KEY EVENTS TO WATCH FOR:

Wednesday, February 22, 2023 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 230.4)

                       Composite Idx, W/W% (previous -7.7%)

                       Purchase Idx-SA (previous 179.6)

                       Purchase Idx-SA, W/W% (previous -5.5%)

                       Refinance Idx (previous 480.5)

                       Refinance Idx, W/W% (previous -12.5%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, Y/Y% (previous +4.6%)

                       Latest Wk, Y/Y% (previous +4.9%)

2:00 PM ET. Federal Open Market Committee meeting minutes published

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +10.5M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +0.8M)

                       Distillate Stocks, Net Chg (Bbls) (previous +1.7M)

Thursday, February 23, 2023 

8:30 AM ET. January Chicago Fed National Activity Index (CFNAI)

                       NAI (previous -0.49)

                       NAI, 3-mo Moving Avg (previous -0.33)

8:30 AM ET. 4^th Quarter 2nd estimate GDP

                       Annual Rate, Q/Q% (previous +2.9%)

                       Chain-Weighted Price Idx, Q/Q% (previous +3.5%)

                       Corporate Profits, Q/Q% (previous -5.0%)

                       PCE Price Idx, Q/Q% (previous +3.2%)

                       Purchase Price Idx, Q/Q% (previous +3.2%)

                       Real Final Sales, Q/Q% (previous +1.4%)

                       Core PCE Price Idx, Q/Q% (previous +3.9%)

                       Consumer Spending, Q/Q% (previous +2.1%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 194K)

                       Jobless Claims, Net Chg (previous -1K)

                       Continuing Claims (previous 1696000)

                       Continuing Claims, Net Chg (previous +16K)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2266B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -100B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 471.394M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +16.283M)

                       Gasoline Stocks (Bbl) (previous 241.922M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +2.316M)

                       Distillate Stocks (Bbl) (previous 119.237M)

                       Distillate Stocks, Net Chg (Bbl) (previous -1.285M)

                       Refinery Usage (previous 86.5%)

                       Total Prod Supplied (Bbl/day) (previous 19.302M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.234M)

11:00 AM ET. February Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous -4)

                       6-Mo Exp Prod Idx (previous 10)

                       Mfg Composite Idx (previous -1)

                       6-Mo Exp Composite Idx

                          3

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, February 24, 2023  

8:30 AM ET. January Personal Income and Outlays

                       Personal Income, M/M% (previous +0.2%)

                       Consumer Spending, M/M% (previous -0.2%)

                       PCE Price Idx, M/M% (previous +0.1%)

                       PCE Price Idx, Y/Y% (previous +5%)

                       PCE Core Price Idx, M/M% (previous +0.3%)

                       PCE Core Price Idx, Y/Y% (previous +4.4%)

8:30 AM ET. U.S. Weekly Export Sales

10:00 AM ET. January New Residential Sales

                       New Home Sales (previous 616K)

                       New Home Sales, M/M% (previous +2.3%)

                       New Home Sales Months Supply (previous 9.0)

10:00 AM ET. February University of Michigan Survey of Consumers - final

                       End-Mo Sentiment Idx (previous 64.9)

                       End-Mo Expectations Idx (previous 62.7)

                       12-Month Inflation Forecast (previous 3.9%)

                       5-Year Inflation Forecast (previous 2.9%)

                      End-Mo Current Idx (previous 68.4)

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes

The Dow closed sharply lower on Tuesday as it marked a downside breakout of  the trading range of the past four-weeks. 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 the Dow extends today's decline, the 38% retracement level of the October-December rally crossing at 32,396.11 is the next downside target. Closes above the 20-day moving average crossing at 33,900.81 would signal that a short-term low has been posted. First resistance is the January 13^th high crossing at 34,342.32. Second resistance is the December 13^th high crossing at 34,712.28. First support is the January 20^th low crossing at 32,948.93. Second support is the December 22^nd low crossing at 32,573.43. 

The March NASDAQ 100 closed sharply lower on Tuesday as it extends the decline off February'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 sideways to lower prices are possible. Today's close below the February 10^th low crossing at 12,243.25 confirms that a short-term top has been posted while opening the door for additional weakness near-term. 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 January 31^st low crossing at 11,871.00. Second support is the 50-day moving average crossing at 11,762.57.  

