KEY EVENTS TO WATCH FOR:
Wednesday, December 19, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 346)
Composite Idx, W/W% (previous +1.6%)
Purchase Idx-SA (previous 256.1)
Purchase Idx-SA, W/W% (previous +2.5%)
Refinance Idx (previous 851.6)
Refinance Idx, W/W% (previous +1.8%)
8:30 AM ET. 3rd Quarter International Transactions
Current Account (USD) (expected -126.3B; previous -101.46B)
9:00 AM ET. SEC Open Meeting
10:00 AM ET. November Existing Home Sales
Existing Sales (expected 5.20M; previous 5.22M)
Existing Sales, M/M% (expected -0.4%; previous +1.4%)
Unsold Homes Month's Supply (previous 4.3)
Median Price (USD) (previous 255400)
Median Home Price, Y/Y% (previous +3.8%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 441.954M)
Crude Oil Stocks, Net Chg (Bbl) (previous -1.208M)
Gasoline Stocks (Bbl) (previous 228.337M)
Gasoline Stocks, Net Chg (Bbl) (previous +2.087M)
Distillate Stocks (Bbl) (previous 124.137M)
Distillate Stocks, Net Chg (Bbl) (previous -1.475M)
Refinery Usage (previous 95.1%)
Total Prod Supplied (Bbl/day) (previous 21.481M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.951M)
2:00 PM ET. Federal Reserve economic projections
Median Fed Funds Rate - 2018 (previous 2.4%)
Median Fed Funds Rate - 2019 (previous 3.1%)
Median Fed Funds Rate - 2020 (previous 3.4%)
Median Fed Funds Rate - 2021 (previous 3.4%)
2:00 PM ET. U.S. interest rate decision, followed by Jerome Powell press briefing
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 2.25)
Fed Funds Rate-Range Low (previous 2.00)
FOMC Vote For Action (previous 9)
FOMC Vote Against Action (previous 0)
Discount Rate (previous 2.75)
Discount Rate Change (Pts) (previous +0.00)
Discount Rate-Range High
Discount Rate-Range Low
Thursday, December 20, 2018
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 215K; previous 206K)
Jobless Claims, Net Chg (previous -27K)
Continuing Claims (previous 1661000)
Continuing Claims, Net Chg (previous +25K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1064.6K)
Soybeans (Metric Tons) (previous 795.3K)
Wheat (Metric Tons) (previous 754.1K)
8:30 AM ET. December Philadelphia Fed Business Outlook Survey
Business Activity (expected 14.5; previous 12.9)
Prices Paid (previous 39.3)
Employment (previous 16.3)
New Orders (previous 9.1)
Prices Received (previous 21.9)
Delivery Times (previous 5.0)
Inventories (previous 9.5)
Shipments (previous 21.6)
8:30 AM ET. 3rd Quarter State Quarterly Personal Income
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. November Leading Indicators
Leading Index, M/M% (expected +0.0%; previous +0.1%)
Leading Index (previous 112.1)
Coincident Index, M/M% (previous +0.2%)
Lagging Index, M/M% (previous +0.4%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2914B)
Working Gas In Storage, (Cbf) Net Chg (previous -77B)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
Friday, December 21, 2018
8:30 AM ET. November Advance Report on Durable Goods
Durable Goods-SA, M/M% (expected +1.5%; previous -4.4%)
Dur Goods, Ex-Defense, M/M% (previous -1.2%)
Dur Goods, Ex-Transport, M/M% (previous +0.1%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.0%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)
8:30 AM ET. 3rd Quarter 3rd estimate GDP
Annual Rate, Q/Q% (expected +3.5%; previous +3.5%)
Chain-Weighted Price Idx, Q/Q% (expected +1.7%; previous +1.7%)
Corporate Profits, Q/Q% (previous +0.7%)
PCE Price Idx, Q/Q% (previous +1.5%)
Purchase Price Idx, Q/Q% (previous +1.7%)
Real Final Sales, Q/Q% (previous +1.2%)
Core PCE Price Idx, Ex-Food/Energy, Q/Q% (previous +1.5%)
Personal Consumption, Q/Q% (previous +3.6%)
8:30 AM ET. 3rd Quarter Revised Corporate Profits
10:00 AM ET. December University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 97.0; previous 97.5)
End-Mo Expectations Idx (previous 88.1)
12-Month Inflation Forecast (previous 2.8%)
5-Year Inflation Forecast (previous 2.6%)
End-Mo Current Idx (previous 112.3)
10:00 AM ET. November Regional & State Employment & Unemployment
10:00 AM ET. November Personal Income & Outlays
Personal Income, M/M% (expected +0.3%; previous +0.5%)
Consumer Spending, M/M% (expected +0.3%; previous +0.6%)
PCE Price Idx, M/M% (previous +0.2%)
PCE Price Idx, Y/Y% (previous +2.0%)
PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)
PCE Core Price Idx, Y/Y% (expected +1.9%; previous +1.8%)
11:00 AM ET. Dec. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 24)
6-Mo Exp Prod Idx (previous 27)
Mfg Composite Idx (previous 15)
6-Mo Exp Composite Idx (previous 16)
N/A Deadline for new funding deal to avert partial U.S. Govt shutdown
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 closed sharply 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, November's low crossing at 6449.50 is the next downside target. Closes above last-Wednesday's high crossing at 6897.00 would temper the bearish outlook. First resistance is the 50-day moving average crossing at 6943.32. Second resistance is December's high crossing at 7169.00. First support is today's low crossing at 6487.25. Second support is November's low crossing at 6480.75.
