INO Evening Market Comments
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Started by tallpine - Feb. 20, 2018, 4:01 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, February 21, 2018 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 399.4)



                       Composite Idx, W/W% (previous -4.1%)



                       Purchase Idx-SA (previous 240.4)



                       Purchase Idx-SA, W/W% (previous -5.9%)



                       Refinance Idx (previous 1274.0)



                       Refinance Idx, W/W% (previous -1.9%)



7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index



                       Chain Store Sales, W/W% (previous +1.8%)



                       Chain Store Sales, M/M% (previous +1.6%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous -1.1%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +2.8%)



                       Latest Wk, Y/Y% (previous +2.8%)



9:45 AM ET. February US Flash Services PMI



                       PMI, Services (previous 53.3)



9:45 AM ET. February US Flash Manufacturing PMI



                       PMI, Mfg (previous 55.5)



10:00 AM ET. January Existing Home Sales



                       Existing Sales (previous 5.57M)



                       Existing Sales, M/M% (previous -3.6%)



                       Unsold Homes Month's Supply (previous 3.2)



                       Median Price (USD) (previous 246800)



                       Median Home Price, Y/Y% (previous +5.8%)



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



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +3.9M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +4.6M)



                       Distillate Stocks, Net Chg (Bbls) (previous +1.1M)



                       Refinery Runs



Thursday, February 22, 2018 



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



                       Jobless Claims (previous 230K)



                       Jobless Claims, Net Chg (previous +7K)



                       Continuing Claims (previous 1942000)



                       Continuing Claims, Net Chg (previous +15K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. January Leading Indicators



                       Leading Index (previous +0.6%)



                       Coincident Index (previous +0.3%)



                       Lagging Index (previous +0.7%)



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



                       Working Gas In Storage (Cbf) (previous 1884B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -194B)

                       

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



                       Mfg Activity Idx (previous 16)



                       6-Mo Exp Prod Idx (previous 37)



                       Mfg Composite Idx (previous 16)



                       6-Mo Exp Composite Idx (previous 29)



11:00 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 422.095M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.841M)



                       Gasoline Stocks (Bbl) (previous 249.073M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +3.599M)



                       Distillate Stocks (Bbl) (previous 141.367M)



                       Distillate Stocks, Net Chg (Bbl) (previous -0.459M)



                       Refinery Usage (previous 89.8%)



                       Total Prod Supplied (Bbl/day) (previous 20.284M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.559M)

                       

4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, February 23, 2018  



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



                       Corn (Metric Tons) (previous 2072K)



                       Soybeans (Metric Tons) (previous 837.5K)



                       Wheat (Metric Tons) (previous 421.9K)



  N/A              Trump meets Australian PM at the White House


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



The March NASDAQ 100 closed 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 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 February's low, January's high crossing at 7047.25 is the next upside target. Closes below the 10-day moving average crossing at 6607.10 would temper the near-term friendly outlook. First resistance is last Friday's high crossing at 6859.75. Second resistance is January's high crossing at 7047.25. First support is the 10-day moving average crossing at 6607.10. Second support is the 38% retracement level of the 2017-2018-rally crossing at 6217.75. 



The March S&P 500 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 2742.69 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 2675.84 would temper the near-term friendly outlook. First resistance is the 20-day moving average crossing at 2742.69. Second resistance is the reaction high crossing at 2839.00. First support is the 10-day moving average crossing at 2675.84. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2529.20. 



The Dow closed lower due profit taking on Tuesday 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 Wednesday'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 25,376.62 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 24,743.91 would temper the near-term friendly outlook. First resistance is the 20-day moving average crossing at 25,376.62. Second resistance is the reaction high crossing at 26,338.03. First support is the 10-day moving average crossing at 24,734.60. Second support is February's low crossing at 23,360.29.     



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



March T-bonds closed down 10/32's at 143-29.



March T-bonds closed lower on Tuesday while extending the trading range of the past seven-days. 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 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 146-01 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 145-09. Second resistance is the 20-day moving average crossing at 146-01. First support is last Monday's low crossing at 143-04. Second support is weekly support crossing at 140-03.   



March T-notes closed down 25/32's at 120-160.



March T-notes closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 121.101 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 121.101. Second resistance is the 50-day moving average crossing at 122.210. First support is last 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 ""



April crude oil closed higher on Tuesday as it extends the rally off February's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. 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 62.78 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 56.05 is the next downside target. First resistance is the 20-day moving average crossing at 62.78. Second resistance is January's high crossing at 66.66. First support is February's low crossing at 57.90. Second support is the 38% retracement level of the 2016-2018-rally crossing at 56.05.



April heating oil closed higher on Tuesday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. 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 197.90 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 176.89 is the next downside target. First resistance is today's high crossing at 194.14. Second resistance is the 20-day moving average crossing at 197.90. First support is the 38% retracement level of the 2016-2018-rally crossing at 176.89. Second support is the 50% retracement level of the 2016-2018-rally crossing at 166.36.   



April unleaded gas closed higher on Tuesday as it extended the rebound off February's low. 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 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 198.81 would confirm that a short-term low has been posted. If April renews the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 179.34 is the next downside target. First resistance is the 50-day moving average crossing at 198.05. Second resistance is the 20-day moving average crossing at 198.81. First support is the 38% retracement level of the 2016-2018-rally crossing at 179.34. Second support is the 50% retracement level of the 2016-2018-rally crossing at 169.88.  



April Henry natural gas closed higher on Tuesday 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 Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 2.756 would confirm that a short-term low has been posted. If April renews this year's decline, the 87% retracement level of the December-January-rally crossing at 2.551 is the next downside target. First resistance is the 50-day moving average crossing at 2.716. Second resistance is the 20-day moving average crossing at 2.756. First support is last Monday's low crossing at 2.565. Second support is the 87% retracement level of the December-January-rally crossing at 2.551. 



