KEY EVENTS TO WATCH FOR:
Tuesday, May 16, 2023
8:30 AM ET. April Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous -1%)
Sales, Ex-Auto, M/M% (previous -0.8%)
Sales, Ex-Auto & Gas, M/M% (previous -0.3%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, Y/Y% (previous +1.3%)
Latest Wk, Y/Y% (previous +1.3%)
9:15 AM ET. April Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +0.4%)
Capacity Utilization % (previous 79.8%)
Capacity Utilization, Net Chg (Pts) (previous +0.2)
10:00 AM ET. May NAHB Housing Market Index
Housing Mkt Idx (previous 45)
10:00 AM ET. March Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +0.2%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +3.6M)
Gasoline Stocks, Net Chg (Bbls) (previous +0.4M)
Distillate Stocks, Net Chg (Bbls) (previous -3.9M)
Wednesday, May 17, 2023
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 227.8)
Composite Idx, W/W% (previous +6.3%)
Purchase Idx-SA (previous 173.7)
Purchase Idx-SA, W/W% (previous +4.8%)
Refinance Idx (previous 507.1)
Refinance Idx, W/W% (previous +10.0%)
8:30 AM ET. April New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 1.420M)
Housing Starts, M/M% (previous -0.8%)
Building Permits (previous 1.413M)
Building Permits, M/M% (previous -8.8%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 462.584M)
Crude Oil Stocks, Net Chg (Bbl) (previous +2.951M)
Gasoline Stocks (Bbl) (previous 219.711M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.167M)
Distillate Stocks (Bbl) (previous 106.153M)
Distillate Stocks, Net Chg (Bbl) (previous -4.17M)
Refinery Usage (previous 91.0%)
Total Prod Supplied (Bbl/day) (previous 20.164M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.359M)
Thursday, May 18, 2023
8:30 AM ET. May Philadelphia Fed Business Outlook Survey
Business Activity (previous -31.3)
Prices Paid (previous 8.2)
Employment (previous -0.2)
New Orders (previous -22.7)
Prices Received (previous -3.3)
Delivery Times (previous -25.0)
Inventories (previous -17.9)
Shipments (previous -7.3)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 264K)
Jobless Claims, Net Chg (previous +22K)
Continuing Claims (previous 1813000)
Continuing Claims, Net Chg (previous +12K)
8:30 AM ET. U.S. Weekly Export Sales
10:00 AM ET. April Existing Home Sales
Existing Sales (previous 4.44M)
Existing Sales, M/M% (previous -2.4%)
Unsold Homes Month's Supply (previous 2.6)
Median Price (USD) (previous 375700)
Median Home Price, Y/Y% (previous -0.9%)
10:00 AM ET. April Leading Indicators
Leading Index, M/M% (previous -1.2%)
Leading Index
Coincident Index, M/M% (previous +0.2%)
Lagging Index, M/M% (previous -0.2%)
10:00 AM ET. 1st Quarter Quarterly Retail E-Commerce Sales
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2141B)
Working Gas In Storage, Net Chg (Cbf) (previous +78B)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, May 19, 2023
10:00 AM ET. 1st Quarter Advance Quarterly Services
10:00 AM ET. April State Employment and Unemployment
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed slightly higher on Monday.Today's mid-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 4th low crossing at 32,937.50 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If the Dow renews the rally off the May 4th low, May's high crossing at 34,257.83 is the next upside target. First resistance is May's high crossing at 34,257.83. second resistance is February's high crossing at 33,572.22. First support is the 50-day moving average crossing at 33,150.51. Second support is the May 4th low crossing at 32,937.50.
The June NASDAQ 100 posted an inside day with a higher close on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. If June extends this year's rally, the 62% retracement level of the 2022-decline crossing at 13,634.24 is the next upside target. Closes below the May 4th low crossing at 13,001.75 would open the door for a possible test of the 50-day moving average crossing at 12,957.53. First resistance is last-Friday's high crossing at 13,494.25. Second resistance is the 62% retracement level of the 2022-decline crossing at 13,634.24. First support is the May 4th low crossing at 13,001.75. Second support is the 50-day moving average crossing at 12,957.53.
The June S&P 500 posted an inside day with a slightly higher close on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 4085.27 would confirm that a short-term top has been posted. If June renews the rally off March's low, the February 14th high crossing at 4223.00 is the next upside target. First resistance is the May 1st high crossing at 4206.25. Second resistance is the February 14thhigh crossing at 4223.00. First support is the 50-day moving average crossing at 4085.27. Second support is the 38% retracement level of the 2022-2023 rally crossing at 3904.06.