The March S&P 500 closed sharply lower on Tuesday marking a downside breakout of this month'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3998.25 opens the door for a possible test of the January 19^th low crossing at 3901.75. Closes above the 10-day moving average crossing at 4114.82 would signal that a short-term low 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 50-day moving average crossing at 3998.25.       

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March T-bonds closed down 1-21/32's at 124-04. 

March T-bonds closed lower on Tuesday as it extended the decline off February'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 62% retracement level of the October-January rally crossing at 123-12 is the next downside target. Closes above the 50-day moving average crossing at 128-27 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 126-24. Second resistance is the 20-day moving average crossing at 128-19. First support is the 62% retracement level of the October-January rally crossing at 123-12. Second support is the 75% retracement level of the October-January rally crossing at 121-10.

March T-notes closed down 300-pts. at 111.020.

March T-notes closed sharply lower on Tuesday as it extended the decline off February'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 87% retracement level of the October-January rally crossing at 110.035 is the next downside target. Closes above the 20-day moving average crossing at 113.189 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 113.175. Second resistance is the 50-day moving average crossing at 113.189. First support is the 75% retracement level of the October-January rally crossing at 110.309. Second support is the 87% retracement level of the October-January rally crossing at 110.035.  

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

April crude oil closed lower on Tuesday as it extended the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are  possible near-term. If April extends the aforementioned decline, February's low crossing at $72.64 is the next downside target. Closes above the 10-day moving average crossing at $78.43 would signal that a short-term low has been posted. First resistance is February's high crossing at $80.78. Second resistance is January's high crossing at $82.89. First support is last-Friday's low crossing at $75.32. Second support is February's low crossing at $72.64. 

April heating oil closed sharply higher on Tuesday as it consolidated some of last-week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews the decline off January's high, the 50% retracement level of the 2020-2022 rally crossing at $2.4732 is the next downside target. Closes above the 50-day moving average crossing at $2.9247 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $2.9247. Second resistance is February's high crossing at $3.0487. First support is February's low crossing at $2.6350. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.4732. 

April unleaded gas 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.5764 would open the door for a possible test of February's low crossing at 2.4671. Closes above last-Monday's high crossing at 2.7303 would renew the rally off February's low while opening the door for additional gains near-term. First resistance is last-Monday's high crossing at 2.7303. Second resistance is January's high crossing at $2.7186. First support is the 50-day moving average crossing at 2.5764. Second support is February's low crossing at 2.4671.  

April Henry natural gas closed lower on Tuesday as it extended the decline off December'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 oversold but remain neutral to bearish signal that sideways to lower prices are possible near-term. If April resumes the decline off November's high, the September-21^st-2020 low on the monthly continuation chart crossing at 1.795 is the next downside target. Closes above the February 1^st high crossing at 2.836 would signal that a short-term low has been posted. First resistance is the February 1^st high crossing at 2.836. Second resistance is the January 24^th high crossing at 3.256. First support is today's low crossing at 2.162. Second support is the September-21st-2020 low on the monthly continuation chart crossing at 1.795.

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The March Dollar closed higher on Tuesday. 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. If March extends this month's rally, January's high crossing at $105.500 is the next upside target. Closes below the 20-day moving average crossing at 102.826 would signal that a short-term top has been posted. 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-Thursday's high crossing at $104.605. Second resistance is January's high crossing at $105.500. First support is the 20-day moving average crossing at 102.826. Second support is February's low crossing at $100.680.  

The March Euro closed lower on Tuesday as it extended the decline off February'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 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 $1.08088 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.08088. Second resistance is February's high crossing at $1.10590. First support is last-Friday's low crossing at $1.06265. Second support is January's low crossing at $1.05290. 

The March British Pound 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 oversold, diverging and are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.2197 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 50-day moving average crossing at 1.2197. Second resistance is January's high crossing at 1.2462. First support is last-Friday's low crossing at 1.1920. Second support is January's low crossing at 1.1861. 

