KEY EVENTS TO WATCH FOR:
Tuesday, April 17, 2018
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +2.8%)
Chain Store Sales, M/M% (previous +4.2%)
8:30 AM ET. March New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.27M; previous 1.236M)
Housing Starts, M/M% (expected +2.4%; previous -7.0%)
Building Permits (expected 1.32M; previous 1.298M)
Building Permits, M/M% (expected +1.5%; previous -5.7%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +0.3%)
Ret Sales Mo-to-Date, Y/Y% (previous +3.4%)
Latest Wk, Y/Y% (previous +2.9%)
9:00 AM ET. IMF World Economic Outlook forecast chapters published
9:15 AM ET. March Industrial Production & Capacity Utilization
Industrial Production, M/M% (expected +0.4%; previous +1.1%)
Capacity Utilization % (expected 77.9%; previous 78.1%)
Capacity Utilization, Net Chg (Pts) (previous +0.7)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +1.8M)
Gasoline Stocks, Net Chg (Bbls) (previous +2.0M)
Distillate Stocks, Net Chg (Bbls) (previous -3.8M)
N/A Trump hosts Japanese PM in Florida
Wednesday, April 18, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 380.6)
Composite Idx, W/W% (previous -1.9%)
Purchase Idx-SA (previous 247.3)
Purchase Idx-SA, W/W% (previous -2.0%)
Refinance Idx (previous 1110.8)
Refinance Idx, W/W% (previous -1.7%)
8:30 AM ET. IMF Global Financial Stability Report main chapters published
8:30 AM ET. G24 Deputies Meeting
9:30 AM ET. IMF Fiscal Monitor published
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 428.638M)
Crude Oil Stocks, Net Chg (Bbl) (previous +3.306M)
Gasoline Stocks (Bbl) (previous 238.935M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.458M)
Distillate Stocks (Bbl) (previous 128.447M)
Distillate Stocks, Net Chg (Bbl) (previous -1.044M)
Refinery Usage (previous 93.5%)
Total Prod Supplied (Bbl/day) (previous 19.812M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.405M)
2:00 PM ET. U.S. Federal Reserve Beige Book
3:30 PM ET. SEC Open Meeting
Thursday, April 19, 2018
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 226K; previous 233K)
Jobless Claims, Net Chg (previous -9K)
Continuing Claims (previous 1871000)
Continuing Claims, Net Chg (previous +53K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 895.9K)
Soybeans (Metric Tons) (previous 2464.5K)
Wheat (Metric Tons) (previous 188.7K)
8:30 AM ET. April Philadelphia Fed Business Outlook Survey
Business Activity (expected 20.8; previous 22.3)
Prices Paid (previous 42.6)
Employment (previous 25.6)
New Orders (previous 35.7)
Prices Received (previous 20.7)
Delivery Times (previous 14.0)
Inventories (previous 16.5)
Shipments (previous 32.4)
8:30 AM ET. Annual Advance GDP by Industry
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. March Leading Indicators
Leading Index (expected +0.3%; previous +0.6%)
Coincident Index (previous +0.3%)
Lagging Index (previous +0.4%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1335B)
Working Gas In Storage, Net Chg (Cbf) (previous -19B)
3:30 PM ET. G24 Ministers and Governors Meeting
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
Friday, April 20, 2018
10:00 AM ET. March Regional & State Employment & Unemployment
8:30 AM ET. March CFNAI Chicago Fed National Activity Index
NAI (previous 0.88)
NAI, 3-mo Moving Avg (previous 0.37)
9:45 AM ET. April US Flash Services PMI
PMI, Services (previous 54.1)
9:45 AM ET. April US Flash Manufacturing PMI
PMI, Mfg (previous 55.7)
10:00 AM ET. March Existing Home Sales
Existing Sales (previous 5.54M)
Existing Sales, M/M% (previous +3.0%)
Unsold Homes Month's Supply (previous 3.4)
Median Price (USD) (previous 241700)
Median Home Price, Y/Y% (previous +5.9%)
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The June NASDAQ 100 closed higher on Monday as it extends the rally off April's low.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 6750.90 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, February's low crossing at 6192.50 is the next downside target. First resistance is the 50-day moving average crossing at 6750.90. Second resistance is the reaction high crossing at 6849.25. First support is April's low crossing at 6306.75. Second support is February's low crossing at 6192.50.
