KEY EVENTS TO WATCH FOR:
Tuesday, January 24, 2023
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, Y/Y% (previous +5.2%)
Latest Wk, Y/Y% (previous +5.0%)
9:45 AM ET. January US Flash Manufacturing PMI
PMI, Mfg (expected 47.0; previous 46.2)
9:45 AM ET. January US Flash Services PMI
PMI, Services (expected 45.3; previous 44.4)
10:00 AM ET. January Richmond Fed Business Activity Survey
Mfg Idx (previous 1)
Shipments Idx (previous 5)
10:00 AM ET. December State Employment and Unemployment
1:00 PM ET. December Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +7.6M)
Gasoline Stocks, Net Chg (Bbls) (previous +2.8M)
Distillate Stocks, Net Chg (Bbls) (previous -1.8M)
Wednesday, January 25, 2023
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 238.7)
Composite Idx, W/W% (previous +27.9%)
Purchase Idx-SA (previous 198.7)
Purchase Idx-SA, W/W% (previous +24.7%)
Refinance Idx (previous 438.3)
Refinance Idx, W/W% (previous +34.2%)
10:00 AM ET. SEC Open Meeting
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 448.015M)
Crude Oil Stocks, Net Chg (Bbl) (previous +8.408M)
Gasoline Stocks (Bbl) (previous 230.259M)
Gasoline Stocks, Net Chg (Bbl) (previous +3.483M)
Distillate Stocks (Bbl) (previous 115.777M)
Distillate Stocks, Net Chg (Bbl) (previous -1.939M)
Refinery Usage (previous 85.3%)
Total Prod Supplied (Bbl/day) (previous 20.314M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +2.687M)
Thursday, January 26, 2023
8:30 AM ET. December CFNAI Chicago Fed National Activity Index
NAI
NAI, 3-mo Moving Avg
8:30 AM ET. 4th Quarter Advance estimate GDP
Annual Rate, Q/Q% (expected +2.8%; previous +3.2%)
Chain-Weighted Price Idx, Q/Q% (expected +3.4%; previous +4.4%)
PCE Price Idx, Q/Q% (previous +4.3%)
Purchase Price Idx, Q/Q% (previous +4.8%)
Real Final Sales 1st Est, Q/Q% (previous +4.5%)
Core PCE Price Idx, Q/Q% (previous +4.7%)
Personal Consumption, Q/Q% (previous +2.3%)
8:30 AM ET. December Advance Economic Indicators Report
8:30 AM ET. December Advance Report on Durable Goods
Durable Goods-SA, M/M% (expected +2.9%; previous -2.1%)
Dur Goods, Ex-Defense, M/M% (previous -2.6%)
Dur Goods, Ex-Transport, M/M% (previous +0.2%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.2%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 199K; previous 190K)
Jobless Claims, Net Chg (previous -15K)
Continuing Claims (previous 1647000)
Continuing Claims, Net Chg (previous +17K)
8:30 AM ET. U.S. Weekly Export Sales
10:00 AM ET. December New Residential Sales
New Home Sales (expected 615K; previous 640K)
New Home Sales, M/M% (expected -3.9%; previous +5.8%)
New Home Sales Months Supply (previous 8.6)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2820B)
Working Gas In Storage, Net Chg (Cbf) (previous -82B)
11:00 AM ET. January Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous -13)
6-Mo Exp Prod Idx (previous 12)
Mfg Composite Idx (previous -9)
6-Mo Exp Composite Idx (previous 2)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, January 27, 2023
8:30 AM ET. December Personal Income & Outlays
Personal Income, M/M% (expected +0.3%; previous +0.4%)
Consumer Spending, M/M% (expected -0.1%; previous +0.1%)
PCE Price Idx, M/M% (previous +0.1%)
PCE Price Idx, Y/Y% (previous +5.5%)
PCE Core Price Idx, M/M% (expected +0.3%; previous +0.2%)
PCE Core Price Idx, Y/Y% (expected +4.4%; previous +4.7%)
10:00 AM ET. December Pending Home Sales Index
Pending Home Sales (previous 73.9)
Pending Home Sales Idx, M/M% (expected -1.5%; previous -4.0%)
Pending Home Sales Idx , Y/Y% (previous -37.8%)
10:00 AM ET. January University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (expected 64.6; previous 59.7)
End-Mo Expectations Idx (previous 59.9)
12-Month Inflation Forecast (previous 4.4%)
5-Year Inflation Forecast (previous 2.9%)
End-Mo Current Idx (previous 59.4)
Monday, January 30, 2023
10:30 AM ET. January Texas Manufacturing Outlook Survey
Business Activity (previous -18.8)
Mfg Production Idx (previous 9.7)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Monday following last-Friday's key reversal up. The high-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow renews the rally off December's low, December's high crossing at 34,712.28 is the next upside target. If the Dow extends last-week's decline, the December 22nd low crossing at 32,573.43 is the next downside target. First resistance is the 10-day moving average crossing at 33,693.31. Second resistance is the January 13th high crossing at 34,342.32. First support is the January 5th low crossing at 32,812.33. Second support is the December 22nd low crossing at 32,573.43.
