KEY EVENTS TO WATCH FOR:
Tuesday, January 8, 2019
6:00 AM ET. December NFIB Index of Small Business Optimism
Small Business Idx (previous 104.8)
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -1.3%)
Chain Store Sales, M/M% (previous +4.6%)
8:30 AM ET. November U.S. International Trade in Goods & Services * This data will
not be released if the partial U.S. Govt shutdown remains in effect
Trade Balance (USD) (expected -54.0B; previous -55.49B)
Exports (USD) (previous 211.05B)
Exports, M/M% (previous -0.1%)
Imports (USD) (previous 266.53B)
Imports, M/M% (previous +0.2%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +0.6%)
Ret Sales Mo-to-Date, Y/Y% (previous +7.7%)
Latest Wk, Y/Y% (previous +9.3%)
10:00 AM ET. November Job Openings & Labor Turnover Survey
3:00 AM ET. November Consumer Credit
Consumer Credit Net Chg (USD) (expected +20.0B; previous +25.38B)
4:00 PM ET. World Bank's Global Economic Prospects report
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.5M)
Gasoline Stocks, Net Chg (Bbls) (previous +8.0M)
Distillate Stocks, Net Chg (Bbls) (previous +4.0M)
Wednesday, January 9, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous321.2)
Composite Idx, W/W% (previous -1.4%)
Purchase Idx-SA (previous 236.9)
Purchase Idx-SA, W/W% (previous -0.7%)
Refinance Idx (previous 816.0)
Refinance Idx, W/W% (previous -1.9%)
10:00 AM ET. December Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 441.418M)
Crude Oil Stocks, Net Chg (Bbl) (previous +0.007M)
Gasoline Stocks (Bbl) (previous 239.996M)
Gasoline Stocks, Net Chg (Bbl) (previous +6.89M)
Distillate Stocks (Bbl) (previous 129.431M)
Distillate Stocks, Net Chg (Bbl) (previous +9.529M)
Refinery Usage (previous 97.2%)
Total Prod Supplied (Bbl/day) (previous 19.056M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.685M)
11:00 AM ET. ABA Economic Advisory Committee economic forecast
2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast
N/A Annual Public Funds Summit
Thursday, January 10, 2019
8:30 AM ET. U.S. Weekly Export Sales * This data will not be released if the partial U.S. Govt
shutdown remains in effect
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 225K; previous 231K)
Jobless Claims, Net Chg (previous +10K)
Continuing Claims (previous 1740000)
Continuing Claims, Net Chg (previous +32K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. November Monthly Wholesale Trade * This data will not be released if
the partial U.S. Govt shutdown remains in effect
Inventories, M/M% (expected +0.3%; previous +0.8%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2705B)
Working Gas In Storage, Net Chg (Cbf) (previous -20B)
12:00 PM ET. December Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, January 11, 2019
8:30 AM ET. December Real Earnings
8:30 AM ET. December CPI
CPI, M/M% (expected -0.1%; previous +0.0%)
Core CPI, M/M% (expected +0.2%; previous +0.2%)
Energy Idx, M/M% (previous -2.2%)
Food Idx, M/M% (previous -0.2%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.1%)
CPI, Y/Y% (expected +1.9%; previous +2.2%)
Core Annual, Y/Y% (expected +2.2%; previous +2.2%)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE) * This
data will not be released if the partial U.S. Govt shutdown remains in effect
Corn, End Stocks (Bushels) (previous 1781M)
Soybeans, End Stocks (Bushels) (previous 955M)
Wheat, End Stocks (Bushels) (previous 974M)
Cotton, End Stocks (Bales) (previous 4.40M)
2:00 PM ET. December Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 closed higher on Monday as it extended the rally off December's low. Today's rally led to a close above the 20-day moving average crossing at 6422.15 confirming that a short-term low has been posted. 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 again signaling that sideways to high prices are possible near-term. If March extend the rally off December's low, the 50-day moving average crossing at 6704.62 is the next upside target. Closes below last-Friday's low crossing at 6136.50 would signal that a short-term top has likely been posted. First resistance is the 50-day moving average crossing at 6704.62. Second resistance is the reaction high crossing at 6897.00. First support is last-Friday's low crossing at 6136.50. Second support is December's low crossing at 5820.50.
