KEY EVENTS TO WATCH FOR:
Monday, April 2, 2018
9:45 AM ET. March US Manufacturing PMI
PMI, Mfg (previous 55.3)
10:00 AM ET. February Construction Spending - Construction Put in Place
New Construction (expected +0.5%; previous +0.0%)
Residential Construction
10:00 AM ET. March ISM Manufacturing Report on Business
Manufacturing PMI (expected 59.8; previous 60.8)
Prices Idx (previous 74.2)
Employment Idx (previous 59.7)
Inventories (previous 56.7)
New Orders Idx (previous 64.2)
Production Idx (previous 62.0)
Tuesday, April 3, 2018
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +4.3%)
Chain Store Sales, M/M% (previous +3.6%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +0.1%)
Ret Sales Mo-to-Date, Y/Y% (previous +3.2%)
Latest Wk, Y/Y% (previous +3.6%)
9:45 AM ET. March ISM-NY Report on Business
Business Index (previous 54.5)
10:00 AM ET. April IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 55.6)
6-Mo Economic Outlook (previous 52.9)
11:00 AM ET. March Global Manufacturing PMI
PMI, Mfg (previous 54.2)
16:00 AM ET. March Domestic Auto Industry Sales
Auto Sales Annualized (expected 16.9M; previous 17.08M)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +5.3M)
Gasoline Stocks, Net Chg (Bbls) (previous -5.8M)
Distillate Stocks, Net Chg (Bbls) (previous -2.2M)
Wednesday, April 4, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 401.3)
Composite Idx, W/W% (previous +4.8%)
Purchase Idx-SA (previous 257.6)
Purchase Idx-SA, W/W% (previous +3.1%)
Refinance Idx (previous 1188.5)
Refinance Idx, W/W% (previous +7.3%)
8:15 AM ET. March ADP National Employment Report
Private Sector Jobs, Net Chg (expected +200000; previous +235000)
9:45 AM ET. March US Services PMI
PMI, Services (previous 55.9)
10:00 AM ET. February Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +1.7%; previous -1.4%)
Orders, Ex-Defense, M/M% (previous -0.8%)
Orders, Ex-Transport, M/M% (previous +0.4%)
Durable Goods, M/M% (previous -3.7%)
Durable Goods, M/M% (previous -3.6%)
10:00 AM ET. February Metropolitan Area Employment & Unemployment
10:00 AM ET. March ISM Non-Manufacturing Report on Business
Non-Mfg Composite Idx (expected 59.0; previous 59.5)
Non-Mfg Business Idx (previous 62.8)
Prices Idx (previous 61.0)
Employment Idx (previous 55.0)
New Orders Idx (previous 64.8)
10:00 AM ET. March Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 429.949M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.643M)
Gasoline Stocks (Bbl) (previous 239.593M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.472M)
Distillate Stocks (Bbl) (previous 128.954M)
Distillate Stocks, Net Chg (Bbl) (previous -2.09M)
Refinery Usage (previous 92.3%)
Total Prod Supplied (Bbl/day) (previous 20.917M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.242M)
2:00 PM ET. SEC Closed Meeting
Thursday, April 5, 2018
7:30 AM ET. March Challenger Job-Cut Report
Job Cuts, M/M% (previous -20%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1455.8K)
Soybeans (Metric Tons) (previous 899.1K)
Wheat (Metric Tons) (previous 428.6K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 225K; previous 215K)
Jobless Claims, Net Chg (previous -12K)
Continuing Claims (previous 1871000)
Continuing Claims, Net Chg (previous +35K)
8:30 AM ET. February U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -56.8B; previous -56.60B)
Exports (USD) (previous 200.91B)
Exports, M/M% (previous -1.3%)
Imports (USD) (previous 257.51B)
Imports, M/M% (previous +0.0%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1383B)
Working Gas In Storage, Net Chg (Cbf) (previous -63B)
11:00 AM ET. March Global Services PMI
PMI, Services (previous 54.8)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
N/A IMF Global Financial Stability Report analytical chapters
Friday, April 6, 2018
8:30 AM ET. March U.S. Employment Report
Non-Farm Payrolls (expected +173K; previous +313K)
Unemployment Rate (expected 4.0%; previous 4.1%)
Avg Hourly Earnings (USD) (previous 26.75)
Avg Hourly Earnings-Net Chg (USD) (previous +0.04)
Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.15%)
Avg Hourly Earnings, Y/Y% (previous +2.6%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg (previous +0.1)
Government Payrolls (previous +26K)
Private Payroll (previous +287K)
Participation Rate (previous 63.0%)
Non-Farm Payrolls Bench Net Chg
3:00 PM ET. February Consumer Credit
Consumer Credit Net Chg (USD) (expected +15.0B; previous +13.91B)
Monday, April 9, 2018
9:30 AM ET. SEC Fixed Income Market Structure Advisory Committee Meeting
10:00 AM ET. March Employment Trends Index
ETI (previous 107.74)
ETI, Y/Y% (previous +5.6%)
1100/1500 IMF World Economic Outlook analytical chapters
