KEY EVENTS TO WATCH FOR:
Tuesday, August 28, 2018
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +1.1%)
Chain Store Sales, M/M% (previous +4.0%)
8:30 AM ET. July Advance Economic Indicators Report
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +0.2%)
Ret Sales Mo-to-Date, Y/Y% (previous +4.6%)
Latest Wk, Y/Y% (previous +4.7%)
9:00 AM ET. June S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +0.5%)
10-City Idx, Y/Y% (previous +6.1%)
20-City Idx, M/M% (previous +0.7%)
20-City Idx, Y/Y% (expected +6.6%; previous +6.5%)
National Idx, M/M% (previous +1.1%)
National Idx, Y/Y% (previous +6.4%)
10:00 AM ET. August Consumer Confidence Index
Cons Conf Idx (expected 126.4; previous 127.4)
Expectation Idx (previous 101.7)
Present Situation Idx (previous 165.9)
10:00 AM ET. August Richmond Fed Business Activity Survey
Mfg Idx (expected 17.0; previous 20)
Shipments Idx (previous 16)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -5.2M)
Gasoline Stocks, Net Chg (Bbls) (previous -0.9M)
Distillate Stocks, Net Chg (Bbls) (previous +1.8M)
Wednesday, August 29, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 349.9)
Composite Idx, W/W% (previous +4.2%)
Purchase Idx-SA (previous 232.1)
Purchase Idx-SA, W/W% (previous +2.9%)
Refinance Idx (previous 982.7)
Refinance Idx, W/W% (previous +6.0%)
8:30 AM ET. 2nd Quarter Preliminary Corporate Profits
8:30 AM ET. 2nd Quarter 2nd estimate GDP
Annual Rate, Q/Q% (expected +4.0%; previous +4.1%)
Chain-Weighted Price Idx, Q/Q% (expected +3.0%; previous +3.0%)
Corporate Profits, Q/Q% (previous +10.6%)
PCE Price Idx, Q/Q% (previous +1.8%)
Purchase Price Idx, Q/Q% (previous +2.3%)
Real Final Sales, Q/Q% (previous +5.1%)
Core PCE Price Idx, Q/Q% (previous +2.0%)
Consumer Spending, Q/Q% (previous +4.0%)
10:00 AM ET. July Metropolitan Area Employment & Unemployment
10:00 AM ET. July Pending Home Sales Index
Pending Home Sales (previous 106.9)
Pending Home Sales Idx, M/M% (expected +0.3%; previous +0.9%)
Pending Home Sales Idx , Y/Y% (previous -2.5%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 408.358M)
Crude Oil Stocks, Net Chg (Bbl) (previous -5.836M)
Gasoline Stocks (Bbl) (previous 234.328M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.2M)
Distillate Stocks (Bbl) (previous 130.838M)
Distillate Stocks, Net Chg (Bbl) (previous +1.849M)
Refinery Usage (previous 98.1%)
Total Prod Supplied (Bbl/day) (previous 21.541M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.354M)
3:00 PM ET. August Agricultural Prices
Farm Prices, M/M% (previous +0.1%)
Thursday, August 30, 2018
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1228K)
Soybeans (Metric Tons) (previous 1301.3K)
Wheat (Metric Tons) (previous 239.8K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 215K; previous 210K)
Jobless Claims, Net Chg (previous -2K)
Continuing Claims (previous 1727000)
Continuing Claims, Net Chg (previous -2K)
8:30 AM ET. July Personal Income & Outlays
Personal Income, M/M% (expected +0.3%; previous +0.4%)
Consumer Spending, M/M% (expected +0.4%; previous +0.4%)
PCE Price Idx, M/M% (previous +0.1%)
PCE Price Idx, Y/Y% (previous +2.2%)
PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)
PCE Core Price Idx, Y/Y% (expected +2.0%; previous +1.9%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2435B)
Working Gas In Storage, Net Chg (Cbf) (previous +48B)
2:30 PM ET. SEC Closed 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, August 31, 2018
9:45 AM ET. August ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 63.0; previous 65.5)
10:00 AM ET. August University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 95.2; previous 97.9)
End-Mo Expectations Idx (previous 87.3)
12-Month Inflation Forecast (previous 2.9%)
5-Year Inflation Forecast (previous 2.4%)
End-Mo Current Idx (previous 114.4)
Monday, September 3, 2018
N/A U.S. Labor Day. Financial markets closed
N/A Marianas: Labour Day
Tuesday, September 4, 2018
9:45 AM ET. August US Manufacturing PMI
PMI, Mfg (previous 55.3)
10:00 AM ET. July Construction Spending - Construction Put in Place
New Construction (previous -1.1%)
Residential Construction
10:00 AM ET. September IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 58.0)
6-Mo Economic Outlook (previous 56.8)
10:00 AM ET. August ISM Manufacturing Report on Business
Manufacturing PMI (previous 58.1)
Prices Idx (previous 73.2)
Employment Idx (previous 56.5)
Inventories (previous 53.3)
New Orders Idx (previous 60.2)
Production Idx (previous 58.5)
11:00 AM ET. August Global Manufacturing PMI
PMI, Mfg (previous 52.7)
4:00 PM ET. August Domestic Auto Industry Sales
Auto Sales Annualized (previous 16.77M)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The September NASDAQ 100 closed higher on Monday due to enthusiasm over a new trade deal between the U.S. and Mexico and posted a new contract 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends today's rally above July's high crossing at 7530.00 thereby extending this year's rally into uncharted territory. Closes below the 50-day moving average crossing at 7323.70 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 7567.50. Second resistance is unknown. First support is the 50-day moving average crossing at 7323.70. Second support is the late-July's low crossing at 7166.75.
