KEY EVENTS TO WATCH FOR:
Monday, February 26, 2018
8:30 AM ET. January CFNAI Chicago Fed National Activity Index
NAI (previous 0.27)
NAI, 3-mo Moving Avg (previous 0.42)
10:00 AM ET. January New Residential Sales
New Home Sales (previous 625K)
New Home Sales, M/M% (previous -9.3%)
New Home Sales Months Supply (previous 5.7)
10:30 AM ET. February Texas Manufacturing Outlook Survey
Business Activity (previous 33.4)
Mfg Production Idx (previous 16.8)
Tuesday, February 27, 2018
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -0.6%)
Chain Store Sales, M/M% (previous +2.1%)
8:30 AM ET. January Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +2.9%)
Dur Goods, Ex-Defense, M/M% (previous +2.2%)
Dur Goods, Ex-Transport, M/M% (previous +0.6%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.3%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.6%)
8:30 AM ET. January Advance Economic Indicators Report
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, (previous -0.7%)
Ret Sales Mo-to-Date, Y/Y% (previous +3.2%)
Latest Wk, Y/Y% (previous +3.7%)
9:00 AM ET. December S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +0.3%)
10-City Idx, Y/Y% (previous +6.1%)
20-City Idx, M/M% (previous +0.2%)
20-City Idx, Y/Y% (previous +6.4%)
National Idx, M/M% (previous +0.2%)
National Idx, Y/Y% (previous +6.2%)
9:00 AM ET. 4th Quarter U.S. Quarterly House Price Index
9:00 AM ET. December U.S. Monthly House Price Index
10:00 AM ET. February Consumer Confidence Index
Cons Conf Idx (previous 125.4)
Expectation Idx (previous 105)
Present Situation Idx (previous 155.3)
10:00 AM ET. February Richmond Fed Business Activity Survey
Mfg Idx (previous 14)
Retail Revenues Idx
Services Rev Idx
Shipments Idx (previous 15)
3:00 PM ET. February Agricultural Prices
Farm Prices, M/M% (previous +0.8%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -0.9M)
Gasoline Stocks, Net Chg (Bbls) (previous +1.5M)
Distillate Stocks, Net Chg (Bbls) (previous -3.6M)
Refinery Runs
Wednesday, February 28, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 372.9)
Composite Idx, W/W% (previous -6.6%)
Purchase Idx-SA (previous 225.5)
Purchase Idx-SA, W/W% (previous -6.2%)
Refinance Idx (previous 1183.1)
Refinance Idx, W/W% (previous -7.1%)
8:30 AM ET. 4th Quarter 2nd estimate GDP
Annual Rate, Q/Q% (previous +2.6%)
Chain-Weighted Price Idx, Q/Q% (previous +2.4%)
Corporate Profits, Q/Q% (previous +4.7%)
PCE Price Idx, Q/Q% (previous +2.8%)
Purchase Price Idx, Q/Q% (previous +2.5%)
Real Final Sales, Q/Q% (previous +3.2%)
Core PCE Price Idx, Q/Q% (previous +1.9%)
Consumer Spending, Q/Q% (previous +3.8%0
9:45 AM ET. February ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (previous 65.7)
10:00 AM ET. January Pending Home Sales Index
Pending Home Sales (previous 110.1)
Pending Home Sales Idx, M/M% (previous +0.5%)
Pending Home Sales Idx , Y/Y% (previous +0.5%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 420.479M)
Crude Oil Stocks, Net Chg (Bbl) (previous -1.616M)
Gasoline Stocks (Bbl) (previous 249.334M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.261M)
Distillate Stocks (Bbl) (previous 138.945M)
Distillate Stocks, Net Chg (Bbl) (previous -2.422M)
Refinery Usage (previous 88.1%)
Total Prod Supplied (Bbl/day) (previous 20.454M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.17M)
4:00 PM ET. Foreign portfolio holdings of U.S. securities preliminary results
Thursday, March 1, 2018
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 222K)
Jobless Claims, Net Chg (previous -7K)
Continuing Claims (previous 1875000)
Continuing Claims, Net Chg (previous -73K)
8:30 AM ET. January Personal Income & Outlays
Personal Income, M/M% (previous +0.4%)
Consumer Spending, M/M% (previous +0.4%)
PCE Price Idx, M/M% (previous +0.1%)
PCE Price Idx, Y/Y% (previous +1.7%)
PCE Core Price Idx, M/M% (previous +0.2%)
PCE Core Price Idx, Y/Y% (previous +1.5%)
9:30 AM ET. IMF regular press briefing
9:45 AM ET. February US Manufacturing PMI
PMI, Mfg (previous 55.5)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. January Construction Spending - Construction Put in Place
New Construction (previous +0.7%)
Residential Construction
10:00 AM ET. February ISM Manufacturing Report on Business
Manufacturing PMI (previous 59.1)
Prices Idx (previous 72.7)
Employment Idx (previous 54.2)
Inventories (previous 52.3)
New Orders Idx (previous 65.4)
Production Idx (previous 64.5)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1760B)
Working Gas In Storage, Net Chg (Cbf) (previous -124B)
11:00 AM ET. February Global Manufacturing PMI
PMI, Mfg (previous 54.4)
4:00 PM ET. February Domestic Auto Industry Sales
Auto Sales Annualized (previous 17.16M)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
Friday, March 2, 2018
9:45 AM ET. February ISM-NY Report on Business
Business Index (previous 72.5)
10:00 AM ET. February University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 95.7)
End-Mo Expectations Idx (previous 86.3)
12-Month Inflation Forecast (previous 2.7%)
5-Year Inflation Forecast (previous 2.5%)
End-Mo Current Idx (previous 110.5)
N/A Texas Independence Day