The March S&P 500 closed sharply lower on Monday and has renewed the decline off September's high. 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 becoming 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, the 75% retracement level of the 2017-2018-rally crossing at 2482.56 is the next downside target. Closes above the 20-day moving average crossing at 2678.12 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2678.12. Second resistance is the 50-day moving average crossing at 2726.55. First support is today's low crossing at 2559.00. Second support is the 75% retracement level of the 2017-2018-rally crossing at 2482.56.
The Dow closed sharply lower on Monday and has renewed the decline off October's high. Today's sharp decline was triggered by fears of slowing global growth and an aggressive Federal Reserve. 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. If the Dow extends the decline off December's high, the April-2018 low crossing at 23,244.52 is the next downside target. Closes above the 20-day moving average crossing at 24,757.78 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24,757.78. Second resistance is December's high crossing at 25,980.21. First support is today's low crossing at 23,646.42. Second support is April's low crossing at 23,244.52.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed up 16-points at 143-06.
March T-bonds 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 March resumes the rally off November's low, August's high crossing at 144-06 is the next upside target. Closes below the 20-day moving average crossing at 141-00 are needed to confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 143-31. Second resistance is August's high crossing at 144-06. First support is the 10-day moving average crossing at 142-22. Second support is the 20-day moving average crossing at 141-00.
March T-notes closed up 70-points at 120-195.
March T-notes 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 March resumes the rally off November's low, weekly resistance crossing at 121.125 is the next upside target. Closes below the 20-day moving average crossing at 119.257 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 120.300. Second resistance is weekly resistance crossing at 121.125. First support is the 10-day moving average crossing at 120.117. Second support is the 20-day moving average crossing at 119.257.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil closed lower on Monday and below the 87% retracement level of the 2017-2018-rally crossing at 49.96.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, the June-2017 low crossing at 46.00 is the next downside target. Closes above the reaction high crossing at 54.55 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 54.55. Second resistance is the reaction high crossing at 58.16.First support is today's low crossing at 49.09. Second support is the June-2017 low crossing at 46.00.
January heating oil closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January resumes the decline off October's high, the 75% retracement level of the 2017-2018-rally crossing at 173.08 is the next downside target. Closes above the reaction high crossing at 186.86 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 195.34. Second resistance is the reaction high crossing at 210.09. First support is November's low crossing at 178.37. Second support is the 75% retracement level of the 2017-2018-rally crossing at 173.08.
January unleaded gas 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 bearish signaling that sideways to lower prices are possible near-term. If January resumes the decline off October's high, the June-2017 low crossing at 129.88 is the next downside target. Closes above the reaction high crossing at 151.77 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 151.77. Second resistance is the reaction high crossing at 159.94. First support is November's low crossing at 135.41. Second support is the June-2017 low crossing at 129.88.
January Henry natural gas gapped down and closed sharply lower on Monday as it extended 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends this month's decline, the 75% retracement level of the September-November-rally crossing at 3.437 is the next downside target. Closes above the 20-day moving average crossing at 4.351 are needed to confirm that a short-term low has been posted. First resistance is today's gap crossing at 3.787. Second resistance is the 20-day moving average crossing at 4.351. First support is the 75% retracement level of the September-November-rally crossing at 3.437. Second support is the 87% retracement level of the September-November-rally crossing at 3.192.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 95.84 are needed to confirm that a short-term top has been posted. If March extends the rally off September's low, weekly resistance crossing at 97.83 is the next upside target. First resistance is last-Friday's high crossing at 97.20. Second resistance is weekly resistance crossing at 97.83. First support is the 50-day moving average crossing at 95.84. Second support is November's low crossing at 94.91.