The March Swiss Franc closed lower on Tuesday while extending 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 neutral to bearish signaling that sideways to lower trading is possible near-term. If March extends the decline off February's high, January's low crossing at 1.06915 is the next downside target. Closes above last-Tuesday's high crossing at 1.09750 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 1.09750. Second resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. First support is last-Friday's low crossing at 1.07385. Second support is the January 6^th low crossing at 1.06915. 

The March Canadian Dollar closed lower on Tuesday and below the October-January uptrend line crossing at 73.92 opens the door for additional weakness near-term. 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 last-week's decline, January's low crossing at 73.10 is the next downside target. Closes above the 20-day moving average crossing at 74.73 would signal that a short-term low has been posted. First resistance is the February 2^ndhigh crossing at 75.42. Second resistance is November's high crossing at 75.71. First support is today's low crossing at 73.81. Second support is January's low crossing at 73.10.

The March Japanese Yen closed lower on Tuesday as it extends 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 50% retracement level of the October-January rally crossing at 0.073136 is the next downside target. Closes above the 20-day moving average crossing at 0.076424 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.075577. Second resistance is the 20-day moving average crossing at 0.076424. First support is the 50% retracement level of the October-January rally crossing at 0.073136. Second support is the 62% retracement level of the October-January rally crossing at 0.071710.    

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April gold closed 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 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, the 50% retracement level of the November-February rally crossing at 1811.60 is the next downside target. Closes above the 20-day moving average crossing at 1898.40 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1898.40. Second resistance is February's high crossing at $1975.20. First support is last-Friday's low crossing at $1827.70. 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 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 March extends this month's decline, the 62% retracement level of the September-February rally crossing at 20.326 is the next downside target. Closes above the 20-day moving average crossing at 22.708 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 21.940. Second resistance is the 20-day moving average crossing at 22.708. First support is the 50% retracement level of the September-February rally crossing at 21.177. Second support is the 62% retracement level of the September-February rally crossing at 20.326. 

March copper closed higher on Tuesday as it extended the rally off last-Wednesday'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. If March extends today's rally, January's high crossing at 4.3550 is the next upside target. Closes below the 50-day moving average crossing at 4.0148 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. First resistance is today's high crossing at 4.2370. Second resistance is the January 18^th high crossing at 4.3550. First support is the 50-day moving average crossing at 4.0148. 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 "

May Corn closed up $0.03-cents at $6.80 1/2. 

May corn closed higher on Tuesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off January's low, the 75% retracement level of the October-December decline crossing at $6.93 1/4 is the next upside target. Closes below the 50-day moving average crossing at $6.68 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the January 18^th high crossing at $6.86. Second resistance is the 75% retracement level of the October-December decline crossing at $6.93 1/4. First support is last-Thursday's low crossing at $6.71 3/4. Second support is the 50-day moving average crossing at $6.68. 

May wheat closed down $0.13 1/2-cents at $7.62 3/4.  

May wheat closed lower on Tuesday as it extended the decline off last-Tuesday'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. Today's close below the 50-day moving average crossing at $7.63 1/4 signal that a short-term top has been posted while opening the door for additional weakness near-term. If May resumes the rally off January's low, the 38% retracement level of the October-January decline crossing at $8.14 1/2 is the next upside target. First resistance is the January 14^th high crossing at $8.07 1/2. Second resistance is the 38% retracement level of the October-January decline crossing at $8.14 1/2. First support is the January 31^st low crossing at $7.51 1/2. Second support is January's low crossing at $7.20 3/4. 

May Kansas City Wheat closed down $0.02 1/4-cents at $9.04 1/4.

May Kansas City wheat closed 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $8.74 1/4 would signal that a short-term top has been posted. If May extends the rally off January's low, the 50% retracement level of the October-January decline crossing at $9.13 1/4 is the next upside target. First resistance is the 50% retracement level of the October-January decline crossing at $9.13 1/4. Second resistance is the 62% retracement level of the October-January decline crossing at $9.40 1/4. First support 20-day moving average crossing at $8.74 1/4. Second support is the January 23rd low crossing at $8.06 3/4.  

May Minneapolis wheat closed down $0.04 3/4-cents crossing at $9.18 3/4.