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was lower overnight. After a month of turbulent trading on Wall Street that was heavily driven by the prospect of new trade policies and a user-data scandal at Facebook, which drove the overall technology sector sharply lower, investors are eager to return to the operating on the basis of hard economic data and corporate fundamentals. The start of April is historically the best month of the year for the Dow Jones Industrial Average. April brings highly anticipated economic data and the expectation that U.S. corporations will begin to announce first quarterly results. 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 March's high, February's low crossing at 6192.50 is the next downside target. Closes above the 20-day moving average crossing at 6861.45 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6690.27. Second resistance is the 20-day moving average crossing at 6861.45. First support is last Wednesday's low crossing at 6421.00. Second support is February's low crossing at 6192.50.
The June S&P 500 was slightly lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off March's high, the 38% retracement level of the 2016-2018-rally crossing at 2533.51 is the next downside target. Closes above the 50-day moving average crossing at 2730.07 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2656.06. Second resistance is the 50-day moving average crossing at 2730.07. First support is March's low crossing at 2588.00. Second support isthe 38% retracement level of the 2016-2018-rally crossing at 2533.51.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were steady to slightly higher overnight as it extends the rally off February's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 50% retracement level of the December-February-decline crossing at 147-14 is the next upside target. Closes below the 20-day moving average crossing at 144-13 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 146-24. Second resistance is the 50% retracement level of the December-February-decline crossing at 147-14. First support is the 20-day moving average crossing at 144-13. Second support is the reaction low crossing at 142-30.
June T-notes were steady to slightly higher overnight as it extends the rally off February's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the reaction high crossing at 122.020 is the next upside target. Closes below the 20-day moving average crossing at 120.128 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 121.090. Second resistance is the reaction high crossing at 122.020. First support is the 20-day moving average crossing at 120.128. Second support is March's low crossing at 119.220.
ENERGY MARKETS http://quotes.ino.com/ex changes/?c=energy"
ENERGY MARKETS: MayNymex crude oil was higher overnight.Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. Closes below the 20-day moving average crossing at 62.90 would confirm that a short-term top has been posted. First resistance is March's high crossing at 66.55. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.46. First support is the 10-day moving average crossing at 64.52. Second support is the 20-day moving average crossing at 62.90.
May heating oil was higher overnight as it extends the rally off February's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the reaction high crossing at 207.28 is the next upside target. Closes below the 20-day moving average crossing at 194.59 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 207.28. Second resistance is January's high crossing at 208.95. First support is the 10-day moving average crossing at 200.12. Second support is the 20-day moving average crossing at 194.59.
May unleaded gas was slightly higher overnight as it extends the trading range of the past six-days. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the reaction high crossing at 208.89 is the next upside target. Closes below the 20-day moving average crossing at 196.82 would confirm that a short-term top has been posted. First resistance is last Monday's high crossing at 205.45. Second resistance is the reaction high crossing at 208.89. First support is the 10-day moving average crossing at 201.07. Second support is 20-day moving average crossing at 196.82.
May Henry natural gas was higher overnight as it extends the rally off March's low.Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2.742 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 2.692 would temper the near-term friendly trend. First resistance is the 50-day moving average crossing at 2.742. Second resistance is March's high crossing at 2.831. First support is March's low crossing at 2.610. Second support is February's low crossing at 2.600.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was lower overnight. 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 38% retracement level of the November-February-decline crossing at 90.35 is the next upside target. If June renews the decline off March's high, February's low crossing at 87.83 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 last Tuesday's low crossing at 88.53. Second support is February's low crossing at 87.93.
