KEY EVENTS TO WATCH FOR:
Wednesday, December 7, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 208.1)
Composite Idx, W/W% (previous -0.8%)
Purchase Idx-SA (previous 181)
Purchase Idx-SA, W/W% (previous +3.8%)
Refinance Idx (previous 325.5)
Refinance Idx, W/W% (previous -12.9%)
8:30 AM ET. 3rd Quarter Revised Productivity & Costs
Non-Farm Productivity (previous -4.1%)
Unit Labor Costs (previous +10.2%)
10:00 AM ET. 3rd Quarter Quarterly Financial Report - Retail Trade
10:00 AM ET. 3rd Quarter Quarterly Financial Report - Industry
10:00 AM ET. November Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 419.084M)
Crude Oil Stocks, Net Chg (Bbl) (previous -12.581M)
Gasoline Stocks (Bbl) (previous 213.768M)
Gasoline Stocks, Net Chg (Bbl) (previous +2.77M)
Distillate Stocks (Bbl) (previous 112.648M)
Distillate Stocks, Net Chg (Bbl) (previous +3.547M)
Refinery Usage (previous 95.2%)
Total Prod Supplied (Bbl/day) (previous 19.717M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.161M)
3:00 PM ET. October Consumer Credit
Consumer Credit Net Chg (USD) (previous +25.0B)
Thursday, December 8, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 225K)
Jobless Claims, Net Chg (previous -16K)
Continuing Claims (previous 1608000)
Continuing Claims, Net Chg (previous +57K)
8:30 AM ET. U.S. Weekly Export Sales
10:00 AM ET. 3rd Quarter Quarterly Services
10:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3483B)
Working Gas In Storage, Net Chg (Cbf) (previous -81B)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, December 9, 2022
8:30 AM ET. November PPI
PPI, M/M% (previous +0.2%)
Ex-Food & Energy PPI, M/M% (previous +0%)
Personal Consumption (previous +0.4%)
10:00 AM ET. October Monthly Wholesale Trade
Inventories, M/M% (previous +0.6%)
10:00 AM ET. December University of Michigan Survey of Consumers - preliminary
Mid-Mo Sentiment (previous 54.7)
Mid-Mo Expectations (previous 52.7)
Mid-Mo Current Idx (previous 57.8)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed sharply lower for the second day in a row on Tuesday and closed below the 20-day moving average crossing at 33,799.72 signaling that a short-term top has been posted.Strong U.S. economic data will prompt the Federal Reserve to keep interest rates climbing. Tuesday's narrower-than-expected October U.S. trade gap didn't help. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends today's decline, the November 10th gap crossing at 33,065.11 is the next downside target. If the Dow renews the rally off October's low, the 75% retracement level of the January-October decline crossing at 34,893.55. First resistance is last-Wednesday's high crossing at 34,589.77. Second resistance is the 75% retracement level of the January-October decline crossing at 34,901.54. First support is the November 11th gap crossing at 33,065.11. Second support is the November 3rd low crossing at 31,727.05.
The March NASDAQ 100 closed sharply lower on Tuesday and closed below the 20-day moving average crossing at 11,805.94. Today's low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible. Closes below the 50-day moving average crossing at 11,521.08 would confirm that a short-term top has been posted. If March renews the rally off November's low, the 62% retracement level of the August-October decline crossing at 12,618.67 is the next upside target. First resistance is the 50% retracement level of the August-October decline crossing at 12,229.32. Second resistance is the 62% retracement level of the August-October decline crossing at 12,618.67. First support is the 50-day moving average crossing at 11,521.08. Second support is the November 9th low crossing at 10,932.75.
The March S&P 500 closed sharply lower for the second day in a row on Tuesday and closed below the 20-day moving average crossing at 4010.86 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at 3864.17 is the next downside target. If March renews the rally off October's low, the September 13th high crossing at 4194.25 is the next upside target. First resistance is last-Thursday's high crossing at 4142.50. Second resistance is the September 13th high crossing at 4194.25. First support is the November 17th low crossing at 3945.50. Second support is the 50-day moving average crossing at 3864.15.
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March T-bonds closed up 1-11-pts. at 130-04.
