INO Evening Market Comments
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Started by tallpine - Feb. 16, 2018, 4:42 p.m.

KEY EVENTS TO WATCH FOR:



Monday, February 19, 2018  



  N/A              U.S. Presidents Day / Washington's Birthday. Financial markets closed


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



The March NASDAQ 100 closed lower due to profit taking on Friday as it consolidated some of the rally off February's low. The low-range close sets the stage for a steady to higher opening when Tuesday'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 February's low, January's high crossing at 7047.25 is the next upside target. Closes below Wednesday's low crossing at 6456.25 would temper the near-term friendly outlook. First resistance is today's high crossing at 6859.75. Second resistance is January's high crossing at 7047.25. First support is the 38% retracement level of the 2017-2018-rally crossing at 6217.75. Second support is the October 25th low crossing at 6024.00.



The March S&P 500 closed higher on Friday as it extends the rally off February's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2748.94 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the September 26th low crossing at 2494.90 is the next downside target. First resistance is the 20-day moving average crossing at 2748.94. Second resistance is the reaction high crossing at 2839.00. First support is the 38% retracement level of the 2016-2018-rally crossing at 2529.20. Second support is the September 26th low crossing at 2494.90. 



The Dow closed higher for the sixth-day in a row on Friday as it extends the rally off last Friday's low. The low-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. Closes above the 20-day moving average crossing at 25,443.57 are needed to confirm that a short-term low has been posted. If the Dow resumes the decline off January's high, November's low crossing at 23,242.75 is the next downside target. First resistance is the 20-day moving average crossing at 25,443.57. Second resistance is the reaction high crossing at 26,338.03. First support is last Friday's low crossing at 23,360.29. Second support is November's low crossing at 23,242.75.    



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March T-bonds closed up 11/32's at 144-11.



March T-bonds closed higher due to short covering on Friday. 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 140-03 is the next downside target. Closes above the 20-day moving average crossing at 146-09 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 144-19. Second resistance is the 20-day moving average crossing at 146-09. First support is Monday's low crossing at 143-04. Second support is weekly support crossing at 140-03.   



March T-notes closed up 50/32's at 120-195.



March T-notes closed higher due to short covering on Friday as it consolidates some of the decline off the 2017-highs. The high-range close sets the stage for a steady to higher opening when Tuesday'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 winter's decline, weekly support crossing at 119.170 is the next downside target. Closes above the 20-day moving average crossing at 121.129 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 121.129. Second resistance is the 50-day moving average crossing at 122.236. First support is Thursday's low crossing at 120.010. Second support is weekly support crossing at 119.170.   



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



March crude oil closed higher on Friday as it extends this week's short covering rally. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI have turned neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 63.09 are needed to confirm that a short-term low has been posted. If March resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 55.87 is the next downside target. First resistance  is the 20-day moving average crossing at 63.09. Second resistance is January's high crossing at 66.66. First support is last Friday's low crossing at 58.07. Second support is the 38% retracement level of the 2016-2018-rally crossing at 55.87.



March heating oil closed higher due to short covering on Friday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 199.50 are needed to confirm that a short-term low has been posted. If March resumes the decline off January's high, the 50% retracement level of the June-January-rally crossing at 178.38 is the next downside target.First resistance is today's high crossing at 192.16. Second resistance is the 20-day moving average crossing at 199.50. First support is the 50% retracement level of the June-January-rally crossing at 178.38. Second support is the 62% retracement level of the June-January-rally crossing at 170.04.   



March unleaded gas closed higher on Friday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 182.01 would confirm that a short-term low has been posted. If March renews the decline off January's high, the 50% retracement level of the June-January-rally crossing at 162.06 is the next downside target. First resistance is the 50-day moving average crossing at 180.29. Second resistance is the 20-day moving average crossing at 182.01. First support is the 50% retracement level of the June-January-rally crossing at 162.06. Second support is the 62% retracement level of the June-January-rally crossing at 162.06.   



March Henry natural gas closed lower on Friday as it extended the decline off January's high. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 year's decline, weekly support crossing at 2.522 is the next downside target. Closes above the 20-day moving average crossing at 2.843 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.645. Second resistance is the 20-day moving average crossing at 2.843. First support is Thursday's low crossing at 2.530. Second support is weekly support crossing at 2.522. 