The June Euro was higher overnight as it consolidates some of last week's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends last week's decline, March's low crossing at 122.54 is the next downside target. If June renews the rally off March's low, February's high crossing at 126.58 is the next upside target. First resistance is last Tuesday's high crossing at 125.53. Second resistance is February's high crossing at 126.58. First support is March's low crossing at 122.54. Second support is the 50% retracement level of the November-February-decline crossing at 121.97.
The June British Pound was higher overnight as it consolidates some of the decline off March's high. Stochastics and the RSI are neutral to bearish signaling that a short-term top is in or near. Closes below the 20-day moving average crossing at 1.4053 would confirm that a short-term top has been posted. If June renews the rally off March's low, the reaction high crossing at 1.4352 is the next upside target. First resistance is the reaction high crossing at 1.4352. Second high is January's high crossing at 1.4404. First support is the 20-day moving average crossing at 1.4053. Second support is the 38% retracement level of the December-February-decline crossing at 1.3926.
The June Swiss Franc were higher overnight as it consolidates some of last Wednesday's decline. Stochastics and the RSI are 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 50-day moving average crossing at 1.0710 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0621. Second resistance is the 50-day moving average crossing at 1.0710. First support is the 62% retracement level of the November-February-rally crossing at 1.0458. Second support is the 75% retracement level of the November-February-rally crossing at 1.0344.
The June Canadian Dollar was steady to slightly higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 50-day moving average crossing at 78.90 is the next upside target. Closes below the 20-day moving average crossing at 77.45 would temper the near-term friendly outlook.First resistance is the reaction high crossing at 78.26. Second resistance is the 50-day moving average crossing at 78.90. First support is the 20-day moving average crossing at 77.45. Second support is March's low crossing at 76.33.
The June Japanese Yen was higher overnight as it consolidates some of last Wednesday's decline. 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, the 50-day moving average crossing at 0.9380 is the next downside target. Closes above the 10-day moving average crossing at 0.9496 would temper the near-term bearish outlook. First resistance is the 50% retracement level of the 2016 decline crossing at 0.9491. Second resistance is the 62% retracement level of the 2016 decline crossing at 0.9740. First support is the 50-day moving average crossing at 0.9380. Second support is the reaction low crossing at 0.9373.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: June gold was higher overnight as it consolidates some of the decline off March's high. 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, the 50% retracement level of the December-January-rally crossing at 1311.50 is the next downside target. Closes above the 50-day moving average crossing at 1338.40 would temper the near-term bearish outlook. First resistance is February's high crossing at 1369.60. Second resistance is January's high crossing at 1375.50. First support is the 50% retracement level of the December-January-rally crossing at 1311.50. Second support is the 62% retracement level of the December-January-rally crossing at 1296.30.
May silver was higher overnight as it consolidates some of last week's decline. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If May renews the decline off January's high, December's low crossing at 15.705 is the next downside target. Closes above the 50-day moving average crossing at 16.686 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 16.686. Second resistance is March's high crossing at 16.895. First support is March's low crossing at 16.100. Second support is December's low crossing at 15.705.
May copper was higher overnight as it extended the rally off March's low. The high-range trade sets the stage for a steady to higher opening when the day 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 307.66 would confirm that a short-term low has been posted. If May resumes the decline off February's high, the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target. First resistance is the 20-day moving average crossing at 307.66. Second resistance is the 50-day moving average crossing at 307.66. First support is March's low crossing at 293.75. Second support is the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target.
GRAINS http://quotes.ino.com/ex changes/?c=grains
May corn was higher overnight as it extended the rally off March's low. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at 3.95 1/4 is the next upside target. Closes below the 50-day moving average crossing at 3.76 1/4 would confirm that a short-term top has been posted. First resistance is March's high crossing at 3.95 1/4. Second resistance is the 62% retracement level of the July-January-decline crossing at 4.01 is the next upside target. First support is the 20-day moving average crossing at 3.83 1/4. Second support is the 50-day moving average crossing at 3.76 1/4.
