KEY EVENTS TO WATCH FOR:
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)
Tuesday, January 31, 2023
8:30 AM ET. 4th Quarter Employment Cost Index
ECI, Q/Q% (previous +1.2%)
ECI, Y/Y% (previous +5.0%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, Y/Y% (previous +5.0%)
Latest Wk, Y/Y% (previous +4.6%)
9:00 AM ET. November U.S. Monthly House Price Index
9:00 AM ET. November S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous -0.7%)
10-City Idx, Y/Y% (previous +8.0%)
20-City Idx, M/M% (previous -0.8%)
20-City Idx, Y/Y% (previous +8.6%)
National Idx, M/M% (previous -0.5%)
National Idx, Y/Y% (previous +9.2%)
9:45 AM ET. January Chicago Business Barometer - ISM-Chicago Business Survey -
Chicago PMI
PMI-Adj (previous 44.9)
10:00 AM ET. January Consumer Confidence Index
Cons Conf Idx (previous 108.3)
Expectation Idx
Present Situation Idx (previous 147.2)
10:00 AM ET. 4th Quarter U.S. Housing Vacancies
3:00 PM ET. December Agricultural Prices
Farm Prices, M/M% (previous +4.5%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +3.4M)
Gasoline Stocks, Net Chg (Bbls) (previous +0.6M)
Distillate Stocks, Net Chg (Bbls) (previous -1.9M)
N/A U.S. Federal Open Market Committee meeting
Wednesday, February 1, 2023
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 255.3)
Composite Idx, W/W% (previous +7.0%)
Purchase Idx-SA (previous 205.4)
Purchase Idx-SA, W/W% (previous +3.4%)
Refinance Idx (previous 502.3)
Refinance Idx, W/W% (previous +14.6%)
8:15 AM ET. January ADP National Employment Report
Private Sector Jobs, Net Chg (previous +235000)
8:30 AM ET. U.S. Department of the Treasury's quarterly refunding announcement
9:45 AM ET. January US Manufacturing PMI
PMI, Mfg (previous 46.2)
10:00 AM ET. January ISM Report On Business Manufacturing PMI
Manufacturing PMI (previous 48.4)
Prices Idx (previous 39.4)
Employment Idx (previous 51.4)
Inventories (previous 51.8)
New Orders Idx (previous 45.2)
Production Idx (previous 48.5)
10:00 AM ET. December Construction Spending - Construction Put in Place
New Construction (previous +0.2%)
Residential Construction
10:00 AM ET. December Metropolitan Area Employment & Unemployment
10:00 AM ET. December Job Openings & Labor Turnover Survey
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 448.548M)
Crude Oil Stocks, Net Chg (Bbl) (previous +0.533M)
Gasoline Stocks (Bbl) (previous 232.022M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.763M)
Distillate Stocks (Bbl) (previous 115.27M)
Distillate Stocks, Net Chg (Bbl) (previous -0.507M)
Refinery Usage (previous 86.1%)
Total Prod Supplied (Bbl/day) (previous 19.447M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.867M)
11:00 AM ET. January Global Manufacturing PMI
PMI, Mfg (previous 48.6)
2:00 PM ET. U.S. interest rate decision
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 4.50)
Fed Funds Rate-Range Low (previous 4.25)
FOMC Vote For Action (previous 12)
FOMC Vote Against Action (previous 0)
Discount Rate (previous 4.50)
Discount Rate Change (Pts) (previous +0.50)
Discount Rate-Range High
Discount Rate-Range Low
4:00 PM ET. January Domestic Auto Industry Sales
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The March NASDAQ 100 was lower overnight as it consolidates some of this week's gains. Overnight trading sets the stage for a lower opening when the 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 this month's low, the 50% retracement level of the August-October decline crossing at 12,237.16. Closes below the 20-day moving average crossing at 11,451.44 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 12,113.00. Second resistance is the 50% retracement level of the August-October decline crossing at 12,237.16. First support is the 50-day moving average crossing at 11,570.11. Second support is the 20-day moving average crossing at 11,451.70.
