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 STOCK INDEXES:The September NASDAQ 100 was higher overnight and are poised to open near record levels as it extends Monday's rally due to easing concerns over trade policy.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Monday's breakout above July's high crossing at 7530.00 has renewed this summer's rally into uncharted territory. Closes below the 50-day moving average crossing at 7329.98 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 7591.25. Second resistance is unknown. First support is the 20-day moving average crossing at 7433.44. Second support is the 50-day moving average crossing at 7329.98.
The September S&P 500 was higher overnight as it extends this summer's rally into record territory. 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 June's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2851.30 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 2903.30. Second resistance is is unknown. First support is the 20-day moving average crossing at 2851.30. Second support is the 50-day moving average crossing at 2807.17.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were lower overnight as it consolidates some of the rally off August's low. Stochastics and the RSI are overbought and 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 144-05 are needed to confirm that a short-term top has been posted. If September extends the rally off August's low, July's high crossing at 146-11 is the next upside target. First resistance is Monday's high crossing at 145-29. Second resistance is July's high crossing at 146-11. First support is the 50-day moving average crossing at 144-10. Second support is the 20-day moving average crossing at 144-05.
September T-notes were steady to slightly lower overnight. 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 120.027 would 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 120.027. Second support is the 50-day moving average crossing at 120.003.
ENERGY MARKETS http://quotes.ino.com/ex changes/?c=energy"
ENERGY MARKETS: OctoberNymex crude oil was steady to slightly lower in overnight trading as it consolidates some of the rally off August's low. 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 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 66.81 would signal that a short-term top has been posted. 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 was steady to slightly higher overnight as it extends the rally off August's low. 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 rally off August's low, July's high crossing at 224.48 is the next upside target. Closes below the 20-day moving average crossing at 214.55 would confirm that a short-term top has been posted. From a broad perspective, October heating oil has been in a broad trading range since May. Closes above May's high crossing at 229.92 or below July's low crossing at 205.41 are needed to confirm a breakout of this trading range and point the direction of the next trending move. First resistance is July's high crossing at 224.48. Second resistance is May's high crossing at 229.92. First support is the 20-day moving average crossing at 214.55. Second support is August's low crossing at 208.05.
October unleaded gas was steady to slightly higher overnight as it extends the rally off August's low. 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 rally off August's low, the late-July high crossing at 201.57 is the next upside target. Closes below the 20-day moving average crossing at 193.45 would confirm that a short-term top has been posted. First resistance is the late-July high crossing at 201.57. Second resistance is July's high crossing at 204.04. First support is August's low crossing at 186.62. Second support is July's low crossing at 185.93.
October Henry natural gas was steady to slightly higher overnight as it consolidates above support marked by the 50-day moving average crossing at 2.860. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. Closes below the 50-day moving average crossing at 2.860 would open the door for additional weakness and possible test of August's low crossing at 2.751. Closes above the 10-day moving average crossing at 2.926 would temper the near-term bearish outlook. 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. First support is the 50-day moving average crossing at 2.860. Second support is August's low crossing at 2.751.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was lower overnight as it extends the decline off August's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Monday's close below the 50-day moving average crossing at 94.81 opens the door for additional weakness and possible test of the late-July low crossing at 93.87. Closes above the 10-day moving average crossing at 95.48 would temper the near-term bearish outlook. If September resumes this year's rally, monthly 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 25% retracement level of the January-August-rally crossing at 94.52. Second support is the late-July low crossing at 93.87.
The September Euro was higher overnight as it extends the rally off August's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. Monday's close above the 50-day moving average crossing at 116.58 has opened the door for additional gains and a possible test of the late-July high crossing at 117.90. Closes below the 10-day moving average crossing at 115.55 would temper the near-term friendly outlook. If September renews this summer's decline, the 75% retracement level of the 2016-2018 rally crossing at 112.78 is the next downside target. First resistance is the late-July high crossing at 117.90. Second resistance is July's high crossing at 118.52. First support is August's low crossing at 113.28. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78.
