INO Evening Market Comments
1 response | 0 likes
Started by tallpine - Aug. 24, 2018, 4:40 p.m.

KEY EVENTS TO WATCH FOR:



Monday, August 27, 2018 



8:30 AM ET. July CFNAI Chicago Fed National Activity Index



                       NAI (previous 0.43)



                       NAI, 3-mo Moving Avg (previous 0.16)



10:30 AM ET. August Texas Manufacturing Outlook Survey



                       Business Activity (previous 32.3)



                       Mfg Production Idx (previous 29.4)



  N/A              Trump meets Kenyan PM Kenyatta at the White House


The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""



The September NASDAQ 100 closed higher on Friday after Federal Reserve Chairman Jerome Powell affirmed the central bank’s strategy of gradually normalizing monetary policy, highlighting the strength in the economy and robust corporate results that have helped to support investment appetite for equities. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off April's low, July's high crossing at 7530.00 is the next upside target. Closes below the 50-day moving average crossing at 7317.90 are needed to confirm that a short-term top has been posted. First resistance is July's high crossing at 7530.00. Second resistance is unknown. First support is the 50-day moving average crossing at 7317.90. Second support is the late-July's low crossing at 7166.75. 



The September S&P 500 closed higher on Friday as it extends 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 bullish signaling that sideways to higher prices are possible near-term. If September extends this summer's rally, January's high crossing at 2885.00 is the next upside target. Closes below the 50-day moving average low crossing at 2802.36 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 2877.00. Second resistance is January's high crossing at 2885.00. First support is the 50-day moving average crossing at 2802.36. Second support is the reaction low crossing at 2766.70.  



The Dow closed higher on Friday. 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 the Dow extends the rally off April's low, the 87% retracement level of the January-April-decline crossing at 26,183.49 is the next upside target. Closes below the 50-day moving average crossing at 25,069.20 would confirm that an important top has been posted while opening the door for a larger-degree decline. First resistance is the 87% retracement level of the January-April-decline crossing at 26,183.49. Second resistance is January's high crossing at 26,616.71. First support is the 50-day moving average crossing at 25,069.20. Second support is the reaction low crossing at 24,663.82.      



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



September T-bonds closed up 6/32's at 145-27.



September T-bonds closed higher on Friday as it extends the rally off August'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 September extends the aforementioned rally, July's high crossing at 146-11 is the next upside target. Closes below the 20-day moving average crossing at 143-30 would temper the near-term friendly outlook. First resistance is today's high crossing at 145-26. Second resistance is July's high crossing at 146-11. First support is the 20-day moving average crossing at 143-30. Second support is August's low crossing at 141-27.        



September T-notes closed up 25-points at 120-190.



September T-notes closed higher on Friday. 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 September extends the rally off August's low, May's high crossing at 121.030 is the next upside target. Closes below the 20-day moving average crossing at 119.316 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 120.240. Second resistance is May's high crossing at 121.030. First support is the 10-day moving average crossing at 120.133. Second support is the 20-day moving average crossing at 119.316.        



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



October crude oil closed higher on Friday as it extends the rally off August's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, June's high crossing at 71.29 is the next upside target. Closes below the 10-day moving average crossing at 66.30 would temper the near-term friendly outlook. First resistance is today's high crossing at 69.31. Second resistance is June's high crossing at 71.29. First support is August's low crossing at 63.89. Second support is June's low crossing at 62.60. 



October heating oil closed slightly higher on Friday and above the reaction high crossing at 218.90 thereby renewing the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing at 213.78 would confirm that a short-term top has been posted. First resistance is today's high crossing at 222.28. Second resistance is July's high crossing at 224.48. First support is August's low crossing at 208.05. Second support is July's low crossing at 205.41.



October unleaded gas closed higher on Friday as it extends the rally off August's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends this week's rally, the late-July high crossing at 201.57 is the next upside target. Closes below the 10-day moving average crossing at 192.04 would temper the near-term friendly outlook. First resistance is the late-July high crossing at 201.57. Second resistance is July's high crossing at 204.04. First support is the 62% retracement level of the February-May-rally crossing at 183.15. Second support is the 75% retracement level of the February-May-rally crossing at 177.05.



October Henry natural gas closed sharply lower on Friday while extending this month's trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2.899 are needed to confirm that a short-term top has been posted. If October extends the rally off July's low June's high crossing at 3.025 is the next upside target. First resistance is the 87% retracement level of the June-July-decline crossing at 2.982. Second resistance is June's high crossing at 3.025 is the next upside target. First support is the 20-day moving average crossing at 2.905. Second support is the 50-day moving average crossing at 2.864.    



