KEY EVENTS TO WATCH FOR:
Thursday, December 22, 2022
8:30 AM ET. U.S. Weekly Export Sales
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 211K)
Jobless Claims, Net Chg (previous -20K)
Continuing Claims (previous 1671000)
Continuing Claims, Net Chg (previous +1K)
8:30 AM ET. November CFNAI Chicago Fed National Activity Index
NAI (previous -0.05)
NAI, 3-mo Moving Avg (previous 0.09)
8:30 AM ET. 3rd Quarter Revised Corporate Profits
8:30 AM ET. 3rd Quarter 3rd estimate GDP
Annual Rate, Q/Q% (previous +2.9%)
Chain-Weighted Price Idx, Q/Q% (previous +4.3%)
Corporate Profits, Q/Q%
PCE Price Idx, Q/Q% (previous +4.3%)
Purchase Price Idx, Q/Q% (previous +4.7%)
Real Final Sales, Q/Q% (previous +4%)
Core PCE Price Idx, Ex-Food/Energy, Q/Q% (previous +4.6%)
Personal Consumption, Q/Q% (previous +1.7%)
10:00 AM ET. November Leading Indicators
Leading Index, M/M% (previous -0.8%)
Leading Index
Coincident Index, M/M% (previous +0.2%)
Lagging Index, M/M% (previous +0.1%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3412B)
Working Gas In Storage, Net Chg (Cbf) (previous -50B)
11:00 AM ET. Dec. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous -10)
6-Mo Exp Prod Idx (previous 6)
Mfg Composite Idx (previous -6)
6-Mo Exp Composite Idx (previous 0)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, December 23, 2022
8:30 AM ET. November Personal Income & Outlays
Personal Income, M/M% (previous +0.7%)
Consumer Spending, M/M% (previous +0.8%)
PCE Price Idx, M/M% (previous +0.3%)
PCE Price Idx, Y/Y% (previous +6%)
PCE Core Price Idx, M/M% (previous +0.2%)
PCE Core Price Idx, Y/Y% (previous +5%)
8:30 AM ET. November Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +1.0%)
Dur Goods, Ex-Defense, M/M% (previous +0.8%)
Dur Goods, Ex-Transport, M/M% (previous +0.5%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M%(previous +0.7%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.3%)
10:00 AM ET. November New Residential Sales
New Home Sales (previous 632K)
New Home Sales, M/M% (previous +7.5%)
New Home Sales Months Supply (previous 8.9)
10:00 AM ET. 3rd Quarter GDP by State
10:00 AM ET. 3rd Quarter State Quarterly Personal Income
10:00 AM ET. December University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (previous 56.8)
End-Mo Expectations Idx (previous 55.6)
12-Month Inflation Forecast (previous 4.9%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 58.8)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow gapped up and closed sharply higher on Wednesday as it consolidated some of the decline off last-Tuesday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 33,761.77 would signal that a short-term low has been posted. Closes below Monday's low 32,581.97 would renew the decline off December's high while opening the door for a possible test of November's low crossing at 31,727.05. First resistance is the 10-day moving average crossing at 33,444.52. Second resistance is the 20-day moving average crossing at 33,761.77. First support is Monday's low crossing at 32,581.97. Second support is November's low crossing at 31,727.050.
The March NASDAQ 100 closed sharply higher on Wednesday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible. If March extends the aforementioned decline, the November 9th low crossing at 10,932.75 is the next downside target. Closes above the 20-day moving average crossing at 11,729.30 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 11,559.25. Second resistance is the 20-day moving average crossing at 11,729.30. First support is the November 9th low crossing at 10,932.75. Second support is November's low crossing at 10,746.75.
The March S&P 500 closed sharply higher on Wednesday as it consolidates some of the decline off last-Tuesday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the November 9th low crossing at 3782.75 is the next downside target. Closes above the 20-day moving average crossing at 3997.28 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3916.09. Second resistance is the 20-day moving average crossing at 3997.28. First support is the November 9th low crossing at 3782.75. Second support is November's low crossing at 3735.00.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed up 2-pts. at 128-05.