The June S&P 500 closed higher on Monday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2689.46 are needed to confirm that a short-term low has been posted. If June renews the decline off March's high, the 38% retracement level of the 2016-2018-rally crossing at 2533.51 is the next downside target. First resistance is the 50-day moving average crossing at 2689.46. Second resistance is the reaction high crossing at 2741.00. First support is April'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 sharply higher on Monday and above the 50-day moving average crossing at 24.621.33 as it extends the rally off April's low. Today's rallied along with the stock indexes was underpinned by optimism over the first-quarter earnings season and as geopolitical tensions showed signs of fading. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 24,621.33 would open the door for additional gains near-term. If the Dow resumes the decline off March's high, weekly support crossing at 23,101.28 is the next downside target. First resistance is the reaction high crossing at 24,977.65. Second resistance is March's high crossing at 25,449.15. First support is April's low crossing at 23,344.52. Second support is weekly support crossing at 23,101.28.
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June T-bonds closed down 3/32's at 145-10.
June T-bonds closed slightly lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 145-12 are needed to confirm that a short-term top has been posted. If June resumes the rally off February's low, the 50% retracement level of the December-February-decline crossing at 147-14 is the next upside target. 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 50-day moving average crossing at 144-07. Second support is the reaction low crossing at 142-30.
June T-notes closed down 10 pts at 120-145.
June T-notes closed lower on Monday as it extended the decline off April's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 120.127 would confirm that a short-term top has been posted. If June resumes the rally off February's low, the 38% retracement level of the 2017-2018-decline crossing at 121.257 is the next upside target. First resistance is April'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 50-day moving average crossing at 120.127. Second resistance is the reaction low crossing at 119.220.
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May crude oil closed lower on Monday as it consolidated some of the rally off last June's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. 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 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 64.62 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 67.76. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.46.First support is the 20-day moving average crossing at 64.62. Second support is April's low crossing at 61.81.
May heating oil closed lower on Monday as it consolidates some of the rally off February's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or near. Closes below the 20-day moving average crossing at 201.02 are needed to confirm that a short-term top has been posted. If May extends the rally off February's low, weekly resistance crossing at 216.58 is the next upside target. First resistance is last Wednesday's high crossing at 212.27. Second resistance is weekly resistance crossing at 216.58. First support is the 10-day moving average crossing at 203.11. Second support is the 20-day moving average crossing at 201.02.
May unleaded gas closed lower on Monday as it consolidated some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, January's high crossing at 210.12 is the next upside target. Closes below the 20-day moving average crossing at 200.73 would confirm that a short-term top has been posted. First resistance is February's high crossing at 208.89. Second resistance is January's high crossing at 210.12. First support is the 20-day moving average crossing at 200.73. Second support is the 50-day moving average crossing at 197.07.
May Henry natural gas closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the previous reaction high crossing at 2.764 are needed to renew the rally off April's low while opening the door for a possible test of March's high crossing at 2.831. If May renews the decline off March's high, February's low crossing at 2.600 is the next downside target. First resistance is the reaction high crossing at 2.764. 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. Third support is December's low crossing at 2.504.