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The March Dollar posted a key reversal up as it closed higher on Friday as it consolidates some of this week's decline.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, weekly support crossing at 87.45 is the next downside target. Closes above the 10-day moving average crossing at 89.56 would confirm that a short-term low has been posted. First resistance is the 38% retracement level of the November-January-decline crossing at 90.71. Second resistance is the 50-day moving average crossing at 91.08. First support is today's low crossing at 88.15. Second support is weekly support crossing at 87.45.



The March Euro posted a key reversal down as it closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, weekly resistance crossing at 126.74 is the next upside target. Closes below the 10-day moving average crossing at 123.79 would confirm that a short-term top has been posted. First resistance is today's high crossing at 125.80. Second resistance is weekly resistance crossing at 126.74. First support is February's low crossing at 122.33. Second support is the 50-day moving average crossing at 121.66.     



The March British Pound posted a key reversal down and closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last Friday's low, February's high crossing at 1.4300 is the next upside target. If March renews the decline off January's high, the 50-day moving average crossing at 1.3752 is the next downside target. First resistance is today's high crossing at 1.4160. Second resistance is February's high crossing at 1.4300. First support is last Friday's low crossing at 1.3780. Second support is the 50-day moving average crossing at 1.3752.     



The March Swiss Franc posted a downside reversal as it closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last 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 1.0707 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0908. Second resistance is the 38% retracement level of the 2015-2016-decline crossing at 1.0994. First support is the 20-day moving average crossing at 1.0707. Second support is February's low crossing at 1.0589.  



The March Canadian Dollar closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 80.35 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the 75% retracement level of the December-January-rally crossing at 78.56 is the next downside target. First resistance is the 20-day moving average crossing at 80.35. Second resistance is January's high crossing at 81.68. First support is the 62% retracement level of the December-January-rally crossing at 79.11. Second support is the 75% retracement level of the December-January-rally crossing at 78.56.  



The March Japanese Yen closed lower on Friday but not before testing the 50% retracement level of 2016's trading range crossing at 0.9491. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are 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 2016's trading range crossing at 0.9680 is the next upside target. Closes below the 20-day moving average crossing at 0.9213 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of 2016's trading range crossing at 0.9491. Second resistance is the 62% retracement level of 2016's trading range crossing at 0.9680. First support is the 10-day moving average crossing at 0.9267. Second support is the 20-day moving average crossing at 0.9213.   



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April gold posted a key reversal down with today's lower close on Friday as it consolidates some of the rally off February's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally, January's high crossing at 1370.50 is the next upside target. Closes below the 50-day moving average crossing at 1314.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1364.40. Second resistance is January's high crossing at 1370.50. First support is the 50-day moving average crossing at 1314.60. Second support is the 50% retracement level of the December-January-rally crossing at 1306.70.



March silver closed lower on Friday. The low-range close set the stage for a steady to lower opening when Tuesday'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 16.860 are needed to confirm that a short-term low has been posted. If March resumes the decline off January's high, December's low crossing at 15.635 is the next downside target. First resistance is the 20-day moving average crossing at 16.860. Second resistance is January's high crossing at 17.705. First support is last Friday's low crossing at 16.130. Second support is December's low crossing at 15.635.     



March copper closed lower due to profit taking on Friday.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the reaction high crossing at 329.10 is the next upside target. Closes below the 10-day moving average crossing at 315.96 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 329.10. Second resistance is December's high crossing at 332.20. First support is the 10-day moving average crossing at 320.26. 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 down a 1/2-cent at 3.67 1/4. 



March corn closed fractionally lower on Friday as it consolidates above the 25% retracement level of the July-January-decline crossing at 3.65 1/2. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are 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, last September's high crossing at 3.74 1/2 is the next upside target. Closes below the 20-day moving average crossing at 3.61 1/4 would confirm that a short-term top has been posted. First resistance is last September's high crossing at 3.74 1/2. Second resistance is the 38% retracement level of the July-January-decline crossing at 3.76 1/4. First support is the 20-day moving average crossing at 3.61 1/4. Second support is the reaction low crossing at 3.56 1/4.  



March wheat closed down 3 3/4-cents at 4.58. 



March wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, last September's high crossing at 4.82 is the next upside target. Closes below the 20-day moving average crossing at 4.48 1/4 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 4.67 1/4. Second resistance is September's high crossing at 4.82. First support is the 20-day moving average crossing at 4.48 1/4. Second support is the reaction low crossing at 4.38 3/4.      



