KEY EVENTS TO WATCH FOR:
Wednesday, January 24, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 406.3)
Composite Idx, W/W% (previous +4.1%)
Purchase Idx-SA (previous 249.2)
Purchase Idx-SA, W/W% (previous +2.7%)
Refinance Idx (previous 1314)
Refinance Idx, W/W% (previous +4.4%)
8:30 AM ET. 3rd Quarter GDP by State
9:00 AM ET. November U.S. Monthly House Price Index
9:45 AM ET. January US Flash Services PMI
PMI, Services (previous 52.4)
9:45 AM ET. January US Flash Manufacturing PMI
PMI, Mfg (previous 55.0)
10:00 AM ET. December Existing Home Sales
Existing Sales (expected 5.75M; previous 5.81M)
Existing Sales, M/M% (expected -1.0%; previous +5.6%)
Unsold Homes Month's Supply (previous 3.4)
Median Price (USD) (previous 248000)
Median Home Price, Y/Y% (previous +5.8%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 412.654M)
Crude Oil Stocks, Net Chg (Bbl) (previous -6.861M)
Gasoline Stocks (Bbl) (previous 240.942M)
Gasoline Stocks, Net Chg (Bbl) (previous +3.62M)
Distillate Stocks (Bbl) (previous 139.201M)
Distillate Stocks, Net Chg (Bbl) (previous -3.887M)
Refinery Usage (previous 93.0%)
Total Prod Supplied (Bbl/day) (previous 20.809M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.17M)
Thursday, January 25, 2018
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1890.7K)
Soybeans (Metric Tons) (previous 1527.9K)
Wheat (Metric Tons) (previous 190.6K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 235K; previous 220K)
Jobless Claims, Net Chg (previous -41K)
Continuing Claims (previous 1952000)
Continuing Claims, Net Chg (previous +76K)
8:30 AM ET. December Advance Economic Indicators Report
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. December New Residential Sales
New Home Sales (expected 695K; previous 733K)
New Home Sales, M/M% (expected -5.2%; previous +17.5%)
New Home Sales Months Supply (previous 4.6)
10:00 AM ET. December Leading Indicators
Leading Index (expected +0.5%; previous +0.4%)
Coincident Index (previous +0.3%)
Lagging Index (previous +0.1%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2584B)
Working Gas In Storage, Net Chg (Cbf) (previous -183B)
11:00 AM ET. January Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 21)
6-Mo Exp Prod Idx (previous 29)
Mfg Composite Idx (previous 14)
6-Mo Exp Composite Idx (previous 22)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, January 26, 2018
8:30 AM ET. December Advance Report on Durable Goods
Durable Goods-SA, M/M% (expected +0.9%; previous +1.3%)
Dur Goods, Ex-Defense, M/M% (previous +1.0%)
Dur Goods, Ex-Transport, M/M% (previous -0.1%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)
8:30 AM ET. 4th Quarter Advance estimate GDP
Annual Rate, Q/Q% (expected +2.9%; previous +3.2%)
Chain-Weighted Price Idx, Q/Q% (expected +2.2%; previous +2.1%)
PCE Price Idx, Q/Q% (previous +1.5%)
Purchase Price Idx, Q/Q% (previous +1.7%)
Real Final Sales 1st Est, Q/Q% (previous +2.4%)
Core PCE Price Idx, Q/Q% (previous +1.3%)
Personal Consumption, Q/Q% (previous +2.2%)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 closed higher on Tuesday as it extends this year's rally into record territory. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 6664.60 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 6978.75. Second resistance is unknown. First support is the 10-day moving average crossing at 6800.55. Second support is the 20-day moving average crossing at 6664.60.
The March S&P 500 closed higher on Tuesday as it extends this year's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2748.15 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 2843.30. Second resistance is unknown. First support is the 10-day moving average crossing at 2793.44. Second support is the 20-day moving average crossing at 2748.15.
