INO Morning Market Commentary
0 responses | 0 likes
Started by tallpine - Oct. 3, 2018, 7:56 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Wednesday, October 3, 2018  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 352.5)

 



 

 

                       Composite Idx, W/W% (previous +2.9%)

 



 

 

                       Purchase Idx-SA (previous 240.4)

 



 

 

                       Purchase Idx-SA, W/W% (previous +2.6%)

 



 

 

                       Refinance Idx (previous 946.8)

 



 

 

                       Refinance Idx, W/W% (previous +3.2%)

 



 

 

8:15 AM ET. September ADP National Employment Report

 



 

 

                       Private Sector Jobs, Net Chg (expected +185000; previous +163000)

 



 

 

9:45 AM ET. September US Services PMI

 



 

 

                       PMI, Services (previous 54.8)

 



 

 

10:00 AM ET. September Online Help Wanted Index

 



 

 

10:00 AM ET. August Metropolitan Area Employment & Unemployment

 



 

 

10:00 AM ET. IMF World Economic Outlook analytical chapters published

 



 

 

10:00 AM ET. September ISM Non-Manufacturing Report on Business

 



 

 

                       Non-Mfg Composite Idx (expected 58.0; previous 58.5)

 



 

 

                       Non-Mfg Business Idx (previous 60.7)

 



 

 

                       Prices Idx (previous 62.8)

 



 

 

                       Employment Idx (previous 56.7)

 



 

 

                       New Orders Idx (previous 60.4)

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 395.989M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.852M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 235.68M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous +1.53M)

 



 

 

                       Distillate Stocks (Bbl) (previous 137.881M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous -2.241M)

 



 

 

                       Refinery Usage (previous 90.4%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 19.999M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.135M)

 

                        

 

11:00 AM ET. September Global Services PMI

 



 

 

                       PMI, Services (previous 53.5)

 



 

 

Thursday, October 4, 2018  

 



 

 

7:30 AM ET. September Challenger Job-Cut Report

 



 

 

                       Job Cuts, M/M% (previous +41.8%)

 



 

 

8:30 AM ET. U.S. Weekly Export Sales

 



 

 

                       Corn (Metric Tons) (previous 1703.2K)

 



 

 

                       Soybeans (Metric Tons) (previous 872.2K)

 



 

 

                       Wheat (Metric Tons) (previous 657.1K)

 



 

 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

 



 

 

                       Jobless Claims (expected 215K; previous 214K)

 



 

 

                       Jobless Claims, Net Chg (previous +12K)

 



 

 

                       Continuing Claims (previous 1661000)

 



 

 

                       Continuing Claims, Net Chg (previous +16K)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

10:00 AM ET. August Manufacturers' Shipments, Inventories & Orders (M3)

 



 

 

                       Total Orders, M/M% (expected +2.4%; previous -0.8%)

 



 

 

                       Orders, Ex-Defense, M/M% (previous -0.4%)

 



 

 

                       Orders, Ex-Transport, M/M% (previous +0.2%)

 



 

 

                       Durable Goods, M/M% (previous -1.7%)

 



 

 

                       Durable Goods, M/M%

 



 

 

10:30 AM ET. EIA Weekly Natural Gas Storage Report

 



 

 

                       Working Gas In Storage (Cbf) (previous 2768B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous +46B)

 

                        

 

2:00 PM ET. SEC Closed Meeting

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

4:30 PM ET. Money Stock Measures

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

Friday, October 5, 2018   

 



 

 

8:30 AM ET. September U.S. Employment Report

 



 

 

                       Non-Farm Payrolls (expected +185K; previous +201K)

 



 

 

                       Unemployment Rate (expected 3.8%; previous 3.9%)

 



 

 

                       Avg Hourly Earnings (USD) (previous 27.16)

 



 

 

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.10)

 



 

 

                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.37%)

 



 

 

                       Avg Hourly Earnings, Y/Y% (previous +2.9%)

 



 

 

                       Overall Workweek (previous 34.5)

 



 

 

                       Overall Workweek Net Chg (previous +0)

 



 

 

                       Government Payrolls (previous -3K)

 



 

 

                       Private Payroll (previous +204K)

 



 

 

                       Participation Rate (previous 62.7%)

 



 

 

                       Non-Farm Payrolls Bench Net Chg

 



 

 

