KEY EVENTS TO WATCH FOR:
Wednesday, September 26, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 342.7)
Composite Idx, W/W% (previous +1.6%)
Purchase Idx-SA (previous 234.2)
Purchase Idx-SA, W/W% (previous +0.3%)
Refinance Idx (previous 917.1)
Refinance Idx, W/W% (previous +3.7%)
8:30 AM ET. 2nd Quarter U.S. International Investment Position
10:00 AM ET. August New Residential Sales
New Home Sales (previous 627K)
New Home Sales, M/M% (previous -1.7%)
New Home Sales Months Supply (previous 5.9)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 394.137M)
Crude Oil Stocks, Net Chg (Bbl) (previous -2.057M)
Gasoline Stocks (Bbl) (previous 234.15M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.719M)
Distillate Stocks (Bbl) (previous 140.122M)
Distillate Stocks, Net Chg (Bbl) (previous +0.839M)
Refinery Usage (previous 95.4%)
Total Prod Supplied (Bbl/day) (previous 21.134M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.564M)
2:00 PM ET. Federal Reserve economic projections
Median Fed Funds Rate - 2018 (previous 2.4%)
Median Fed Funds Rate - 2019 (previous 3.1%)
Median Fed Funds Rate - 2020 (previous 3.4%)
2:00 PM ET. U.S. interest rate decision, followed by Jerome Powell press briefing
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 2.00)
Fed Funds Rate-Range Low (previous 1.75)
FOMC Vote For Action (previous 8)
FOMC Vote Against Action (previous 0)
Discount Rate (previous 2.50)
Discount Rate Change (Pts) (previous +0.00)
Discount Rate-Range High
Discount Rate-Range Low
Thursday, September 27, 2018
8:30 AM ET. August Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -1.7%)
Dur Goods, Ex-Defense, M/M% (previous -1.0%)
Dur Goods, Ex-Transport, M/M% (previous +0.2%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.4%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.9%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 201K)
Jobless Claims, Net Chg (previous -3K)
Continuing Claims (previous 1645000)
Continuing Claims, Net Chg (previous -55K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1393.4K)
Soybeans (Metric Tons) (previous 997.6K)
Wheat (Metric Tons) (previous 468.4K)
8:30 AM ET. 2nd Quarter Revised Corporate Profits
8:30 AM ET. 2nd Quarter 3rd estimate GDP
Annual Rate, Q/Q% (previous +4.2%)
Chain-Weighted Price Idx, Q/Q% (previous +3.0%)
Corporate Profits, Q/Q% (previous +3.7%)
PCE Price Idx, Q/Q% (previous +1.9%)
Purchase Price Idx, Q/Q% (previous +2.3%)
Real Final Sales, Q/Q% (previous +5.3%)
Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +2.0%
Personal Consumption, Q/Q% (previous +3.8%)
8:30 AM ET. August Advance Economic Indicators Report
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. August Pending Home Sales Index
Pending Home Sales (previous 106.2)
Pending Home Sales Idx, M/M% (previous -0.7%)
Pending Home Sales Idx , Y/Y% (previous -2.3%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2722B)
Working Gas In Storage, Net Chg (Cbf) (previous +86B)
11:00 AM ET. Sept. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 10)
6-Mo Exp Prod Idx (previous 44)
Mfg Composite Idx (previous 14)
6-Mo Exp Composite Idx (previous 29)
3:00 PM ET. September Agricultural Prices
Farm Prices, M/M% (previous -3.8%)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, September 28, 2018
8:30 AM ET. August Personal Income & Outlays
Personal Income, M/M% (previous+0.3%)
Consumer Spending, M/M% (previous +0.4%)
PCE Price Idx, M/M% (previous +0.1%)
PCE Price Idx, Y/Y% (previous +2.3%)
PCE Core Price Idx, M/M% (previous +0.2%)
PCE Core Price Idx, Y/Y% (previous +2.0%)
9:45 AM ET. September ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (previous 63.6)
10:00 AM ET. September University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 96.2)
End-Mo Expectations Idx (previous 87.1)
12-Month Inflation Forecast (previous 3.0%)
5-Year Inflation Forecast (previous 2.6%)
End-Mo Current Idx (previous 110.3)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The December NASDAQ 100 closed slightly 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 December extends the rally off last-Tuesday's low, August's high crossing at 7723.50 is the next upside target. Closes below the reaction low crossing at 7420.50 would confirm that a short-term top has been posted while opening the door for additional weakness and a possible test of the reaction low crossing at 7316.50. First resistance is August's high crossing at 7723.50. Second resistance is unknown. First support is the reaction crossing at 7420.50. Second support is the reaction low crossing at 7343.25.