The March S&P 500 was slightly lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a lower opening when the 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 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 3958.38 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Thursday's high crossing at 4077.00. Second resistance is the 75% retracement level of the August-October decline crossing at 4154.88. First support is the 50-day moving average crossing at 3971.01. Second support is the 20-day moving average crossing at 3958.36.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were lower overnight as it extends the decline from the January 19th high. Overnight weakness sets the stage for a lower opening when the 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 128-20 would confirm that a short-term top has been posted. If March renews the rally off the December 30th low, the 62% retracement level of the August-October decline crossing at 133-30 is the next upside target. First resistance is the January 19th high crossing at 132-31. Second resistance is the 62% retracement level of the August-October decline crossing at 133-30. First support is the 20-day moving average crossing at 129-07. Second support is the 50-day moving average crossing at 128-20.
March T-notes were lower overnight and sets the stage for a lower opening when the 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 113.298 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off the December 30th low, the 62% retracement level of the August-October decline crossing at 116.235 is the next upside target. First resistance is the 62% retracement level of the August-October decline crossing at 116.235. Second resistance is the 75% retracement level of the August-October decline crossing at 118.112. First support is the 20-day moving average crossing at 114.101. Second support is the 50-day moving average crossing at 113.298.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:Marchcrude oil was higher overnight and sets the stage for a steady to higher opening when the 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 renews the rally off January's low, December's high crossing at $83.14 is the next upside target. Closes below the 50-day moving average crossing at $78.05 would signal that a short-term top has been posted. First resistance is December's high crossing at $82.66. Second resistance is the November 14th high crossing at $87.00. First support is the 50-day moving average crossing at $78.05. Second support is January's low crossing at $72.74.
March heating oil is was steady to higher overnight as it consolidates some the decline off Tuesday's high. Overnight trading sets the stage for a higher opening when the 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 20-day moving average crossing at $3.1505 would signal that a short-term top has been posted. If March resumes the rally off December's low, September's high crossing at $3.4793 is the next upside target. First resistance is Tuesday's high crossing at $3.4664. Second resistance is September's high crossing at $3.4793. First support is the 20-day moving average crossing at 3.1505. Second support is the 50-day moving average crossing at $3.0907.
March unleaded gas was steady to higher overnight as it consolidates some of Wednesday's decline. Overnight trading sets the stage for a higher opening when the day session begins trading. However, stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, the 75% retracement level of the June-December-2022 decline crossing at $2.7856 is the next upside target. Closes below the 20-day moving average crossing at $2.4827 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $2.7186. Second resistance is the 75% retracement level of the June-December-2022 decline crossing at $2.7856. First support is the 10-day moving average crossing at $2.6088. Second support is the 20-day moving average crossing at $2.4827.
March natural gas was lower overnight as it extends the decline off September's high. Overnight trading sets the stage for a lower opening when the 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 March extends the decline off November's high, the March-2020 low crossing at 2.473 is the next downside target. Closes above the 20-day moving average crossing at 3.329 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.329. Second resistance is the December 27th high crossing at 4.674. First support is Thursday's low crossing at 2.680. Second support is the March-2020 low crossing at 2.473.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was steady to slightly lower overnight as it extends this month's trading range above the 75% retracement level of the March-September rally crossing at $101.329. Overnight trading sets the stage for a slightly lower opening when the 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 March renews the decline off September's high, the 87% retracement level of the March-September rally crossing at $99.229 is the next downside target. Closes above the 20-day moving average crossing at $102.536 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $102.536. Second resistance is the 50-day moving average crossing at $103.932. First support is the 75% retracement level of the March-September rally crossing at $101.331. Second support is the 87% retracement level of the March-September rally crossing at $99.229.
The March Euro was steady to slightly lower overnight and sets the stage for a slightly lower opening when the 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 May 31st 2022 high crossing at $1.09680 is the next upside target. Closes below the 20-day moving average crossing at $1.08109 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $1.09625. Second resistance is the May 31st 2022 high crossing at $1.09680. First support is the 20-day moving average crossing at $1.08109. Second support is the 50-day moving average crossing at $1.06683.