March T-bonds closed higher on Wednesday as it consolidated some of the decline off last-Thursday's high.The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Thursday's high, the 50-day moving average crossing at 125-02 is the next downside target, If March resumes the rally off November's low, the 62% retracement level of the August-November decline crossing at 133-30 is the next upside target. First resistance is last-Thursday's high crossing at 132-15. Second resistance is the 62% retracement level of the August-October decline crossing at 133-30. First support is the November 30th low crossing at 126-00. Second support is the 50-day moving average crossing at 125.02.
March T-notes closed up 10-pts. at 113.175.
March T-notes closed higher on Wednesday as it consolidated some of the decline off last-Tuesday's high but remain below the 20-day moving average crossing at 114,031. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Tuesday's high, the 50-day moving average crossing at 112.151 is the next downside target. If March renews the rally off October's low, the 62% retracement level of the August-November decline crossing at 116.232 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 50-day moving average crossing at 112.151. Second support is the November 14th low crossing at 112.055.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
February crude oil closed higher on Wednesday as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, the 50-day moving average crossing at $81.00 is the next upside target. Closes below last-Friday's low crossing at $73.40 would signal that a short-term top has been posted. First resistance is today's high crossing at $78.50. Second resistance is the 50-day moving average crossing at $81.00. First support is the December 9thlow crossing at $70.31. Second support is the 62% retracement level of the 2020-2022 rally crossing at $63.10.
February heating oil closed higher on Wednesday as it consolidates some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews the rally off the December 9th low, the 50-day moving average crossing at $3.2579 is the next upside target. Closes below Tuesday's low crossing at $2.9682 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $3.2579. Second resistance is the November 15th high crossing at $3.4722. First support is Tuesday's low crossing at $3.9682. Second support is the December 9th low crossing at $2.7517.
February unleaded gas closed higher on Wednesday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends this month's rally, the 50-day moving average crossing at $2.3584 is the next upside target. Closes below last-Friday's low crossing at 2.1157 would signal that a short-term top has been posted. First resistance is today's high crossing at $2.2830. Second resistance is the 50-day moving average crossing at $2.3585. First support is last-Friday's low crossing at 2.1157. Second support is the December 12th low crossing at $2.0321.
February Henry natural gas posted an inside day with a slightly higher close on Wednesday as it consolidated some of the decline off November's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, the 75% retracement level of the 2020-2022 rally crossing at 5.256 is the next downside target. Closes above the 50-day moving average crossing at 6.291 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6.032. Second resistance is the 20-day moving average crossing at 6.291. First support is Tuesday's low crossing at 5.167. Second support is the 75% retracement level of the 2020-2022 rally crossing at 5.256.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar posted an inside day with a higher close on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's nights session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 104.683 would signal that a short-term low has been posted. If March renews 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 20-day moving average crossing at 104.683. Second resistance is the November 30thhigh crossing at 106.775. First support is last-Thursday's low crossing at $102.875. Second support is 75% retracement level of the January-September rally crossing at $101.331.
The March Euro posted an inside day with a lower close on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.05970 would signal that a short-term top has been posted. If March resumes the rally off September's low, the March 31st high crossing at $1.09680 is the next upside target. First resistance is the 25% retracement level of the 2018-2022 decline crossing at $1.07982. Second resistance is the March 31st high crossing at $1.09680. First support is the 20-day moving average crossing at $1.05970. Second support is the November 30th low crossing at $1.03715.
The March British Pound closed lower on Wednesday as it extends the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 1.2209 confirms that a short-term top has been posted while opening the door for additional weakness and a possible test of the 50-day moving average crossing at 1.1187. If March renews 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 last-Wednesday's high crossing at 1.2479. Second resistance is the 62% retracement level of the May-September decline crossing at 1.2770. First support is the November 30th low crossing at 1.1937. Second support is the 50-day moving average crossing at 1.1187.
The March Swiss Franc closed slightly lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 62% retracement level of the 2018-2022 decline crossing at 1.10351 is the next upside target. Closes below the 20-day moving average crossing at 1.07941 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 1.09665. Second resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. First support is the 20-day moving average crossing at 1.07941. Second support is the November 30th low crossing at 1.06060.