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 closed higher on Friday as it ended this week's trading range on a high-note. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off February's low, January's high crossing at 7047.25 is the next upside target. Closes below the 50-day moving average crossing at 6668.86 would temper the near-term friendly outlook. First resistance is Wednesday's high crossing at 6885.50. Second resistance is January's high crossing at 7047.25. First support is the 50-day moving average crossing at 6668.86. Second support is the 38% retracement level of the 2017-2018-rally crossing at 6217.75.
The March S&P 500 closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Friday's high crossing at 2753.50 are needed to confirm that a short-term low has been posted while opening the door for additional gains near-term. Closes below Thursday's low crossing at 2684.00 would temper the near-term friendly outlook. First resistance is last Friday's high crossing at 2753.50. Second resistance is the reaction high crossing at 2839.00. First support is Thursday's low crossing at 2684.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2529.20.
The Dow closed higher on Friday as it ended the week on a high note despite concerns about rising bond yields and the re-emergence of long-stagnant inflation. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Friday's high crossing at 25,432.42 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 24,859.05 would temper the near-term friendly outlook. First resistance is last Friday's high crossing at 25,432.42. Second resistance is the reaction high crossing at 26,338.03. First support is the 10-day moving average crossing at 24,859.05. Second support is February's low crossing at 23,360.29.
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March T-bonds closed up 1-00/32's at 144-04.
March T-bonds closed sharply higher on Friday as it consolidates some of this week's decline. A Federal Reserve monetary policy report offered little sign that the central bank was overly concerned about the type of out-of-control inflation that might warrant more than three rate increases in 2018. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, weekly support crossing at 140-03 is the next downside target. Closes above the 20-day moving average crossing at 145-05 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 145-05. Second resistance is the reaction high crossing at 147-23. First support is Wednesday's low crossing at 142-24. Second support is weekly support crossing at 140-03.
March T-notes closed up 125/32's at 120-260.
March T-notes closed higher due to short covering on Friday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this winter's decline, weekly support crossing at 119.170 is the next downside target. Closes above the 20-day moving average crossing at 121.007 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 121.007. Second resistance is the 50-day moving average crossing at 122.137. First support is last Thursday's low crossing at 120.010. Second support is weekly support crossing at 119.170.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
April crude oil closed higher on Friday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, January's high crossing at 66.66 is the next upside target. First resistance is the reaction high crossing at 63.94. Second resistance is January's high crossing at 66.66. First support is February's low crossing at 57.90. Second support is the 38% retracement level of the 2016-2018-rally crossing at 56.05.
April heating oil closed higher on Friday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. 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 198.33 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 189.81 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 198.33. Second resistance is February's high crossing at 208.80. First support is the 38% retracement level of the 2016-2018-rally crossing at 176.89. Second support is the 50% retracement level of the 2016-2018-rally crossing at 166.36.
April unleaded gas closed higher on Friday and closed above the 50-day moving average crossing at 180.54 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a short-term low might be in or is near. Closes below the 10-day moving average crossing at 173.32 would temper the near-term friendly outlook. First resistance is today's high crossing at 181.25. Second resistance is January's high crossing at 209.86. First support is the 38% retracement level of the 2016-2018-rally crossing at 179.34. Second support is the 50% retracement level of the 2016-2018-rally crossing at 169.88.
April Henry natural gas closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.725 would confirm that a short-term low has been posted. If April renews this year's decline, the 87% retracement level of the December-January-rally crossing at 2.551 is the next downside target. First resistance is the 50-day moving average crossing at 2.714. Second resistance is the 20-day moving average crossing at 2.725. First support is February's low crossing at 2.565. Second support is the 87% retracement level of the December-January-rally crossing at 2.551.