The Dow closed slightly lower 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 25,389.99 would confirm that a short-term top has been posted. First resistance is today's high crossing at 26,246.19. Second resistance is unknown. First support is the 10-day moving average crossing at 25,856.63. Second support is the 20-day moving average crossing at 25,389.99.
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March T-bonds closed up 23/32's at 149-13.
March T-bonds closed higher on Tuesday as it consolidated some of the decline off December's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, weekly support crossing at 145-26 is the next downside target. Closes above the 20-day moving average crossing at 150-29 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 150-29. Second resistance is the 50-day moving average crossing at 152-00. First support is Monday's low crossing at 148-12. Second support is weekly support crossing at 145-26.
March T-notes closed up 125/32's at 122-155.
March T-notes closed higher on Tuesday as it consolidates some of the decline off September'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 March extends the aforementioned decline, weekly support crossing at 120.285 is the next downside target. Closes above the 20-day moving average crossing at 123.058 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 122.212. Second resistance is the 20-day moving average crossing at 123.058. First support is Monday's low crossing at 122.015. Second support is weekly support crossing at 120.285.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
March crude oil closed higher on Tuesday and above the 50% retracement level of the 2014-2016-decline crossing at 64.20.Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. If March resumes this winter's rally, the 62% retracement level of the 2014-2016-decline crossing at 70.29 is the next upside target. Closes below the 20-day moving average crossing at 62.18 would confirm that a short-term top has been posted. First resistance is last Tuesday's high crossing at 64.83. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.29. First support is the 20-day moving average crossing at 62.18. Second support is the 50-day moving average crossing at 59.23.
March heating oil closed higher on Tuesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, the 87% retracement level of the 2014-2016-decline crossing at 221.96 is the next upside target. Closes below the reaction low crossing at 202.98 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the 2014-2016-decline crossing at 208.21. Second resistance is the 87% retracement level of the 2014-2016-decline crossing at 221.96. First support is the reaction low crossing at 202.98. Second support is the 50-day moving average crossing at 197.06.
March unleaded gas closed higher on Tuesday as it extends this year's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, weekly resistance crossing at 192.35 is the next upside target. Closes below the 20-day moving average crossing at 183.88 would confirm that a short-term top has been posted. First resistance is today's high crossing at 191.45. Second resistance is weekly resistance crossing at 192.35. First support is the 20-day moving average crossing at 183.88. Second support is the 50-day moving average crossing at 178.78.
March Henry natural gas closed higher on Tuesday as it renewed the rally off December'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 signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 75% retracement level of the September-December-decline crossing at 3.177 is the next upside target. Closes below the 20-day moving average crossing at 2.877 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the September-December-decline crossing at 3.177. Second resistance is November's high crossing at 3.272. First support is the 10-day moving average crossing at 2.957. Second support is the 20-day moving average crossing at 2.877.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed lower on Tuesday as it renewed the decline off November'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 March extends the decline off December's high, weekly support crossing at 87.45 is the next downside target. Closes above the 20-day moving average crossing at 91.38 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 90.68. Second resistance is the 20-day moving average crossing at 91.38. First support is today's low crossing at 89.84. Second support is weekly support crossing at 87.45.
The March Euro closed higher on Tuesday as it extends the trading range of the past five-days. 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 signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, weekly resistance crossing at 125.34 is the next upside target. Closes below the 20-day moving average crossing at 121.15 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 123.68. Second resistance is weekly resistance crossing at 125.34. First support is the 10-day moving average crossing at 122.01. Second support is the 20-day moving average crossing at 121.15.
The March British Pound closed higher on Tuesday and tested the 38% retracement level of the 2014-2016-decline crossing at 1.4057 as it extends the rally off November'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 50% retracement level of the 2014-2016-decline crossing at 1.4608 is the next upside target. Closes below the 20-day moving average crossing at 1.3662 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the 2014-2016-decline crossing at 1.4057. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 1.4608. First support is the 10-day moving average crossing at 1.3796. Second support is the 20-day moving average crossing at 1.3662.