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June T-bonds closed down 29/32's at 129-26.
June T-bonds closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the May 4th high crossing at 133-00 would confirm that a short-term low has been posted. Closes below the May 1st low crossing at 129-02 would mark a downside breakout of the March-April trading range while opening the door for additional weakness near-term. First resistance is the May 4thhigh crossing at 133-00. Second resistance is April's high crossing at 134-14. First support is May's low crossing at 129-02. Second support is the 38% retracement level of the October-January rally crossing at 128-08.
June T-notes closed down 50-pts. at 115.090.
June T-notes closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above March's high crossing at 117.015 would mark a potential upside breakout of the March-May trading range. If June resumes the decline off May's high, the 50-day moving average crossing at 114.303 is the next downside target. First resistance is March's high crossing at 117.015. Second resistance is weekly resistance crossing at 120.310. First support is the 20-day moving average crossing at 115.070. Second support is the 50-day moving average crossing at 114.303.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
June crude oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins. 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 $75.05 would confirm that a short-term low has been posted. If June extends last-week's decline, the March 24th low crossing at $67.02 is the next downside target. First resistance is the 50-day moving average crossing at $75.05. Second resistance is the April 23th high crossing at $79.18. First support is the March 24th low crossing at $67.02. Second support is the May 4thlow crossing at $63.64.
June heating oil posted a key reversal up as it closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day trading session begins. 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 $2.3901 would confirm that a short-term low has been posted. If June renews the decline off January's high, the 62% retracement level of the 2020-2022 rally crossing at 2.1217 is the next downside target. First resistance is the 20-day moving average crossing at $2.3901. Second resistance is the 50-day moving average crossing at $2.5080. First support is the May 4th low crossing at $2.1500. Second support is the 62% retracement level of the 2020-2022 rally crossing at 2.1217.
June unleaded gas posted a key reversal up on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off May's low, the 50-day moving average crossing at 2.5685 is the next upside target. If June renews the decline off April's high, the 50% retracement level of the 2020-2022 rally crossing at 2.0663 is the next downside target. First resistance is the 20-day moving average crossing at 2.4981. Second resistance is the 50-day moving average crossing at 2.5685. First support is May's low crossing at 2.2500. Second support is the 50% retracement level of the March-April rally crossing at 2.0663.
June Henry natural gas closed higher on Monday and above the 20-day moving average crossing at 2.310 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 2.466 would open the door for a larger-degree rebound near-term. If June renews the decline off March's high, monthly support crossing at 1.795 is the next downside target.First resistance is the 50-day moving average crossing at 2.466. Second resistance is April's high crossing at 2.543. First support is the May 5th low crossing at 2.031. Second support is the September-2020 low on the monthly continuation chart crossing at 1.795.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed lower on Monday but remains above the 50-day moving average crossing at 102.203. 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 rally off May's low, the 25% retracement level of the 2022-2023 decline crossing at 103.594 is the next upside target. If June renews the decline off March's high, February's low crossing at $100.345 is the next downside target. First resistance is April's high crossing at 102.745. Second resistance is the 25% retracement level of the September-February decline crossing at $103.586. First support is the 20-day moving average crossing at 101.509. Second support is May's low crossing at 100.520.
The June Euro closed higher on Monday as it consolidates some of the decline off May's high but remains below the 50-day moving average crossing at 1.09209. The high-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices is possible near-term. If June extends this month's decline, the 25% retracement level of the 2022-2023 rally crossing at $1.7774 is the next downside target. Closes below the 20-day moving average crossing at $1.10118 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1.10118. Second resistance is the April 14th high crossing at 1.11145. First support is April's low crossing at 1.08355. Second support is the 25% retracement level of the 2022-2023 rally crossing at $1.7774.
The June British Pound posted an inside day with a higher close on Monday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI remain neutral to bearish signaling sideways to lower prices are possible near-term. If June extends last-week's decline, the 50-day moving average crossing at 1.2387 is the next downside target. If June renews the rally off March's low, the 62% retracement level of the 2021-2022 decline crossing at 1.2784 is the next upside target. First resistance is last-Wednesday's high crossing at 1.2692. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.2784. First support is the 50-day moving average crossing at 1.2387. Second support is April's low crossing at 1.2293.
