INO Evening Market Comments
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Started by tallpine - Jan. 26, 2018, 4:45 p.m.

KEY EVENTS TO WATCH FOR:



Monday, January 29, 2018  



8:30 AM ET. December Personal Income & Outlays



                       Personal Income, M/M% (previous +0.3%)



                       Consumer Spending, M/M% (previous +0.6%)



                       PCE Price Idx, M/M% (previous +0.2%)



                       PCE Price Idx, Y/Y% (previous +1.8%)



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



                       PCE Core Price Idx, Y/Y% (previous +1.5%)



10:30 AM ET. January Texas Manufacturing Outlook Survey



                       Business Activity (previous 29.7)



                       Mfg Production Idx (previous 32.8)


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



The March NASDAQ 100 closed higher on Friday as it extended this year's rally into record territory. The latest data regarding 2017's fourth-quarter gross domestic product came in slightly softer than expected and 2.6% but healthy enough not to derail the perception that the U.S. economy is on firm footing. The high-range close sets the stage for a steady to higher opening when Monday's night 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 year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 6737.66 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 7004.50. Second resistance is unknown. First support is the 10-day moving average crossing at 6878.40. Second support is the 20-day moving average crossing at 6737.75.  



The March S&P 500 closed higher on Friday as it extends this year's rally into uncharted territory. The high-range close sets the stage for a steady to higher opening when Monday's night 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 winter's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2772.37 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 2862.00. Second resistance is unknown. First support is the 10-day moving average crossing at 2820.53. Second support is the 20-day moving average crossing at 2772.37. 



The Dow closed higher on Friday as it extends this year's rally into uncharted territory.Consumers and businesses powered the economy to a 2.6% rate of growth in the final three-months of 2017, but declining inventories and a wider trade deficit kept the U.S. from hitting the 3% mark for the third quarter in a row for the first time in 13 years. Economists had forecast a 3% increase in gross domestic product. Still, the 2.6% growth rate is being viewed as healthy enough to maintain what has been a mostly bullish run for U.S. equities, amid better-than-expected corporate results and expectations for a pro-business legislative regime under Trump. The high-range close sets the stage for a steady to higher opening when Monday's night 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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 25,633.86 would confirm that a short-term top has been posted. First resistance is today's high crossing at 26,529.44. Second resistance is unknown. First support is the 10-day moving average crossing at 26,139.40. Second support is the 20-day moving average crossing at 25,633.86.   



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



March T-bonds closed down 19/32's at 148-26.



March T-bonds closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, weekly support crossing at 145-26 is the next downside target. Closes above the 20-day moving average crossing at 150-16 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 150-16. Second resistance is the 50-day moving average crossing at 151-27. First support is Wednesday's low crossing at 148-07. Second support is weekly support crossing at 145-26.   



March T-notes closed down 110/32's at 122-030.



March T-notes closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, weekly support crossing at 120.285 is the next downside target. Closes above the 20-day moving average crossing at 122.310 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 122.142. Second resistance is the 20-day moving average crossing at 122.310. First support is Thursday's low crossing at 121.310. Second support is weekly support crossing at 120.285.   



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



March crude oil closed higher on Friday as it extends the rally off last June's low.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. If March extends this winter's rally, the 62% retracement level of the 2014-2016-decline crossing at 70.29 is the next upside target. Closes below the 20-day moving average crossing at 63.13 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 66.66. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.29. First support is the 20-day moving average crossing at 63.13. Second support is the 50-day moving average crossing at 59.73. 



March heating oil closed higher on Friday as it extends the rally off last June's low. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. 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 October's low, the 87% retracement level of the 2014-2016-decline crossing at 221.96 is the next upside target. Closes below the reaction low crossing at 202.98 would confirm that a short-term top has been posted. First resistance is today's high crossing at 213.62. Second resistance is the 87% retracement level of the 2014-2016-decline crossing at 221.96. First support is the reaction low crossing at 202.98. Second support is the 50-day moving average crossing at 198.14.   



March unleaded gas closed higher on Friday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Monday's night 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, weekly resistance crossing at 197.79 is the next upside target. Closes below the 20-day moving average crossing at 185.68 would confirm that a short-term top has been posted. First resistance is today's high crossing at 193.93. Second resistance is weekly resistance crossing at 197.79. First support is the 20-day moving average crossing at 185.68. Second support is the 50-day moving average crossing at 179.44.   



March Henry natural gas closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 87% retracement level of the September-December-decline crossing at 3.281 is the next upside target. Closes below the 20-day moving average crossing at 2.945 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the September-December-decline crossing at 3.177. Second resistance is the 87% retracement level of the September-December-decline crossing at 3.281. First support is the 10-day moving average crossing at 3.025. Second support is the 20-day moving average crossing at 2.945.



