KEY EVENTS TO WATCH FOR:
Wednesday, February 15, 2023
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 249.5)
Composite Idx, W/W% (previous +7.4%)
Purchase Idx-SA (previous 190)
Purchase Idx-SA, W/W% (previous +3.1%)
Refinance Idx (previous 549.3)
Refinance Idx, W/W% (previous +17.7%)
8:30 AM ET. January Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (expected +1.7%; previous -1.1%)
Sales, Ex-Auto, M/M% (expected +0.7%; previous -1.1%)
Sales, Ex-Auto & Gas, M/M% (previous -0.7%)
8:30 AM ET. February Empire State Manufacturing Survey
Mfg Idx (expected -19.2; previous -32.9)
Employment Idx (previous 2.8)
New Orders Idx (previous -31.1)
Prices Received (previous 18.8)
9:15 AM ET. January Industrial Production & Capacity Utilization
Industrial Production, M/M% (expected +0.4%; previous -0.7%)
Capacity Utilization % (expected 79.0%; previous 78.8%)
Capacity Utilization, Net Chg (Pts) (previous -0.6)
10:00 AM ET. February NAHB Housing Market Index
Housing Mkt Idx (expected 36; previous 35)
10:00 AM ET. January Online Help Wanted Index
10:00 AM ET. December Manufacturing & Trade: Inventories & Sales
Total Inventories (expected +0.3%; previous +0.4%)
10:00 AM ET. SEC Open Meeting
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 826.7M)
Crude Oil Stocks, Net Chg (Bbl) (previous +2.4M)
Gasoline Stocks (Bbl) (previous 239.6M)
Gasoline Stocks, Net Chg (Bbl) (previous +5.0M)
Distillate Stocks (Bbl) (previous 120.5M)
Distillate Stocks, Net Chg (Bbl) (previous +2.9M)
Refinery Usage (previous 87.9%)
Total Prod Supplied (Bbl/day) (previous 20.536M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.43M)
4:00 PM ET. December Treasury International Capital Data
Thursday, February 16, 2023
8:30 AM ET. U.S. Weekly Export Sales
8:30 AM ET. January PPI
PPI, M/M% (expected +0.4%; previous -0.5%)
Ex-Food & Energy PPI, M/M% (expected +0.3%; previous +0.1%)
Personal Consumption (previous -0.4%)
8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.35M; previous 1.382M)
Housing Starts, M/M% (expected -2.3%; previous -1.4%)
Building Permits (expected 1.35M; previous 1.330M)
Building Permits, M/M% (expected +1.5%; previous -1.6%)
8:30 AM ET. February Philadelphia Fed Business Outlook Survey
Business Activity (expected -7.4; previous -8.9)
Prices Paid (previous 24.5)
Employment (previous 10.9)
New Orders (previous -10.9)
Prices Received (previous 29.9)
Delivery Times (previous -5.6)
Inventories (previous 0.9)
Shipments (previous 11.1)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 200K; previous 196K)
Jobless Claims, Net Chg (previous +13K)
Continuing Claims (previous 1688000)
Continuing Claims, Net Chg (previous +38K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2366B)
Working Gas In Storage, Net Chg (Cbf) (previous -217B)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, February 17, 2023
8:30 AM ET. January Import & Export Price Indexes
Import Prices (expected -0.1%; previous +0.4%)
Non-Petroleum Prices (previous +0.8%)
Petroleum Prices (previous -2.7%)
10:00 AM ET. January Leading Indicators
Leading Index, M/M% (expected -0.4%; previous -1.0%)
Leading Index
Coincident Index, M/M% (previous +0.1%)
Lagging Index, M/M% (previous +0.3%)
10:00 AM ET. 4th Quarter Advance Quarterly Services
10:00 AM ET. 4th Quarter Quarterly Retail E-Commerce Sales
Monday, February 20, 2023
N/A U.S. Presidents Day / Washington's Birthday. Financial markets closed
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Tuesday as it extends the trading range of the past three-weeks. The latest CPI data for January showed a 0.5% increase over December the largest increase since this past October. The mid-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow renews the rally off the January 20th low, December's high crossing at 34,712.28 is the next upside target. Closes below the 50-day moving average crossing at 33,637.18 would signal that a short-term top has been posted. First resistance is January's high crossing at 34,342.32. Second resistance is the December 13th high crossing at 34,712.28. First support is the 50-day moving average crossing at 33,637.18. Second support is the January 5th low crossing at 32,812.33.