8:30 AM ET. August U.S. International Trade in Goods & Services

 



 

 

                       Trade Balance (USD) (expected -53.5B; previous -50.08B)

 



 

 

                       Exports (USD) (previous 211.08B)

 



 

 

                       Exports, M/M% (previous -1.0%)

 



 

 

                       Imports (USD) (previous 261.16B)

 



 

 

                       Imports, M/M% (previous +0.9%)

 



 

 

3:00 PM ET. August Consumer Credit

 



 

 

                       Consumer Credit Net Chg (USD) (expected +14.8B; previous +16.64B)

 


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



The STOCK INDEXES:The December NASDAQ 100 was higher in overnight trading and could post a new record as news reports suggested Italy’s government could avoid a collision with the European Union over its budget, potentially averting a source of financial market turmoil.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 reaction low crossing at 7420.50 are needed to confirm that an important top has been posted. If September resumes the rally off September's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 7728.75. Second resistance is unknown. First support is the reaction low crossing at 7420.50. Second support is the reaction low crossing at 7343.25.



The December S&P 500 was was higher overnight as it extends the trading range of the past two weeks. Stochastics and the RSI are neutral to bullish signaling that a resumption of this year's rally is possible near-term. If December resumes the rally off June's low into uncharted territory, upside targets will be hard to project. Closes below the reaction low crossing at 2916.70 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 2945.00. Second resistance is is unknown. First support is the reaction lowcrossing at 2916.70. Second support is the 50-day moving average crossing at 2880.70.      



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



INTEREST RATES: December T-bonds were lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower price are possible near-term. If December resumes 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 141-04 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 141-04. Second resistance is the 50% retracement level of the August-September-decline crossing at 142-11. First support is last-Tuesday's low crossing at 139-17. Second support is May's low crossing at 138-28.  



December T-notes was lower 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 119.002 would confirm that a short-term low has been posted. If December renews the decline off August's high, May's low crossing at 118.000 is the next downside target. First resistance is the 20-day moving average crossing at 119.002. Second resistance is the 50% retracement level of the August-September-decline crossing at 119.154. First support is September'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"



ENERGY MARKETS:NovemberNymex crude oil was slightly higher overnight and is poised to resume this year's rally to multiyear highs, ahead of a closely followed inventory report and as investors weighed the effects of global output on Iranian exports due to pending U.S. sanctions.Investors are watching for supply data from the Energy Information Administration, which will be released at ET. 10:30 a.m. Analysts expect the EIA to report a climb of 2.76 million barrels in crude inventories after a report from the American Petroleum Institute showed that U.S. crude supplies rose by a lower-than-expected 907,000 barrels for the week ended Sept. 28, according to sources. The API data also showed supplies of gasoline declined by 1.7 million barrels, which was more than Platts’s forecasts of a decline of 672,000 barrels in gasoline. But API’s report for a drop in distillates of 1.2 million barrels wasn’t as firm as expectations for a decline of 1.83 million barrels. 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 77.23 is the next upside target. Closes below the 20-day moving average crossing at 70.87 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 75.57. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 77.23. First support is the 10-day moving average crossing at 72.87. Second support is the 20-day moving average crossing at 70.87.    



November heating oil was slightly lower in late-overnight 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 rally off August's low, the November-2014 high crossing at 254.68 is the next upside target. Closes below the 20-day moving average crossing at 227.94 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 242.24. Second resistance is the November-2014 high crossing at 254.68. First support is the 10-day moving average crossing at 232.68. Second support is the 20-day moving average crossing at 227.94. 



November unleaded gas was lower overnight 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 November extends the rally off August's low, monthly resistance crossing at 217.77 is the next upside target. Closes below the 20-day moving average crossing at 202.32 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 213.84. Second resistance is monthly resistance crossing at 217.77. First support is the 10-day moving average crossing at 206.88. Second support is the 20-day moving average crossing at 202.32.  



November Henry natural gas was higher overnight and  as it extends the rally off September's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional gains are possible near-term. If November extends the rally off September's low, the July-2015 high crossing at 3.457 is the next upside target. Closes below the 20-day moving average crossing at 2.931 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 3.194. Second resistance is the July-2015 high crossing at 3.457. First support is the 10-day moving average crossing at 3.049. Second support is the 20-day moving average crossing at 2.931.  