The June Swiss Franc posted an inside day with a higher close on Monday as it extends the April-May trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 2nd low crossing at 1.11770 would confirm that a short-term top has been posted. If June renews the rally off March's low, the 87% retracement level of the 2021-2022 decline crossing at 1.15040 is the next upside target. First resistance is the May 4th high crossing at 1.13940. Second resistance is the 87% retracement level of the 2021-2022 decline crossing at 1.15040. First support is the May 2nd low crossing at 1.11770. Second support is the 50-day moving average crossing at 1.11240.
The June Canadian Dollar closed sharply higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Close below the 50-day moving average crossing at 73.82 would open the door for a possible test of April's low. If June renews the rally off April's low, April's high crossing at 75.27 is the next upside target. First resistance is the 10-day moving average crossing at 74.27. Second resistance is May's high crossing at 75.18. First support is the 50-day moving average crossing at 73.82. Second support is April's low crossing at 73.23.
The June Japanese Yen closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off March's high, the 62% retracement level of the October-January rally crossing at 0.072908 is the next downside target. Closes above the 50-day moving average crossing at 0.075553 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.075553. Second resistance is the April 13th high crossing at 0.076475. First support is the May 2nd low crossing at 0.073055. Second support is the 62% retracement level of the October-January rally crossing at 0.072908.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
June gold closed slightly higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's day 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 $1989.10. If April renews the rally off February's low, the March-2022 high crossing at $2097.20 is the next upside target. First resistance is May's high crossing at $2085.40. Second resistance is the April 19th low crossing at $1980.90. Second support is the 50-day moving average crossing at 1989.10. First support is the March-2022 high crossing at $2097.20.
July silver closed slightly higher on Monday as it consolidates some of last-week's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday's 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. Closes below the 50-day moving average crossing at 24.177 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 25.368 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 25.368. Second resistance is May's high crossing at 26.435. First support is the 50-day moving average crossing at 24.177. Second support is the March 28th low crossing at 23.145.
July copper closed slightly higher on Monday as it consolidated some of last-Thursday's sharp decline. The mid-range close sets the stage for a steady to higher opening when Tuesday's 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 July extends last-week's decline, the 62% retracement level of the 2022-2023 rally crossing at 3.6247 is the next downside target. Closes above the 20-day moving average crossing at 3.8950 would signal that a low has been posted. First resistance is the 20-day moving average crossing at 3.8950. Second resistance is the 50-day moving average crossing at 3.9774. First support is last-Friday's low crossing at 3.6770. Second support is the 62% retracement level of the 2022-2023 rally crossing at 3.6247.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed up $0.06 1/4-cents at $5.92 1/2.
July corn closed higher on Monday due to spillover strength from wheat. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $5.99 would signal that a short-term low has been posted. If July renew the decline off April's high, the November-2021 low crossing at $5.41 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $5.99. Second resistance is the 50-day moving average crossing at $6.12 1/2. First support is the May 3rd low crossing at $5.69 1/4. Second support is the November-2021 low crossing at $5.41 1/2.
July wheat closed up $0.25 3/4-cents at $6.60 3/4.
July wheat closed sharply higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 $6.79 would signal that a short-term low has been posted while opening the door for additional short-covering gains. If July renews the decline off February's high, the March-2021 low crossing at $5.71 is the next downside target. First resistance is the 50-day moving average crossing at $6.79. Second resistance is the April 18th high crossing at $7.17 1/4. First support is the May 3rd low crossing at $6.03 3/4. Second support is the March-2021 low crossing at $5.71.
July Kansas City Wheat closed up $0.21 1/4-cents at $8.98 1/4.
July Kansas City wheat closed sharply higher as poor crop conditions continue to underpin the rally off May's low on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day 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 July extends the rally off May's low, the 38% retracement level of the 2022-2023 decline crossing at $9.17 1/4 is the next upside target. Closes below the 20-day moving average crossing at $8.20 would signal that a short-term top has been posted. First resistance is today's high crossing at $9.12 1/4. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at $9.17 1/4. First support is the 10-day moving average crossing at $8.33. Second support is the 20-day moving average crossing at $8.20.
July Minneapolis wheat closed up $0.27 1/4-cents crossing at $8.73 1/4.