The December S&P 500 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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average low crossing at 2906.53 are needed to confirm that a short-term top has been posted. If December extends this summer's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 2945.50. Second resistance is unknown. First support is the 20-day moving average crossing at 2906.53. Second support is the 50-day moving average crossing at 2867.48.
The Dow closed lower on Tuesday due to weakness in 3M and United-Health care. 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 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 26,164.47 would confirm that a short-term top has been posted. If the Dow extends the rally off April's low, upside targets will be hard to project. First resistance is last-Friday's high crossing at 26,769.16. Second resistance is unknown. First support is last-Thursday's gap crossing at 26,464.41. Second support is the 20-day moving average crossing at 26,164.47.
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December T-bonds closed down 9/32's at 139-31.
December T-bonds closed lower on Tuesday as it extends the decline off August'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 December extends the decline off August's high, May's low crossing at 138-28 is the next downside target. Closes above the 20-day moving average crossing at 142-05 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 140-31. Second resistance is the 20-day moving average crossing at 142-05. First support is Tuesday's low crossing at 139-17. Second support is May's low crossing at 138-28.
December T-notes closed down 50-points at 118-150.
December T-notes closed lower on Tuesday as it extends the decline off August's high. 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 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, May's low crossing at 118.000 is the next downside target. Closes above the 20-day moving average crossing at 119.127 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 118.284. Second resistance is the 20-day moving average crossing at 119.127. First support is today's low crossing at 118.110. Second support is May's low crossing at 118.000.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
November crude oil closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off August's low, the 75% retracement level of the 2014-2016-decline crossing at 77.22 is the next upside target. Closes below the 50-day moving average crossing at 67.70 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 72.78. Second resistance isthe 75% retracement level of the 2014-2016-decline crossing at 77.22.First support is the 20-day moving average crossing at 69.40. Second support is the 50-day moving average crossing at 67.69.
November heating oil closed higher on Tuesday and has renewed its rally off August's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off August's low, the December-2014 high crossing at 237.25 is the next upside target. Closes below the 50-day moving average crossing at 218.32 would confirm that a short-term top has been posted. First resistance is today's high crossing at 232.05. Second resistance is the December-2014 high crossing at 237.25. First support is the 50-day moving average crossing at 218.32. Second support is August's low crossing at 208.05.
November unleaded gas closed higher on Tuesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off August's low, May's high crossing at 207.56 is the next upside target. Closes below the 50-day moving average crossing at 193.92 would confirm that a short-term top has been posted. First resistance is today's high crossing at 206.35. Second resistance is May's high crossing at 207.56. First support is September's low crossing at 191.30. Second support is August's low crossing at 184.02.
November Henry natural gas closed higher on Tuesday as it extended the rally off September'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 November extends the aforementioned rally, June's high crossing at 3.064 is the next upside target. Closes below the 20-day moving average crossing at 2.871 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.062. 0Second resistance is June's high crossing at 3.064. First support is the 20-day moving average crossing at 2.871. Second support is September's low crossing at 2.747.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The December Dollar 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 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 93.04 is the next downside target. Closes above the 50-day moving average crossing at 94.54 would confirm that a short-term low has been posted. First resistance is September's high crossing at 95.28. Second resistance is August's high crossing at 96.45. First support is July's low crossing at 93.04. Second support is the 38% retracement level of the February-August-rally crossing at 92.92.
The December Euro 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 December extends the rally off August's low, July's high crossing at 119.36 is the next upside target. Closes below the 50-day moving average crossing at 117.19 is needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 118.93. Second resistance is July's high crossing at 119.36. First support is the 50-day moving average crossing at 117.19. Second support is September's low crossing at 116.13.
The December British Pound 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 bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 1.3054 would confirm that a short-term top has been posted. If December extends the rally off August's low, July's high crossing at 1.3070. First resistance is July's high crossing at 1.3435. Second resistance is June's high crossing at 1.3586. First support is September's low crossing at 1.2845. Second support is August's low crossing at 1.2735.