The March Swiss Franc closed higher on Tuesday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. If March extends the rally off October's low, the 75% retracement level of the July-September-decline crossing at 1.0588 is the next upside target. Closes below the 20-day moving average crossing at 1.0329 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the July-September-decline crossing at 1.0494. Second resistance is the 75% retracement level of the July-September-decline crossing at 1.0588. First support is the 10-day moving average crossing at 1.0384. Second support is the 20-day moving average crossing at 1.0329.
The March Canadian Dollar closed higher on Tuesday as it extends this month's trading range. 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 signaling that sideways trading is possible near-term. Closes below trading range support crossing at 79.48 are needed to confirm that a short-term top has been posted. If March resumes the rally off December's low, the 75% retracement level of the September-December-decline crossing at 81.41 is the next upside target. First resistance is the reaction high crossing at 81.00. Second resistance is the 75% retracement level of the September-December-decline crossing at 81.41. First support is the reaction low crossing at 79.48. Second support is the 50-day moving average crossing at 79.00.
The March Japanese Yen closed higher 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 62% retracement level of the September-November-decline crossing at 0.9142 is the next upside target. Closes below the 50-day moving average crossing at 0.8942 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 0.9104. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9142. First support is the 10-day moving average crossing at 0.9027. Second support is the 50-day moving average crossing at 0.8942.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Tuesday due to weakness in the US Dollar. 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 signaling that sideways to higher price are possible near-term. If February extends the rally off December's low, the 87% retracement level of the September-December-decline crossing at 1349.30 is the next upside target. Closes below the 20-day moving average crossing at 1317.50 are needed to confirm that a short-term top has been posted. First resistance is last Tuesday's high crossing at 1345.00. Second resistance is the 87% retracement level of the September-December-decline crossing at 1349.30. First support is the 10-day moving average crossing at 1329.00. Second support is the 20-day moving average crossing at 1317.50.
March silver closed slightly higher on Tuesday. The high-range close set 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 sideways to higher prices are possible near-term. If March renews the rally off December's low, the 75% retracement level of the September-November-decline crossing at 17.686 is the next upside target. Closes below the 50-day moving average crossing at 16.732 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the September-December-decline crossing at 17.325. Second resistance is the 75% retracement level of the September-November-decline crossing at 17.686. First support is the 20-day moving average crossing at 17.014. Second support is the 50-day moving average crossing at 16.732.
March copper closed sharply lower on Tuesday and below the 50-day moving average crossing at 314.81 thereby opening the door for additional weakness near-term. 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 March extends this month's decline, the 62% retracement level of December's rally crossing at 308.61 is the next downside target. Closes above the 20-day moving average crossing at 323.41 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 323.41. Second resistance is December's high crossing at 332.20. First support is the 62% retracement level of December's rally crossing at 308.61. Second support is the 75% retracement level of December's rally crossing at 303.58.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down a 1/2-cents at 3.51 1/2.
March corn closed fractionally lower 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 neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 3.54 3/4 are needed to confirm that a short-term low has been posted. Closes below January's low crossing at 3.45 1/2 would renew the decline off last year's high while opening the door for a possible test of weekly support crossing at 3.32. First resistance is the reaction high crossing at 3.54 3/4. Second resistance is December's high crossing at 3.60 1/2. First support is the reaction low crossing at 3.45 1/2. Second support is weekly support crossing at 3.32.
March wheat closed down 4-cents at 4.21 3/4.
March wheat 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off last Friday's high, December's low crossing at 4.10 1/2 is the next downside target. Closes above the reaction high crossing at 4.37 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 4.37. Second resistance is December's high crossing at 4.60 3/4. First support is December's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.
March Kansas City Wheat closed down 5 1/4-cents at 4.23 1/4.
March Kansas City wheat closed lower on Tuesday as it consolidates below the 20-day moving average crossing at 4.30 1/2. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off January's high, December's low crossing at 4.10 1/2 is the next downside target. If March resumes the rally off December's low, November's high crossing at 4.51 1/2 is the next upside target. First resistance is January's high crossing at 4.43. Second resistance is November's high crossing at 4.51 1/2. First support is the reaction low crossing at 4.17 1/4. Second support is December's low crossing at 4.10 1/2.
