INO Evening Market Comments
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Started by tallpine - April 3, 2018, 4:16 p.m.

KEY EVENTS TO WATCH FOR:



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 June NASDAQ 100 closed higher on Tuesday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady 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 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 6832.18 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6630.80. Second resistance is the 20-day moving average crossing at 6832.18. First support is Monday's low crossing at 6326.50. Second support is February's low crossing at 6192.50. 



The June S&P 500 closed higher due to short covering on Tuesday as it consolidates some of the decline off March'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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends 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 20-day moving average crossing at 2696.40 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2638.78. Second resistance is the 20-day moving average crossing at 2696.40. First support is Monday's low crossing at 2554.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2533.51.



The Dow closed higher on Tuesday as it consolidates some of Monday's decline.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 the Dow extends the decline off March's high, weekly support crossing at 23,101.28 is the next downside target. Closes above the 20-day moving average crossing at 24,492.29 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24,492.29. Second resistance is the 50-day moving average crossing at 24,977.32. First support is Monday's low crossing at 23,344.52. Second support is weekly support crossing at 23,101.28.     



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



June T-bonds closed down 31/32's at 145-25.



June T-bonds closed 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 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 144-18 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the December-February-decline crossing at 147-14. Second resistance is the 62% retracement level of the December-February-decline crossing at 148-28. First support is the 20-day moving average crossing at 114-18. Second support is the reaction low crossing at 142-30.     



June T-notes closed down 135 pts at 120-270.



June T-notes closed 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 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 38% retracement level of the 2017-2018-decline crossing at 121.257 is the next upside target. Closes below the 20-day moving average crossing at 120.145 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 121.110. Second resistance is the 38% retracement level of the 2017-2018-decline crossing at 121.257. First support is the 20-day moving average crossing at 120.145. Second resistance is the reaction low crossing at 119.220.     



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



May crude oil posted an inside day with a higher close on Tuesday as it consolidates some of Monday's loss. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 62.65 are needed to confirm that a double top with January's high has been posted. If April resumes the rally off February's low, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. 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 50-day moving average crossing at 62.65. Second support is March's low crossing at 59.91.



May heating oil closed higher on Tuesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 194.76 are needed to confirm that a short-term top has been posted. If May renews the rally off February's low, January's high crossing at 208.95 is the next upside target. First resistance is the reaction high crossing at 207.28. Second resistance is January's high crossing at 208.95. First support is the 50-day moving average crossing at 195.51. Second support is the 20-day moving average crossing at 194.76.  



May unleaded gas posted an inside day with a slightly higher close on Tuesday as it consolidated some of Monday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 196.66 would confirm that a short-term top has been posted. If May renews the rally off February's low, January's high crossing at 210.12 is the next upside target. First resistance is last Monday's high crossing at 205.45. Second resistance is February's high crossing at 208.89. First support is the 20-day moving average crossing at 196.66. Second support is the reaction low crossing at 187.30.  



May Henry natural gas posted an inside day with a higher close 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off March's high, December's low crossing at 2.504 is the next downside target. If May resumes the rally off March's low, March's high crossing at 2.831 is the next upside target. First resistance is last Thursday's high crossing at 2.764. Second resistance is March's high crossing at 2.831. First support is February's low crossing at 2.600. Second support is December's low crossing at 2.504. 



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



The June Dollar closed higher on Tuesday while extending the trading range of the past three-months.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. Closes above 90.35 or below 78.83 are needed to confirm a breakout of the aforementioned trading range. 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 88.53. Second support is February's low crossing at 87.83. 



The June Euro 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 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 of the November-February-rally crossing at 121.97 is the next downside target. 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 125.54. 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 slightly higher on Tuesday as it consolidates some of last week's decline. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.4061 are needed to 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 resistance is February's high crossing at 1.4404. First support is the 20-day moving average crossing at 1.4061. Second support is March's low crossing at 1.3779.



The June Swiss Franc closed lower on Tuesday as it extends the decline off February's high. 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 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 1.0709 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0608. Second resistance is the 50-day moving average crossing at 1.0709. First support is today's low crossing at 1.0483. Second support is the 62% retracement level of the November-February-rally crossing at 1.0458. 



The June Canadian Dollar closed higher on Tuesday as it extends the rally off March'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 turning neutral to bullish again signaling that sideways to higher prices are possible near-term. If June resumes the rally off March's low, the 50-day moving average crossing at 78.86 is the next upside target. Multiple closes below the 20-day moving average crossing at 77.48 would confirm that a short-term top has been posted. First resistance is today's high crossing at 78.35. Second resistance is the 50-day moving average crossing at 78.86. First support is March's low crossing at 76.33. Second support is weekly support crossing at 76.04.  



The June Japanese Yen 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 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 0.9387 is the next downside target. 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. 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 the 50-day moving average crossing at 0.9387. Second support is the reaction low crossing at 0.9343.   



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



June gold 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, February's high crossing at 1369.60 is the next upside target. If June renews the decline off March's high, the 50% retracement level of the December-January-rally crossing at 1311.50 is the next downside target. First resistance is March's high crossing at 1362.60. Second resistance is February's high crossing at 1369.60. 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 closed 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 16.674 are needed to confirm that a short-term low has been posted. Closes below March's low crossing at 16.100 would confirm a downside breakout of the February-March trading range. Closes above the 50-day moving average crossing at 16.674 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 16.674. Second resistance is the reaction high crossing at 17.025. First support is March's low crossing at 16.100. Second support is December's low crossing at 15.705.     