The March Euro 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 neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 115.27 are needed to confirm that a short-term low has been posted. If March renews the decline off September's high, the 87% retracement level of the 2016-2018-rally crossing at 111.94 is the next downside target. First resistance is the 50-day moving average crossing at 115.27. Second resistance is the reaction high crossing at 116.45. First support is November's low crossing at 113.53. Second support is the 87% retracement level of the 2016-2018-rally crossing at 111.94.
The March British Pound 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. Closes above the 20-day moving average crossing at 1.2788 would confirm that a short-term low has been posted. If March resumes the decline off September's high, the October-2016 low crossing at 1.2384 is the next downside target. First resistance is the 20-day moving average crossing at 1.2788. Second resistance is the 50-day moving average crossing at 1.2969. First support is last-Wednesday's low crossing at 1.2540. Second support is the October-2016 low crossing at 1.2384.
The March Swiss Franc 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Tuesday's high, November's low crossing at 1.0018 is the next downside target. If March resumes the rally off November's low, the 38% retracement level of the September-November-decline crossing at 1.0256 is the next upside target. First resistance is last-Tuesday's high crossing at 1.0238. Second resistance is the 38% retracement level of the September-November-decline crossing at 1.0256. First support is the reaction low crossing at 1.0097. Second support is November's low crossing at 1.0018.
The March Canadian Dollar 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 bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off October's high, the May-2017 low crossing at 73.67 is the next downside target. Closes above the 20-day moving average crossing at 75.33 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 75.33. Second resistance is the 50-day moving average crossing at 76.06. First support is December's low crossing at 74.55. Second support is the May-2017 low crossing at 73.67.
The March Japanese Yen closed higher on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Closes above November's high crossing at 0.0899 are needed to confirm that a short-term low has been posted. If March extends last week's decline, November's low crossing at 0.0885 is the next downside target. First resistance is November's high crossing at 0.0899. Second resistance is October's high crossing at 0.0907. First support is November's low crossing at 0.0885. Second support is weekly support crossing at 0.0877.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold 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 March resumes the rally off November's low, the 38% retracement level of the April-August-Decline crossing at 1259.00 is the next upside target. Closes below the 50-day moving average crossing at 1232.00 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 1256.60. Second resistance is the 38% retracement level of the April-August-Decline crossing at 1259.00. First support is the 50-day moving average crossing at 1232.00. Second support is the reaction low crossing at 1216.80.
March silver posted an inside day with a higher close on Monday. The high-range close set the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 14.537 would confirm that a short-term top has been posted. If March extends the rally off December's low, November's high crossing at 15.040 is the next upside target. First resistance is last-Thursday's high crossing at 14.900. Second resistance is November's high crossing at 15.040. First support is the reaction low crossing at 14.115. Second support is November's low crossing at 13.985.
March copper 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the reaction low crossing at 268.30 is the next downside target. If March renews the rally off November's low, the 38% retracement level of the June-August-decline crossing at 289.43 is the next upside target. First resistance is the 38% retracement level of the June-August-decline crossing at 289.43. Second resistance is the July-5th gap crossing at 295.45. First support is the reaction low crossing at 268.30. Second support is November's low crossing at 266.20.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down 1 1/4-cents at 3.83 1/2.
March corn closed lower on Monday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Tuesday's night sessions 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 November's low, November's high crossing at 3.90 is the next upside target. Closes below the 20-day moving average crossing at 3.78 1/2 would confirm that a short-term top has been posted. First resistance is November's high crossing at 3.90. Second resistance is August's high crossing at 3.98 3/4. First support is the 20-day moving average crossing at 3.78 1/2. Second support is November's low crossing at 3.67 1/4.
March wheat closed up 5-cents at 5.35.
March 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 38% retracement level of the August-November decline crossing at 5.50 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.18 would temper the near-term friendly outlook. First resistance last-Thursday's high crossing at 5.38 1/2. Second resistance is the 38% retracement level of the August-November decline crossing at 5.50 1/2. First support is the reaction low crossing at 5.10. Second support is November's low crossing at 5.03 1/4.
March Kansas City Wheat closed up 3 3/4-cents at 5.22.