The March NASDAQ 100 closed higher on Tuesday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible. Closes below the 20-day moving average crossing at 12,215.48 would signal that a short-term top has been posted. If March renews the rally off January's low, the 75% retracement level of the August-October decline crossing at 13,058.13 is the next upside target. First resistance is February's high crossing at 12,934.50. Second resistance is the 75% retracement level of the August-October decline crossing at 13,058.13. First support is the 20-day moving average crossing at 12,215.48. Second support is the 50-day moving average crossing at 11,714.64.
The March S&P 500 closed slightly higher on Monday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 resumes the rally off December's low, the 87% retracement level of the August-October decline crossing at 4255.15 is the next upside target. Closes below the 20-day moving average crossing at 4081.32 would signal that a short-term top has been posted. First resistance is February's high crossing at 4208.50. Second resistance is the 87% retracement level of the August-October decline crossing at 4255.15. First support is the 20-day moving average crossing at 4081.32. Second support is the 50-day moving average crossing at 3993.05.
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March T-bonds closed down 8/32's at 127-04.
March T-bonds closed lower on Tuesday as today's increase in January's CPI to 6.4% year-over-year suggest a larger-degree increase in interest rates is possible in the near-future. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends this month's decline, the 50% retracement level of the October-January rally crossing at 125-07 is the next downside target. Closes above the 20-day moving average crossing at 129-23 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 129-23. Second resistance is February's high crossing at 132-22. First support is the 50% retracement level of the October-January rally crossing at 125-07. Second support is the December 30th low crossing at 124-11.
March T-notes closed down 145-pts. at 112.105.
March T-notes closed lower on Tuesday and below the October-November uptrend line crossing near 112.173. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends the aforementioned decline, December's low crossing at 111.280 is the next downside target. Closes above the 20-day moving average crossing at 114.098 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 113.204. Second resistance is the 20-day moving average crossing at 114.098. First support is December's low crossing at 111.280. Second support is the 75% retracement level of the October-January rally crossing at 110.309.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
March crude oil closed lower on Tuesday as it consolidated some of the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Monday's low, January's high crossing at $82.66 is the next upside target. Closes below last-Thursday's low crossing at $76.52 would temper the near-term friendly outlook. First resistance is Monday's high crossing at $80.62. Second resistance is January's high crossing at $82.66. First support is last-Thursday's low crossing at $76.52. Second support is last-Monday's low crossing at $72.25.
March heating oil closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's day trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $3.0260 would signal that a short-term low has been posted. If March renews the decline off January's high, the 50% retracement level of the 2020-2022 rally crossing at $2.5401 is the next downside target. First resistance is the 50-day moving average crossing at $3.0260. Second resistance is the 20-day moving average crossing at $3.0617. First support is last-Monday's low crossing at $2.6653. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.5401.
March unleaded gas closed lower on Tuesday as it consolidated some of the rally off last-Monday's low. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 2.5255 would open the door for additional gains near-term. Closes below the 50-day moving average crossing at 2.3840 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at 2.5255. Second resistance is January's high crossing at $2.7186. First support is last-Monday's low crossing at 2.2720. Second support is January's low crossing at $2.2439.
March Henry natural gas closed higher on Tuesday 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 Wednesday's day session begins trading. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional strength that would signal that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.713 would signal that a short-term low has been posted. If March extends the decline off November's high, the December-2020 low on the monthly continuation chart crossing at 2.238 is the next downside target.First resistance is the 20-day moving average crossing at 2.713. Second resistance is the January 24th high crossing at 3.300. First support is the February 3rd low crossing at 2.341. Second support is the December-2020 low on the monthly continuation chart crossing at 2.238.
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The March Dollar closed slightly lower on Tuesday as it extended last-week's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above last-Tuesday's high crossing at $103.850 would confirm that a short-term low has been posted while opening the door for a possible test of January's high crossing at $105.500. If March renews the decline off September's high, the 87% retracement level of the January-September rally crossing at $99.229 is the next downside target. First resistance is last-Tuesday's high crossing at $103.850. Second resistance is January's high crossing at $105.500. First support is February's low crossing at $100.680. Second support is the 87% retracement level of the January-September rally crossing at $99.229.
The March Euro closed slightly higher on Tuesday as it extended last-week's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends this month's decline, January's low crossing at $1.05290 is the next downside target. Closes above the 20-day moving average crossing at $1.08444 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.08444. Second resistance is February's high crossing at $1.10590. First support is Monday's low crossing at $1.06740. Second support is January's low crossing at $1.05290.