May copper closed higher on Tuesday as it extends the rally off March'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. Closes above the 20-day moving average crossing at 307.24 are needed to confirm that a short-term low has been posted. If May renews 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 307.27. Second resistance is the 50-day moving average crossing at 314.41. First support is March's low crossing at 293.75. Second support is last September's low crossing at 293.25.



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



May Corn closed up 1-cent at 3.88 1/2. 



May corn closed higher 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 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. First resistance is Monday's high crossing at 3.92 1/2. Second resistance is March's high crossing at 3.95 1/4. First support is the 62% retracement level of this year's rally crossing at 3.69 1/2. Second support is the 75% retracement level of this year's rally crossing at 3.64. 



May wheat closed up 10-cents at 4.56 1/4. 



May wheat closed higher on Tuesday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady to higher 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 March 19th gap crossing at 4.67 are needed to confirm that a short-term low has been posted. If May renews the decline off March's high, the 87% retracement level of the December-March-rally crossing at 4.36 is the next downside target. First resistance is the March 19th gap crossing at 4.67. Second resistance is the 20-day moving average crossing at 4.69 1/4. First support is last Thursday's low crossing at 4.41 1/2. Second support is the 87% retracement level of the December-March-rally crossing at 4.36.      



May Kansas City Wheat closed up 17 1/4-cents at 4.84 3/4. 



May Kansas City wheat closed higher on Tuesday as it extends the rally off last Thursday's low. 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 a low might be in or is near. Closes above the March 19th high crossing at 4.99 1/4 are needed to confirm that a short-term low has been posted. If May resumes the decline off March's high, the 75% retracement level of the December-March-rally crossing at 4.54 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 4.93 3/4. Second resistance is the March 19th gap crossing at 4.99 1/4. First support is last Thursday'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 closed up 9 1/2-cents at 5.83. 



May Minneapolis wheat closed higher on Tuesday as it consolidated some of the decline off March'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 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 6.12 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.89 1/4. Second resistance is the 20-day moving average crossing at 6.04. First support is today's low crossing at 5.72. 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 2 1/2-cents at 10.38. 



May soybeans closed higher 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 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. If May renews the decline off March's high, the 62% retracement level of the January-March-rally crossing at 10.04 is the next downside target. First resistance is Monday's high crossing at 10.60 1/2. Second resistance is March's high crossing at 10.82 1/2. First support is March's low crossing at 10.09 1/4. Second support is the 62% retracement level of the January-March-rally crossing at 10.04. 



May soybean meal closed up $1.90 at 379.20. 



May soybean meal closed higher 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 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 the 50-day moving average crossing at 365.90 would confirm that a short-term top has been posted. First resistance is Monday's 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 closed up 34 pts. At 32.38. 



May soybean oil closed higher on Tuesday and above the 50-day moving average crossing at 32.27 confirming that a short-term low has been posted. The mid-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 a low might be in or is near. If May extends today's rally, the 38% retracement level of the September 2017/ March 2018 decline crossing at 33.33 is the next upside target. If May renews the decline off January's high, the January-2016 low crossing at 30.67 is the next downside target. First resistance is the reaction high crossing at 32.96. Second resistance is the 38% retracement level of the September 2017/ March 2018 decline crossing at 33.33. First support is last Tuesday's low crossing at 31.58. Second support is the January-2016 low crossing at 30.67.



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



June hogs closed down $1.90 at $71.65. 



June hogs closed lower on Tuesday due to ongoing fallout from yesterday's announcement by China's to place a tariff on pork. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, weekly support crossing at 69.77 is the next downside target. Closes above the 20-day moving average crossing at 76.62 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 76.62. Second resistance is the reaction high crossing at 79.60. First support is today's low crossing at 70.90. Second support is weekly support crossing at 69.77.



June cattle closed down $1.32 at 99.62. 



June cattle closed lower on Tuesday and tested the 87% retracement level of 2017's rally crossing at 99.63 as it extended the decline off February's high. 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 bullish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the March 2017 low crossing at 96.40 is the next downside target. Closes above the 20-day moving average crossing at 109.06 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 105.02. Second resistance is the 20-day moving average crossing at 109.06. First support is the 87% retracement level of 2017's rally crossing at 99.63. Second support is the March 2017 low crossing at 96.40.

 

May Feeder cattle closed down $1.40 at $130.97. 



May Feeder cattle closed lower on Tuesday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower 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 May extends the aforementioned decline, weekly support crossing at 129.65 is the next downside target. Closes above the 20-day moving average crossing at 139.71 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 139.71. Second resistance is the reaction high crossing at 145.00. First support is today's low crossing at 130.80. Second support is weekly support crossing at 129.65.   



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



May coffee closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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, weekly support crossing at 11.55 is the next downside target. Closes above the 50-day moving average crossing at 12.16 are needed to confirm that a low has been posted.      



May cocoa closed lower on Tuesday and below the 20-day moving average crossing at 25.29 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews 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 lower on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. 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 12.68 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 higher on Tuesday. The mid-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 82.54 are needed to confirm that a short-term low has been posted. If May resumes the decline off March's high, the reaction low crossing at 79.23 is the next downside target.  

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