.895 is the next downside target. If December extends the rally off today's low, the 38% retracement level of the March-September decline crossing at 21.248 is the next upside target.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 September 28th low crossing at 17.895. Second support is September's low crossing at 17.400.
December copper closed lower on Monday as it extends October's trading range.The low-range close sets the stage for a steady to lower opening when Tuesday'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 3.4921 would temper the near-term bearish outlook. If December renews the rally off September's low, September's high crossing at 3.6925 is the next upside target. If December renews the decline off August's high, September's low crossing at 3.2430 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 September'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 down $2.3/4-cents at $6.81 1/2.
December corn closed lower on Monday as it extends the trading range of the past four-days. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 renews the decline off October's high, the 50-day moving average crossing at $6.71 1/4 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 $7.15 is the next upside 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 the 50-day moving average crossing at $6.71 1/4. Second support is the September 28th low crossing at $6.61 1/2.
December wheat closed down $0.12-cents at $8..38 3/4.
December wheat closed lower on Monday as it extends last-week's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday'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 renews this month's decline, the September 19th low crossing at $8.19 1/4 is the next downside target. If December renews the rally off August's low, the 50% retracement level of the May-August decline crossing at $10.15 is the next upside target. First resistance is the 38% retracement level of the May-August decline crossing at $9.50 3/4. Second resistance is the 50% retracement level of the May-August decline crossing at $10.15. First support is the September 19th low crossing at $8.19 1/4. Second support is September's low crossing at $7.91 1/4.
December Kansas City Wheat closed down $0.10 1/4-cents at $9.38.
December Kansas City wheat closed lower on Monday as it tested the 50-day moving average crossing at $9.29 1/4. The low-range close sets the stage for a steady to lower opening when Tuesday'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. Closes below the 50-day moving average crossing at $9.29 1/4 would open the door for additional weakness near-term. If December renews the rally off August's low, the 50% retracement level of the May-August decline crossing at $10.93 1/2 is the next upside target. First resistance is the 38% retracement level of the May-August decline crossing at $10.26 3/4. Second resistance is the 50% retracement level of the May-August decline crossing at $10.93 1/2. First support is the 50-day moving average crossing at $9.29 1/4. Second support is the September 19th low crossing at $8.96 1/4.
December Minneapolis wheat closed down $0.03 3/4-cents at $9.57 3/4.
December Minneapolis wheat closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 $9.38 1/2 would open the door for a larger-degree decline off October's high. If December renews 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. 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 50-day moving average crossing at $9.38 1/2. Second support is the September 6th low crossing at $9.06 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed up $0.23 1/4-cents at $13.81 1/4.
January soybeans closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night trade begins. 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 $14.19 1/4 would confirm that a short-term low has been posted. If January renews the decline off September's high, the October 6thlow crossing at $13.62 1/4 is the next downside target. First resistance is the 50-day moving average crossing at $14.19 1/4. Second resistance is the 50% retracement level of the June-July decline crossing at $14.42 1/4. First support is the October 6th low crossing at $13.62 1/4. Second support is the July's low crossing at $12.97.
December soybean meal closed down $9.20 at $408.70.
December soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 62% retracement level of the September-October decline crossing at $424.00 is the next upside target. Closes below the 20-day moving average crossing at $406.90 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the September-October decline crossing at $417.60. Second resistance is the 62% retracement level of the September-October decline crossing at $424.00. First support is the October 18th low crossing at $398.80. Second support October's low crossing at $392.00.
December soybean oil closed up 37-pts. at 71.87.
December soybean oil closed higher on Monday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 75% retracement level of the June-July decline crossing at 73.14 is the next upside target. Closes below the 50-day moving average crossing at 65.73 would signal that a short-term low has been posted. First resistance is the 75% retracement level of the June-July decline crossing at 73.14. Second resistance is the 87% retracement level of the June-July decline crossing at 76.14. First support is the 10-day moving average crossing at 68.29. Second support is the 50-day moving average crossing at 65.73.
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December hogs closed down $1.10 at $88.03.
December hogs posted an inside day with a lower close on Monday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, August's high crossing at $91.35 is the next upside target. Closes below the 20-day moving average crossing at $80.66 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $89.80. Second resistance is August's high crossing at $91.35. First support is the 10-day moving average crossing at $84.61. Second support is the 20-day moving average crossing at $80.66.
December cattle closed up $1.70 at $154.13.
December cattle closed higher for the sixth-day in a row on Monday as it posted a new contract high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI 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 June-2015 high on the monthly continuation chart crossing at $156.48 is the next upside target. Closes below the 20-day moving average crossing at $148.78 would signal that a short-term top has been posted. First resistance is today's high crossing at $154.20. Second resistance is the June-2015 high on the monthly continuation chart crossing at $156.48. First support is the 10-day moving average crossing at $150.13. Second support is the 20-day moving average crossing at $148.78.
January Feeder cattle closed up $1.58 at $181.95.
January Feeder cattle closed higher on Monday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 January extends the rally off October's low, the 62% retracement level of the August-October decline crossing at $184.56 is the next upside target. Closes below the 20-day moving average crossing at $177.49 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $182.43. Second resistance is the 62% retracement level of the August-October decline crossing at $184.56. First support is the 20-day moving average crossing at $177.49. Second support is October's low crossing at $172.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 50% retracement level of the 2020-2022 rally crossing at 18.29 is the next downside target. Closes above the 20-day moving average crossing at $20.98 would signal that a low has been posted. First resistance is the 10-day moving average crossing at $19.82. Second resistance is the 20-day moving average crossing at $20.98. First support is last-Friday's low crossing at $18.62. Second support is the 50% retracement level of the 2020-2022 rally crossing at 18.29.
December cocoa closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If December renews the rally off September's low, August's high crossing at 24.69 is the next upside target. Closes below last-Wednesday's low crossing at 22.75 would signal that a short-term top has been posted.
March sugar closed lower on Monday as it extends the decline off October's high. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 18.56 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off September's low, July's high crossing at 19.69 is the next upside target.
December cotton closed lower on Monday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening on Tuesday. 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, the 75% retracement level of 2020-2022 rally crossing at 74.53 is the next downside target. Closes above the 20-day moving average crossing at 83.81 would signal that a low has been posted.
Thanks tallpine!
Needed rains in some places.
Bearish mild weather continues for NG.