INO Evening Market Comments
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Started by tallpine - Feb. 26, 2018, 4:32 p.m.

KEY EVENTS TO WATCH FOR:



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 sharply higher on Monday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends 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 6681.82 would temper the near-term friendly outlook. First resistance is today's high crossing at 6987.25. Second resistance is January's high crossing at 7047.25. First support is the 50-day moving average crossing at 6681.82. Second support is the 38% retracement level of the 2017-2018-rally crossing at 6217.75. 



The March S&P 500 closed higher on Monday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, the reaction high crossing at 2839.00 is the next upside target. Closes below last Thursday's low crossing at 2684.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2777.00. Second resistance is the reaction high crossing at 2839.00. First support is last-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 gapped up and closed sharply higher on Monday as it renewed the rally off February's low. Today's close above the reaction high crossing at 25,432.42 confirms that a short-term low has been posted while opening the door for additional gains near-term. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rally, the reaction high crossing at 26,338.03 is the next upside target. Closes below  last Wednesday's low crossing at 24,792.99 would temper the near-term friendly outlook. First resistance is today's high crossing at 25,696.78. Second resistance is the reaction high crossing at 26,338.03. First support is last Wednesday's low crossing at 24,792.99. Second support is February's low crossing at 23,360.29.    



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



March T-bonds closed up 2/32's at 144-04.



March T-bonds closed slightly higher on Monday as it consolidates some of this month's decline. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 144-30 are needed to confirm that a short-term low has been posted. If March extends the decline off December's high, weekly support crossing at 140-03 is the next downside target.First resistance is the 20-day moving average crossing at 144-30. Second resistance is the reaction high crossing at 147-23. First support is last Wednesday's low crossing at 142-24. Second support is weekly support crossing at 140-03.   



March T-notes closed up 15/32's at 120-250.



March T-notes closed higher due to short covering on Monday as it consolidated some of this year's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 120.307 are needed to confirm that a low has been posted. If March resumes this winter's decline, weekly support crossing at 119.170 is the next downside target. First resistance is the 20-day moving average crossing at 120.307. Second resistance is the 50-day moving average crossing at 122.115. First support is February'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 Monday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI remain 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 today's high crossing at 64.24. 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 Monday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 198.48 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 191.27 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 198.48. 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 as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a short-term low might be in or is near. If April extends the aforementioned rally, February's high crossing at 208.46 is the next upside target. Closes below last Wednesday's low crossing at 191.34 would temper the near-term friendly outlook. First resistance is today's high crossing at 201.22. Second resistance is February's high crossing at 208.46. First support is February's low crossing at 183.84. Second support is the 38% retracement level of the 2016-2018-rally crossing at 179.34. 



April Henry natural gas closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.714 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 20-day moving average crossing at 2.714. Second resistance is the reaction high crossing at 2.833. 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. 



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



The March Dollar closed slightly lower on Monday.The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March extends the rally off February'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 90.63. First support is February's low crossing at 88.15.Second support is weekly support crossing at 87.45.



The March Euro closed higher on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, 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 February'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 122.15.     



The March British Pound closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are 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 1.3806 is the next downside target. First resistance is the reaction high 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 Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are 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 1.0495. 



The March Canadian Dollar closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 79.87 are needed to confirm that a short-term low has been posted. 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. First resistance is the reaction 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 lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are 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 0.9263 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 last Wednesday's low crossing at 0.9281. Second support is the 20-day moving average crossing at 0.9263.   



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



April gold closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off February's low, January's high crossing at 1370.50 is the next upside target. Closes below the 50-day moving average crossing at 1322.20 would confirm that a short-term top has been posted. First resistance is February'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 1322.2. Second support is the 50% retracement level of the December-January-rally crossing at 1306.70.



May silver posted a key reversal up on Monday. The mid-range close set the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction 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 the reaction 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 closed lower on Monday.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are 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 last 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 last-Thursday's low crossing at 317.50. Second support is February's low crossing at 304.65.



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



May Corn closed up 2 3/4-cents at 3.77 1/4. 