The March S&P 500 closed higher on Monday and above the 20-day moving average crossing at 2532.90 confirming that a short-term low has been posted. 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. If March extends the rally off December's low, the 50-day moving average crossing at 2646.45 is the next upside target. Closes below last-Friday's low crossing at 2439.00 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 2646.45. Second resistance is the reaction high crossing at 2656.60. First support is last-Friday's low crossing at 2439.00. Second support is December's low crossing at 2317.70.
The Dow closed higher on Monday as it extended gains off December's low as investors watched for further signs of a thaw in the protracted trade dispute between the U.S. and China. Multiple closes above the 20-day moving average crossing at 23,473.37 are needed to confirm that a short-term low has been posted. 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 the Dow extends the rally off December's low, the 50% retracement level of the October-December-decline crossing at 24,342.49 is the next upside target. First resistance is the 38% retracement level of the October-December-decline crossing at 23,719.84 Second resistance is the 50% retracement level of the October-December-decline crossing at 24,342.49. First support is last-Thursday's low crossing at 22,638.41. Second support is December's low crossing at 22,638.41.
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March T-bonds closed down 19-points at 146-09.
March T-bonds closed lower on Monday following last-Friday's key reversal down. 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 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 144-25 are needed to confirm that a short-term top has been posted. If March extends the rally off November's low, the 38% retracement level of the 2016-2018-decline crossing at 152-01 is the next upside target. First resistance is last-Friday's high crossing at 148-27. Second resistance is the 38% retracement level of the 2016-2018-decline crossing at 152-01. First support is the 10-day moving average crossing at 146-02. Second support is the 20-day moving average crossing at 144-25.
March T-notes closed down 105-points at 121-310.
March T-notes closed lower on Monday as it consolidates some of the rally off October's low. 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 121.075 would confirm that a short-term top has been posted. If March extends the rally off November's low, the 38% retracement level of the 2016-2018-decline on the weekly continuation chart crossing at 123.270 is the next upside target. First resistance is last-Thursday's high crossing at 123.055. Second resistance is the 38% retracement level of the 2016-2018-decline on the weekly continuation chart crossing at 123.270. First support is the 10-day moving average crossing at 121.266. Second support is the 20-day moving average crossing at 121.075.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
February crude oil closed higher on Monday and above the 20-day moving average crossing at 48.10 confirming that a short-term low has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the 50-day moving average crossing at 54.02 is the next upside target. If February renews the decline off October's high, the January-2016 low crossing at 41.48 is the next downside target. First resistance is the 50-day moving average crossing at 54.02. Second resistance is the reaction high crossing at 54.67. First support is December's low crossing at 45.13. Second support is the January-2016 low crossing at 41.48.
February heating oil closed higher on Monday and above the 20-day moving average crossing at 176.78 confirming that a low has been posted. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the 50-day moving average crossing at 193.72 is the next upside target. If February renews the decline off October's high, the 87% retracement level of the 2017-2018-rally crossing at 162.34 is the next downside target. First resistance is the reaction high crossing at 188.40. Second resistance is the 50-day moving average crossing at 193.72. First support is the 87% retracement level of the 2017-2018-rally crossing at 162.34. Second support is the June-19th-2017 low crossing at 150.08.
February unleaded gas 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. Closes above the 20-day moving average crossing at 136.18 would confirm that a short-term low has been posted. If February resumes the decline off October's high, the January-10th 2016 low crossing at 110.45 is the next downside target. First resistance is the 50-day moving average crossing at 149.12. Second resistance is the reaction high crossing at 151.77. First support is December's low crossing at 122.93. Second support is the January-10th 2016 low crossing at 110.45.
February Henry natural gas closed lower on Monday as it extended the trading range of the past four-days. The mid-range close sets the stage for a steady 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 February extends this month's decline, the February-2016 low crossing at 2.770 is the next downside target. Closes above last-Monday's gap crossing at 3.278 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.210. Second resistance is the 20-day moving average crossing at 3.566. First support is last-Thursday's low crossing at 2.878. Second support is the February-2016 low crossing at 2.770.
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The March Dollar closed lower on Monday as it extended the decline off December'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 50% retracement level of the September-December-rally crossing at 95.04 is the next downside target. Closes above the 20-day moving average crossing at 96.26 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 96.65. Second resistance is December's high crossing at 97.20. First support is the 50% retracement level of the September-December-rally crossing at 95.04. Second support is the 62% retracement level of the September-December-rally crossing at 94.54.
