KEY EVENTS TO WATCH FOR:
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 Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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, last-February's low on the weekly continuation chart crossing at 6164.00 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 6902.72. Second resistance is December's high crossing at 7169.00. First support is today's low crossing at 6301.25. Second support is last-February's low on the weekly continuation chart crossing at 6161.00.
The March S&P 500 closed sharply lower on Wednesday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower opening when Thursday'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, 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 2663.10 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2663.10. Second resistance is the 50-day moving average crossing at 2711.50. First support is today's low crossing at 2500.00. Second support is the 75% retracement level of the 2017-2018-rally crossing at 2482.56.
The Dow closed sharply lower on Wednesday as it extended the decline off October's high following the Federal Reserve's decision to raise interest rates by a quarter percentage to a range of 2.25% to 2.5% as anticipated and lowered its projection for further rate increases. The low-range close sets the stage for a steady to lower opening when Thursday'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 the Dow extends the decline off December's high, weekly support crossing at 22,219.11 is the next downside target. Closes above the 20-day moving average crossing at 24,584.61 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24,584.61. Second resistance is the 50-day moving average crossing at 25,058.63. First support is today's low crossing at 23,162.64. Second support is weekly support crossing at 22,219.11.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed up 1-18-points at 145-14.
March T-bonds closed higher on Wednesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Thursday'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, weekly resistance crossing at 145-29 is the next upside target. Closes below the 20-day moving average crossing at 141-17 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 145-05. Second resistance is weekly resistance crossing at 145-29. First support is the 10-day moving average crossing at 143-08. Second support is the 20-day moving average crossing at 141-17.
March T-notes closed up 140-points at 121-095.
March T-notes closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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, weekly resistance crossing at 121.125 is the next upside target. Closes below the 20-day moving average crossing at 119.318 would confirm that a short-term top has been posted. First resistance is today's high crossing at 121.035. Second resistance is weekly resistance crossing at 121.125. First support is the 10-day moving average crossing at 120.174. Second support is the 20-day moving average crossing at 119.318.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
February crude oil closed higher due to short covering on Wednesday as it consolidates some of the decline off October's high.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February 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 Tuesday's low crossing at 46.28. Second support is the June-2017 low crossing at 46.00.
February heating oil closed higher on Wednesday as it consolidated some of the decline off October's high. The mid-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off October's high, the 87% retracement level of the 2017-2018-rally crossing at 162.34 is the next downside target. Closes above the reaction high crossing at 194.43 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 194.43. Second resistance is the 50-day moving average crossing at 206.83. First support is the 75% retracement level of the 2017-2018-rally crossing at 173.08. Second support is the 87% retracement level of the 2017-2018-rally crossing at 162.34.
February unleaded gas posted an inside day with a higher close on Wednesday as it consolidates some of the decline off October's high. The mid-range close sets the stage for a steady to lower opening when Thursday'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 February extends 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 Tuesday's low crossing at 133.38. Second support is the June-2017 low crossing at 129.88.
February Henry natural gas closed lower on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 4.147 are needed to confirm that a short-term low has been posted. If February extends this month's decline, the 75% retracement level of the September-November-rally crossing at 3.388 is the next downside target. First resistance is the 10-day moving average crossing at 3.984. Second resistance is the 20-day moving average crossing at 4.147. First support is the 75% retracement level of the September-November-rally crossing at 3.388. Second support is the 87% retracement level of the September-November-rally crossing at 3.154.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed slightly lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 95.91 are needed to confirm that a short-term top has been posted. If March resumes 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 95.91. Second support is November's low crossing at 94.91.
The March Euro closed slightly higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 115.19 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 115.19. 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 slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 1.2766 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 1.2766. Second resistance is the 50-day moving average crossing at 1.2947. 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 slightly lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday'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 September-November-decline crossing at 1.0256 is the next upside target. If March resumes the decline off last-Tuesday's high, November's low crossing at 1.0018 is the next downside 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 Wednesday as it extends the decline off October's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 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 75.19 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 75.19. Second resistance is the 50-day moving average crossing at 75.94. First support is today's low crossing at 74.24. Second support is the May-2017 low crossing at 73.67.