The March NASDAQ 100 closed sharply higher on Monday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible. If March extends the rally off January's low, the 50% retracement level of the August-October decline crossing at 12,237.16 is the next upside target. Closes below the 20-day moving average crossing at 11,244.24 would signal that a short-term top has been posted. First resistance is today's high crossing at 11,983.00. Second resistance is the 50% retracement level of the August-October decline crossing at 12,237.16. First support is last-Thursday's low crossing at 11,308.50. Second support is the 20-day moving average crossing at 11,243.70.
The March S&P 500 closed higher on Monday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day 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 December's low, the 75% retracement level of the August-October decline crossing at 4154.88 is the next upside target. Closes below the 20-day moving average crossing at 3916.74 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 4045.36. Second resistance is the 75% retracement level of the August-October decline crossing at 4154.88. First support is the 20-day moving average crossing at 3916.74. Second support is the December 22nd low crossing at 3788.50.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed down 16-pts. at 129-31.
March T-bonds closed lower on Monday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 128-14 would signal that a short-term top has been posted. If March resumes the rally off December's low, the 62% retracement level of the August-October decline crossing at 133-30 is the next upside target. First resistance is last-Thursday's high crossing at 132-31. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 133-30. First support is the 20-day moving average crossing at 128-14. Second support is the 50-day moving average crossing at 128-00.
March T-notes closed down 100-pts. at 114.240.
March T-notes closed lower on Monday as it consolidated some of the rally off October's low. The low-range close sets the stage for a lower opening when Tuesday's day 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 113.288 would signal that a short-term top has been posted. If December extends the aforementioned rally, the 62% retracement level of the August-October-2022 decline crossing at 116.235 is the next upside target. First resistance is last-Thursday's high crossing at 116.080. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 116.235. First support is the 20-day moving average crossing at 113.288. Second support is the 50-day moving average crossing at 113.277.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
February crude oil closed higher on Monday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, December's high crossing at $83.27 is the next upside target. Closes below the 20-day moving average crossing at $77.82 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $82.38. Second resistance is December's high crossing at $83.27. First support is the 20-day moving average crossing at $77.82. Second support is the January 5thlow crossing at $72.46.
February heating oil closed higher for the third-day in a row on Monday as it extends the rally off the January 5th low. The high-range close sets the stage for a steady to higher opening when Tuesday's day trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off the January 5th low, October's high crossing at $3.5976 is the next upside target. Closes below the 50-day moving average crossing at $3.1754 would confirm that a short-term top has been posted. First resistance is today's high crossing at $3.5727. Second resistance is October's high crossing at $3.5976. First support is the 50-day moving average crossing at $3.1753. Second support is the January 5th low crossing at $2.9200.
February unleaded gas closed higher on Monday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day 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 February extends the rally off December's low, the 75% retracement level of 2022's decline crossing at $2.8129 is the next upside target. Closes below the 20-day moving average crossing at 2.4219 would signal that a short-term top has been posted. First resistance is the 62% retracement level of 2020's decline crossing at $2.6755. Second resistance is the 75% retracement level of 2022's decline crossing at $2.8129. First support is the 10-day moving average crossing at 2.5060. Second support is the 20-day moving average crossing at $2.4219.
February Henry natural gas closed higher on Monday as it consolidates some of the decline off November's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's day 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 decline off November's high, the March-2020 low crossing at 2.598 is the next downside target. Closes above the 20-day moving average crossing at 3.972 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.972. Second resistance is the December 27th high crossing at 5.245. First support is last-Friday's low crossing at 3.092. Second support is the March-2020 low crossing at 2.598.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Monday as it consolidates above the 75% retracement level of the January-September rally crossing at $101.331. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off September's high, the 87% retracement level of the January-September rally crossing at $99.229 is the next downside target. Closes above the 20-day moving average crossing at $103.002 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $103.002. Second resistance is the 50-day moving average crossing at $104.275. First support is the 75% retracement level of the January-September rally crossing at $101.331. Second support is the 87% retracement level of the January-September rally crossing at $99.229.
The March Euro closed slightly higher on Monday as it extends the trading range of the past six-days. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the March 31st high crossing at $1.09680 is the next upside target. Closes below the 20-day moving average crossing at 1.07616 would signal that a short-term top has been posted. First resistance is today's high crossing at $1.09625. Second resistance is the March 31st high crossing at $1.09680. First support is the 20-day moving average crossing at 1.07616. Second support is the 50-day moving average crossing at $1.06200.