The March British Pound closed higher on Monday. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.2258 would signal that a short-term low has been posted. If March renews January's decline, January's low crossing at 1.1861 is the next downside target. First resistance is the 20-day moving average crossing at 1.2258. Second resistance is January's high crossing at 1.2462. First support is last-Tuesday's low crossing at 1.2034. Second support is January's low crossing at 1.1861.
The March Swiss Franc closed lower on Tuesday as it extends the December-February trading range. The low-range close sets the stage for a steady to lower opening when Wednesday'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 last-Monday's low, the 62% retracement level of the 2018-2022 decline crossing at 1.10351 is the next upside target. If March renews the decline off February's high, January's low crossing at 1.06915 is the next downside 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 1.12250. First support is last-Tuesday's low crossing at 1.08020. Second support is the January 6th low crossing at 1.06915.
The March Canadian Dollar closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 renews the rally off last-Monday's low, November's high crossing at 75.71 is the next upside target. Closes below the 50-day moving average crossing at 74.22 would confirm that a short-term top has been posted. First resistance is the February 2ndhigh crossing at 75.42. Second resistance is November's high crossing at 75.71. First support is the 50-day moving average crossing at 74.22. Second support is the January 19th low crossing at 73.99.
The March Japanese Yen closed lower on Tuesday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Wednesday’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 the decline off January's high, January's low crossing at 0.074830 is the next downside target. Closes above last-Friday's high crossing at 0.077340 would signal that a short-term low has been posted. First resistance is February's high crossing at 0.078740. Second resistance is the January 17th high crossing at 0.079190. First support is January's low crossing at 0.074830. Second support is the December 15th low crossing at 0.073210.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 April extends the decline off February's high, January's low crossing at 1846.10 is the next downside target. Closes above the 20-day moving average crossing at 1916.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1916.50. Second resistance is February's high crossing at $1975.20. First support is the January low crossing at $1846.10. Second support is the 50% retracement level of the November-February rally crossing at $1811.60.
March silver closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 March extends this month's decline, the 50% retracement level of the September-February rally crossing at 21.177 is the next downside target. Closes above the 20-day moving average crossing at 23.116 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 22.441. Second resistance is the 20-day moving average crossing at 23.116. First support is today's low crossing at 21.585. Second support is the 50% retracement level of the September-February rally crossing at 21.177.
March copper closed higher on Tuesday as it extends last-week's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday'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. Closes below the 50-day moving average crossing at 3.9921 would open the door for additional weakness and a possible test of the 38% retracement level of the September-January rally crossing at 3.9285. Closes above the 20-day moving average crossing at 4.1528 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.1528. Second resistance is the January 18th high crossing at 4.3550. First support is the 50-day moving average crossing at 3.9921. Second support is the 38% retracement level of the September-January rally crossing at 3.9285.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.02 3/4-cents at $6.82 1/4.
March corn closed lower on Tuesday after testing the upper boundary of the January-February the trading range. 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 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 last-Friday's low crossing at $6.69 1/4 would signal that a short-term top has been posted. First resistance is the January 18th 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 last-Friday's low crossing at $6.69 1/4. Second support is the 50-day moving average crossing at $6.66.
March wheat closed down $0.06-cents at $7.86.
March wheat closed lower on Tuesday 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 Wednesday'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 January's low, the 38% retracement level of the October-January decline crossing at $8.07 1/2 is the next upside target. Closes below the 50-day moving average crossing at $7.54 would temper the near-term bullish outlook. First resistance is the December 30th high crossing at $7.99. Second resistance is the 38% retracement level of the October-January decline crossing at $8.07 1/2. First support is the 50-day moving average crossing at $7.54. Second support is January's low crossing at $7.12 1/2.
March Kansas City Wheat closed down $0.06 1/4-cents at $9.06.
March Kansas City wheat closed lower on Tuesday 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 Wednesday'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 January's low, the 62% retracement level of the October-January decline crossing at $9.45 is the next upside target. Closes below the 20-day moving average crossing at $8.70 1/4 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the October-January decline crossing at $9.17 3/4. Second resistance is the 62% retracement level of the October-January decline crossing at $9.45. First support 20-day moving average crossing at $8.70 1/4. Second support is the January 23rd low crossing at $8.11.
March Minneapolis wheat closed up $0.01 1/4-cents crossing at $9.32.