March Kansas City Wheat closed up a 1/2-cents at 4.78 1/2. 



March Kansas City wheat closed fractionally higher on Friday as it extends the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.60 1/2 are needed to confirm that a short-term top has been posted. If March extends the rally off December's high, the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First resistance is last Thursday's high crossing at 4.84 1/2. Second resistance is the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First support is the 20-day moving average crossing at 4.60 1/2. Second support is the reaction low crossing at 4.54 1/2.    



March Minneapolis wheat closed down 3 1/4-cents at 6.05 1/4. 



March Minneapolis wheat closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 6.13 1/2 are needed to confirm that a low has been posted. If March extends the decline off January's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. First resistance is the reaction high crossing at 6.21 1/2. Second resistance is January's high crossing at 6.34 1/2. First support is Wednesday's low crossing at 5.99 1/2. 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 2 3/4-cents at 10.21 1/2. 



March soybeans closed lower on Friday after spiking above December's high crossing at 10.27.The mid-range close sets the stage for a steady to higher opening when Tuesday'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 aforementioned rally, last July's high crossing at 10.50 1/2 is the next upside target. Closes below the 20-day moving average crossing at 9.93 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.28 1/4. Second resistance is last July's high crossing at 10.50 1/2. First support is the 20-day moving average crossing at 9.93 3/4. Second support is February's low crossing at 9.67 3/4. 



March soybean meal closed up $0.40 at 374.10. 



March soybean meal 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 Tuesday'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 January's low, weekly resistance crossing at 397.30 is the next upside target. Closes below Monday's gap crossing at 344.80 would confirm a short-term top has been posted. First resistance is weekly resistance crossing at 378.80. Second resistance is weekly resistance crossing at 397.30. First support is the 10-day moving average crossing at 352.20. Second support is Monday's gap crossing at 344.80.  



March soybean oil closed down 21 pts. At 31.49. 



March soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the July-2016 low crossing at 31.19 is the next downside target. Closes above the 20-day moving average crossing at 32.40 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 32.40. Second resistance is the 50-day moving average crossing at 32.91. First support is Tuesday's low crossing at 31.40. Second support is the July-2016 low crossing at 31.19.



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



April hogs closed down $1.58 at $68.15. 



April hogs closed lower on Friday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, the 87% retracement level of the August-January-rally crossing at 66.60 is the next downside target. Closes above the 20-day moving average crossing at 71.94 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 70.07. Second resistance is the 20-day moving average crossing at 71.94. First support is the 75% retracement level of the August-January-rally crossing at 68.07. Second support is the 87% retracement level of the August-January-rally crossing at 66.60.



April cattle closed up $0.40 at 127.65. 



April cattle closed higher on Friday as it extended the rally off January's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, November's high crossing at 130.10 is the next upside target. Multiple closes below last Friday's low crossing at 122.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at 127.88. Second resistance is November's high crossing at 130.10. First support is last Friday's low crossing at 122.80. Second support is January's low crossing at 118.05.

 

March Feeder cattle closed down $0.10 at $149.73. 



March Feeder cattle closed lower on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 147.62 would confirm that a short-term top has been posted. If March extends the rally off February's low, February's high crossing at 151.95 is the next upside target. First resistance is February's high crossing at 151.95. Second resistance is the reaction high crossing at 154.05. First support is the reaction low crossing at 144.20. Second support is the reaction low crossing at 142.42.   



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



March coffee closed sharply lower on Friday breaking out to the downside of a three-month old trading range. The low-range close sets the stage for a steady to lower opening on Tuesday. 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, weekly support crossing at 11.55 is the next downside target. Multiple closes above the 50-day moving average crossing at 12.28 are needed to confirms that a short-term low has been posted.  



March cocoa closed slightly higher for the third day in a row on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 November-December-decline crossing at 21.71 is the next upside target. Closes below the 20-day moving average crossing at 20.12 would confirm that a short-term top has been posted. 



March sugar closed lower on Friday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the reaction low crossing at 13.17 is the next downside target. If March resumes the rally off January's low, the 50-day moving average crossing at 14.02 is the next upside target. 



March cotton closed higher on Friday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 January's high, the 62% retracement level of the October-January-rally crossing at 73.52 is the next downside target. Closes above the 20-day moving average crossing at 78.01 would confirm that a short-term low has been posted. 

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