The September S&P 500 gapped up and 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 overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends this summer's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average low crossing at 2804.69 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 2898.00. Second resistance is unknown. First support is the 20-day moving average crossing at 2847.34. Second support is the 50-day moving average crossing at 2804.69.
The Dow gapped up and closed sharply higher on Monday retaking 26,000 for the first time since early February, as the market rallied on enthusiasm over a new trade deal between the U.S. and Mexico. 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 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 25,088.55 would confirm that an important top has been posted. 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 20-day moving average crossing at 25,529.52. Second support is the 50-day moving average crossing at 25,088.50.
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September T-bonds closed down 14/32's at 145-05.
September T-bonds closed lower on Monday as it consolidated some of the rally off August'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 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 144-02 would temper the near-term friendly outlook. First resistance is today's high crossing at 145-29. Second resistance is July's high crossing at 146-11. First support is the 20-day moving average crossing at 144-02. Second support is August's low crossing at 141-27.
September T-notes closed down 45-points at 120-120.
September T-notes 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 overbought but 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 120.013 are needed to confirm that a short-term top has been posted. If September extends the rally off August's low, May's high crossing at 121.030 is the next upside target. First resistance is last-Wednesday's high crossing at 120.240. Second resistance is May's high crossing at 121.030. First support is the 20-day moving average crossing at 120.013. Second support is the 50-day moving average crossing at 119.319.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
October crude oil closed higher on Monday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 66.52 would temper the near-term friendly outlook. First resistance is last-Friday'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 higher on Monday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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. If October extends the aforementioned rally, July's high crossing at 224.48 is the next upside target. Closes below the 20-day moving average crossing at 214.11 would confirm that a short-term top has been posted. First resistance is today's high crossing at 222.47. 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 Monday as it extends the rally off August'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 bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the late-July high crossing at 201.57 is the next upside target. Closes below the 10-day moving average crossing at 192.76 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 for the second day in a row on Monday and below the 20-day moving average crossing at 2.907 confirming that a short-term top has been posted. 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 October extends today's decline, the 50-day moving average crossing at 2.861 is the next downside target. Closes above the 10-day moving average crossing at 2.936 would confirm that a short-term low has been posted. 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 50-day moving average crossing at 2.861. Second support is the reaction low crossing at 2.751.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed lower on Monday and below the 50-day moving average crossing at 94.81 thereby open the door for additional weakness and a possible test of the late-July low crossing at 93.87. 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 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 today's low crossing at 94.59. Second support is the late-July low crossing at 93.87.
The September Euro closed higher on Monday as it extends the rally off August'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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 116.58 confirms that a short-term low has been posted. If September extends the rally off August's low, the reaction high crossing at 118.05 is the next downside target. Closes below the 10-day moving average crossing at 115.21 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 118.05. Second resistance is July's high crossing at 118.51. 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 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at 1.2949 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 last-Wednesday's high crossing at 1.2949. Second resistance is the 50-day moving average crossing at 1.3086. First support is August'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 Monday as it extends the rally off August'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. If September extends the rally off August's low, June's high crossing at 1.0302 is the next upside target. Closes below the 20-day moving average crossing at 1.0115 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0235. 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 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, June's high crossing at 77.94 is the next upside target. Closes below the 50-day moving average crossing at 76.24 would temper the near-term friendly outlook. 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 Monday 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 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. If September extends last-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 last-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 Monday as it extended the rally off August'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 are possible near-term. Multiple closes above the 20-day moving average crossing at 1203.60 confirms that a short-term low has been posted. If October extends the rally off August's low, the 50-day moving average crossing at 1232.80 is the next upside target. 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 1214.00. Second resistance is the 50-day moving average crossing at 1232.80. First support is August's low crossing at 1162.70. Second support is the December-2016 low crossing at 1162.10.