March Minneapolis wheat closed down 2 1/2-cents at 6.04 1/2.
March Minneapolis wheat 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. Closes above the 50-day moving average crossing at 6.24 1/4 are needed to confirm that a low has been posted. First resistance is January's high crossing at 6.34 1/2. Second resistance is the reaction high resistance crossing at 6.51. First support is today's low crossing at 6.04 1/4. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed up 1 1/2-cents at 9.85 3/4.
March soybeans closed higher on Tuesday and above the 50-day moving average crossing at 9.83 as it extends the rally off January'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 62% retracement level of the December-January-decline crossing at 9.95 1/2 is the next upside target. Closes below the 20-day moving average crossing at 9.66 3/4 would temper the near-term friendly outlook. First resistance is the 62% retracement level of the December-January-decline crossing at 9.95 1/2. Second resistance is the 75% retracement level of the December-January-decline crossing at 10.06 1/4. First support is the 20-day moving average crossing at 9.66 3/4. Second support is January's low crossing at 9.44 1/2.
March soybean meal closed up $0.80 at 339.40.
March soybean meal closed higher on Tuesday as it extends the rally off last Friday'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last Friday's low, the 75% retracement level of the December-January-decline crossing at 341.00 is the next upside target. Closes below the 20-day moving average crossing at 321.70 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the December-January-decline crossing at 341.00. Second resistance is the 87% retracement level of the December-January-decline crossing at 345.90. First support is the 50-day moving average crossing at 325.10. Second support is the 20-day moving average crossing at 321.70.
March soybean oil closed up 36 pts. At 32.52.
March soybean oil closed higher due to short covering 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, last June's low crossing at 31.85 is the next downside target. Closes above the 20-day moving average crossing at 33.10 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33.10. Second resistance is the 50-day moving average crossing at 33.65. First support is Monday's low crossing at 32.10. Second support is last June's low crossing at 31.85.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.45 at $72.25.
February hogs closed higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's session begins trading. 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 71.87 would confirm that a short-term top has been posted. If February renews the rally off December's low, weekly resistance crossing at 76.91 is the next upside target. First resistance is last Tuesday's high crossing at 74.25. Second resistance is weekly resistance crossing at 76.91. First support is the 20-day moving average crossing at 71.87. Second support is the 50-day moving average crossing at 70.00.
February cattle closed up $1.18 at 124.73.
February cattle closed higher on Tuesday as it extends the rally off January'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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off January's low, the reaction high crossing at 126.78 is the next upside target. Closes below the 10-day moving average crossing at 120.02 would confirm that a short-term top has been posted. First resistance is today's high crossing at 124.95. Second resistance is the reaction high crossing at 126.78. First support is the 20-day moving average crossing at 120.50. Second support is the 10-day moving average crossing at 120.02.
March Feeder cattle closed up $1.15 at $146.98.
March Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 146.45 are needed to confirm that a low has been posted. Closes below the reaction low crossing at 140.12 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 146.45. Second resistance is the reaction high crossing at 148.55. First support is the reaction low crossing at 140.12. Second support is December's low crossing at 138.30.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Tuesday. The low-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 March extends this month's decline, December's low crossing at 11.83 is the next downside target. Closes above the 50-day moving average crossing at 12.52 are needed to confirms that a short-term low has been posted.
March cocoa closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 19.12 would confirm that a short-term top has been posted. Multiple closes above last Thursday's high crossing at 20.11 are needed to confirm that a short-term low has been posted.
March sugar closed slightly higher on Tuesday. The mid-range close set the stage for a steady 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 March extends this month's decline, the September-2015 low crossing at 12.72 is the next downside target. Closes above the 20-day moving average crossing at 14.38 would confirm that a short-term low has been posted.
March cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, weekly resistance crossing at 87.18 is the next upside target. Closes below the 20-day moving average crossing at 80.02 are needed to confirm a short-term top has been posted.