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The March Dollar posted an inside day with a higher close on Friday.The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last Friday's low, February's high crossing at 90.46 is the next upside target. If March renews the decline off November's high, weekly support crossing at 87.45 is the next downside target. First resistance is February's high crossing at 90.46. Second resistance is the 50-day moving average crossing at 90.70. First support is last Friday's low crossing at 88.15. Second support is weekly support crossing at 87.45.
The March Euro posted an inside day with a lower close on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, February's low crossing at 122.33 is the next downside target. If March renews the rally off February's low, weekly resistance crossing at 126.74 is the next upside target. First resistance is last Friday's high crossing at 125.80. Second resistance is weekly resistance crossing at 126.74. First support is February's low crossing at 122.33. Second support is the 50-day moving average crossing at 122.05.
The March British Pound closed slightly higher on Friday. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off February's low, February's high crossing at 1.4300 is the next upside target. If March extends the decline off January's high, the 50-day moving average crossing at 1.3794 is the next downside target. First resistance is last Friday's high crossing at 1.4160. Second resistance is February's high crossing at 1.4300. First support is February's low crossing at 1.3780. Second support is January's low crossing at 1.3486.
The March Swiss Franc closed lower on Friday. 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. Closes below February's low crossing at 1.0589 are needed to confirm that a short-term top has been posted. If March renews the rally off last October's low, the 38% retracement level of the 2015-2016-decline crossing at 1.0994 is the next upside target. First resistance is February's high crossing at 1.0908. Second resistance is the 38% retracement level of the 2015-2016-decline crossing at 1.0994. First support is February's low crossing at 1.0589. Second support is the 50-day moving average crossing at 1.0485.
The March Canadian Dollar closed higher due to short covering on Friday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 87% retracement level of the December-January-rally crossing at 78.06 is the next downside target. Closes above the 20-day moving average crossing at 79.98 are needed to confirm that a short-term low has been posted. First resistance is last Friday's high crossing at 80.35. Second resistance is January's high crossing at 81.68. First support is the 75% retracement level of the December-January-rally crossing at 78.56. Second support is the 87% retracement level of the December-January-rally crossing at 78.06.
The March Japanese Yen closed slightly higher due to short covering on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January's low, the 62% retracement level of 2016's trading range crossing at 0.9680 is the next upside target. Closes below the 20-day moving average crossing at 0.9258 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of 2016's trading range crossing at 0.9491. Second resistance is the 62% retracement level of 2016's trading range crossing at 0.9680. First support is Wednesday's low crossing at 0.9281. Second support is the 20-day moving average crossing at 0.9258.
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April gold posted an inside day with a lower close on Friday. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1320.60 would confirm that a short-term top has been posted. If April renews the rally off February's low, January's high crossing at 1370.50 is the next upside target. First resistance is last Friday's high crossing at 1364.40. Second resistance is January's high crossing at 1370.50. First support is the 50-day moving average crossing at 1320.60. Second support is the 50% retracement level of the December-January-rally crossing at 1306.70.
May silver posted an inside day with a lower close on Friday. The low-range close set the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Thursday's high crossing at 17.025 are needed to confirm that a short-term low has been posted. If May resumes the decline off January's high, December's low crossing at 15.705 is the next downside target. First resistance is last Thursday's high crossing at 17.025. Second resistance is January's high crossing at 17.785. First support is February's low crossing at 16.210. Second support is December's low crossing at 15.705.
May copper posted an inside day on Friday with a lower close leaving Thursday's key reversal up unconfirmed.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If May resumes the rally off February's low, the reaction high crossing at 330.65 is the next upside target. Closes below Thursday's low crossing at 317.50 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 330.65. Second resistance is December's high crossing at 333.35. First support is Thursday's low crossing at 317.50. Second support is February's low crossing at 304.65.
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March Corn closed down a 1/2-cent at 3.66 1/4.
March corn closed fractionally lower on Friday as it consolidates above the 25% retracement level of the July-January-decline crossing at 3.65 1/2. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.63 1/2 would confirm that a short-term top has been posted. If March extends the rally off January's low, last September's high crossing at 3.74 1/2 is the next upside target. First resistance is last September's high crossing at 3.74 1/2. Second resistance is the 38% retracement level of the July-January-decline crossing at 3.76 1/4. First support is the 20-day moving average crossing at 3.63 1/2. Second support is the reaction low crossing at 3.56 1/4.
March wheat closed up 3/4-cents at 4.52.