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



CURRENCIES:The December Dollar was higher overnight as it extends the rally off September's low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, August's high crossing at 96.45 is the next upside target. Closes below the 10-day moving average crossing at 94.33 would temper the near-term friendly outlook. Closes below September's low crossing at 93.39 would renew the decline off August's high. First resistance is September's high crossing at 95.28. Second resistance is August's high crossing at 96.45. First support is September's low crossing at 93.39. Second support is July's low crossing at 93.04.  



The December Euro was lower overnight as it extends the decline off September's high. 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, August's low crossing at 114.09 is the next downside target. Closes above the 10-day moving average crossing at 117.43 would temper the near-term bearish outlook. Closes above September's high crossing at 118.93 would renew the rally off August's low. First resistance is July's high crossing at 119.36. Second resistance is June's high crossing at 120.14. First support is September's low crossing at 116.12. Second support is August's low crossing at 114.09.  



The December British Pound was lower overnight as it extends the decline off September's high. 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 September's high, September's low crossing at 1.2845 is the next downside target. Closes above the 50-day moving average crossing at 1.3138 would confirm that a short-term low has been posted. First resistance is September's high crossing at 1.3350. Second resistance is July's high crossing at 1.3435. First support is September's low crossing at 1.2845. Second support is August's low crossing at 1.2735.



The December Swiss Franc was lower overnight as it extended the decline off September's high. 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 September's high, August's low crossing at 1.0132 is the next downside target. Closes above the 20-day moving average crossing at 1.0386 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.386. Second resistance is September's high crossing at 1.0552. First support is the overnight low crossing at 1.0187. Second support is August's low crossing at 1.0132. 



The December Canadian Dollar was lower overnight as it consolidates some of the rally off September's low. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 50% retracement level of 2017-2018-decline crossing at 78.72 is the next upside target. Closes below the 50-day moving average crossing at 76.94 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of 2017-2018-decline crossing at 78.72. Second resistance is the 62% retracement level of 2017-2018-decline crossing at 79.61. First support is the 10-day moving average crossing at 77.53. Second support is the 50-day moving average crossing at 76.94.



The December Japanese Yen was lower overnight and remains poised to extend 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. If December extends the decline off August's high, the 87% retracement level of the 2015-2016 rally crossing at 0.0876 is the next downside target. Closes above the 20-day moving average crossing at 0.0895 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0889. Second resistance is the 20-day moving average crossing at 0.0895. First support is Monday's low crossing at 0.0881. Second support is the 87% retracement level of the 2015-2016 rally crossing at 0.0876.



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



PRECIOUS METALS: December gold was slightly lower overnight. However, stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 1207.90 are needed to temper the near-term bearish outlook. If December renews last week's decline, August's low crossing at 1167.10 is the next downside target. First resistance is the reaction high crossing at 1220.70. Second resistance is the July-26th reaction high crossing at 1244.60. First support is last-Friday's low crossing at 1184.30. Second support is August's low crossing at 1167.10.



December silver was slightly higher overnight. 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 14.782 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 14.339 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 14.783. Second resistance is the August 28th reaction high crossing at 15.070. 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 was higher overnight. The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, the July 25th reaction high crossing at 288.85 is the next upside target. Closes below the 20-day moving average crossing at 273.23 would confirm that a short-term top has been posted. First resistance is the July 25th reaction high crossing at 288.85. Second resistance is the July 10th reaction high crossing at 290.20. First support is the 20-day moving average crossing at 273.23. Second support is September's low crossing at 258.00.



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



December corn was steady to fractionally higher overnight as it extends the rally off September's low. Wet weather along with a bullish weather forecast for the next two weeks over large portions of the Midwest is helping to underpin the rally off September's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Closes above September's high crossing at 3.69 3/4 are needed to confirm that the intermediate-trend has turned sideways to higher. Closes below the 20-day moving average crossing at 3.59 would signal that a short-term top has been posted. First resistance is September's high crossing at 3.69 3/4. Second resistance is the 38% retracement level of the May-September-decline crossing at 3.751/2. First support is September's low crossing at 3.42 1/2. Second support is monthly support crossing at 3.40 1/4.  