May wheat was higher overnight as it consolidates some of the decline off March's high. 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 February's high, the 87% retracement level of the December-March-rally crossing at 4.36 is the next downside target. Closes above the March 19th gap crossing at 4.67 are needed to confirm that a short-term low has been posted. First resistance is the March 19th gap crossing at 4.67. Second resistance is the 20-day moving average crossing at 4.72 1/4. First support is last Thursday's low crossing at 4.44 1/4. Second support is the 87% retracement level of the December-March-rally crossing at 4.36.
May Kansas City Wheat closed up 6 1/4-cents at 4.67 1/4.
May Kansas City wheat posted a key reversal up as it closed higher on Thursday. The high-range close sets 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 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 high crossing at 4.85 1/2 would confirm that a short-term low has been posted. First resistance is last Monday's gap crossing at 4.99 1/4. Second resistance is the 20-day moving average crossing at 5.00 1/4. First support is today's low crossing at 4.56. Second support is the 75% retracement level of the December-March-rally crossing at 4.54 3/4.
May Minneapolis wheat was higher overnight as it consolidated some of the decline off March's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 6.13 1/2 would confirm that a short-term low has been posted. First resistance is last Monday's high crossing at 6.05. Second resistance is the 50-day moving average crossing at 6.13 1/2. First support is last Thursday's low crossing at 5.75. 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 were higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at 10.82 1/2 is the next upside target. Closes below the 50-day moving average crossing at 10.27 1/4 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 10.60 1/2. Second resistance is March's high crossing at 10.82 1/2. First support is the 62% retracement level of the January-March-rally crossing at 10.04. Second support is the 75% retracement level of the January-March-rally crossing at 9.87 1/4.
May soybean meal was higher overnight as it extended the rally off March's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at 404.00 is the next upside target. Closes below last Thursday's low crossing at 367.80 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 389.70. 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 was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 32.27 are needed to confirm that a short-term low has been posted. If May extends the decline off November's high, the January-2016 low crossing at 30.67 is the next downside target. First resistance is the 50-day moving average crossing at 32.27. Second resistance is the reaction high crossing at 32.50. First support is March's low crossing at 31.35. Second support is the January-2016-low crossing at 30.67.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed down $0.07 at $76.55.
June hogs posted an inside day with a lower close on Thursday as it consolidates some of Wednesday's rally. The high-range close sets the stage for a steady to higher opening when Monday's 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 77.40 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 71.99 is the next downside target. First resistance is the 20-day moving average crossing at 77.40. Second resistance is the reaction high crossing at 79.60. First support is Wednesday's low crossing at 72.95. Second support is weekly support crossing at 71.99.
June cattle closed down $3.00 at 102.58.
June cattle closed limit down on Thursday as it extended the decline off February's high. 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 bullish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 87% retracement level of 2017's rally crossing at 99.63 is the next downside target. Closes above the 20-day moving average crossing at 110.52 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 107.15. Second resistance is the 20-day moving average crossing at 110.52. First support is the 75% retracement level of 2017's rally crossing at 102.65. Second support is the 87% retracement level of 2017's rally crossing at 99.63.
May Feeder cattle closed down $4.47 at $134.02.
May Feeder cattle closed sharply lower on Monday as it renewed the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday'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 June's low crossing at 131.10 is the next downside target. Closes above the 20-day moving average crossing at 141.25 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 141.25. Second resistance is the reaction high crossing at 145.00. First support is today's low crossing at 134.00. Second support is last June's low crossing at 131.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed higher on Thursday. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 12.19 are needed to confirm that a low has been posted. If May extends the decline off January's high, weekly support crossing at 11.55 is the next downside target.
May cocoa closed lower on Thursday. 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 25.11 would confirm that a short-term top has been posted. If May extends the rally off December's low, the 75% retracement level of the 2016-2017-decline crossing at 27.55 is the next upside target.
May sugar closed higher on Wednesday as it consolidated some of this week's decline. 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 May extends the aforementioned decline, weekly support crossing at 12.00 is the next downside target. Closes above the 20-day moving average crossing at 12.78 are needed to confirm that a low has been posted.
May cotton closed higher on Thursday. The mid-range close sets the stage for a steady to lower 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 May extends the decline off March's high, the reaction low crossing at 79.23 is the next downside target. Closes above the 20-day moving average crossing at 82.76 would confirm that a short-term low has been posted.