INO Evening Market Comments
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Started by tallpine - March 21, 2018, 4:42 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, March 22, 2018 



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



                       Corn (Metric Tons) (previous 2605.1K)



                       Soybeans (Metric Tons) (previous 1347K)



                       Wheat (Metric Tons) (previous 219.5K)



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



                       Jobless Claims (expected 225K; previous 226K)



                       Jobless Claims, Net Chg (previous -4K)



                       Continuing Claims (previous 1879000)



                       Continuing Claims, Net Chg (previous +4K)



8:30 AM ET. 4th Quarter State Quarterly Personal Income



9:00 AM ET. January U.S. Monthly House Price Index



9:30 AM ET. IMF regular press briefing



9:45 AM ET. March US Flash Services PMI



                       PMI, Services (previous 55.9)



9:45 AM ET. March US Flash Manufacturing PMI



                       PMI, Mfg (previous 55.9)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. February Leading Indicators



                       Leading Index (expected +0.6%; previous +1.0%)



                       Coincident Index (previous +0.1%)



                       Lagging Index (previous +0.1%)



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



                       Working Gas In Storage (Cbf) (previous 1532B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -93B)

                       

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



                       Mfg Activity Idx (previous 21)



                       6-Mo Exp Prod Idx (previous 56)



                       Mfg Composite Idx (previous 17)



                       6-Mo Exp Composite Idx (previous 38)



2:00 PM ET. SEC Closed Meeting



4:30 PM ET. Money Stock Measures



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, March 23, 2018  



8:30 AM ET. February Advance Report on Durable Goods



                       Durable Goods-SA, M/M% (expected +1.5%; previous -3.7%)



                       Dur Goods, Ex-Defense, M/M% (previous -2.7%)



                       Dur Goods, Ex-Transport, M/M% (previous -0.3%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.2%)

                       

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.1%)

                       

10:00 AM ET. February Regional & State Employment & Unemployment



10:00 AM ET. February New Residential Sales



                       New Home Sales (expected 620K; previous 593K)



                       New Home Sales, M/M% (expected +4.6%; previous -7.8%)



                       New Home Sales Months Supply (previous 6.1)




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



The June NASDAQ 100 closed lower on Wednesday as it extended this week's sell off.The low-range close sets the stage for a steady to lower opening when Thursday's night 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 6854.57 would open the door for a larger-degree decline with the start of spring. Closes above the 10-day moving average crossing at 7023.30 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7023.30. Second resistance is March's high crossing at 7214.50. First support is the 50-day moving average crossing at 6854.57. Second support is March's low crossing at 6676.00. 



The June S&P 500 closed lower on Wednesday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, March's low crossing at 2663.00 is the next downside target. Closes above the 50-day moving average crossing at 2751.47 would confirm that a short-term low has been posted. First resistance is March's high crossing at 2806.00. Second resistance is February's high crossing at 2879.10. First support is March's low crossing at 2663.00. Second support is February's low crossing at 2596.10.



The Dow closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 25,278.15 would temper the near-term bearish outlook. If the Dow extends Monday's decline, March's low crossing at 24,217.76 is the next downside target. First resistance is the late-February high crossing at 25,800.35. Second resistance is February's high crossing at 26,616.71. First support is March's low crossing at 24,217.76. Second support is February's low crossing at 23,360.29.     



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



June T-bonds closed up 9/32's at 143-27.



June T-bonds closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. 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 143-19 would temper the near-term friendly outlook. If June renews the rally off February's low, the 38% retracement level of the December-February-decline crossing at 146-01 is the next upside target. First resistance is the 50-day moving average crossing at 145-02. Second resistance is the 38% retracement level of the December-February-decline crossing at 146-01. First support is February's low crossing at 141-14. Second support is weekly support crossing at 140-03.   



June T-notes closed up 15/32's at 120-045.



June T-notes closed higher on Wednesday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last week's high, February's low crossing at 119.140 is the next downside target. If June resumes the rally off February's low, the 50-day moving average crossing at 120-252 is the next upside target. First resistance is the 50-day moving average crossing at 120.252. Second resistance is the reaction high crossing at 122.020. First support is the reaction low crossing at 119.265. Second support is February's low crossing at 119.140.    



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



May crude oil closed higher on Wednesday as it extends the rally off March's low.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, January's high crossing at 66.66 is the next upside target. Closes below the 10-day moving average crossing at 62.03 would confirm that a short-term top has been posted. First resistance is today's high crossing at 65.36. Second resistance is January's high crossing at 66.66. First support is the 10-day moving average crossing at 62.03. Second support is March's low crossing at 59.91.



April heating oil closed higher on Wednesday and above the 50-day moving average crossing at 196.51 as it renewed the rally off February's low. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. 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 210.98 is the next upside target. Closes below the 10-day moving average crossing at 190.70 would confirm that a short-term top has been posted. First resistance is today's high crossing at 201.23. Second resistance is January's high crossing at 210.98. First support is March's low crossing at 183.75. Second support is February's low crossing at 180.97. 



