INO Evening Market Comments
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Started by tallpine - Nov. 4, 2022, 5:19 p.m.

KEY EVENTS TO WATCH FOR:



Monday, November 7, 2022  



10:00 AM ET. October Employment Trends Index

                       ETI (previous 120.17)

                       ETI, Y/Y%

3:00 PM ET. September Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +32.2B)



Tuesday, November 8, 2022  



6:00 AM ET. October NFIB Index of Small Business Optimism

                       Small Business Idx (previous 92.1)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +8.5%)

                       Latest Wk, Y/Y% (previous +9.7%)

10:00 AM ET. November IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 41.6)

                       6-Mo Economic Outlook (previous 35.4)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -6.5M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -2.6M)

                       Distillate Stocks, Net Chg (Bbls) (previous +0.9M)

  N/A              U.S. midterm elections



Wednesday, November 9, 2022 



7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 200.1)

                       Composite Idx, W/W% (previous -0.5%)

                       Purchase Idx-SA (previous 160.5)

                       Purchase Idx-SA, W/W% (previous -0.8%)

                       Refinance Idx (previous 386.7)

                       Refinance Idx, W/W% (previous +0.2%)

10:00 AM ET. September Monthly Wholesale Trade

                       Inventories, M/M% (previous +1.3%)

10:00 AM ET. October Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 436.83M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.115M)

                       Gasoline Stocks (Bbl) (previous 206.633M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.257M)

                       Distillate Stocks (Bbl) (previous 106.784M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.427M)

                       Refinery Usage (previous 90.6%)

                       Total Prod Supplied (Bbl/day) (previous 20.481M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.106M)

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)



Thursday, November 10, 2022  



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

                       Jobless Claims (previous 217K)

                       Jobless Claims, Net Chg (previous -1K)

                       Continuing Claims (previous 1485000)

                       Continuing Claims, Net Chg (previous +47K)

8:30 AM ET. October CPI

                       CPI, M/M% (previous +0.4%)

                       Core CPI, M/M% (previous +0.6%)

                       Energy Idx, M/M% (previous -2.1%)

                       Food Idx, M/M% (previous +0.8%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.1%)

                       CPI, Y/Y% (previous +8.2%)

                       Core Annual, Y/Y% (previous +6.6%)

8:30 AM ET. October Real Earnings

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 3501B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +107B)

2:00 PM ET. October Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings



Friday, November 11, 2022 



10:00 AM ET. November University of Michigan Survey of Consumers - preliminary

                       Mid-Mo Sentiment (previous 59.8)

                       Mid-Mo Expectations (previous 56.2)

                       Mid-Mo Current Idx (previous 65.3)


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



The Dow closed higher on Friday as it consolidated some of the decline off Wednesday's high. The low-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 31,161.00 would signal that a short-term top has been posted. If the Dow extends the rally off October's low, the 87% retracement level of the August-October decline crossing at 33,563.5 is the next upside target. First resistance is the 75% retracement level of the August-October decline crossing at 32,883.57. Second resistance is the 87% retracement level of the August-October decline crossing at 33,563.50. First support is the 20-day moving average crossing at 31,161.00. Second support is the October 21st low crossing at 30,260.28. 



The December NASDAQ 100 closed higher on Friday as it consolidated some of the rally off October's low. Today's 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 sideways to lower prices are possible. If December renews the decline off August's high, monthly support crossing at 10,027.00 is the next downside target. If December renews the rally off October's low, the October 25h high crossing at 11,734.00. First resistance is the October 25h high crossing at 11,734.00. Second resistance is the September 21st high crossing at 12,140.50. First support is today's low crossing at 10,636.00. Second support is October's low crossing at 10,484.75.



The December S&P 500 closed higher on Friday following a three-day decline off Tuesday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the rally off October's low, the 62% retracement level of the August-October decline crossing at 4024.30. If December extends the decline off Tuesday's high, the October 21st low crossing at 3641.50 is the next downside target. First resistance is the 50% retracement level of the August-October decline crossing at 3924.14. Second resistance is the 62% retracement level of the August-October decline crossing at 4024.30. First support is the October 21st low crossing at 3641.50. Second support is October's low crossing at 3502.00.      



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



December T-bonds closed down 30-pts. at 119-12. 