The March Canadian Dollar closed slightly higher on Wednesday as it extended the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 73.87 would confirm that a short-term low has been posted. If March renews the decline off November's high, the November 3rd low crossing at 72.58 is the next downside target. First resistance is the December 5th high crossing at 74.82. Second resistance is the November 25thhigh crossing at 75.16. First support is last-Friday's low crossing at 73.04. Second support is the November 3rd low crossing at 72.58.
The March Japanese Yen posted an inside day with a lower close on Wednesday as it consolidated some of Tuesday's huge rally. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, August's high crossing at 0.078135 is the next upside target. Closes below last-Thursday's low crossing at 0.073210 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 0.077470. Second resistance is August's high crossing at 0.078135. First support is last-Thursday's low crossing at 0.073210. Second support is the November 30th low crossing at 0.072510.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed slightly lower on Wednesday and the low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews the rally off November's low, the 50% retracement level of the March-October decline crossing at $1861.40 is the next upside target. Closes below the 20-day moving average crossing at $1793.90 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Tuesday's high crossing at $1836.90. Second resistance is the 50% retracement level of the March-October decline crossing at $1861.40. First support is the 20-day moving average crossing at $1793.90. Second support is the November 23rd low crossing at $1733.50.
March silver closed lower on Wednesday as it consolidates some of Tuesday's rally. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 75% retracement level of the March-August decline crossing at 24.779 is the next upside target. Closes below the 20-day moving average crossing at 22.901 would confirm that a short-term top has been posted while opening the door for additional weakness near-term.First resistance is today's high crossing at 24.525. Second resistance is the 75% retracement level of the March-September decline crossing at 24.779. First support is the 20-day moving average crossing at 22.901. Second resistance is the December 6th low crossing at 22.190.
March copper closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing at 3.7230 would confirm that a short-term top has been posted. 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. 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 Tuesday's low crossing at 3.7230. Second support is the 50-day moving average crossing at 3.6382.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.10 1/4-cents at $6.62 1/4.
March corn closed higher on Wednesday as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the 50-day moving average crossing at $6.70 3/4 is the next upside target. Closes below Monday's low crossing at $6.44 would confirm that a short-term top has been posted. If March renews the decline off October's high, the 62% retracement level of the July-October rally crossing at $6.23 is the next downside target. First resistance is today's high crossing at $6.63. Second resistance is the 50-day moving average crossing at $6.70 3/4. First support is the December 7th low crossing at $6.35. Second support is the 62% retracement level of the July-October rally crossing at $6.23.
March wheat closed up $0.17 1/4-cents at $7.67 3/4.
March wheat closed higher on Wednesday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the December 13th high crossing at $7.69 1/4 would signal that a short-term low has been posted while opening the door for additional gains near-term. If March renews the decline off October's high, the September 9, 2021 low crossing at $6.94 is the next downside target. First resistance is the December 13th high crossing at $7.69 1/4. Second resistance is the 50-day moving average crossing at $8.19. First support is the 75% retracement level of the 2018-2022 rally crossing at $7.24 1/4. Second support is the September 9, 2021 low crossing at $6.94.
March Kansas City Wheat closed up $0.17-cents at $8.64.
March Kansas City wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the December 13th high crossing at $8.79 1/4 would confirm that a short-term low has been posted. If March renews the decline off October's high, August's low crossing at $8.18 3/4 is the next downside target. First resistance is the December 13th high crossing at $8.79 1/4. Second resistance is the 50-day moving average crossing at $9.12 1/4. First support is the December 6th low crossing at $8.21 3/4. Second support is August's low crossing at $8.18 3/4.
March Minneapolis wheat closed up $0.11 3/4-cents at $9.27 3/4.
March Minneapolis wheat closed higher on Tuesday. The higher-range close sets the stage for a steady to higher opening when Thursday'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 December 13th high crossing at $9.32 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If March renews the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. First resistance is the December 13th high crossing at $9.32. Second resistance is the 50-day moving average crossing at $9.47 1/2. First support is the December 6th 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 "
March soybeans closed up $0.04 3/4-cents at $14.84 1/2.