March T-bonds closed higher on Tuesday as they extend the rally off October's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 March extends the rally off November's low, the 50% retracement level of the August-November decline crossing at 130-25 is the next upside target. Closes below the 20-day moving average crossing at 125-27 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 130-09. Second resistance is the 50% retracement level of the August-October decline crossing at 130-25. First support is the 10-day moving average crossing at 128-02. Second support is the 20-day moving average crossing at 125-27.
March T-notes closed up 130-pts. at 114.085.
March T-notes closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 112,318 would signal that a short-term top has been posted. If March extends the rally off October's low, the 50% retracement level of the August-November decline crossing at 115.090 is the next upside target. First resistance is the 50% retracement of the August-October decline crossing at 115.090. Second resistance is the 62% retracement of the August-October decline crossing at 116.232. First support is the 20-day moving average crossing at 112.318. Second support is the 50-day moving average crossing at 112.009.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends this week's decline, the 50% retracement level of the 2020-2022 rally crossing at $72.40 is the next downside target. Closes above the 50-day moving average crossing at $83.51 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $83.51. Second resistance is the November 11th high crossing at $89.20. First support is today's low crossing at $73.41. Second support is the 50% retracement level of the 2020-2022 rally crossing at $72.40.
January heating oil closed sharply lower for the fourth-day in a row on Tuesday as it extended the decline off November's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the aforementioned decline, the 50% retracement level of the 2020-2022 rally crossing at $2.6219 is the next downside target. Closes above the 20-day moving average crossing at $3.3241 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.1920. Second resistance is the 20-day moving average crossing at $3.3241. First support is today's low crossing at $2.8777. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.6219.
January unleaded gas closed lower on Tuesday as it extended the decline off November's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 January extends the decline off November's high, the 50% retracement level of the 2020-2022 rally crossing at 1.9894 is the next downside target. Closes above the 50-day moving average crossing at $2.4185 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $2.4185. Second resistance is the November 14th high crossing at $2.5317. First support is today's low crossing at $2.1288. Second support is the 50% retracement level of the 2020-2022 rally crossing at 1.9894.
January Henry natural gas closed lower on Tuesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 January extends the decline off November's high, the 75% retracement level of the 2020-2022 rally crossing at 4.501 is the next downside target. Closes above the 10-day moving average crossing at 6.783 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at 6.221. Second resistance is the 10-day moving average crossing at 6.783. First support is the 62% retracement level of the 2020-2022 rally crossing at 5.500. Second support is the 75% retracement level of the 2020-2022 rally crossing at 4.501.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Tuesday 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 Wednesday's nights 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 November 21st high crossing at 107.500 would signal that a short-term low has been posted. If March extends the decline off September's high, the 75% retracement level of the January-September rally crossing at $101.331 is the next downside target. First resistance is the November 21st high crossing at $107.500. Second resistance is the 50-day moving average crossing at $109.229. First support is the 62% retracement level of the January-September rally crossing at $103.643. Second support is 75% retracement level of the January-September rally crossing at $101.331.
The March Euro closed lower on Tuesday as it consolidated some of the rally off September's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.04322 would signal that a short-term top has been posted. If March extends the rally off September's low, the 25% retracement level of the 2018-2022 decline crossing at $1.07982 is the next upside target. First resistance is Monday's high crossing at $1.06745. Second resistance is the 25% retracement level of the 2018-2022 decline crossing at $1.07982 is the next upside target. First support is the 20-day moving average crossing at $1.04322. Second support is the November 21st low crossing at $1.03165.
The March British Pound closed lower on Tuesday as it consolidated some of the rally off September's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.1961 would confirm that a short-term top has been posted. If March extends the rally off September's low, the 62% retracement level of the May-September decline crossing at 1.2770 is the next upside target. First resistance is August's high crossing at 1.2324. Second resistance is the 50-week moving average crossing at 1.2438. First support is the 20-day moving average crossing at 1.1961. Second support is the 50-day moving average crossing at 1.1568.
The March Swiss Franc closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a double top with August's high might have been posted with Monday's high. If March extends the rally off November's low, the 38% retracement level of the 2018-2022 decline crossing at 1.09661 is the next upside target. Closes below the 20-day moving average crossing at 1.06589 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.08460. Second resistance is the 38% retracement level of the 2018-2022 decline crossing at 1.09661. First support is the 20-day moving average crossing at 1.06589. Second support is the November 21st low crossing at 1.05670.