December wheat was higher overnight as it extends Tuesday's rally. The mid-range close 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 December renews the rally off September's low, the 50-day moving average crossing at 5.41 1/4 is the next upside target. If December resumes the decline off the late-September high, September's low crossing at 4.95 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.41 1/4. Second resistance is the reaction high crossing at 5.49 1/2. 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 up 11-cent at 5.22 1/2. 



December Kansas City wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, the 50-day moving average crossing at 5.49 1/4 is the next upside target. If December extends the decline off September's high, September's low crossing at 4.98 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 5.49 1/4. First support is September's low crossing at 4.98 3/4. Second support is July's low crossing at 4.93 3/4.



December Minneapolis wheat was higher overnight as it extends the rally off Monday's low. 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 50-day moving average crossing at 5.97 3/4 would open the door for additional gains and a possible test of the August 31st high crossing at 6.02. Closes below Monday's low crossing at 5.72 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 5.97 3/4. Second resistance is the August 31st high crossing at 6.02. First support is Monday's low crossing at 5.72. Second support is September's low crossing at 5.60 1/4. 



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



November soybeans were higher overnight as it extends the rally off September's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off September's low, the 25% retracement level of the May-September-decline crossing at 8.74 is the next upside target. Closes below the 20-day moving average crossing at 8.43 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the May-September-decline crossing at 8.74. Second resistance is the 38% retracement level of the May-September-decline crossing at 9.07. First support is September's low crossing at 8.12 1/4. Second support is psychological support crossing at 8.00.



December soybean meal was slightly higher overnight. The mid-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 50-day moving average crossing at 320.10 are needed to confirm that a short-term low has been posted. If December resumes the decline off the late-July high, the June 2017 low crossing at 301.20 is the next downside target. First resistance is the 50-day moving average crossing at 320.10. Second resistance is the August-15th reaction high crossing at 339.40. First support is the 75% retracement level of the 2016-2018 rally crossing at 303.80. Second support is the June-2017 low crossing at 301.20. 



December soybean oil was higher overnight as it extends the rally off September's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the June-29 high crossing at 29.98 is the next upside target. Closes below the 20-day moving average crossing at 28.42 would confirm that a short-term top has been posted. First resistance is the June-29 high crossing at 29.98. Second resistance is the 38% retracement level of the May-September-decline crossing at 30.53. First support is the 10-day moving average crossing at 28.90. Second support is the 20-day moving average crossing at 28.42. 



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



October hogs closed up $1.68 at $66.43. 



October hogs closed higher on Tuesday as it extends 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 87% retracement level of the February-August-decline crossing at 68.41 is the next upside target. Closes below the 20-day moving average crossing at 58.90 would confirm that a short-term top has been posted. First resistance is today's high crossing at 66.75. Second resistance is the 87% retracement level of the February-August-decline crossing at 68.41. First support is the 10-day moving average crossing at 62.18. Second support is the 20-day moving average crossing at 58.90.    



October cattle closed up $0.30 at 113.98. 



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 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 87% retracement level of the February-May-decline crossing at 115.24 is the next upside target. Closes below the 20-day moving average crossing at 115.24 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 114.35. 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 112.07. Second support is the 50-day moving average crossing at 110.62.   

 

October Feeder cattle closed up $0.43 at $159.08. 



October Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October resumes the rally off August's low, weekly resistance crossing at 160.48 is the next upside target. Closes below the 20-day moving average crossing at 156.28 would confirm that a short-term top has been posted. First resistance is September'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 156.28. Second support is the 50-day moving average crossing at 156.28.    



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



December coffee closed sharply higher on Tuesday and above the 50-day moving average crossing at 10.48 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. 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. Closes below the 10-day moving average crossing at 10.00 would confirm that a short-term top has been posted.           



December cocoa closed higher on Tuesday as it consolidates the decline off August's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold, diverging but are turning neutral to bullish signaling that a low is in or near. Closes above the 20-day moving average crossing at 22.10 would confirm that a short-term low has been posted. If September extends the decline off August's high, the December-2017 low crossing at 18.71 is the next downside target.  



March sugar closed sharply higher on Tuesday as it extended the rally off September's low. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, September's high crossing at 12.55 is the next upside target. If March renews the decline off September's high, the June-2008 low on the weekly continuation chart crossing at 9.44 is the next downside target. 



December cotton closed lower on Tuesday as it extends the decline off June's high. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 79.83 are needed to confirm that a short-term low has been posted.

Comments
No replies yet. Be the first!