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



The March Dollar closed lower on Friday as it extends the decline off November's high. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, weekly support crossing at 87.45 is the next downside target. Closes above the 20-day moving average crossing at 90.85 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 89.96. Second resistance is the 20-day moving average crossing at 90.85. First support is Thursday's low crossing at 88.25. Second support is weekly support crossing at 87.45.



The March Euro closed slightly higher on Friday as it extends the rally off November's low. The low-range close sets the stage for a steady to lower opening when Monday's night 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 November's low, monthly resistance crossing at 126.74 is the next upside target. Closes below the 20-day moving average crossing at 121.90 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 125.76. Second resistance is monthly resistance crossing at 126.74. First support is the 10-day moving average crossing at 123.29. Second support is the 20-day moving average crossing at 121.90.     



The March British Pound closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. If March extends the rally off November's low, the 50% retracement level of the 2014-2016-decline crossing at 1.4608 is the next upside target. Closes below the 20-day moving average crossing at 1.3776 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 1.4370. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 1.4608. First support is the 10-day moving average crossing at 1.3987. Second support is the 20-day moving average crossing at 1.3776.     



The March Swiss Franc closed sharply higher on Friday as it extended the rally off November's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. If March extends the rally off October's low, the 38% retracement level of the 2015-2016-decline crossing at 1.0994 is the next upside target. Closes below the 20-day moving average crossing at 1.0400 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 1.0804. Second resistance is the 38% retracement level of the 2015-2016-decline crossing at 1.0994. First support is the 10-day moving average crossing at 1.0509. Second support is the 20-day moving average crossing at 1.0400.  



The March Canadian Dollar closed higher on Friday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 87% retracement level of the September-December-decline crossing at 82.04 is the next upside target. Closes below the 20-day moving average crossing at 80.32 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the September-December-decline crossing at 81.41. Second resistance is the 87% retracement level of the September-December-decline crossing at 82.04. First support is the 20-day moving average crossing at 80.32. Second support is the 50-day moving average crossing at 79.14.  



The March Japanese Yen closed sharply higher on Friday as it extended this month's rally. The high-range close sets the stage for a steady to higher opening when Monday’s night 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 87% retracement level of the September-November-decline crossing at 0.9288 is the next upside target. Closes below the 20-day moving average crossing at 0.9008 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.9260. Second resistance is the 87% retracement level of the September-November-decline crossing at 0.9288. First support is the 10-day moving average crossing at 0.9091. Second support is the 20-day moving average crossing at 0.9008.   



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



February gold closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1327.20 are needed to confirm that a short-term top has been posted. If February extends the rally off December's low, September's high crossing at 1365.80 is the next upside target. First resistance is Thursday's high crossing at 1365.40. Second resistance is September's high crossing at 1365.80. First support is the 10-day moving average crossing at 1339.00. Second support is the 20-day moving average crossing at 1327.30.



March silver closed higher on Friday. The mid-range close set the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 87% retracement level of the September-November-decline crossing at 18.015 is the next upside target. Closes below the 50-day moving average crossing at 16.752 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the September-December-decline crossing at 17.686. Second resistance is the 87% retracement level of the September-November-decline crossing at 18.015. First support is the 20-day moving average crossing at 17.135. Second support is the 50-day moving average crossing at 16.752.     



March copper closed slightly lower on Friday.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 322.55 would confirm that a short-term low has been posted. If March resumes this month's decline, the 62% retracement level of December's rally crossing at 308.61 is the next downside target. First resistance is the 20-day moving average crossing at 322.55. Second resistance is December's high crossing at 332.20. First support is the 62% retracement level of December's rally crossing at 308.61. Second support is the 75% retracement level of December's rally crossing at 303.58.      



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



March Corn closed up 1-cent at 3.56 1/4. 



March corn closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. If March extends this week's rally, December's high crossing at 3.60 1/2 is the next upside target. Closes below the 20-day moving average crossing at 3.51 1/4 would temper the near-term friendly outlook. Closes below January's low crossing at 3.45 1/2 would renew the decline off last year's high while opening the door for a possible test of weekly support crossing at 3.32. First resistance is December's high crossing at 3.60 1/2. Second resistance is last October's high crossing at 3.69 1/4. First support is January's low crossing at 3.45 1/2. Second support is weekly support crossing at 3.32. 



March wheat closed up 7 3/4-cents at 4.42 1/4. 