The March Canadian Dollar closed sharply lower for the second day in a row on Tuesday as it extended Monday's downside breakout below the October-November uptrend line. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below last-Tuesday's low crossing at 73.42 has opened the door for a possible test of the November 3rd low crossing at 72.58. Closes above the November 25th high crossing at 75.16 would signal that a short-term low has been posted. First resistance is Monday's high crossing at 74.82. Second resistance is the November 25thhigh crossing at 75.16. First support is today's low crossing at 73.24. Second support is the November 3rd low crossing at 72.58.
The March Japanese Yen closed lower on Tuesday 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 Wednesday’s night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.072750 would confirm that a short-term top has been posted. If March renews the rally off October's low, the 87% retracement level of the August-October decline crossing at 0.076735 is the next upside target. First resistance is the 75% retracement level of the August-October decline crossing at 0.075398. Second resistance is the 87% retracement level of the August-October decline crossing at 0.076735. First support is the 20-day moving average crossing at 0.072750. Second support is the 50-day moving average crossing at 0.070779.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Tuesday as it consolidated some of Monday's decline. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1771.90 would signal that a short-term top has been posted. If February extends the rally off November's low, August's high crossing at $1836.70 is the next upside target. First resistance is Monday's high crossing at $1822.90. Second resistance is August's high $1836.70. First support is the 20-day moving average crossing at $1771.90. Second support is the November 23rd low crossing at $1733.50.
March silver closed slightly lower on Tuesday following yesterday's key reversal down. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 21.060 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 October's low, the 75% retracement level of the March-August decline crossing at 24.779 is the next upside target. First resistance is the 62% retracement level of the March-September decline crossing at 23.503. Second resistance is the 75% retracement level of the March-September decline crossing at 24.779. First support is last-Tuesday's low crossing at 21.060. Second support is the November 21st low crossing at 20.790.
March copper posted an inside day with a higher close on Tuesday.The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off September's low, the 50% retracement level of the March-July decline crossing at 4.0343 is the next upside target. Closes below the 10-day moving average crossing at 3.7136 would signal that a short-term top has been posted. If March renews the decline off November's high, the 50-day moving average crossing at 3.5452 is the next downside target. First resistance is November's high crossing at 3.9470. Second resistance is the 50% retracement level of the March-July decline crossing at 4.0343. First support is the 50-day moving average crossing at 3.5452. Second support is October's low crossing at 3.2980.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.03 1/4-cents at $6.37 1/4.
March corn closed lower on Tuesday as it extended the decline off October'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 March extends the decline off October's high, the 62% retracement level of the July-October rally crossing at $6.23 is the next downside target. Closes above the 20-day moving average crossing at $6.62 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.62 1/2. Second resistance is the 50-day moving average crossing at $6.78 3/4. First support is today's low crossing at $6.35 3/4. Second support is the 62% retracement level of the July-October rally crossing at $6.23.
March wheat closed down $0.10-cents at $7.29.
March wheat closed lower for the fourth-day in a row on Tuesday as it extends the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the September 6th low crossing at $6.93 1/2 is the next downside target. Closes above the 20-day moving average crossing at $8.05 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.05 3/4. Second resistance is the 50-day moving average crossing at $8.54 3/4. First support is the 75% retracement level of the 2018-2022 rally crossing at $7.24 1/4. Second support is the September 6th low crossing at $6.93 1/2.
March Kansas City Wheat closed down $0.11 3/4-cents at $8.30.
March Kansas City wheat closed lower on Tuesday as it extended the decline off October's high. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 March extends the decline off October's high, August's low crossing at $8.18 3/4 is the next downside target. Closes above the 20-day moving average crossing at $9.10 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.10 3/4. Second resistance is the 50-day moving average crossing at $9.40. First support is today's low crossing at $8.21 3/4. Second support is August's low crossing at $8.18 3/4.
March Minneapolis wheat closed down $0.06-cents at $8.96.
March Minneapolis wheat closed lower on Tuesday as it extended the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends this week's decline, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 20-day moving average crossing at $9.47 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.47 1/4. Second resistance is the 50-day moving average crossing at $9.62 1/2. First support is today's low crossing at $8.90. Second support is the August's low crossing at $8.75 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed up $0.17 1/4-cents at $14.55.