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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, November's high crossing at 116.45 is the next upside target. 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 reaction high crossing at 115.92. Second resistance is November's 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 50-day moving average crossing at 1.2846 would open the door for a possible test of November's high crossing at 1.3257. If March extends the decline off September's high, the October-2016 low crossing at 1.2384 is the next downside target. First resistance is the 50-day moving average crossing at 1.2846. Second resistance is November's high crossing at 1.3257. First support is last-Thursday's low crossing at 1.2512. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 50% retracement level of the September-November-decline crossing at 1.0330 is the next upside target. Closes below the reaction low crossing at 1.0117 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.0288. Second resistance is the 50% retracement level of the September-November-decline crossing at 1.0330. First support is the reaction low crossing at 1.0097. Second support is November's low crossing at 1.0018.
The March Canadian Dollar 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 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 75.31 would open the door for a test of December's high crossing at 76.15. Closes below the 10-day moving average crossing at 73.98 would confirm that a short-term top has been posted. If March renews the decline off October's high, the 75% retracement level of the 2016-2017-rally crossing at 72.93 is the next downside target. First resistance is the 50-day moving average crossing at 75.31. Second resistance is December's high crossing at 76.15. First support is December's low crossing at 73.30. Second support is the 75% retracement level of the 2016-2017-rally crossing at 72.93.
The March Japanese Yen closed lower on Monday filling last-Thursday's gap crossing at 0.0925 thereby increasing the odds that the gap was an exhaustion gap. 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 extends the decline off last-Thursday's high, the 10-day moving average crossing at 0.0917 is the next downside target. If March renews the rally off December's low, the 75% retracement level of the March-November-decline crossing at 0.0957 is the next upside target. First resistance is the 62% retracement level of the March-November-decline crossing at 0.0944. Second resistance is the 75% retracement level of the March-November-decline crossing at 0.0957. First support is last-Thursday's gap crossing at 0.0925. Second support is the 10-day moving average crossing at 0.0917.
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February gold posted an inside day with a higher close on Monday leaving last-Friday's key reversal down unconfirmed. The mid-range close sets the stage for a steady 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, the 62% retracement level of the April-August-Decline crossing at 1312.70 is the next upside target. Closes below the 20-day moving average crossing at 1265.50 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1300.40. Second resistance is the 62% retracement level of the April-August-Decline crossing at 1312.70. First support is the 10-day moving average crossing at 1280.60. Second support is the 20-day moving average crossing at 1265.50.
March silver closed lower on Monday as it consolidated some of the rally off November's low. The low-range close set 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. Closes below the 20-day moving average crossing at 15.049 would confirm that a short-term top has been posted. If March extends the rally off December's low, the 50% retracement level of the 2017-2018-decline crossing at 16.279 is the next upside target. First resistance is last-Friday's high crossing at 15.955. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.279. First support is the 10-day moving average crossing at 15.376. Second support is the 20-day moving average crossing at 15.049.
March 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 272.99 would confirm that a short-term low has been posted. If March extends the decline off December's high, the 62% retracement level of the 2016-2018-rally crossing at 251.75 is the next downside target. First resistance is the reaction high crossing at 280.35. Second resistance is December's high crossing at 285.80.First support is last-Thursday's low crossing at 254.30. Second support isthe 62% retracement level of the 2016-2018-rally crossing at 251.75.
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March Corn closed down 3/4-cents at 3.83.
March corn closed fractionally lower on Monday but remains above the 20-day moving average crossing at 3.80 1/4 confirming that a short-term low has been posted. Hot/dry weather conditions across portions of South America along with strong export demand provide modest underlying support to the corn market. At the same time, basis levels across the Midwest remain strong, which suggest that this year's corn crop might be as large as it was earlier projected. The mid-range close sets the stage for a steady to higher opening when Tuesday's night sessions 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 December's low, December's high crossing at 3.87 3/4 is the next upside target. If March resumes the decline off December's high, November's low crossing near 3.67 1/4 is the next downside target. First resistance is December's high crossing at 3.87 3/4. Second resistance is November's high crossing at 3.90. First support is December's low crossing near 3.72 1/2. Second support is November's low crossing at 3.67 1/4.
March wheat closed down a 1/2-cent at 5.16 1/2.
March wheat closed fractionally lower 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.20 would temper the near-term bearish outlook. If March extends the decline off December's high, psychological support crossing at 5.00 is the next downside target. First resistance is the 20-day moving average crossing at 5.20. Second resistance is December's high crossing at 5.38 1/2. First support is last-Wednesday's low crossing at 5.01 1/4. Second support is psychological support crossing at 5.00.