The March British Pound was steady to slightly lower overnight. Overnight trading sets the stage for a lower opening when the 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 January's low, December's high crossing at 1.2477 is the next upside target. Closes below the 50-day moving average crossing at 1.2173 would signal that a short-term top has been posted while opening the door for a possible test of the 25% retracement level of the September-December rally crossing at 1.1971. First resistance is Monday's high crossing at 1.2462. Second resistance is December's high crossing at 1.2477. First support is the 50-day moving average crossing at 1.2173. Second support is the 25% retracement level of the September-December rally crossing at 1.1971.
The March Swiss Franc was steady to slightly lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If March extends the rally off November's low, the 75% retracement level of the 2021-2022 decline crossing at 1.12550 is the next upside target. Closes below the 50-day moving average crossing at 1.08200 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.10351. Second resistance is the 75% retracement level of the 2021-2022 decline crossing at 1.12550. First support is the 50-day moving average crossing at 1.08200. Second support is the January 12th low crossing at 1.07190.
The March Canadian Dollar was steady to slightly higher overnight and is poised to breakout to the topside of this month's trading range. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are diverging but 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 $75.71 is the next upside target. Closes below last-Thursday's low crossing at $73.99 would signal that a short-term top has been posted. First resistance is the January 13th high crossing at $75.10. Second resistance is November's high crossing at $75.71. First support is last-Thursday's low crossing at $73.99. Second support is the January's low crossing at $73.10.
The March Japanese Yen was higher overnight and sets the stage for a higher opening when the 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 20-day moving average crossing at 0.077192 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, the May-2022 high crossing at 0.080525 is the next upside target. First resistance is the January 17th high crossing at 0.079190. Second resistance is the May-2022 high crossing at 0.080525. First support is the 20-day moving average crossing at 0.077192. Second support is the January 6th low crossing at 0.074830.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
Aprilgold was steady to slightly higher overnight. Overnight trading sets the stage for a slightly higher opening when the 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 April extends the rally off November's low, the 75% retracement level of the March-October decline crossing at $1978.50 is the next upside target. Closes below the 20-day moving average crossing at $1909.40 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $1966.50. Second resistance is the 75% retracement level of the March-October decline crossing at $1978.50. First support is the 10-day moving average crossing at $1942.50. Second support is the 20-day moving average crossing at $1909.40.
March silver was lower overnight as it extends the December-January trading range. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, the 87% retracement level of the March-August decline crossing at $25.938 is the next upside target. Closes below the 50-day moving average crossing at $23.192 would open the door for additional weakness near-term. First resistance is the 75% retracement level of the March-August 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 $23.192. Second support the December 16th low crossing at $22.735.
March copper was steady to slightly higher overnight as it extends the trading range of the past six-days. The high-range overnight trade sets the stage for a steady to higher opening when the 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 renews the rally off the November 28th low, the 75% retracement level of the March-July-2022 decline crossing at 4.4773 is the next upside target. Closes below the 20-day moving average crossing at 4.0893 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 4.3550. Second resistance is the 75% retracement level of the March-July-2022 decline crossing at 4.4773. First support is the 10-day moving average crossing at 4.2446. Second support is the 20-day moving average crossing at 4.0893.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was higher overnight and sets the stage for higher opening when the day sessions 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 January's low, the 75% retracement level of the October-December decline crossing at $6.92 1/2 is the next upside target. Closes below the 50-day moving average crossing at $6.63 1/4 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. Second resistance is the 87% retracement level of the October-December decline crossing at $7.01 3/4. First support is the 50-day moving average crossing at $6.63 1/4. Second support is January's low crossing at $6.48 1/4.
March wheat was steady to fractionally higher overnight and sets the stage for a fractionally higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at $7.601 1/4 would signal that a short-term low has been posted while opening the door for additional short-term gains. If March resumes this month's decline, the September 6th 2022 low crossing at $6.93 1/2 is the next downside target. First resistance is 50-day moving average crossing at $7.64 3/4. Second resistance is the December 30th high crossing at $7.99. First support is Monday's low crossing at $7.12 1/2. Second support is the September 6th 2022 low crossing at $6.93 1/2.
March Kansas City wheat was lower overnight as it consolidates some of the rally off Monday's low. Overnight weakness sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.65 1/2 would open the door for additional short-covering gains. If March renews the decline off the December 27th high, the January 31st 2022 low crossing at $7.80 is the next downside target. First resistance is the 50-day moving average crossing at $8.65 1/2. Second resistance is the December 27th high crossing at $8.94 3/4. First support is the January 10th low crossing at $8.03 1/4. Second support is the January 31st 2022 low crossing at $7.80.