July Minneapolis wheat closed sharply higher on Monday as it renewed the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day 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 July extends the aforementioned rally, the April 18th high crossing at $8.95 1/4 is the next upside target. Closes below the 10-day moving average crossing at $8.32 would signal that a short-term top has been posted. First resistance is the April 18th high crossing at $8.95 1/4. Second resistance is April's high crossing at $9.13 1/2. First support is the 10-day moving average crossing at $8.32. Second support is May's low crossing at $8.69.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed up $0.10 3/4-cents at $14.00 3/4.
July soybeans closed higher on Monday due to spillover strength from wheat and corn. The mid-range close sets the stage for a steady to higher opening when Tuesday's day trade begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, March's low crossing at $13.83 3/4 is the next downside target. Closes above the 20-day moving average crossing at $14.26 3/4 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $14.26 3/4. Second resistance is the 50-day moving average crossing at $14.51 1/4. First support is March's low crossing at $13.83 3/4. Second support is the 75% retracement level of the 2022-2023 rally crossing at $13.60 3/4.
July soybean meal closed down $2.00 at $430.90.
July soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 $433.00 would signal that a short-term low has been posted. If July renews the decline off March's high, the 38% retracement level of the 2020-2023 rally crossing at $411.90 is the next downside target. First resistance is the 20-day moving average crossing at $433.00. Second resistance is the 50-day moving average crossing at $448.80. First support is last-Wednesday's low crossing at $416.10. Second support is the 38% retracement level of the 2020-2023 rally crossing at $411.90.
July soybean oil closed up 17-pts. at 49.69.
July soybean oil closed higher on Monday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday's 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 July extends this month's decline, the 62% retracement level of the 2020-2022 rally crossing at 43.42 is the next downside target. Closes above the 50-day moving average crossing at 54.52 would signal that a low has been posted. First resistance is the 20-day moving average crossing at 52.55. second support is the 50-day moving average crossing at 54.52. First support is today's low crossing at 48.81. Second support is the 62% retracement level of the 2020-2022 rally crossing at 43.42.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed up $2.05 at $86.15.
June hogs closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $86.72 would signal that a short-term low has been posted. If June resumes this year's decline, weekly support on the continuation chart crossing at $80.99 is the next downside target. First resistance is the 20-day moving average crossing at $86.72. Second resistance is the 50-day moving average crossing at $90.48. First support is last-Tuesday's low crossing at $82.73. Second support is weekly support on the continuation chart crossing at $80.99.
June cattle closed down $0.08 at $164.32.
June cattle closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the May 1st high crossing at $165.78 is the next upside target. Closes below the 50-day moving average crossing at $161.45 would open the door for additional weakness near-term. First resistance is the May 1st high crossing at $165.78. Second resistance is April's high crossing at $166.28. First support is the 50-day moving average crossing at $161.45. Second support is the 50% retracement level of the March-April rally crossing at $160.33.
August Feeder cattle closed up $2.08 at $231.05.
August Feeder cattle closed higher on Monday as it extends the rally off the May 8th low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, April's high crossing at $232.23 is the next upside target. If August renews the decline off April's high, the 50-day moving average crossing at $220.80 is the next downside target. First resistance is today's high crossing at $231.13. Second resistance is the April high crossing at $232.23. First support is the 50-day moving average crossing at $222.24. Second support is the 38% retracement level of the 2022-2023 rally crossing at $217.59.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed higher on Monday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the May 8th high crossing at $19.00 would mark a possible upside breakout of the aforementioned trading range while opening the door for additional short covering gains. Closes below last-Friday's low crossing at $18.06 would renew the decline off April's high thereby opening the door for additional weakness near-term. First resistance is the May 8th high crossing at $19.00. Second resistance is April's high crossing at $20.49. First support is last-Friday's low crossing at $18.06. Second support is the January-April uptrend line crossing near $17.78.
July cocoa closed slightly lower on Monday. The high-range close sets the stage for a steady to slightly lower opening on Tuesday. 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 28.67 would confirm that a short-term top has been posted. If July extends the rally off March's low, monthly resistance crossing at 32.15 is the next upside target.
July sugar closed slightly higher on Monday as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 3rd low crossing at 24.88 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If July renews the rally off October's low, weekly resistance on the continuation chart crossing at 29.36 is the next upside target.
July cotton closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off April's low, April's high crossing at 85.23 is the next upside target. If July renews last-week's decline, May's low crossing at 78.56 is the next downside target.
Thanks much tallpine!
Potential early start to the first weather scare?
We'll need the upper level ridge in week 2 to persist.