December T-bonds closed lower on Friday as it extends the decline off Tuesday's high. 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 turning 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 121-25 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 121-25. Second resistance is the October 4th high crossing at 129-12. First support is October'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 unchanged on Friday as it consolidates some of this week'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 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 October 27th high crossing at 111.310 would signal that a short-term low has been posted. First resistance is the October 27th high crossing at 111.310. Second resistance is the 50-day moving average  crossing at 112.267. First support is October'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 sharply higher on Fri and above October's high to renew the rally off September's low. The high-range close sets the stage for a higher opening when Monday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below Monday's low crossing at $85.30 would signal that a short-term top has been posted. If December extends today's rally,. August's high crossing at $95.55 is the next upside target. First resistance is August's high crossing at $95.45. Second resistance is the July 29th high crossing at $96.15. First support is the October 18th low crossing at $81.30. Second support is September's low crossing at $75.70. 



December heating oil closed higher for the third day in a row on Friday and closed above August's high crossing at $3.8939. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, June's high crossing at $4.0651 is the next upside target. Closes below the 50-day moving average crossing at $3.4837 would confirm that a short-term top has been posted. First resistance is today's high crossing at $3.9565. Second resistance is June's high crossing at $4.0651. First support is the 50-day moving average crossing at $3.4838. Second support is the October 21st low crossing at $3.4435.



December unleaded gas closed higher on Friday as it extends the rally off September's low. 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 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 62% retracement level of the June-September decline crossing at $2.8638 is the next upside target. Closes below the 20-day moving average crossing at $2.5388 would signal that a short-term top has been posted. First resistance is today's high crossing at $2.8172. Second resistance is the 62% retracement level of the June-September decline crossing at $2.8638. First support is the 20-day moving average crossing at $2.5388. Second support is the 50-day moving average crossing at $2.4427.



December Henry natural gas closed higher on Tuesday as it extends the rebound off the 62% retracement level of the July-August rally crossing at 5.393. 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. Today's close above the 20-day moving average crossing at 6.236 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 4.382 is the next downside target. First resistance is the October 17th gap crossing at 6.772. 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 sharply lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 today's decline, October's low crossing at $109.365 is the next downside target. If December extends 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 October's low crossing at $109.365. Second support is September's low crossing at $108.980.   



The December Euro 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 that sideways to higher prices are possible near-term. Closes above the October 27th high crossing at $1.01315 renew the rally off September's low while opening the door for a possible test of September's high crossing at 1.02650. If December extends 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 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 neutral to bearish signaling sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at 1.0392 is the next downside target. If December extends the rally off September's low, September's high crossing at 1.1759 is the next upside target. First resistance is the September 13th high crossing at 1.1759. Second resistance is the 38% retracement level of the May-September decline crossing at 1.1853. 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 sharply higher on Friday as it consolidated some of this week'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 oversold, diverging and are turning neutral to bullish signaling that a double bottom with October's low might have been posted with Thursday's low. Closes above the 50-day moving average crossing at 1.02292 would confirm 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 50-day moving average crossing at 1.02292. Second resistance is October's high crossing at 1.03435. First support is Thursday's low crossing at 0.99010. 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 sharply higher on Friday and above the 50-day moving average crossing at 74.15. 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 extends the rally off October's low, the September 20th high crossing at 75.62 is the next upside target. Closes below Thursday's low crossing at 72.44 would signal that a short-term top has been posted. First resistance the September 20th high crossing at 75.62. Second resistance is September's high crossing at 77.18. 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 higher on Friday extends the trading range of the past two-week's. 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 50-day moving average crossing at 0.069636 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 50-day moving average crossing at 0.069636. Second resistance is the September 22nd high crossing at 0.071895. First support is October's low crossing at 0.066235. Second support is long-term support crossing at 0.065720.  



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



December gold closed sharply 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 that a low might be in or is near. Closes above the 50-day moving average crossing at $1683.90 would confirm 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 $1683.90. Second resistance is October's high crossing at $1738.70. First support is Thursday's low crossing at $1618.30. Second support is monthly support crossing at $1610.30.



December silver closed sharply 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, October's high crossing at 21.310 is the next upside target. Closes below Thursday's low crossing at 18.805 would signal that a short-term top has been posted. First resistance is October's high crossing at 21.310. 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 sharply higher on Friday and closed above the upper boundary of the September-October's trading range crossing at 3.6925.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. If December extends the rally off September's low, August's high crossing at 3.7835 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 today's high crossing at 3.7085. 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 up $0.01 3/4-cents at $6.81. 