March Kansas City wheat closed higher on Monday and above the 50-day moving average crossing at 5.17 1/2. 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 March extends the rally off November's low, November's high crossing at 5.33 3/4 is the next upside target. Closes below the 20-day moving average crossing at 5.01 3/4 would signal that a short-term top has likely been posted.First resistance is November's high crossing at 5.33 3/4. Second resistance is October's high crossing at 5.57. First support is the reaction low crossing at 4.90. Second support is November's low crossing at 4.82 1/4.
March Minneapolis wheat closed up 1 1/4-cents at 5.85 1/4.
March Minneapolis wheat 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, November's high crossing at 5.93 is the next upside target. Closes below the 20-day moving average crossing at 5.76 would confirm that a short-term top has been posted. First resistance is November's high crossing at 5.93. Second resistance is the reaction high crossing at 6.09 3/4. First support is November's low crossing at 5.67 1/2. Second support is July's low crossing at 5.59.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed up 4 1/2-cents at 9.05.
January soybeans 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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 8.97 would confirm that a short-term top has been posted. If January resumes the rally off September's low, the 50% retracement level of the May-September-decline crossing at 9.45 1/4 is the next upside target. First resistance is the 38% retracement level of the May-September-decline crossing at 917. Second resistance is the 50% retracement level of the May-September-decline crossing at 9.45 1/4. First support is the 20-day moving average crossing at 8.97. Second support is the 50-day moving average crossing at 8.85.
March soybean meal closed up $2.00 at 313.60.
March soybean meal 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 have turned neutral to bearish signaling that sideways to lower possible near-term. If March extends last week's decline, November's low crossing at 305.30 is the next downside target. If March renews the rally off November's low, October's high crossing at 327.40 is the next upside target. First resistance is October's high crossing at 327.40. Second resistance is the 38% retracement level of the May-September-decline crossing at 330.30. First support is November's low crossing at 305.30. Second support is September's low crossing at 303.40.
March soybean oil closed down 29 pts. at 28.47.
March soybean oil lower on Monday and below the 20-day moving average crossing at 28.50. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 28.50 would confirm that a short-term top has been posted. If March renews the rally off November's low, the 75% retracement level of the October-November-decline crossing at 29.74 is the next upside target. First resistance is the 62% retracement level of the October-November-decline crossing at 29.33. Second resistance is the 75% retracement level of the October-November-decline crossing at 29.74. First support is the 20-day moving average crossing at 28.50. Second support is November's low crossing at 27.42.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $0.68 at $63.83.
February hogs gapped down and closed 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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 64.54 confirms that a short-term top has been posted. If February renews the rally off October's low, weekly resistance crossing at 72.88 is the next upside target. First resistance is November's high crossing at 69.50. Second resistance is weekly resistance crossing at 72.88. First support is today's low crossing at 63.03. Second support is November's low crossing at 59.25.
February cattle closed down $0.85 at 121.55.
February cattle gapped down and closed 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 overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 120.47 would confirm that a short-term top has been posted. If February resumes the rally off November's low, the October 26th reaction high crossing at 123.68 is the next upside target. First resistance is last-Thursday's high crossing at 123.27. Second resistance is the reaction high crossing at 123.68. First support is the reaction's low crossing at 118.57. Second support is November's crossing at 116.67.
January Feeder cattle closed down $2.20 at $145.38.
January Feeder cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at 145.92 confirms that a short-term top has been posted. Closes above the 50-day moving average crossing at 148.08 would open the door for a possible test of the November 21st reaction high crossing at 150.00. First resistance is the 50-day moving average crossing at 148.08. Second resistance is the November 21st reaction high crossing at 150.00. First support is the reaction low crossing at 143.13. Second support is November's low crossing at 142.67.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Monday and below the 87% retracement level of the September-October-rally crossing at 10.24. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, September's low crossing at 9.86 is the next downside target. Closes above the 20-day moving average crossing at 10.81 would confirm that a short-term low has been posted.
March cocoa closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, November's high crossing at 24.10 is the next upside target. If March renews the decline off November's high, October's low crossing at 20.08 is the next downside target.
March sugar closed lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off October's high, the reaction low crossing at 11.91 is the next downside target. If March renews the rally off November's low, the reaction high crossing at 13.54 is the next upside target.
March cotton closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower possible near-term. Today's close below the 20-day moving average crossing at 79.10 confirms that a short-term top has been posted. If March renews the rally off November's low, September's high crossing at 84.22 is the next upside target.
Thanks tallpine!