March wheat closed higher on Friday and above the reaction high crossing at 4.37 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the reaction high crossing at 4.60 3/4 is the next upside target. Closes below the 10-day moving average crossing at 4.26 1/4 would temper the near-term friendly outlook. First resistance is today's high crossing at 4.37. Second resistance is the reaction high crossing at 4.60 3/4. First support is January's low crossing at 4.13 1/4. Second support is December's low crossing at 4.10 1/2.     



March Kansas City Wheat closed up 8-cents at 4.43. 



March Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 4.43 are needed to confirm that a short-term trend change has taken place. If March renews the decline off January's high, December's low crossing at 4.10 1/2 is the next downside target. First resistance is January's high crossing at 4.43. Second resistance is November's high crossing at 4.51 1/2. First support is the reaction low crossing at 4.17 1/4. Second support is December's low crossing at 4.10 1/2.   



March Minneapolis wheat closed up 4 1/4-cents at 6.14 1/2. 



March Minneapolis wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. 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 6.21 1/2 are needed to confirm that a low has been posted. If March extends this month's decline, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. First resistance is January's high crossing at 6.34 1/2. Second resistance is the reaction high resistance crossing at 6.51. First support is Tuesday's low crossing at 6.04 1/4. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2. 



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



March soybeans closed down 6 1/4-cents at 9.86. 



March soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 9.70 1/4 would temper the near-term friendly outlook. If March extends the rally off January's low, the 75% retracement level of the December-January-decline crossing at 10.06 1/4 is the next upside target. First resistance is the 62% retracement level of the December-January-decline crossing at 9.95 1/2. Second resistance is the 75% retracement level of the December-January-decline crossing at 10.06 1/4. First support is the 10-day moving average crossing at 9.78 1/4. Second support is the 20-day moving average crossing at 9.70 1/4. 



March soybean meal closed down $4.80 at 335.60. 



March soybean meal closed lower on Friday as it consolidated some of the rally off last Friday's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 324.90 would confirm that a short-term top has been posted. If March extends the rally off last Friday's low, December's high crossing at 351.20 is the next upside target. First resistance is the 87% retracement level of the December-January-decline crossing at 345.90. Second resistance is December's high crossing at 351.20. First support is the 10-day moving average crossing at 331.70. Second support is the 20-day moving average crossing at 324.90. 



March soybean oil closed up 33 pts. At 32.83. 



March soybean oil closed higher due to short covering on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 33.02 would confirm that a short-term low has been posted. If March renews this month's decline, last June's low crossing at 31.85 is the next downside target. First resistance is the 20-day moving average crossing at 33.02. Second resistance is the 50-day moving average crossing at 33.50. First support is Monday's low crossing at 32.10. Second support is last June's low crossing at 31.85.



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



February hogs closed down $0.20 at $72.28. 



February hogs closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's 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 20-day moving average crossing at 72.13 would confirm that a short-term top has been posted. If February extends the rally off December's low, weekly resistance crossing at 76.91 is the next upside target. First resistance is last Tuesday's high crossing at 74.25. Second resistance is weekly resistance crossing at 76.91. First support is the 20-day moving average crossing at 72.13. Second support is the 50-day moving average crossing at 70.14. 



February cattle closed up $2.13 at 124.60. 



February cattle closed higher on Friday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. If February extends the rally off January's low, the reaction high crossing at 126.79 is the next upside target. Closes below the 20-day moving average crossing at 121.07 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 126.03. Second resistance is the reaction high crossing at 126.78. First support is the 20-day moving average crossing at 121.07. Second support is January's low crossing at 116.25.

 

March Feeder cattle closed up $2.80 at $146.73. 



March Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the reaction high crossing at 148.55 is the next upside target. Closes below the reaction low crossing at 140.12 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 148.55. Second resistance is the reaction high crossing at 154.05. First support is the reaction low crossing at 140.12. Second support is December's low crossing at 138.30.   



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



March coffee closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 12.48 are needed to confirms that a short-term low has been posted. If March extends this month's decline, December's low crossing at 11.83 is the next downside target. 



March cocoa closed higher on Friday. 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. Multiple closes above last Thursday's high crossing at 20.11 are needed to renew the rally off December's low. Closes below the 20-day moving average crossing at 19.30 would confirm that a short-term top has been posted. 



March sugar closed higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. 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 September-2015 low crossing at 12.72 is the next downside target. Closes above the 20-day moving average crossing at 14.16 would confirm that a short-term low has been posted.



March cotton closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 80.53 are needed to confirm a short-term top has been posted. If March renews the rally off October's low, weekly resistance crossing at 87.18 is the next upside target. 

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