The December Swiss Franc closed slightly 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 bullish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0419 would confirm that a short-term top has been posted. If December resumes the rally off August's low, the 50% retracement level of the February-July-decline crossing at 1.0605 is the next upside target. First resistance is last-Friday's high crossing at 1.0559. Second resistance is the 50% retracement level of the February-July-decline crossing at 1.0605. First support is the 20-day moving average crossing at 1.0419. Second support is the 50-day moving average crossing at 1.0284.
The December Canadian Dollar closed slightly 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 overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 76.76 would confirm that a short-term top has been posted. If December renews the rally off September's low, the 38% retracement level of the 2017-2018 decline crossing at 77.84 is the next upside target. First resistance is last-Thursday's high crossing at 77.75. Second resistance is the 38% retracement level of the 2017-2018 decline crossing at 77.84. First support is the reaction low crossing at 76.67. Second support is September's low crossing at 75.75.
The December Japanese Yen closed lower on Tuesday as it extends this month's decline. 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 December extends the decline off August's high, the December-2016 low crossing at 0.0886 is the next downside target. Closes above the 50-day moving average crossing at 0.0905 would temper the near-term bearish outlook. First resistance is September's high crossing at 0.0912. Second resistance is August's high crossing at 0.0918. First support is today's low crossing at 0.0890. Second support is the December-2016 low crossing at 0.0886.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
October gold closed higher on Tuesday as it extends the trading range of the past four-weeks.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 bearish signaling that sideways to lower are possible near-term. If October resumes the decline off April's high, the December-2016 low crossing at 1162.10 is the next downside target. If October resumes the rally off August's low, the reaction high crossing at 1239.80 is the next upside target. First resistance is the reaction high crossing at 1215.70. Second resistance is the reaction high crossing at 1239.80. First support is August's low crossing at 1162.70. Second support is the December-2016 low crossing at 1162.10.
December silver closed higher on Tuesday and has broken out to the topside of the trading range of the past three-weeks. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, the 50-day moving average crossing at 14.907 would confirm that a short-term top has been posted. If December 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 today's high crossing at 14.595. Second resistance is the 50-day moving average crossing at 14.907. First support is September's low crossing at 13.965. Second support is the December-2015 low on the weekly continuation chart crossing at 13.620.
December copper closed slightly lower on Tuesday as it consolidates some of the rally off September's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the reaction high crossing at 288.85 is the next upside target. Closes below the 20-day moving average crossing at 269.57 would signal that a short-term top has been posted. First resistance is the reaction high crossing at 288.85. Second resistance is the July-5th gap crossing at 293.10. First support is August's low crossing at 257.45. Second support is the 62% retracement level of the 2016-2018 rally crossing at 251.03.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up 3 1/4-cents at 3.63 3/4.
December corn closed closed higher on Tuesday as it extends the short covering rally off September's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 50-day moving average crossing at 3.67 1/2 is the next upside target. Closes above the reaction high crossing at 3.69 3/4 would signal that a seasonal low has likely been posted. If December renews the decline off August's high, monthly support crossing at 3.40 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 3.67 1/2. Second resistance is the reaction high crossing at 3.82 1/2. First support is monthly support crossing at 3.40 1/4. Second support is monthly support crossing at 3.29 3/4.
December wheat closed down 6-cents at 5.21.
December wheat closed lower on Tuesday.The mid-range close sets the stage for a steady 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. If December extends the rebound off September's low, the 50-day moving average crossing at 5.42 1/4 is the next upside target. If December renews the decline off August's high, July's low crossing at 4.90 is the next downside target. First resistance is the reaction crossing at 5.32 3/4. Second resistance is the 50-day moving average crossing at 5.42 1/4. First support is September's low crossing at 4.95 1/4. Second support is July's low crossing at 4.90.
December Kansas City Wheat closed down 7-cents at 5.22.
December Kansas City wheat 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 a low might be in or is near. If December extends the rally off September's low, the 50-day moving average crossing at 5.50 is the next upside target. If December resumes the decline off August's high, July's low crossing at 4.93 3/4 is the next downside target. First resistance is the reaction high crossing at 5.35 3/4. Second resistance is the 50-day moving average crossing at 5.50. First support is the reaction low crossing at 4.97. Second support is July's low crossing at 4.93 3/4.