April unleaded gas closed higher on Wednesday and above the 50-day moving average crossing at 197.58 has opened the door for additional gains near-term. The high-range close sets the stage for a steady to higher opening when Thursday'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 today's rally, January's high crossing at 209.95 is the next upside target. Closes below the 10-day moving average crossing at 192.62 would confirm that a short-term top has been posted. First resistance is today's high crossing at 201.80. Second resistance is February's high crossing at 209.95. First support is March's low crossing at 185.66. Second support is February's low crossing at 183.84. 



April Henry natural gas closed lower on Wednesday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 April extends the aforementioned decline, the reaction low crossing at 2.612 is the next downside target. Closes above the 50-day moving average crossing at 2.739 would temper the near-term bearish outlook. First resistance is March's high crossing at 2.811. Second resistance is the reaction high crossing at 2.833. First support is the reaction low crossing at 2.612. Second support is February's low crossing at 2.565. 



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



The June Dollar closed lower on Wednesday while extend this year's trading range.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If June renews the rally off February's low, the 50% retracement level of the November-February-decline crossing at 91.13 is the next upside target. If June extends today's decline, March's low crossing at 88.91 is the next downside target. First resistance is the 38% retracement level of the November-February-decline crossing at 90.35. Second resistance is the 50% retracement level of the November-February-decline crossing at 91.13. First support is March's low crossing at 88.91. Second support is February's low crossing at 87.83. 



The June Euro closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off February's high, the 50% retracement of the November-February-rally crossing at 121.97. If June resumes the rally off the March 1st low, February's high crossing at 126.58 is the next upside target. First resistance is March's high crossing at 125.47. Second resistance is February's high crossing at 126.58. First support is the March 1st low crossing at 122.54. Second support is the 50% retracement level of the November-February-rally crossing at 121.97.   



The June British Pound closed sharply higher on Wednesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the reaction high crossing at 1.4352 is the next upside target. Closes below the 20-day moving average crossing at 1.3977 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.4352. Second resistance  is February's high crossing at 1.4404. First support is March's low crossing at 1.3779. Second support is the 62% retracement level of the November-January-rally crossing at 1.3628.     



The June Swiss Franc closed higher on Wednesday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 June extends the decline off February's high, the 62% retracement level of the November-February-rally crossing at 1.0458 is the next downside target. Closes above the 20-day moving average crossing at 1.0678 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0678. Second resistance is February's high crossing at 1.0986. First support is Tuesday's low crossing at 1.0545. Second support is the 62% retracement level of the November-February-rally crossing at 1.0458. 



The June Canadian Dollar closed sharply higher on Wednesday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Thursday'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 20-day moving average crossing at 77.69 are needed to confirm that a short-term low has been posted. If June extends the decline off January's high, weekly support crossing at 76.04 is the next downside target. First resistance is the 20-day moving average crossing at 77.69. Second resistance is the reaction high crossing at 78.26. First support is Monday's low crossing at 76.33. Second support is weekly support crossing at 76.04.  



The June Japanese Yen closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If June renews the rally off January's low, the 62% retracement level of 2016's trading range crossing at 0.9732 is the next upside target. Closes below last Tuesday's low crossing at 0.9382 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of 2016's trading range crossing at 0.9542. Second resistance is the 62% retracement level of 2016's trading range crossing at 0.9732. First support is last Tuesday's low crossing at 0.9382. Second support is the reaction low crossing at 0.9343.   



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



April gold closed sharply higher on Wednesday and above the 50-day moving average crossing at 1332.20 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday'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 reaction high crossing at 1342.90 would confirm an upside breakout of this month's trading range. If April renews the decline off February's high, the 62% retracement level of the December-January-rally crossing at 1291.60 is the next downside target. First resistance is the reaction high crossing at 1342.90. Second resistance is February's high crossing at 1364.40. First support is the 50% retracement level of the December-January-rally crossing at 1306.70. Second support is the 62% retracement level of the December-January-rally crossing at 1291.60.



May silver closed sharply higher due to short covering on Wednesday as it consolidates some of the decline off January's high. The high-range close set the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 16.783 are needed to confirm that a short-term low has been posted. Closes below March's low crossing at 16.160 would confirm a downside breakout of the February-March trading range. First resistance is the 50-day moving average crossing at 16.783. Second resistance is the reaction high crossing at 17.025. First support is Tuesday's low crossing at 16.100. Second support is December's low crossing at 15.705.     



May copper posted an upside reversal due to short covering on Wednesday as it consolidates some of the decline off February's high.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, December's low crossing at 295.85 is the next downside target. Closes above the 50-day moving average crossing at 317.89 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 317.89. Second resistance is February's high crossing at 329.05.First support is today's low crossing at 301.50. Second support is December's low crossing at 295.85.



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



May Corn closed up a 1/2-cent at 3.75. 



May corn closed fractionally higher on Wednesday as it consolidates some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Thursday'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 May extends this week's decline the 62% retracement level of this year's rally crossing at 3.69 1/2 is the next downside target. Closes above the 10-day moving average crossing at 3.84 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.84 3/4. Second resistance is March's high crossing at 3.95 1/4. First support is the 50% retracement level of this year's rally crossing at 3.74 1/2. Second support is the 62% retracement level of this year's rally crossing at 3.69 1/2. 