March Minneapolis wheat closed 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $9.10 1/4 would signal that a short-term top has been posted. If May extends the rally off January's low, the 38% retracement level of the October-January decline crossing at $9.38 is the next upside target. First resistance is today's high crossing at $9.28 1/2. Second resistance is the 38% retracement level of the October-January decline crossing at $9.38. First support is the 50-day moving average crossing at $9.10 1/4. Second support is January's low crossing at $8.80 1/4. 

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

May soybeans closed up $0.21 3/4-cents at $15.44.

May soybeans gapped up and closed higher on Tuesday on news of scattered frost across portions of Argentina this weekend. The high-range close sets the stage for a steady to higher opening when Wednesday's day trade begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-year's low, the contract high crossing at $15.67 1/2 is the next upside target. Closes below the 50-day moving average crossing at $15.06 1/4 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $15.46 1/4. Second resistance is the contract high crossing at $15.67 1/2. First support is the 50-day moving average crossing at $15.06 1/4. Second support is the January 25^th low crossing at $14.76.  

May soybean meal closed up $6.70 at $481.60. 

May soybean meal 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off January's low, psychological resistance crossing at $500.00 is the next upside target. Closes below the 20-day moving average crossing at $471.60 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $488.60. Second resistance is psychological resistance crossing at $500.00. First support is the 20-day moving average crossing at $471.60. Second support is the 50-day moving average crossing at $460.10.

May soybean oil closed up 120-pts. At 62.95. 

May soybean oil closed higher on Tuesday as it extended the rally off February'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's rally, the January 18^th high crossing at 64.37 is the next upside target. Closes below the 20-day moving average crossing at 60.95 would signal that a short-term top has been posted. First resistance is the January 18^th high crossing at 64.37. Second resistance is the December 30^th high crossing at 66.17. First support is February's low crossing at 58.43. Second support is the 75% retracement of the July-November-2022 crossing at 58.36. 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

April hogs closed up $3.60 at $88.88. 

April hogs closed sharply higher on Tuesday as it extends the rally off February'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 turning neutral to bullish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $88.88 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at $85.40 would signal that a short-term top has been posted. First resistance is today's high crossing at $89.88. Second resistance is January's high crossing at $95.40. First support is February'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 up $0.38 at $165.03. 

April cattle closed higher on Tuesday as it extends the rally off September's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought, diverging 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 $163.41 would signal that a short-term top has been posted. First resistance is today's high crossing at $165.78. Second resistance is the November-2014 on the monthly continuation chart crossing at $171.65. First support is the 20-day moving average crossing at $163.41. Second support is the 50-day moving average crossing at $161.72.    

March Feeder cattle closed up $0.48 at $187.00. 

March Feeder cattle closed higher on Tuesday as it extends the trading range of the past three-weeks. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $185.22 would signal that a short-term top has been posted. If March renews 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 the February 7^th 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 50-day moving average crossing at $185.22. Second support is February's low crossing at $182.70.       

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

May coffee closed higher on Tuesday and tested the 50% retracement level of the August-January decline crossing at $18.91 as it extended 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 poised to turn neutral to bullish signaling sideways to higher prices are possible near-term. If May extends the rally off January's low, the 50% retracement level of the 2022-2023 decline crossing at $19.54 is the next upside target. Closes below the 20-day moving average crossing at $17.55 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the 2022-2023 decline crossing at $19.54. Second resistance is the 62% retracement level of the 2022-2023 decline crossing at $20.78. First support is the 20-day moving average crossing at $17.55. Second support is the 50-day moving average crossing at $16.74. 

May cocoa closed higher on Tuesday and posted its highest price since 2-14-22. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, weekly resistance crossing at 29.98 is the next upside target. Closes below the 20-day moving average crossing at 26.57 would confirm that a short-term top has been posted.                     

May sugar closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 21.15 would signal that a short-term top has been posted. If May extends the rally off January's low, monthly resistance crossing at 22.64 is the next upside target.     

May cotton closed slightly higher on Tuesday. The low-range close sets the stage for a steady to slightly higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends last-week's decline, December's low crossing at 78.80 is the next downside target. Closes above the 20-day moving average crossing at 85.46 would signal that a short-term low has been posted.