March Kansas City Wheat closed down 3-cents at 5.03.
March Kansas City wheat 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 5.07 1/4 would confirm that a short-term low has been posted. If March resumes the decline off December's high, November's low crossing at 4.82 1/4 is the next downside target. First resistance is December's high crossing at 5.24 1/2. Second resistance is November's high crossing at 5.33 3/4. First support is last-Monday's low crossing at 4.87 1/4. Second support is November's low crossing at 4.82 1/4.
March Minneapolis wheat closed down 2 1/4-cents at 5.68.
March 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 5.74 1/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off December's high, weekly support on the continuation chart crossing at 5.23 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.74 1/4. Second resistance is December's high crossing at 5.89 1/2. First support is December's low crossing at 5.44 1/2. Second support is weekly support crossing at 5.23 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed up 2-cents at 9.23 1/2.
March soybeans closed higher on Monday as it extends the rally off December's low. Hot/dry weather across portions of South America helped to underpin today's rally. 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 extends the aforementioned rally, December's high crossing at 9.41. Closes below the 50-day moving average crossing at 9.01 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the May-September-decline crossing at 9.46 1/2. Second resistance is the 62% retracement level of the May-September-decline crossing at 9.72 1/4. First support is December's low crossing at 8.80 1/4. Second support is the reaction low crossing at 8.71 1/4.
March soybean meal closed up $2.80 at 321.80.
March soybean meal 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 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 December's low, October's high crossing at 327.40 is the next upside target. Closes below the 50-day moving average crossing at 312.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at 323.30. Second resistance is October's high crossing at 327.40. First support is December's low crossing at 307.10. Second support is November's low crossing at 305.30.
March soybean oil closed down 15 pts. at 28.49.
March soybean oil closed lower on Monday but remains above the 20-day moving average crossing at 28.47. 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 extends the rally off December's low, December's high crossing at 29.50 is the next upside target. First resistance is the reaction high crossing at 29.09. Second resistance is December's high crossing at 29.50. First support is December's low crossing at 27.58. Second support is November's low crossing at 27.42.
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February hogs closed down $0.05 at $61.90.
February hogs closed lower 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 64.17 would confirm that a short-term low has been posted. If February renews the decline off November's high, November's low crossing at 59.25 is the next downside target. First resistance is the 20-day moving average crossing at 62.91. Second resistance is the 50-day moving average crossing at 64.17. First support is December's low crossing at 60.20. Second support is November's low crossing at 59.25.
February cattle closed up $1.28 at 123.20.
February cattle closed higher on Monday as it consolidates some of the decline off December's high. 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. Closes below the 50-day moving average crossing at 121.47 would open the door for a larger-degree decline during January. If February renews the rally off November's low, weekly resistance crossing at 127.95 is the next upside target. First resistance is December's high crossing at 124.95. Second resistance is weekly resistance crossing at 127.95. First support is the 50-day moving average crossing at 121.47. Second support is the reaction low crossing at 120.47.
March Feeder cattle closed up $1.08 at $143.90.
March Feeder cattle closed higher on Monday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher 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 March extends this month's decline, December's low crossing at 140.35 is the next downside target. If March renews the rally off December's low, November's high crossing at 149.23. First resistance is last-Monday's high crossing at 147.58. Second resistance is November's high crossing at 149.23. First support is today's low crossing at 142.00. Second support is December's low crossing at 140.35.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Monday above the 20-day moving average crossing at 10.21 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the 38% retracement level of the October-December-decline crossing at 10.62 is the next upside target. If March resumes the decline off October's high, weekly support crossing at 9.51 is the next downside target.
March cocoa 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 23.02 would confirm that a short-term top has been posted. If March extends the rally off December's low, July's high crossing at 25.96 is the next upside target.
March sugar closed sharply higher on Monday and above the 20-day moving average crossing at 12.41 confirming that a low has been posted. The high-range close set the stage for a steady to higher opening on Monday. 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 12.72 would open the door for a larger rebound near-term. If March extends the decline off October's high, the 75% retracement level of the September-October-rally crossing at 11.65 is the next downside target.
March cotton closed higher on Monday as it consolidated some of the decline off December's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 75.50 are needed to confirm that a short-term low has been posted. If March extends this month's decline, the 75% retracement level of the 2016-2018-rally crossing at 74.04 is the next downside target.