January soybeans closed higher on Tuesday on news of a new purchase of soybeans from China. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trade begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off October's low, the September 21st high crossing at $14.93 1/2 is the next upside target. Closes below the November 17th low crossing at $14.06 3/4 would renew the decline off November's high. 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 November 17th low crossing at $14.06 3/4. Second support is the October 28th low crossing at $13.80 1/2.
January soybean meal closed up $16.50 at $448.60.
January soybean meal closed sharply higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 January extends the aforementioned rally, monthly support on the continuation chart crossing at $478.60 is the next upside target. Closes below the 20-day moving average crossing at $412.10 would signal that a short-term top has been posted. First resistance is today's high crossing at $453.20. Second resistance is monthly resistance crossing at $478.60. First support is the 10-day moving average crossing at $418.30. Second support is the 20-day moving average crossing at $412.10.
January soybean oil closed down 95-pts. At 61.62.
January soybean oil closed lower for the fifth-day in a row on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 January extends the decline off November's high, the 75% retracement level of the July-November rally crossing at 59.72 is the next downside target. Closes above the 50-day moving average crossing at 68.50 would signal that a short-term low has been posted. First resistance is last-Friday's gap crossing at 67.38. Second resistance is the 50-day moving average crossing at 68.50. First support is today's low crossing at 61.26. Second support is the 75% retracement level of the July-November rally crossing at 59.72.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $3.70 at $86.82.
February hogs closed sharply lower on Tuesday ending a four-day rally. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bearish wit today's decline signaling that sideways to lower prices are possible near-term. If February renews the decline off November's high, the 62% retracement level of the October rally crossing at $82.29 is the next downside target. If February extends the rally off Wednesday's low, September's high crossing at $92.58 is the next upside target. First resistance is Monday's high crossing at $91.90 Second resistance is September's high crossing at $92.58. First support is the 50% retracement level of the October rally crossing at $84.12. Second support is the 62% retracement level of the October rally crossing at $82.29.
February cattle closed down $2.33 at $153.50.
February cattle closed sharply lower on Tuesday and closed below the 50-day moving average crossing at $154.00 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends today's decline, November's low crossing at $152.28 is the next downside target. Closes above Monday's high crossing at $156.38 would signal that a short-term low has been posted. First resistance is Monday's high crossing at $156.38. Second resistance is November's high crossing at $156.95. First support is November's low crossing at $152.28. Second support is the October 14th low crossing at $146.72.
January Feeder cattle closed down $2.28 at $181.50.
January Feeder cattle closed lower on Tuesday and the mid-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally last-week's low, the 62% retracement level of the August-October decline crossing at $184.60 is the next upside target. Closes below the 50-day moving average crossing at $178.99 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $184.20. Second resistance is the 62% retracement level of the August-October decline crossing at $184.56. First support is the November 15th low crossing at $176.33. Second support is October's low crossing at $172.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Tuesday. The low-range close sets the stage for a steady to slightly higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If March renews the decline off August's high, the 75% retracement level of the 2020-2022 rally crossing at $14.74 is the next downside target. If March extends the rally off November's low, the 50-day moving average crossing at $18.09 is the next upside target. First resistance is November's high crossing at $17.82. Second resistance is the 50-day moving average crossing at $18.09. First support is the 75% retracement level of the 2020-2022 rally crossing at $14.74. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.04.
March cocoa closed higher on Tuesday. The low-range close sets the stage for a steady to slightly higher opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If March renews last- month's decline, the 50-day moving average crossing at 23.97 is the next downside target. If March renews last-week's rally, November's high crossing at 25.77 is the next upside target.
March sugar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 19.05 would renew the decline off November's high while opening the door for additional weakness near-term. If March renews the rally off September's low, April's high crossing at 20.63 is the next upside target.
March cotton closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, the reaction high crossing at 97.77 is the next upside target. If March extends the decline off November's high, October's low crossing at 70.10 is the next downside target.
Thanks tallpine!
Less rain in the Argentina forecast pushed beans higher today.
Less cold pushed NG lower......again.
NG price is $18,000/contract lower than the high from early last Thursday.