The March British Pound closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off January's low, December's high crossing at 1.2229 is the next upside target. Closes below the 50-day moving average crossing at 1.2119 would signal that a short-term top has been posted while opening the door for a possible test of the January 6th low crossing at 1.1867. First resistance is today's high crossing at 1.2462. Second resistance is December's high crossing at 1.2479. First support is the 50-day moving average crossing at 1.2119. Second support is the January 6th low crossing at 1.1861.
The March Swiss Franc closed lower on Monday as it consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.07937 would signal that a short-term top has been posted. If March extends the rally off September's low, the 75% retracement level of the 2018-2022 decline crossing at 1.10351 is the next upside target. First resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. Second resistance is the 75% retracement level of the 2018-2022 decline crossing at 1.10351. First support is the 50-day moving average crossing at 1.07937. Second support is the January 6th low crossing at 1.06915.
The March Canadian Dollar closed slightly higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's day 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 this month's rally, November's high crossing at 75.71 is the next upside target. Closes below last-Thursday's low crossing at 73.40 would signal that a short-term top has been posted. First resistance is the November 25thhigh crossing at 75.16. Second resistance is November's high crossing at 75.71. First support is last-Thursday low crossing at 73.40. Second support is the December 16th low crossing at 73.04.
The March Japanese Yen closed lower on Thursday as it extends the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday’s day 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 0.076869 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, the May 24th -2021 high crossing at 0.080525 is the next upside target. First resistance is last-Tuesday's high crossing at 0.079190. Second resistance is the May 24th -2021 high crossing at 0.080525. First support is the 20-day moving average crossing at 0.076869. Second support is the January 6th low crossing at 0.074830.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Monday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day 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 February extends the rally off November's low, the 75% retracement level of the March-October decline crossing at $1975.80 is the next upside target. Closes below the 20-day moving average crossing at $1867.90 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Friday's high crossing at $1939.00. Second resistance is the 75% retracement level of the March-October decline crossing at $1975.80. First support is the 10-day moving average crossing at $1905.20. Second support is the 20-day moving average crossing at $1867.90.
March silver closed lower on Monday as it extends the trading range of the past four-weeks. The mid-range close sets the stage for a steady to lower opening when Tuesday's day 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 23.029 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If March renews the rally off October's low, the 87% retracement level of the March-August decline crossing at 25.995 is the next upside target. First resistance is the 75% retracement level of the March-September decline crossing at 24.779. Second resistance is the 87% retracement level of the March-August decline crossing at 25.938. First support is the 50-day moving average crossing at 23.029. Second support is the December 16th low crossing at 22.735.
March copper closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day 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 September's low, the 75% retracement level of the March-July decline crossing at 4.4773 is the next upside target. Closes below the 20-day moving average crossing at 3.9998 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 4.3550. Second resistance is the 75% retracement level of the March-July decline crossing at 4.4773. First support is the 10-day moving average crossing at 4.1874. Second support is the 20-day moving average crossing at 3.9998.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.10-cents at $6.66 1/4.
March corn closed lower on Monday as it extends the decline off last-Wednesday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $6.62 would confirm that a short-term top has been posted. If March renews this month's rally, the 75% retracement level of the October-December decline crossing at $6.92 1/2 is the next upside target. First resistance is last-Wednesday's high crossing at $6.88 3/4. Second resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. First support is the 50-day moving average crossing at $6.62. Second support is January's low crossing at $6.48 1/4.
March wheat closed down $0.21 1/2-cents at $7.20.
March wheat closed lower on Monday as it has renewed the decline off October's high. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the September 6th 2021 low crossing at $6.93 1/2 is the next downside target. Closes above the 20-day moving average crossing at $7.53 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.53 1/4. Second resistance is the 50-day moving average crossing at $7.71 3/4. First support is today's low crossing at $7.12 1/2. Second support is the September 6th 2021 low crossing at $6.93 1/2.
March Kansas City Wheat closed down $0.29-cents at $8.19.
March Kansas City wheat closed sharply lower on Monday as it extended the correction off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, the January 10th 2022 low crossing at $7.68 3/4 is the next downside target. If March resumes the rally off January's low, the 50-day moving average crossing at $8.72 is the next upside target. First resistance is the 50-day moving average crossing at $8.72. Second resistance is the December 27 high crossing at $8.94 3/4. First support is January's low crossing at $8.03 1/4. Second support is the January 10th 2022 low crossing at $7.68 3/4.
March Minneapolis wheat closed down $0.25-cents crossing at $8.85.