May wheat closed up 1 1/4-cents at 4.54 1/4. 



May wheat closed higher on Wednesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening when Thursday'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 May extends the decline off March's high, the 87% retracement level of the December-March-rally crossing at 4.36 is the next downside target. Closes above the 20-day moving average crossing at 4.83 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.83. Second resistance is March's high crossing at 5.18 1/2. First support is the 75% retracement level of the December-March-rally crossing at 4.47 1/2. Second support is the 87% retracement level of the December-March-rally crossing at 4.36.     



May Kansas City Wheat closed down 4 1/2-cents at 4.65 1/2. 



May Kansas City wheat closed lower on Wednesday as it extends the decline off March's high. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, the 75% retracement level of the December-March-rally crossing at 4.54 3/4 is the next downside target. Closes above Monday's gap crossing at 4.99 1/4 would confirm that a short-term low has been posted. First resistance is Monday's gap crossing at 4.99 1/4. Second resistance is the 20-day moving average crossing at 5.11 1/2. First support is today's low crossing at 4.58 1/4. Second support is the 75% retracement level of the December-March-rally crossing at 4.54 3/4.    



May Minneapolis wheat closed down 4-cents at 5.89 1/4. 



May Minneapolis wheat closed lower on Wednesday as it extended this year's decline. The mid-range close sets the stage for a steady to lower opening when Thursday'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 May extends the decline off January's high, the December-2016 low crossing at 5.59 1/4 is the next downside target. Closes above the 50-day moving average crossing at 6.18 1/2 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 6.29 3/4. Second resistance is March's high crossing at 6.36. First support is today's low crossing at 5.82 3/4. Second support is the December-2016 low crossing at 5.59 1/4. 



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



May soybeans closed up 1 1/4-cents at 10.29 1/2. 



May soybeans closed higher on Wednesday as it consolidates some of this month's decline.The mid-range close sets the stage for a steady to higher opening when Thursday'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 May extends this month's decline, the 50% retracement level of the January-March-rally crossing at 10.19 is the next downside target. Closes above the 20-day moving average crossing at 10.49 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 10.49. Second resistance is March's high crossing at 10.82 1/2. First support is the the 50% retracement level of the January-March-rally crossing at 10.19. Second support is the 62% retracement level of the January-March-rally crossing at 10.04. 



May soybean meal closed up $3.40 at 365.10. 



May soybean meal closed higher on Wednesday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Thursday'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 May extends this month's decline, the 62% retracement level of the January-March-rally crossing at 348.30 is the next downside target. Closes above the 20-day moving average crossing at 378.70 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 378.70. Second resistance is March's high crossing at 404.00. First support is the 50% retracement level of the January-March-rally crossing at 359.00. Second support is the 62% retracement level of the January-March-rally crossing at 348.30.  



May soybean oil closed up 62 pts. At 32.36. 



May soybean oil closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 32.47 are needed to confirm that a short-term low has been posted. If May resumes the decline off January's high, the July-2016 low crossing at 31.37 is the next downside target. First resistance is the 50-day moving average crossing at 32.47. Second resistance is the late-February high crossing at 32.96. First support is March's low crossing at 31.43. Second support is the July-2016 low crossing at 31.37.



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



April hogs closed down $0.68 at $62.57. 



April hogs closed lower on Wednesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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, weekly support crossing at 62.15 is the next downside target. Closes above the 20-day moving average crossing at 67.37 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 65.83. Second resistance is the 20-day moving average crossing at 67.37. First support is today's low crossing at 62.52. Second support is weekly support crossing at 62.15.



April cattle closed down $1.88 at 117.70. 



April cattle closed sharply lower on Wednesday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the 75% retracement level of the August-November-rally crossing at 115.22 is the next downside target. Closes above the 20-day moving average crossing at 122.41 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 121.19. Second resistance is the 20-day moving average crossing at 122.41. First support is today's low crossing at 117.15. Second support is the 75% retracement level of the August-November-rally crossing at 115.22.

 

May Feeder cattle closed down $1.30 at $136.95. 



May Feeder cattle closed lower on Wednesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 May extends the aforementioned decline, last August's low crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 144.95 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 141.67. Second resistance is the 20-day moving average crossing at 144.95. First support is today's low crossing at 136.40. Second support is last August's low crossing at 134.10.   



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



May coffee closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, weekly support crossing at 11.55 is the next downside target. Closes above the 50-day moving average crossing at 12.27 are needed to confirm that a low has been posted.     



May cocoa closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 23.99 would confirm that a short-term top has been posted. If May resumes the rally off December's low, the 62% retracement level of the 2016-2017-decline crossing at 25.89 is the next upside target. 



May sugar closed higher on Wednesday. The mid-range close set the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 13.06 are needed to confirm that a low has been posted. If May extends this year's decline, weekly support crossing at 12.00 is the next downside target. 



May cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 80.99 are needed to confirm that a short-term top has been posted. If May renews the rally off February's low, weekly resistance crossing at 87.18 is the next upside target. 

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