March Minneapolis wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 January's low, the 38% retracement level of the October-January decline crossing at $9.40 1/2 is the next upside target. Closes below the 50-day moving average crossing at $9.15 would signal that a short-term top has been posted. First resistance is today's high crossing at $9.36 1/4. Second resistance is the 38% retracement level of the October-January decline crossing at $9.40 1/2. First support is the 50-day moving average crossing at $9.15. Second support is January's low crossing at $8.85.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed down $0.05 1/4-cents at $15.37 1/2.
March soybeans closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's day trade begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally. last-June's high crossing at $15.72 1/4 is the next upside target. closes below the 50-day moving average crossing at $15.00 3/4 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $15.55 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 $15.00 3/4. Second support is the January 25th low crossing at $14.78 1/4.
March soybean meal closed down $3.00 at $501.00.
March soybean meal closed lower on Tuesday as it consolidated some of the rally off last-July's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 January's low, monthly resistance on the continuation chart crossing at $513.90 is the next upside target. Closes below the 20-day moving average crossing at $482.50 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $508.20. Second resistance is monthly resistance the monthly continuation chart crossing at $513.90. First support is the 20-day moving average crossing at $482.50. Second support is the 50-day moving average crossing at $468.30.
March soybean oil closed up 26-pts. At 60.40.
March soybean oil 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 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 20-day moving a crossing at 60.97 would signal that a short-term low has been posted. If March extends the decline off the December 27th high, the 87% retracement of the July-November-2022 crossing at 56.49 is the next downside target. First resistance is the 20-day moving average crossing at 60.97. Second resistance is the 50-day moving average crossing at 62.27. First support is last-Monday's low crossing at 58.43. Second support is the 87% retracement of the July-November-2022 crossing at 56.49.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $0.78 at $87.13.
April hogs closed higher on Tuesday as it extended the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 January 27th high crossing at $88.33 would confirm that a short-term low has been posted. If April resumes the decline off December's high, the 75% retracement level of the 2021-2022 rally crossing at $81.15 is the next downside target. First resistance is the January 27th high crossing at $88.33. Second resistance is the 50-day moving average crossing at $89.49. First support is last-Tuesday's low crossing at $81.28. Second support is the 75% retracement level of the 2021-2022 rally crossing at $81.15.
April cattle closed down $0.50 at $164.60.
April cattle closed lower on Tuesday as it consolidates some of the rally off September's low. The high-range close sets the stage for a steady to slightly lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, the November-2014 on the monthly continuation chart crossing at $171.65 is the next upside target. Closes below the 20-day moving average crossing at $162.48 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $165.25. Second resistance is the November-2014 on the monthly continuation chart crossing at $171.65. First support is the 10-day moving average crossing at $163.92. Second support is the 20-day moving average crossing at $162.48.
March Feeder cattle closed down $0.58 at $186.63.
March Feeder cattle posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 $184.68 would signal that a short-term top has been posted. If March extends the rally off January's low, the 87% retracement level of the August-October-2022 decline crossing at $190.38 is the next upside target. First resistance is last-Tuesday's high crossing at $188.58. Second resistance is the 87% retracement level of the August-October-2022 decline crossing at $190.38. First support is the 20-day moving average crossing at $184.68. Second support is February's low crossing at $182.70.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Tuesday and is poised to test February's high crossing at $18.00. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. If March renews the rally off January's low, the 50% retracement level of the August-January decline crossing at $18.91 is the next upside target. Closes below the 20-day moving average crossing at $16.99 would signal that a short-term top has been posted. First resistance is February's high crossing at $18.42. Second resistance is the 50% retracement level of the August-January decline crossing at $18.91. First support is the 20-day moving average crossing at $16.99. Second support is the 50-day moving average crossing at $16.55.
March cocoa closed unchanged on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Friday's low, January's high crossing at 26.99 is the next upside target. Closes below last-Friday's low crossing at 25.30 would confirm that a short-term top has been posted while opening the door for a possible test of January's low crossing at 25.07.
March sugar posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are becoming overbought, diverging are are poised to turn neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 20.81 would signal that a short-term top has been posted. If March extends the rally off January's low, monthly resistance crossing at 22.64 is the next upside target.
March cotton closed slightly lower on Tuesday as it extends the November-February trading range. Multiple closes below last-Monday's low crossing at 83.07 would open the door for additional weakness near-term. The high-range close sets the stage for a steady to slightly higher opening on Wednesday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March resumes last-Monday's decline, January's low crossing at 80.37 is the next downside target. Closes above the November 16th high crossing at 89.92 would mark an upside breakout of the November-February trading range while opening the door for a possible test of the 50% retracement level of the August-October decline crossing at 93.37.
Thanks tallpine!