March Minneapolis wheat closed lower on Monday and below the December-January lows crossing at $8.90. The low-range close sets the stage for a steady to lower opening when Tuesday's day 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 the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 50-day moving average crossing at $9.25 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.25 1/2. Second resistance is the January 30th high crossing at $9.40. First support is today's low crossing at $8.85. Second support is August's low crossing at $8.75 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed down $0.16 1/4-cents at $14.90 1/4.
March soybeans closed lower on Monday and below the 20-day moving average crossing at $15.01 ¼ signaling that a short-term top has been posted while opening the door for additional weakness near-term. The mid-range close sets the stage for a steady to lower opening when Tuesday's day trade begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Wednesday's high, January's low crossing at $14.65 is the next downside target. If March renews this month's rally. last-June's high crossing at $15.72 1/4 is the next upside target.First resistance is last-Wednesday's high crossing at $15.48 1/2. Second resistance is last-June's high crossing at $15.72 1/4. First support is the 50-day moving average crossing at $14.76. Second support is January's low crossing at $14.65.
March soybean meal closed down $1.80 at $461.90.
March soybean meal closed lower on Monday as it extended the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extended the aforementioned decline, the 25% retracement level of the 2021-2023-rally crossing at $446.10 is the next downside target. Closes above the 10-day moving average crossing at $472.80 would temper the near-term bearish outlook. If March renews the rally off October's low, the August 29th high on the monthly continuation chart crossing at $488.40 is the next upside target. First resistance is last-Wednesday's high crossing at $487.00. Second resistance is the August 29th high on the monthly continuation chart crossing at $488.40 is the next upside target. First support is the January 5th low crossing at $457.20. Second support is the 25% retracement level of the 2021-2023 rally crossing at $446.10.
March soybean oil closed up 7-pts. At 62.04.
March soybean oil closed slightly higher on Monday as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off the December 27th high, December's low crossing at 58.50 is the next downside target. Closes above last-Wednesday's high crossing at 64.75 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 64.75. Second resistance is the 50-day moving average crossing at 65.40. First support is today's low crossing at 61.21. Second support is December's low crossing at 58.50.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $0.28 at $85.45.
April hogs closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, October's low crossing at $82.63 is the next downside target. Closes above the 10-day moving average crossing at $87.31 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $87.31. Second resistance is the January 17th high crossing at $89.08. First support is last-Thursday's low crossing at $84.08. Second support is October's low crossing at $82.63.
April cattle closed up $0.63 at $160.55.
April cattle closed higher on Monday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 $161.08 would signal that a short-term low has been posted. If April renews the decline off January's high, the 25% retracement level of the 2021-2022 rally crossing at $157.566 is the next downside target. First resistance is the 20-day moving average crossing at $161.08. Second resistance is December's high crossing at $162.75. First support is the 25% retracement level of the 2021-2022 rally crossing at $157.566. Second support is the December 7th low crossing at $156.85.
March Feeder cattle closed up $2.23 at $183.20.
March Feeder cattle closed higher on Monday as it consolidated some of the decline off the January 4th high. The high-range close sets the stage for a steady to higher opening when Tuesday's day 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 $184.05 would signal that a short-term low has been posted. If March extends the decline off January's high, the October 14th low crossing at $176.28 is the next downside target. First resistance is the 50-day moving average crossing at $184.05. Second resistance is the 20-day moving average crossing at $184.79. First support is last-Thursday's low crossing at $179.18. Second support is the October 14th low crossing at $176.28.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Monday as it extends the rally off January's low. 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. Closes above the 50-day moving average crossing at $16.23 would signal that a short-term low has been posted. If March renews the decline off December's high, the 87% retracement level of the 2020-2022 rally crossing at $13.20 is the next downside target. First resistance is the 20-day moving average crossing at $15.66. Second resistance is the 50-day moving average crossing at $16.23. First support is the January 11th low crossing at $14.21. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.20.
March cocoa closed sharply higher on Monday as it extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 26.22 would signal that a short-term low has been posted. If March extends the decline off January's high, the December 16th low crossing at 24.68 is the next downside target.
March sugar closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January's low, November's high crossing at 20.48 is the next upside target. Closes below the reaction low crossing at 19.45 would signal that a short-term top has been posted while opening the door for additional weakness near-term.
March cotton closed higher on Monday as it extends the November-January trading range. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, the 50% retracement level of the August-October decline crossing at 93.31 is the next upside target. Closes below the 50-day moving average crossing at 83.53 would signal that a short-term top has been posted.
Thanks tallpine!
Major Cold and snow coming up is supporting short covering in NG. How long will it last? Maybe 10-14 days?
Rains coming to Argentina pressured beans/corn on Monday.