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



The September Dollar closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 94.81 would open the door for additional weakness and a possible test of the late-July low crossing at 93.87. If October renews the rally off July's low,weekly resistance crossing at 97.70 is the next upside target. First resistance is August's high crossing at 96.87. Second resistance is weekly resistance crossing at 97.70. First support is the 50-day moving average crossing at 94.81. Second support is the late-July low crossing at 93.87.    



The September Euro closed higher on Friday as it extends the rally off August'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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 116.58 would confirm that a short-term low has been posted. If September resumes this month's decline, the 75% retracement level of the 2016-2018 rally crossing at 112.78 is the next downside target. First resistance is the 50-day moving average crossing at 116.58. Second resistance is the reaction high crossing at 117.90. First support is August's low crossing at 113.27. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78.    



The September British Pound closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 1.2901 are needed to confirm that a short-term low has been posted. If September resumes the decline off April's high, the 87% retracement level of the 2016-2018-rally crossing at 1.2600 is the next downside target. First resistance is the 20-day moving average crossing at 1.2901. Second resistance is the 50-day moving average crossing at 1.3095. First support is last-Wednesday's low crossing at 1.2678. Second support is the 87% retracement level of the 2016-2018-rally crossing at 1.2600. 



The September Swiss Franc closed higher on Friday as it extends this week's rally. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, June's high crossing at 1.0302 is the next upside target. Closes below the 20-day moving average crossing at 1.0112 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.0217. Second resistance is June's high crossing at 1.0302. First support is August's low crossing at 1.0042. Second support is July's low crossing at 0.9984. 



The September Canadian Dollar closed higher on Friday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, August's high crossing at 77.20 is the next upside target. If September resumes this month's decline, July's low crossing at 75.31 is the next downside target. First resistance is August's high crossing at 77.20. Second resistance is June's high crossing at 77.94. First support is August's low crossing at 75.93. Second support is July's low crossing at 75.31.   



The September Japanese Yen closed slightly higher on Friday but remains below the 20-day moving average crossing at 0.9027 confirming that a short-term top has been posted. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends Thursday's decline, August's low crossing at 0.8943 is the next downside target. If September renews the rally off July's low, the 38% retracement level of the March-July decline crossing at 0.9172 is the next upside target. First resistance is Tuesday's high crossing at 0.9127. Second resistance is the 38% retracement level of the March-July decline crossing at 0.9172. First support is August's low crossing at 0.8943. Second support is July's low crossing at 0.8867.



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



October gold closed higher on Thursday as it extended the rally off last-Thursday'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 neutral to bullish signaling that sideways to higher are possible near-term. Today's close above the 20-day moving average crossing at 1204.30 confirms that a short-term low has been posted. If October resumes the decline off April's high, the December-2016 low crossing at 1162.10 is the next downside target. First resistance is today's high crossing at 1210.40. Second resistance is the 50-day moving average crossing at 1234.30. First support is last-Thursday's low crossing at 1162.70. Second support is the December-2016 low crossing at 1162.10.



September silver closed higher on Friday. The high-range close set the stage for a steady to higher opening when Monday'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 20-day moving average crossing at 15.072 are needed to confirm that a short-term low has been posted. If September resumes the decline off June's high, the December-2015 low on the weekly continuation chart crossing at 13.620 is the next downside target. First resistance is the 20-day moving average crossing at 15.072. Second resistance is the 50-day moving average crossing at 15.612. First support is last-Thursday's low crossing at 14.315. Second support is the December-2015 low on the weekly continuation chart crossing at 13.620.        



September copper closed higher on Friday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 271.04 are needed to confirm that a short-term low has been posted. If September resumes the decline off June's high, the 62% retracement level of the 2016-2018 rally crossing at 250.74 is the next downside target. First resistance is the 20-day moving average crossing at 271.04. Second resistance is the 50-day moving average crossing at 281.94. First support is last-Wednesday's low crossing at 255.20. Second support is the 62% retracement level of the 2016-2018 rally crossing at 250.74. 



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



December Corn closed up 2-cents at 3.63. 



December corn closed higher due to short covering on Friday as it consolidates some of the decline off the late-July high. The Pro-Farm crop tour released its final yield estimate of 177.3 bushels per acre compared with the latest USDA estimate of 178.4 bushels per acre. Today's high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, July's low crossing at 3.50 1/4 is the next downside target. Closes above the 20-day moving average crossing at 3.77 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.77 1/4. Second resistance is the 50% retracement level of the May-July-decline crossing at 3.89 3/4. First support is today's low crossing at 3.60 1/2. Second support is July's low crossing at 3.50 1/4.   



December wheat closed down 6 3/4-cents at 5.35. 



December wheat closed lower for the fifth day in a row on Friday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 5.38 1/4 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 5.68 are needed to confirm that a low has been posted. First resistance is last Friday's high crossing at 5.82 3/4. Second resistance is August's high crossing at 6.13. First support is today's low crossing at 5.35. Second support is the reaction low crossing at 5.23 3/4.  