March wheat closed fractionally higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at 4.36 1/4 is the next downside target. If March renews the rally off January's low, last September's high crossing at 4.82 is the next upside target. First resistance is February's high crossing at 4.67 1/4. Second resistance is September's high crossing at 4.82. First support is the reaction low crossing at 4.38 3/4. Second support is the 50-day moving average crossing at 4.36 1/4.
March Kansas City Wheat closed down 1 3/4-cents at 4.69.
March Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Thursday's low crossing at 4.60 are needed to confirm that a short-term top has been posted. If March renews the rally off December's high, the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First resistance is Tuesday's high crossing at 4.85 1/2. Second resistance is the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First support is Thursday's low crossing at 4.60. Second support is the reaction low crossing at 4.54 1/2.
March Minneapolis wheat closed down 2 1/4-cents at 6.00 3/4.
March Minneapolis wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. Closes above the 50-day moving average crossing at 6.12 3/4 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 6.21 1/2. Second resistance is January's high crossing at 6.34 1/2. First support is Wednesday's low crossing at 5.98 1/2. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2.
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March soybeans closed up 5-cents at 10.37.
March soybeans closed higher on Friday as it extended the rally off January's low.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, last July's high crossing at 10.50 1/2 is the next upside target. Closes below the 20-day moving average crossing at 10.02 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.39 1/2. Second resistance is last July's high crossing at 10.50 1/2. First support is the 10-day moving average crossing at 10.18 1/2. Second support is the 20-day moving average crossing at 10.02 1/2.
March soybean meal closed down $1.50 at 375.40.
March soybean meal closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, weekly resistance crossing at 397.30 is the next upside target. Closes below the 10-day moving average crossing at 369.00 would confirm a short-term top has been posted. First resistance is Tuesday's high crossing at 385.50. Second resistance is weekly resistance crossing at 397.30. First support is the 10-day moving average crossing at 369.00. Second support is the 20-day moving average crossing at 352.20.
March soybean oil closed up 24 pts. At 32.28.
March soybean oil closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 32.32 are needed to confirm that a short-term low has been posted. If March extends the decline off January's high, the July-2016 low crossing at 31.19 is the next downside target. First resistance is the 20-day moving average crossing at 32.32. Second resistance is the 50-day moving average crossing at 32.79. First support is last Tuesday's low crossing at 31.40. Second support is the July-2016 low crossing at 31.19.
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April hogs closed up $0.10 at $71.38.
April hogs closed higher on Friday and above the 20-day moving average crossing at 71.06 confirming that a short-term low has been posted. The mid-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally, the 50-day moving average crossing at 73.16 is the next upside target. If April renews the decline off January's high, the 87% retracement level of the August-January-rally crossing at 66.60 is the next downside target. First resistance is today's high crossing at 71.78. Second resistance is the 50-day moving average crossing at 73.16. First support is the 75% retracement level of the August-January-rally crossing at 68.07. Second support is the 87% retracement level of the August-January-rally crossing at 66.60.
April cattle closed down $0.53 at 124.85.
April cattle closed lower on Friday ahead of this afternoon's cattle-on-feed report. The report was inline with pre-report estimates except for placements, which came in 3.6% above expectations. This could lead to weakness in the deferred contracts on Monday. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below reaction low crossing at 122.80 are needed to confirm that a short-term top has been posted. If April resumes the rally off January's low, November's high crossing at 130.10 is the next upside target. First resistance is Tuesday's high crossing at 127.95. Second resistance is November's high crossing at 130.10. First support is the reaction low crossing at 122.80. Second support is January's low crossing at 118.05.
April Feeder cattle closed up $0.43 at $148.50.
April Feeder cattle closed higher on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this week's decline, February's low crossing at 145.63 is the next downside target. If April renews the rally off February's low, the reaction high crossing at 153.88 is the next upside target. First resistance is the reaction high crossing at 153.88. Second resistance is November's high crossing at 158.73. First support is February's low crossing at 145.63. Second support is the reaction low crossing at 143.20.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed slightly higher on Friday as it consolidates some of this week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 12.48 are needed to confirms that a short-term low has been posted. If May extends the decline off January's high, weekly support crossing at 11.55 is the next downside target.
May cocoa closed sharply higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, November's high crossing at 22.35 is the next upside target. Closes below the 20-day moving average crossing at 20.72 would confirm that a short-term top has been posted.
May sugar closed lower on Friday. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off January's low, the 50-day moving average crossing at 13.95 is the next upside target. If May extends this month's decline, the September-2015 low crossing at 12.81 is the next downside target.
May cotton closed sharply higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, the reaction high crossing at 83.47 is the next upside target. Closes below the 10-day moving average crossing at 78.35 would confirm that a short-term top has been posted.