March Minneapolis wheat was lower overnight as it consolidates some of this week's rally. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $9.22 would signal that a short-term low has been posted while opening the door for a possible test of the December 30th high crossing at $9.40. If March resumes the decline off October's high, August's low crossing at $8.75 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $9.20. Second resistance is the December 30th high crossing at $9.40. First support is Monday'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 were modestly higher overnight as they extend the rally off Wednesday's low. Overnight trading sets the stage for a steady to higher opening. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, January's high crossing at $15.48 1/2 is the next upside target. Closes below the 50-day moving average crossing at $14.81 would confirm that a top has been posted while opening the door for a test of the January 5th low crossing at $14.65. First resistance is the overnight high crossing at $15.27. Second resistance is January's high crossing at $15.48 1/2. First support is the 50-day moving average crossing at $14.81. Second support is the January 5th low crossing at $14.65.
March soybean meal was slightly higher overnight as it extends the rally off Monday's low. Overnight trading sets the stage for a slightly higher opening when the day 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 this week's rally, the January 18th high crossing at $487.00 is the next upside target. If March renews the decline off the January 18th high, the 50-day moving average crossing at $447.70 is the next downside target. First resistance is the overnight high crossing at $479.50. Second resistance is the January 18th high crossing at $487.00. First support is Monday's low crossing at $452.80. Second support is the 50-day moving average crossing at $447.70.
March soybean oil was higher overnight as it consolidates some of the decline off the December 27th high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 62.95 would signal that a short-term low has been posted. If March extends the decline off December's high, December's low crossing at 58.50 is the next downside target. First resistance is the 10-day moving average crossing at 62.17. Second resistance is the 20-day moving average crossing at 62.75. First support is Wednesday's low crossing at 60.00. Second support is December's low crossing at 58.50.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $1.60 at $86.93.
April hogs posted huge key reversal up as it closed higher on Thursday that a short-term low has likely been posted. The high-range close sets the stage for a steady to higher opening when Friday'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 April extends the aforementioned decline, October's low crossing at $82.63 is the next downside target. Today's close above the 10-day moving average crossing at $86.20 signals that a short-term low has been posted. First resistance is the 20-day moving average crossing at $89.31. Second resistance is the 50-day moving average crossing at $91.79. First support is today's low crossing at $83.70. Second support is October's low crossing at $82.63.
April cattle closed down $1.03 at $160.53.
April cattle closed lower on Thursday as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. If April extends the aforementioned rally, December's high crossing at $162.75 is the next upside target. First resistance is Wednesday's high crossing at $161.78. Second resistance is December's high crossing at $162.75. First support is the 50-day moving average crossing at $159.97. Second support is the January 19th low crossing at $158.550.
March Feeder cattle closed down $1.0 at $182.75.
March Feeder cattle closed lower on Thursday as it consolidated some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Friday's day 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 $184.37 would signal that a short-term low has been posted. If March renews 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 $184.12. Second resistance is the 20-day moving average crossing at $184.37. 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 Thursday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 $17.50 is the next upside target. Closes below the 10-day moving average crossing at $15.65 would signal that a short-term top has been posted. First resistance is today's high crossing at $16.78. Second resistance is December's high crossing at $17.50. First support is the 10-day moving average crossing at $15.65. Second support is the January 11th low crossing at $14.21.
March cocoa closed higher on Thursday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the January 17th high crossing at 26.75 is the next upside target. Closes below the 50-day moving average crossing at 25.48 would signal that a short-term top has been posted.
March sugar closed sharply higher on Thursday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, December's high crossing at 21.18 is the next upside target. Closes below the 20-day moving average crossing at 19.78 would signal that a short-term top has been posted.
March cotton closed higher on Thursday as it extends the November-January trading range. The mid-range close sets the stage for a steady to higher opening on Friday. 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 83.63 would signal that a short-term top has been posted.
Thanks tallpine!
time to start measuring rains in Argentina instead of just forecasting them.
NG front month is expiring and week 2 is warming up.