December Minneapolis wheat closed down 3 1/4-cents at 5.81.
December Minneapolis 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 5.95 1/4 are needed to confirm that a short-term low has been posted. If December renews the decline off August's high, July's low crossing at 5.42 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.95 1/4. Second resistance is the reaction high crossing at 6.02. First support is September's low crossing at 5.60 1/4. Second support is July's low crossing at 5.42 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed up 5 3/4-cents at 8.46 3/4.
November soybeans closed higher on Tuesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 8.63 1/2 are needed to confirm that a short-term low has been posted. If November renews the decline off July's high, psychological support crossing at 8.00 is the next downside target. First resistance is the 50-day moving average crossing at 8.63 1/2. Second resistance is the reaction high crossing at 9.07. First support is monthly support crossing at 8.10 1/2. Second support is psychological support crossing at 8.00.
December soybean meal closed up $2.40 at 309.90.
December soybean meal closed higher 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off July's high, the 87% retracement level of the 2016-2018-rally crossing at 289.50 is the next downside target. Closes above the 50-day moving average crossing at 321.70 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 321.70. Second resistance is the reaction high crossing at 339.40. First support is September's low crossing at 301.60. Second support is the 87% retracement level of the 2016-2018-rally crossing at 289.50.
December soybean oil closed up 9 pts. at 28.61.
December soybean oil closed higher on Tuesday as it extends the rebound off last-Wednesday's low. Stochastics and the RSI are 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 trading. Multiple closes above the 50-day moving average crossing at 28.49 are needed to confirm that a short-term low has been posted. If December renews the decline off the late-July high, monthly support crossing at 26.99 is the next downside target. First resistance is September's high crossing at 29.00. Second resistance is July's high crossing at 29.39. First support is last-Wednesday's low crossing at 27.13. Second support is monthly support crossing at 26.99.
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October hogs closed up $1.43 at $62.43.
October hogs gapped up and closed higher on Tuesday as it extended the rally off August's low. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August low, the 75% retracement level of the February-August-decline crossing at 65.55 is the next upside target. Closes below the 10-day moving average crossing at 58.83 would confirm that a short-term top has been posted. First resistance is today's high crossing at 62.73. Second resistance is the 75% retracement level of the February-August-decline crossing at 65.55. First support is the 10-day moving average crossing at 58.83. Second support is the 20-day moving average crossing at 55.77.
October cattle closed up $0.18 at 112.35.
October cattle 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 110.26 would confirm that a short-term top has been posted. If October extends the rally off August's low, the 87% retracement level of the February-May-decline crossing at 115.24 is the next upside target. First resistance is last-Monday's high crossing at 113.98. Second resistance is the 87% retracement level of the February-May-decline crossing at 115.24. First support is the 20-day moving average crossing at 110.90. Second support is the 50-day moving average crossing at 110.26.
October Feeder cattle closed up $0.18 at $156.48.
October Feeder cattle closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 154.19 would confirm that a short-term top has been posted. If October resumes the rally off August's low, weekly resistance crossing at 160.48 is the next upside target. First resistance is last-Friday's high crossing at 159.90. Second resistance is weekly resistance crossing at 160.48. First support is the 20-day moving average crossing at 154.18. Second support is the 50-day moving average crossing at 152.49.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June's high, monthly support crossing at 9.39 is the next downside target. Closes above the 20-day moving average crossing at 10.04 would confirm that a short-term low has been posted.
December cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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, the reaction low crossing at 21.35 is the next downside target. If September renews the rally off August's low, July's high crossing at 26.07 is the next upside target.
October sugar closed slightly lower on Tuesday. The low-range close set 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 October extends the decline off September's high, August's low crossing at 9.91 is the next downside target. Closes above the 10-day moving average crossing at 10.88 would temper the near-term bearish outlook.
December cotton closed higher on Tuesday as it extends the trading range of the past four-days. The high-range close sets the stage for a steady to higher 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 December extends decline off July's high, the 62% retracement level of the 2016-2018 rally crossing at 74.00 is the next downside target. Closes above the 20-day moving average crossing at 81.25 are needed to confirm that a short-term low has been posted.
Thanks tallpine!