The September British Pound was steady to slightly higher overnight.Stochastics and the RSI remain 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 renews the decline off July'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 1.3078. 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 was higher overnight as it extends the rally off August's low. 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, June's high crossing at 1.0302 is the next upside target. Closes below the 50-day moving average crossing at 1.0119 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.0259. Second resistance is June's high crossing at 1.0302. First support is the 50-day moving average crossing at 1.0119. Second support is July's low crossing at 0.9984.
The September Canadian Dollar was higher overnight. Stochastics and the RSI are 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 77.94 is the next upside target. Closes below the 50-day moving average crossing at 76.27 would temper the near-term friendly outlook. First resistance is August's high crossing at 77.19. 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 was steady to slightly higher overnight as it consolidates some of last-week's decline. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August's high, 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 0.9126. 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"
PRECIOUS METALS: October gold was higher in overnight trading as it extends the rally off August's low due to weakness in the U.S. Dollar. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the 50-day moving average crossing at 1231.30 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 the reaction high crossing at 1220.50. Second resistance is the 50-day moving average crossing at 1231.30. First support is August's low crossing at 1162.70. Second support is the December-2016 low crossing at 1162.10.
September silver was steady to slightly higher overnight. 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 15.007 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 15.007. Second resistance is the 50-day moving average crossing at 15.543. 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 was higher overnight as it extends the rally off August's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, the 50-day moving average crossing at 280.18 is the next upside target. If September resumes the decline off the late-July high, the 62% retracement level of the 2016-2018 rally crossing at 250.74 is the next downside target. First resistance is the 50-day moving average crossing at 280.18. Second resistance is the July 25th reaction high crossing at 286.70. 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 was steady to fractionally higher overnight as it consolidates some of the decline off the late-July high. The high-range overnight trade sets the stage for a steady to higher opening when the 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 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 3.75 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 3.82 1/2. Second resistance is the 50% retracement level of the May-July-decline crossing at 3.89 3/4. First support is Monday's low crossing at 3.57 1/2. Second support is July's low crossing at 3.50 1/4.
December wheat was higher overnight as it consolidates some of this month's decline. The high-range close sets the stage for a higher opening when the 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 December extends the aforementioned decline, the reaction low crossing at 5.07 is the next downside target. Closes above the 20-day moving average crossing at 5.63 3/4 would confirm that a short-term 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 the reaction low crossing at 5.07. Second support is July's low crossing at 4.90.
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 was higher due to short covering overnight as it consolidates some of this month's decline. The high-range overnight trade sets the stage for a steady to higher opening when the 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 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 6.16 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 the reaction low crossing at 5.71 3/4. Second support is July's low crossing at 5.42 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were lower overnight as they extend this month's decline.Monday afternoon, USDA released additional details about its aid package for farmers to combat the ongoing U.S.-China trade battle. The package includes $4.7 billion in direct farm payments with as much as $3.6 billion of that earmarked for soybeans.Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. If November extends the decline off the late-July high, July's low crossing at 8.26 1/4 is the next downside target. Closes above the 20-day moving average crossing at 8.82 1/4 are needed to 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 Monday's low crossing at 8.38 1/4. Second support is July's low crossing at 8.26 1/4.
December soybean meal was slightly lower overnight as it extends this month's decline. The mid-range overnight trade sets the stage for a steady to lower opening when the 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 December extends the decline off the late-July high, the 75% retracement level of the 2016-2018 rally crossing at 303.80 is the next downside target. Closes above the 50-day moving average crossing at 329.50 would confirm that a short-term 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 Monday's low crossing at 308.10. Second support is the 75% retracement level of the 2016-2018 rally crossing at 303.80.
December soybean oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the 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 late-July's high crossing at 29.39 are needed to confirm that a short-term low has been posted. If December resumes this summer's decline, July's low crossing at 29.78 is the next downside target. First resistance is the 50-day moving average crossing at 28.93. Second resistance is the late-July high crossing at 29.39. First support is the reaction low crossing at 28.05. Second support is July's low crossing at 29.78.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
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!