The March Japanese Yen closed higher on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. The mid-range close sets the stage for a steady to higher opening when Thursday’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. Closes below November's low crossing at 0.0885 are needed to confirm a downside breakout of the November-December-trading range. 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 lower on Wednesday following the Fed's decision to raise interest rates by a quarter percent. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are diverging and turning neutral to bearish signaling that a short-term top might be in or is near. If March extends the rally off November's low, the 50% retracement level of the April-August-Decline crossing at 1285.70 is the next upside target. Closes below the 50-day moving average crossing at 1234.00 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the April-August-Decline crossing at 1259.00. Second resistance is the 50% retracement level of the April-August-Decline crossing at 1285.70. First support is the 50-day moving average crossing at 1234.00. Second support is the reaction low crossing at 1216.80.
March silver closed lower on Wednesday. The low-range close set the stage for a steady to lower opening when Thursday'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 20-day moving average crossing at 14.557 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 higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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, August's low crossing at 260.00 is the next downside target. Closes above the 50-day moving average crossing at 276.00 would temper the near-term bearish outlook. 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 Tuesday's low crossing at 265.50. Second support is August's low crossing at 260.00.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down 4-cents at 3.81 1/2.
March corn closed lower on Wednesday amid uncertainty surrounding ethanol demand and long-term U.S. China trade relations. The low-range close sets the stage for a steady to lower opening when Thursday's night sessions begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3.79 3/4 would confirm that a short-term top has been posted. If March extends the rally off November's low, November's high crossing at 3.90 is the next upside target. 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 3.79 3/4. Second support is November's low crossing at 3.67 1/4.
March wheat closed down 10-cents at 5.22 3/4.
March wheat closed lower on Wednesday followed falling global prices lower, which triggered a round of profit-taking today. Thursday morning, Traders expect the next USDA export sales report to show wheat sales totaling between 18.4 million and 25.7 million bushels for the week ending December 13. Russia’s federal statistics service says the country’s 2018 grain production fell 16.7% year-over-year to 112.8 million metric tons but did not disclose its latest results for the country’s wheat and barley harvests. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 5.20 would temper the near-term friendly outlook. 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. 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 down 8 3/4-cents at 5.08 1/2.
March Kansas City wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 5.03 1/4 are needed to confirm that a short-term top has been posted. If March extends the rally off November's low, November's high crossing at 5.33 3/4 is the next upside target. 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 down 8 1/4-cents at 5.68 1/2.
March Minneapolis wheat closed lower on Wednesday below the 20-day moving average crossing at 5.76 1/4 confirms that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday'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 today's decline, July's low crossing at 5.59 is the next downside target. Closes above the 50-day moving average crossing at 5.83 would signal that a short-term low 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 down 7 1/4-cents at 9.00 1/2.
January soybeans closed lower on Wednesday over anxiety over U.S.-China trade relations, even though a massive sale was reported this morning. January and March futures both fell. The low-range close sets the stage for a steady to lower opening when Thursday'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 8.99 3/4 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 8.99 3/4. Second support is the 50-day moving average crossing at 8.86.
March soybean meal closed down $2.50 at 312.20.
March soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower possible near-term. If March extends the decline off December's high, 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 up 8 pts. at 28.75.
March soybean oil higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 the 20-day moving average crossing at 28.59 are needed to 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 28.59. Second support is November's low crossing at 27.42.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.05 at $62.70.
February hogs closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 February extends this week's decline, November's low crossing at 59.25 is the next downside target. Closes above the 20-day moving average crossing at 65.78 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 68.78. Second resistance is December's high crossing at 68.83. First support is Tuesday's low crossing at 62.13. Second support is November's low crossing at 59.25.
February cattle closed down $0.33 at 122.25.
February cattle closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 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 unchanged at $146.20.
January Feeder cattle closed unchanged on Wednesday. The mid-range close sets the stage for a steady opening when Thursday's session begins trading. 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 last Thursday's high, December's low crossing at 143.12 is the next downside target. Closes above the 50-day moving average crossing at 147.76 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 147.76. Second resistance is the November 21st reaction high crossing at 150.00. First support is December's 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 posted a key reversal up on Wednesday as it rebounded off September's low crossing at 9.86. The high-range close sets the stage for a steady to higher opening on Thursday. 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, weekly support crossing at 9.51 is the next downside target. Closes above the 20-day moving average crossing at 10.66 would confirm that a short-term low has been posted.
March cocoa closed higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Thursday. 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. Closes below the 20-day moving average crossing at 21.82 would confirm that a short-term top has been posted.
March sugar closed higher on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain 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. Closes above the 50-day moving average crossing at 13.00 would confirm that a low has been posted.
March cotton closed lower on Wednesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower possible near-term. If March extends this week's decline, October's low crossing at 76.50 is the next downside target. Closes above the 50-day moving average crossing at 79.15 would confirm that a short-term low has been posted.
Thanks tallpine!