March soybeans closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night trade begins. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at $14.67 3/4 would signal 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, September's high crossing at $15.08 is the next upside target. First resistance is the December 9th high crossing at $14.97 1/4. Second resistance is September's high crossing at $15.08. First support is the 20-day moving average crossing at $14.67 3/4. Second support is the 50-day moving average crossing at $14.43 1/4.
March soybean meal closed up $3.40 at $452.70.
March soybean meal closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 20-day moving average crossing at $438.10 is the next downside target. If March renews the rally off October's low, monthly resistance on the continuation chart crossing at $478.60 is the next upside target. First resistance is the December 9th high crossing at $469.30. Second resistance is monthly resistance crossing at $478.60. First support is Monday's low crossing at $443.40. Second support is the 20-day moving average crossing at $438.10.
March soybean oil closed up 2-pts. At 64.83.
March soybean oil closed slightly higher on Wednesday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 64.65 would confirm that a short-term low has been posted. If March renews the decline off November's high, the 87% retracement level of the July-November rally crossing at 56.49 is the next downside target. First resistance is the 20-day moving average crossing at 64.65. Second resistance is the 50-day moving average crossing at 66.83. First support is the 75% retracement level of the July-November rally crossing at 58.84. Second support is the 87% retracement level of the July-November rally crossing at 56.49.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $4.58 at $84.27.
February hogs closed sharply higher on Wednesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends today's rally, December's high crossing at $91.90. If February renews the decline off November's high, the 75% retracement level of the October rally crossing at $80.25 is the next downside target. First resistance is today's high crossing at $88.88 Second resistance is December's high crossing at $91.90. First support is today's low crossing at $83.90. Second support is last-Thursday's low crossing at $81.52.
February cattle closed up $2.08 at $157.65.
February cattle closed sharply higher on Wednesday and marked an upside breakout of the October-December trading range. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews this month's rally, the 87% retracement level of the monthly continuation chart crossing at $159.54 is the next upside target. Closes below the 50-day moving average crossing at $154.95 would signal that a short-term top has been posted. First resistance is today's high crossing at $157.98. Second resistance is the 87% retracement level of the monthly continuation chart crossing at $159.54. First support is the 50-day moving average crossing at $154.95. Second support is the December 7th low crossing at $152.75.
March Feeder cattle closed up $0.80 at $185.83.
March Feeder cattle closed higher on Wednesday confirming yesterday's key reversal up. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off the November 28th low, the 75% retracement level of the August-October decline crossing at $188.29 is the next upside target. Closes below the 50-day moving average crossing at $182.62 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 62% retracement level of the August-October decline crossing at $185.98. Second resistance is the 75% retracement level of the August-October decline crossing at $188.29. First support is the 50-day moving average crossing at $182.62. Second support is the November 28th low crossing at $180.27.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at $17.38 would open the door for additional gains near-term. If March renews the decline off August's high, November's low crossing at $15.41 is the next downside target. First resistance is last-Friday's high crossing at $17.38. Second resistance is November's high crossing at $17.82. First support is November's low crossing at $15.41. Second support is the 75% retracement level of the 2020-2022 rally crossing at $14.74.
March cocoa closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. If March resumes the rally off the November 23rd low, November's high crossing at 25.77 is the next upside target. Closes below last-Friday's low crossing at 24.68 would signal that a short-term top has been posted while opening the door for additional weakness near-term.
March sugar closed higher on Wednesday as it extends the rally off September's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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, monthly resistance on the monthly continuation chart crossing at 22.64 is the next upside target. Closes below the 20-day moving average crossing at 19.76 would signal that a short-term top has been posted.
March cotton closed higher on Wednesday and posted a new high for the month. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, November's high crossing at 89.92 is the next upside target. Closes below the 50-day moving average crossing at 81.71 would signal that a short-term top has been posted.
Thanks a ton tallpine!