December corn closed higher on Friday as it extends the September-November trading range. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off October's high, the September 28th low crossing at $6.61 1/2 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 September 28th low crossing at $6.61 1/2. Second support is September's low crossing at $6.54.



December wheat closed up $0.07 1/4-cents at $8.47 3/4.  



December wheat 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this week'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 up $0.12-cents at $9.53 1/4.



December Kansas City wheat 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $9.15 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 last-Friday's low crossing at $9.15 1/4. Second support is the September 19th low crossing at $8.96 1/4.



December Minneapolis wheat closed up $0.11 1/2-cents at $9.54 1/2.



December Minneapolis wheat 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Thursday's low crossing at $9.33 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 Thursday's low crossing at $9.33. 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 $0.25 1/4-cents at $14.62 1/4.



January soybeans closed higher on Friday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Monday's night trade begins. 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 aforementioned rally, the 62% retracement level of the June-July decline crossing at $14.76 3/4 is the next upside target. Closes below the 20-day moving average crossing at $14.06 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the June-July decline crossing at $14.76 3/4. Second resistance is the 75% retracement level of the June-July decline crossing at $15.15 1/2. First support is the 20-day moving average crossing at $14.06. is the October 19th low crossing at $13.66 3/4.    



December soybean meal closed up $6.60 at $420.90. 



December soybean meal posted an inside day with a higher close 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 neutral to bearish signaling that sideways to higher prices are possible near-term. If December renews the rally off October's low, September's high crossing at $443.80 is the next upside target. Closes below the 20-day moving average crossing at $414.00 would signal that a short-term top has been posted. First resistance is September's high crossing at $440.50. Second resistance is September's high crossing at $443.80. First support is the 20-day moving average crossing at $414.00. Second support is the October 18th low crossing at $398.80. 



December soybean oil closed up 202-pts. at 77.42. 



December soybean oil closed higher on Friday as it extends the rally off September'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 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, June's high crossing at 79.29 is the next upside target. Closes below the 20-day moving average crossing at 70.67 would signal that a short-term top has been posted. First resistance is today's high crossing at 77.42. Second resistance is June's high crossing at 79.29. First support is the 10-day moving average crossing at 73.65. Second support is the 20-day moving average crossing at 70.67. 

 

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



December hogs closed down $0.35 at $83.03. 



December hogs closed lower on Friday as it extended the decline off October's high. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI 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 $83.15 signals that a short-term top has been posted. If December renews the rally off October's low, August's high crossing at $91.35 is the next upside target. First resistance is October's high crossing at $89.80. Second resistance is August's high crossing at $91.35. First support is the 50-day moving average crossing at $83.15. Second support is the October 9th low crossing at $81.35. 



December cattle closed down $0.25 at $151.70. 



December cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $151.05 would signal that a short-term top has been posted. 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. First resistance is October'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 20-day moving average crossing at $151.05. Second support is the 50-day moving average crossing at $149.95. 



January Feeder cattle closed up $0.23 at $179.65. 



January Feeder cattle closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways trading is 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 Monday's low crossing at $177.70 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $180.81. Second resistance is the 62% retracement level of the August-October decline crossing at $184.56. First support is Monday's low crossing at $177.70. Second support is October's low crossing at $172.10.      



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



December coffee closed higher on Friday. The mid-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 December extends the decline off August's high, the 62% retracement level of the 2020-2022 rally crossing at $16.62 is the next downside target. Closes above Wednesday's high crossing at $18.34 would signal that a low has been posted. First resistance is Tuesday's high crossing at $18.34. Second resistance is October's high crossing at $20.98. First support is last-Friday's low crossing at $18.62. Second support is the 62% retracement level of the 2020-2022 rally crossing at $16.62.                   



December cocoa closed sharply higher on Friday as it renewed the rally off September's low. The high-range close sets the stage for a steady to higher opening on Monday. 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, the June 21st high crossing at 25.07 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 higher on Friday as it extends the rally off the October 28th low. 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 March extends the rally off September's low, October's high crossing at 18.94 is the next upside target. Closes below the 50-day moving average crossing at 18.08 would confirm that a short-term top has been posted while opening the door for additional weakness near-term.         



December cotton closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 50-day moving average crossing at 90.77 is the next upside target. Closes below Wednesday's gap crossing at 75.00 would signal that a top has been posted. 

Comments
By metmike - Nov. 4, 2022, 8:23 p.m.
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Thanks tallpine!