May corn closed higher on Monday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging but turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January's low, the 38% retracement level of 2017's decline crossing at 3.82 3/4 is the next upside target. Closes below the 20-day moving average crossing at 3.72 1/4 would confirm that a short-term top has been posted. First resistance is last September's high crossing at 3.82. Second resistance is the 38% retracement level of the July-January-decline crossing at 3.82 3/4. First support is the 20-day moving average crossing at 3.72 1/4. Second support is the 50-day moving average crossing at 3.64 1/4.  



May wheat closed up 9 1/2-cents at 4.73 3/4. 



May wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off January's low, last September's high crossing at 4.95 is the next upside target. First resistance is February's high crossing at 4.79 1/2. Second resistance is September's high crossing at 4.95. First support is last Thursday's low crossing at 4.57. Second support is the 50-day moving average crossing at 4.50.      



May Kansas City Wheat closed up 8 3/4-cents at 4.93 1/2. 



May Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off December's high, the 50% retracement level of 2017's decline crossing at 5.21 3/4. Closes below last Thursday's low crossing at 4.75 3/4 are needed to confirm that a short-term top has been posted. First resistance is the 38% retracement level of 2017's decline crossing at 4.98 1/2. Second resistance is the 50% retracement level of 2017's decline crossing at 5.21 3/4. First support is Thursday's low crossing at 4.75 3/4. Second support is the reaction low crossing at 4.69 3/4.    



May Minneapolis wheat closed down 3 1/2-cents at 6.09 3/4. 



May Minneapolis wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/4 is the next downside target. Closes above the 50-day moving average crossing at 6.22 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 6.27 1/2. Second resistance is the reaction high crossing at 6.31 1/4. First support is today's low crossing at 6.09. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/4. 



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



May soybeans closed down 1 1/2-cents at 10.46. 



May soybeans posted a downside reversal as it closed lower on Monday.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January's low, weekly resistance crossing at 10.80 is the next upside target. Closes below the 20-day moving average crossing at 10.16 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.59 1/2. Second resistance is weekly resistance crossing at 10.80. First support is the 10-day moving average crossing at 10.34 1/2. Second support is the 20-day moving average crossing at 10.16. 



May soybean meal closed up $2.60 at 380.90. 



May soybean meal closed higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May 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 374.80 would confirm a short-term top has been posted. First resistance is last Tuesday's high crossing at 387.90. Second resistance is weekly resistance crossing at 397.30. First support is the 10-day moving average crossing at 374.80. Second support is the 20-day moving average crossing at 357.30.  



May soybean oil closed up 24 pts. At 32.80. 



May soybean oil closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 32.95 are needed to confirm that a short-term low has been posted. If May renews the decline off January's high, the July-2016 low crossing at 31.37 is the next downside target. First resistance is the 50-day moving average crossing at 32.95. Second resistance is February's high crossing at 33.50. First support is February's low crossing at 31.61. Second support is the July-2016 low crossing at 31.37.



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



April hogs closed down $1.43 at $69.95. 



April hogs posted a key reversal down with today's lower close. The low-range close sets the stage for a steady to lower opening when Tuesday'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 the rally off February's low, the 50-day moving average crossing at 73.14 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 71.95. Second resistance is the 50-day moving average crossing at 73.14. 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 $0.85 at 124.00. 



April cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are 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 last 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 down $0.55 at $147.95. 



April Feeder cattle closed lower on Monday as it extends the decline off February's high. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 higher on Monday. The mid-range close sets 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. 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 renews the decline off January's high, weekly support crossing at 11.55 is the next downside target.   



May cocoa closed higher on Monday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher 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 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 20.82 would confirm that a short-term top has been posted. 



May sugar closed slightly lower on Monday. The mid-range close set the stage for a steady to lower opening on Tuesday. 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 13.94 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 higher on Monday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher 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 May extends the aforementioned rally, January's high crossing at 84.45 is the next upside target. Closes below the 20-day moving average crossing at 78.47 would confirm that a short-term top has been posted. 

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