December Kansas City Wheat closed down 7 3/4-cents at 5.46 3/4. 



December Kansas City wheat closed lower on Friday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the reaction low crossing at 5.28 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.81 1/4 would confirm that a low has been posted. First resistance is last-Friday's high crossing at 5.96. Second resistance is August's high crossing at 6.26. First support is the 50-day moving average crossing at 5.46 1/2. Second support is the reaction low crossing at 5.28 1/4. 



December Minneapolis wheat closed down 9-cents at 5.90 1/4. 



December Minneapolis wheat closed lower on Friday as it extends the decline off August's high.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 50-day moving average crossing at 5.88 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.20 1/4 would confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 6.31 3/4. Second resistance is August's high crossing at 6.56. First support is the 50-day moving average low crossing at 5.88 1/2. Second support is the reaction low crossing at 5.71 3/4.  



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



November soybeans closed up a 1/2-cent at 8.54 1/2. 



November soybeans closed fractionally higher on Friday as it consolidated some of this week's decline.Pro-Farmer released its soybean crop estimate this afternoon at 53 bushels per acre, which was above the previous USDA soybean crop estimate of 51.6 bushels per acre. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off July's high, July's low crossing at 8.26 1/4 is the next downside target. Closes above the 20-day moving average crossing at 8.80 would confirm that a short-term low has been posted. First resistance is the 38% retracement level of the May-July-decline crossing at 9.15. Second resistance is the 50% retracement level of the May-July-decline crossing at 9.42 3/4. First support is last-Monday's low crossing at 8.51 1/4. Second support is July's low crossing at 8.26 1/4.



December soybean meal closed down $0.40 at 316.10. 



December soybean meal closed lower on Friday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, weekly support crossing at 303.80 is the next downside target. Closes above the 50-day moving average crossing at 330.80 would confirm that a low has been posted. First resistance is last-Wednesday's crossing at 339.40. Second resistance is July's high crossing at 343.20. First support is today's low crossing at 315.90. Second support is weekly support crossing at 303.80. 



December soybean oil closed up 13-points. At 28.50. 



December soybean oil closed higher on Friday. 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 when Monday's night session begins trading. If December resumes the decline off the late-July high, July's low crossing at 27.95 is the next downside target. Closes above the 50-day moving average crossing at 28.98 would confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at 28.98. Second resistance is the reaction high crossing at 30.15. First support is last-Wednesday's low crossing at 28.05. Second support is July's low crossing at 27.95. 

 

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



October hogs closed up $0.60 at $51.78. 



October hogs closed higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, August's low crossing at 47.82 is the next downside target. Closes above the 50-day moving average crossing at 55.10 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 59.50. Second resistance is the reaction high crossing at 61.65. First support is today's low crossing at 50.18. Second support is August's low crossing at 47.82.   



October cattle closed down $2.03 at 106.70. 



October cattle closed sharply lower on Friday ahead of today's cattle-on-feed report. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Today's higher than expected placement number was termed bearish and should lead to additional weakness on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, July's low crossing at 105.48 is the next downside target. Closes above the 20-day moving average crossing at 109.72 would confirm that a short-term low has been posted. First resistance is July's high crossing at 112.25. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is today's low crossing at 106.47. Second support is July's low crossing at 105.48.   

 

October Feeder cattle closed down $2.07 at $146.72. 



October Feeder cattle closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off July's high, the 50% retracement level of the April-July-rally crossing at 146.35 is the next downside target. Closes above Monday's high crossing at 152.35 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 152.35. Second resistance is the reaction high crossing at 153.45. First support is the 50% retracement level of the April-July-rally crossing at 146.35. Second support is the reaction low crossing at 145.42.    



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



September coffee closed higher due to short covering on Friday as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 10.45 would confirm that a short-term low has been posted. If September extends the decline off June's high, monthly support crossing at 9.39 is the next downside target.        



September cocoa closed higher on Friday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. This week's breakout above the 50-day moving average crossing at 23.15 has opened the door for additional gains near-term. Closes below the 20-day moving average crossing at 21.54 would temper the near-term friendly outlook. If September resumes this summer's decline, the 87% retracement level of the December-April-rally crossing at 19.86 is the next downside target. 



October sugar closed slightly higher on Friday. The mid-range close set the stage for a steady opening on Monday. 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 10.47 are needed to confirm that a short-term low has been posted. If October extends the decline off June's high, weekly support crossing at 9.83 is the next downside target.   



October cotton closed higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews decline off July's high, the 50% retracement level of the 2016-2018 rally crossing at 78.35 is the next downside target. Closes above the 50-day moving average crossing at 86.32 are needed to confirm that a short-term low has been posted. 

Comments
By metmike - Aug. 24, 2018, 10:19 p.m.
Like Reply

Thanks tallpine!