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



The March Dollar closed higher on Tuesday as it extended the rebound off last Friday'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rebound off last Friday's low, February's high crossing at 90.46 is the next upside target. If March extends the decline off November's high, weekly support crossing at 87.45 is the next downside target. First resistance is February's high crossing at 90.46. Second resistance is the 50-day moving average crossing at 90.91. First support is last Friday's low crossing at 88.15. Second support is weekly support crossing at 87.45.



The March Euro closed lower on Tuesday following last Friday's key reversal down. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at 123.76 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off February's low, weekly resistance crossing at 126.74 is the next upside target. First resistance is last Friday'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 121.76.     



The March British Pound closed lower on Tuesday. The mid-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 extends the rally off February'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 1.3763 is the next downside target. First resistance is last Friday's high crossing at 1.4160. Second resistance is February's high crossing at 1.4300. First support is February's low crossing at 1.3780. Second support is the 50-day moving average crossing at 1.3763.     



The March Swiss Franc closed lower on Tuesday following last Friday's key reversal down. 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 diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below February's low crossing at 1.0589 are needed to confirm that a short-term top has been posted. 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. First resistance is last Friday'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 February's low crossing at 1.0589. Second support is the 50-day moving average crossing at 1.0452. 



The March Canadian Dollar closed lower on Tuesday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 80.28 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 80.28. 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 Tuesday as it consolidated some of rally off December's low. 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 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 0.9227 are needed to confirm that a short-term top has been posted. 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. 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 0.9282. Second support is the 20-day moving average crossing at 0.9227.   



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



April gold closed sharply lower on Tuesday 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 Wednesday'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 50-day moving average crossing at 1315.80 would confirm that a short-term top has been posted. If April extends the rally off February's low, January's high crossing at 1370.50 is the next upside target. First resistance is last Friday'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 1315.80. Second support is the 50% retracement level of the December-January-rally crossing at 1306.70.



March silver closed lower on Tuesday. The low-range close set the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off January's high, December's low crossing at 15.635 is the next downside target. Closes above the 20-day moving average crossing at 16.829 are needed to confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 16.829. Second resistance is January's high crossing at 17.705. First support is February'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 Tuesday.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, the reaction high crossing at 329.10 is the next upside target. Closes below the 10-day moving average crossing at 315.90 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 315.90. 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 2-cent at 3.65 1/2. 



March corn posted a key reversal down 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 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 3/4 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 3/4. Second support is the reaction low crossing at 3.56 1/4.  



March wheat closed down 8 1/2-cents at 4.49 1/4. 



March wheat closed lower on Tuesday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 4.49 1/2 are needed to confirm that a short-term top has been posted. If March extends the rally off January's low, last September's high crossing at 4.82 is the next upside target. First resistance is last 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 4.49 1/2. Second support is the reaction low crossing at 4.38 3/4.      



March Kansas City Wheat closed down 6 3/4-cents at 4.77 3/4. 



March Kansas City wheat posted a key reversal down on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 4.62 3/4 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 today's high crossing at 4.85 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 4.62 3/4. Second support is the reaction low crossing at 4.54 1/2.    



March Minneapolis wheat closed down 2 3/4-cents at 6.02 1/2. 



March Minneapolis wheat closed lower on Tuesday. 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 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 1/4 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 last 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 up 4 1/4-cents at 10.25 3/4. 



March soybeans closed higher on Tuesday spiking above December's high crossing at 10.27.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 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 July's high crossing at 10.50 1/2 is the next upside target. Closes below the 20-day moving average crossing at 9.95 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.39. Second resistance is last July's high crossing at 10.50 1/2. First support is the 10-day moving average crossing at 10.04 1/4. Second support is the 20-day moving average crossing at 9.95 3/4. 



March soybean meal closed up $2.10 at 375.40. 



March soybean meal closed lower on Tuesday as it extends this year's rally. 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 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 the 10-day moving average crossing at 357.00 would confirm a short-term top has been posted. First resistance is today's high crossing at 385.50. Second resistance is weekly resistance crossing at 397.30. First support is the 10-day moving average crossing at 357.00. Second support is the 20-day moving average crossing at 346.60.  



March soybean oil closed up 31 pts. At 31.85. 



March soybean oil closed higher on Tuesday. 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 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 32.38 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 32.38. Second resistance is the 50-day moving average crossing at 32.88. First support is last 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 up $1.05 at $69.20. 



April hogs closed higher on Tuesday as it consolidated some of the decline off January's high. The mid-range close sets the stage for a steady opening when Wednesday's 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 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 71.64 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 69.66. Second resistance is the 20-day moving average crossing at 71.64. 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 $0.08 at 127.73. 



April cattle closed higher on Tuesday as it extended the rally off January'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 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, November's high crossing at 130.10 is the next upside target. Multiple closes below reaction low crossing at 122.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at 127.95. Second resistance is November's high crossing at 130.10. First support is the reaction low crossing at 122.80. Second support is January's low crossing at 118.05.

 

March Feeder cattle closed up $0.08 at $149.80. 



March Feeder cattle closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 147.81 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 slightly higher on Tuesday but remains below the lower boundary of a three-month old trading range crossing at 118.30. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 12.27 are needed to confirms that a short-term low has been posted.  



March cocoa closed slightly higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher 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 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 20.22 would confirm that a short-term top has been posted. 



March sugar closed slightly lower on Tuesday. The low-range close set 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. If March extends this month'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 14.00 is the next upside target. 



March cotton closed higher on Tuesday 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 Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 77.72 would confirm that a short-term low has been posted. 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. 

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