INO Evening Market Comments
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Started by tallpine - Jan. 8, 2019, 4:30 p.m.

KEY EVENTS TO WATCH FOR:



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 Tuesday as it extended the rally off December's low. Today's rally led to a third straight day of gains backed by optimism over trade talks. The high-range close sets the stage for a steady to higher opening when Wednesday'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 6697.42 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 6697.42. 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 Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 2643.69 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 2643.69. 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 for the third day in a row on Tuesday as it extended gains off December's low.  Today's close above the 20-day moving average crossing at 23,444.98 confirms that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading.Stochastics and the RSI are 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 today's high crossing at 23,864.65 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.



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



March T-bonds closed down 25-points at 145-23.



March T-bonds closed lower on Tuesday as it extended the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 144-29 are needed to confirm that a short-term top has been posted. If March resumes 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 146-06. Second support is the 20-day moving average crossing at 144-29.         



March T-notes closed down 130-points at 121-205.



March T-notes closed lower on Tuesday as it extends the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 121.092 are needed to confirm that a short-term top has been posted. If March renews 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 20-day moving average crossing at 121.092. Second support is the reaction low crossing at 120.280.         



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



February crude oil closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 53.67 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 53.67. 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 Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 192.83 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 192.83. 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 higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 135.67 are needed to 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 148.21. 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 slightly higher on Tuesday as it extended the trading range of the past five-days. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 3.144. Second resistance is the 20-day moving average crossing at 3.496. First support is last-Thursday's low crossing at 2.878. Second support is the February-2016 low crossing at 2.770.    



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



The March Dollar posted an inside day with a higher close on Tuesday as it consolidated some of the decline off December's high. The mid-range close sets the stage for a steady opening when Wednesday'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 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 96.22 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 lower on Tuesday while extending the September-January trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to 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 lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.2843 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 1.2843. 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 lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to 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 for the fourth-day in a row on Tuesday as it extends the rally off December's low. Today's close above the 50-day moving average crossing at 75.28 has opened the door for a test of December's high crossing at 76.15. The high-range close sets the stage for a steady to higher opening when Wednesday'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 10-day moving average crossing at 74.15 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 today's high crossing at 75.50. 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 slightly lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Thursday's high, the 10-day moving average crossing at 0.0919 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 the 10-day moving average crossing at 0.0919. Second support is the 20-day moving average crossing at 0.0906.  



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



February gold closed lower on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1267.20 would confirm that a short-term top has been posted. 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. 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 1283.40. Second support is the 20-day moving average crossing at 1267.20.



March silver closed lower on Tuesday as it consolidated some of the rally off November's low. The high-range close set the stage for a steady to higher opening when Wednesday'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 15.100 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 15.478. Second support is the 20-day moving average crossing at 15.100.         



March copper closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 272.74 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 20-day moving average crossing at 268.47. Second resistance is the 50-day moving average crossing at 272.74. 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.



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



March Corn closed down 2 1/4-cents at 3.80. 



March corn closed lower on Tuesday. The USDA will delay some key production reports originally scheduled for Friday due to the government shutdown. Pre-report estimates for January’s (WASDE) report estimated final 2018 U.S. corn production at 14.538 billion bushels harvested across 81.668 million acres, for average yields of 178 bushels per acre. Totals are a bit lower than USDA’s prior production estimates of 14.626 billion bushels. The pre-report estimate corn ending stocks came in at 1.694 billion bushels, which is lower than USDA’s prior estimates of 1.781 billion bushels. Analysts also expect the USDA to lower its estimates of 2018/19 world ending stocks from 308.8 million metric tons to 307.32 MMT. The low-range close sets the stage for a steady to lower opening when Wednesday'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 up 2 1/2-cents at 5.19 1/4. 



March wheat closed higher on Tuesday. Analysts expect the USDA to show U.S. winter wheat seedings total 32.279 million acres, down slightly from prior estimates of 32.535 million acres. Analysts also expect U.S. 2018/19 wheat ending stocks to move slightly higher, from prior USDA estimates of 974 million acres to 987 million acres. World ending stocks are also expected to be higher at 268.1 MMT to 268.22 MMT. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 5.19 1/4 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 5.19 1/4. 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 up 2-cents at 5.05. 



March Kansas City wheat closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 3/4-cents at 5.67 1/4. 



March Minneapolis wheat closed fractionally lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 5.74 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. 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 down 5 3/4-cents at 9.18 1/2.



March soybeans closed lower on Tuesday as it consolidates some of the rally off December's low. Pre-report estimates for January's WASDE report, which has been delayed due to the government shutdown were lower. Pre-report estimates for the 2018 U.S. soybean crop came in at 4.572 billion bushels down from 4.600 billion bushels. The lower production estimate was due to lower harvested acres of 88.189 million and lower per-acre yields of 51.8 bpa. Analysts expect USDA to lower 2018/19 U.S. soybean ending stocks from 955 million bushels down to 904 million bushels. World ending stocks are also expected to decline from 115.33 MMT to 114.36 MMT. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain 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 9.02 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 down $0.80 at 321.40. 



March soybean meal closed lower on Tuesday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 312.90 would confirm that a short-term top has been posted. First resistance is today's high crossing at 323.40. 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 11 pts. at 28.40. 



March soybean oil closed lower on Tuesday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to 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. Closes below the 10-day moving average crossing at 28.11 would temper the near-term friendly outlook. 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.   

 

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



February hogs closed up $0.70 at $62.60. 



February hogs closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 64.13 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 62.64. Second resistance is the 50-day moving average crossing at 64.13. First support is December's low crossing at 60.20. Second support is November's low crossing at 59.25.    



February cattle closed up $2.10 at 125.30. 



February cattle closed higher on Tuesday and posted a new contract high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 February extends the rally off November's low, weekly resistance crossing at 127.95 is the next upside target. Closes below the 50-day moving average crossing at 121.54 would confirm that a short-term top has been posted. First resistance is today's high crossing at 125.48. Second resistance is weekly resistance crossing at 127.95. First support is the 50-day moving average crossing at 121.54. Second support is the reaction low crossing at 120.47.   

 

March Feeder cattle closed up $1.55 at $145.45. 



March Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 149.23. If March resumes this month's decline, December's low crossing at 140.35 is the next downside target. First resistance is last-Monday's high crossing at 147.58. Second resistance is November's high crossing at 149.23. First support is Monday'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 Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 11.02 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 lower on Tuesday. The mid-range close sets the stage for a steady opening on Wednesday. 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 23.09 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 higher on Tuesday and above the 50-day moving average crossing at 12.69. The high-range close set 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. Today's close above the 50-day moving average crossing at 12.69 has opened the door for a possible test of October's high crossing at 14.24. Closes below the 10-day moving average crossing at 12.24 would confirm that a short-term top has been posted.



March cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 75.07 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.      

Comments
By metmike - Jan. 8, 2019, 6:59 p.m.
Like Reply

Thanks tallpine!