September silver closed higher on Monday. The high-range close set 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 20-day moving average crossing at 15.040 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 15.040. Second resistance is the 50-day moving average crossing at 15.576. First support is August'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 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 270.59 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 270.59. Second resistance is the 50-day moving average crossing at 281.02. First support is August'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 lower on Monday as it extended the decline off the late-July high. Today's mid-range close sets the stage for a steady to lower opening when Tuesday'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 3.76 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.76 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 3.57 1/2. Second support is July's low crossing at 3.50 1/4.
December wheat closed down 12 1/2-cents at 5.24.
December wheat closed lower for the sixth-day in a row on Monday as it extends the decline off August'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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the reaction low crossing at 5.07. Closes above the 20-day moving average crossing at 5.66 are needed to confirm that a low has been posted. First resistance is the reaction 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 5.21 3/4. Second support is the reaction low crossing at 5.07.
December Kansas City Wheat closed down 16 3/4-cents at 5.30.
December Kansas City wheat closed sharply lower on Monday as it extends the decline off August's high. The low-range close sets 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 December extends the decline off August's high, the reaction low crossing at 5.11 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.79 would confirm that a low has been posted. First resistance is the reaction high crossing at 5.96. Second resistance is August's high crossing at 6.26. First support is the reaction low crossing at 5.28 1/4. Second support is the reaction low crossing at 5.11 1/4.
December Minneapolis wheat closed down 11 1/2-cents at 5.78 3/4.
December Minneapolis wheat closed lower on Monday and below the 50-day moving average crossing at 5.88 as it extends the decline off August'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 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 5.71 3/4 is the next downside target. Closes above the 20-day moving average crossing at 6.18 1/2 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 6.31 3/4. Second resistance is August's high crossing at 6.56. First support is today's low crossing at 5.77 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 down 6 1/2-cents at 8.48 3/4.
November soybeans closed lower on Monday as it extended this month'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 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 8.85 3/4would 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 today's low crossing at 8.38 1/4. Second support is July's low crossing at 8.26 1/4.
December soybean meal closed down $5.50 at 310.80.
December soybean meal closed lower on Monday as it extends the decline off May's high. The mid-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 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 330.10 would confirm that a low has been posted. First resistance is August's high crossing at 339.40. Second resistance is July's high crossing at 343.20. First support is today's low crossing at 308.10. Second support is weekly support crossing at 303.80.
December soybean oil closed up 30-points. At 28.79.
December soybean oil closed higher on Monday. 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 Tuesday's night session begins trading. Closes above the 50-day moving average crossing at 28.96 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If December resumes the decline off the late-July high, July's low crossing at 27.95 is the next downside target. First resistance is the 50-day moving average crossing at 28.96. Second resistance is the reaction high crossing at 30.15. First support is the reaction low crossing at 28.05. Second support is July's low crossing at 27.95.
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October hogs closed up $3.00 at $54.78.
October hogs closed limit up on Monday as it consolidates some of last week's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 54.91 would confirm that a short-term low has been posted. If October extends last week's decline, August's low crossing at 47.82 is the next downside target. First resistance is last-Monday's high crossing at 59.50. Second resistance is the reaction high crossing at 61.65. First support is last-Friday's low crossing at 50.18. Second support is August's low crossing at 47.82.
October cattle closed up $2.60 at 109.30.
October cattle closed sharply higher on Monday following last Friday's neutral to friendly cattle-on-feed report. The high-range close sets the stagefor 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 20-day moving average crossing at 109.69 would confirm that a short-term low has been posted. If October extends the decline off August's high, July's low crossing at 105.48 is the next downside target. 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 106.20. Second support is July's low crossing at 105.48.
October Feeder cattle closed up $3.35 at $150.08.
October Feeder cattle closed sharply higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 152.35 would confirm that a short-term low has been posted. If October extends the decline off July's high, the 62% retracement level of the April-July-rally crossing at 144.20 is the next downside target. First resistance is last-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 gapped up and closed higher due to short covering on Monday as it consolidates some of the decline off June's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 10.40 would confirm that a short-term low has been posted. If September renews the decline off June's high, monthly support crossing at 9.39 is the next downside target.
September cocoa closed lower on Monday as it consolidates some of the rally off August's low. 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 September extends the rally off August's low, July's high crossing at 25.94 is the next upside target. Closes below the 20-day moving average crossing at 21.58 would temper the near-term friendly outlook.
October sugar closed higher on Monday and above the 20-day moving average crossing at 10.46 confirming that a short-term low has been posted. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews the decline off June's high, weekly support crossing at 9.83 is the next downside target.
October cotton closed higher on Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 86.32 are needed to confirm that a short-term low has been posted. 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.
thanks tallpine!