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The June Dollar closed lower on Monday.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, March's low crossing at 88.53 is the next downside target. From a broader perspective, June needs to close above 90.49 or below 78.83 are needed to confirm a breakout of the aforementioned trading range and point the direction of the next 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 higher on Monday above the 50-day moving average crossing at 124.18 confirm that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, March's high crossing at 125.54 is the next upside target. If June resumes the decline off March's high, the 50% retracement of the November-February-rally crossing at 121.97 is the next downside 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 higher on Monday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening when Monday'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 March's low, January's high crossing at 1.4404 is the next upside target. Closes below the 20-day moving average crossing at 1.4166 would temper the near-term friendly outlook. First resistance is today's high crossing at 1.4376. Second resistance is January's high crossing at 1.4404. First support is April's low crossing at 1.4007. Second support is March's low crossing at 1.3779.
The June Swiss Franc closed higher on Monday. The mid-range close sets the stage for a steady to slightly higher opening when Tuesday'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 June extends the decline off February's high, the 75% retracement level of the November-February-rally crossing at 1.0344 is the next downside target. Closes above the 20-day moving average crossing at 1.0532 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0532. Second resistance is the 50-day moving average crossing at 1.0661. First support is last Thursday's low crossing at 1.0419. Second support is the 75% retracement level of the November-February-rally crossing at 1.0344.
The June Canadian Dollar closed higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain 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 80.45 is the next upside target. Closes below the 20-day moving average crossing at 78.21 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 79.83. Second resistance is the reaction high crossing at 80.45. First support is the 10-day moving average crossing at 78.99. Second support is the 20-day moving average crossing at 78.21.
The June Japanese Yen closed higher on Monday 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 Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 50% retracement level of the October-March-rally crossing at 0.9237 is the next downside target. Closes above the 20-day moving average crossing at 0.9442 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9416. Second resistance is the 20-day moving average crossing at 0.9442. First support is the 38% retracement level of the October-March-rally crossing at 0.9327. Second support is the 50% retracement level of the October-March-rally crossing at 0.9238.
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June gold closed higher on Monday as it consolidated some of last Thursday's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below April's low crossing at 1322.60 would confirm that a short-term top has been posted. If June extends the rally off March's low, January's high crossing at 1375.50 is the next upside target. First resistance is last Wednesday's high crossing at 1369.40. 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 closed slightly higher on Monday. The mid-range close set the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off April's low, the reaction high crossing at 17.025 is the next upside target. Closes below the 20-day moving average crossing at 16.466 is the next downside target. First resistance is the reaction high crossing at 17.025. Second resistance is the reaction high crossing at 17.460. First support is April's low crossing at 16.150. Second support is March's low crossing at 16.100.
May copper closed higher on Monday as it consolidates some of last Thursday's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 304.83 would temper the near-term friendly outlook. If May resumes the rally off March's low, March's high crossing at 319.20 is the next upside target. First resistance is March's high crossing at 319.20. Second resistance is February's high crossing at 329.05.First support is April's low crossing at 297.00. Second support is March's low crossing at 293.75.
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May Corn closed down 3 3/4-cents at 3.82 1/2.
May corn closed lower on Monday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.80 1/2 would confirm that a short-term top has been posted. If May resumes the rally off March's low, March's high crossing at 3.95 1/4 is the next upside target. First resistance is last 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 50-day moving average crossing at 3.80 1/2. Second support is the 62% retracement level of this year's rally crossing at 3.69 1/2.
May wheat closed down 9 1/2-cents at 4.63.
May wheat closed lower on Monday as fears about war, weather and trade eased overnight. Weekend storms and forecasts for more over the Plains pressured wheat, while international tensions pulled back a bit following strikes against Syrian chemical weapons facilities. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.62 1/2 would confirm that a short-term top has been posted. If May resumes the rally off March's low, the reaction high crossing at 4.98 is the next upside target. First resistance is the reaction high crossing at 4.98. Second resistance is March's high crossing at 5.18 1/2. First support is the 20-day moving average crossing at 4.62 1/2. Second support is March's low crossing at 4.41 1/2.
May Kansas City Wheat closed down 17 3/4-cents at 4.78.
May Kansas City wheat closed lower on Monday as it extends the decline off April's high. Today's close below the 20-day moving average crossing at 4.85 would confirm that a short-term top has been posted. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening on Tuesday. If May resumes the rally off March's low, the reaction high crossing at 5.33 1/4 is the next upside target. First resistance is the reaction high crossing at 5.33 1/4. Second resistance is March's high crossing at 5.48 1/2. First support is today's low crossing at 4.77 3/4. Second support is March's low crossing at 4.56.
May Minneapolis wheat closed down 10 1/4-cents at 6.06 3/4.
May Minneapolis wheat closed lower on Monday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. 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 5.99 1/2 would confirm that a short-term top has been posted. If May resumes the rally off April's low, March's high crossing at 6.36 is the next upside target. First resistance is last Tuesday's high crossing at 6.34. Second resistance is March's high crossing at 6.36. First support is the 20-day moving average crossing at 5.99 1/2. Second support is April's low crossing at 5.71.
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May soybeans closed down 11 1/2-cents at 10.42 3/4.
May soybeans closed lower on Monday. The low-range close sets the stage for a steady to lower opening with Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off April'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 10.35 1/2 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 10.67 1/4. Second resistance is March's high crossing at 10.82 1/2. First support is the 50-day moving average crossing at 10.35 1/2. Second support is April's low crossing at 9.83 1/2.
May soybean meal closed down $5.30 at 377.50.
May soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 373.40 would confirm that a short-term top has been posted. If May resumes the rally off March's low, March's high crossing at 404.00 is the next upside target. First resistance is last Monday's high crossing at 389.70. Second resistance is March's high crossing at 404.00. First support is the 38% retracement level of the January-March-rally crossing at 369.60. Second support is the 50% retracement level of the January-March-rally crossing at 359.00.
May soybean oil closed down 21 pts. At 31.27.
May soybean oil closed lower on Monday as it renewed this year's decline.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off January's high, the January-2016 low crossing at 30.67 is the next downside target. Closes above the 50-day moving average crossing at 32.03 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32.03. Second resistance is the reaction high crossing at 32.73. First support is today's low crossing at 31.14. Second support is the January-2016 low crossing at 30.67.
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June hogs closed down $0.85 at $76.80.
June hogs closed lower on Monday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 aforementioned rally, the 50-day moving average crossing at 78.23 is the next upside target. If Closes below the 10-day moving average crossing at 75.04 would temper the near-term friendly outlook. First resistance is last Friday's high crossing at 78.10. Second resistance is the 50-day moving average crossing at 78.23. First support is April's low crossing at 70.25. Second support is weekly support crossing at 69.77.
June cattle closed up $0.53 at 104.18.
June cattle closed higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 104.39 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, the March 2017 low crossing at 96.40 is the next downside target. First resistance is the 20-day moving average crossing at 104.39. Second resistance is the 50-day moving average crossing at 111.13. 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 unchanged at $140.38.
May Feeder cattle closed unchanged on Monday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 May extends the rally off April's low, the 50-day moving average crossing at 143.54 is the next upside target. Closes below the 20-day moving average crossing at 136.69 would confirm that a short-term top has been posted. First resistance is today's high crossing at 142.65. Second resistance is the 50-day moving average crossing at 143.54. First support is last Tuesday's low crossing at 134.33. Second support is April's low crossing at 128.88.
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May coffee closed lower on Monday as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned 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 11.25 is the next downside target. Closes above the 50-day moving average crossing at 12.02 are needed to confirm that a low has been posted.
May cocoa closed sharply higher on Monday as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 10-day moving average crossing at 25.25 would confirm that a short-term top has been posted.
May sugar closed lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, monthly support crossing at 11.88 is the next downside target. Closes above the 20-day moving average crossing at 12.38 are needed to confirm that a low has been posted.
May cotton closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off April's low, March's high crossing at 86.60 is the next upside target. Closes below the 50-day moving average crossing at 81.30 would temper the near-term friendly outlook.