INO Evening Market Comments
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Started by tallpine - Jan. 18, 2019, 3:29 p.m.

KEY EVENTS TO WATCH FOR:



Monday, January 21, 2019  



11:00 AM ET. World Economic Situation and Prospects report



  N/A              U.S: Martin Luther King Day. Financial markets closed



Tuesday, January 22, 2019 



10:00 AM ET. December Existing Home Sales



                       Existing Sales (previous 5.32M)



                       Existing Sales, M/M% (previous +1.9%)



                       Unsold Homes Month's Supply (previous 3.9)



                       Median Price (USD) (previous 257700)



                       Median Home Price, Y/Y% (previous +4.2%)



The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""



The March NASDAQ 100 closed higher on Friday and above the 50% retracement level of the October-December-decline crossing at 6787.66 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, the 62% retracement level of the October-December-decline crossing at 7018.75 is the next upside target. Closes below the 20-day moving average crossing at 6436.40 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 6897.00. Second resistance is the 62% retracement level of the October-December-decline crossing at 7018.75. First support is the 20-day moving average crossing at 6436.40. Second support is the reaction low crossing at 6136.50.  



The March S&P 500 closed higher on Friday 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, the 62% retracement level of the September-December-decline crossing at 2706.38 is the next upside target. Closes below the 20-day moving average crossing at 2533.25 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 2683.00. Second resistance is the 62% retracement level of the September-December-decline crossing at 2706.38. First support is the 20-day moving average crossing at 2533.25. Second support is the reaction low crossing at 2439.00.  



The Dow closed higher on Friday as it extends the rally off December's low. Today's rally was underpinned by reports that raised hopes for progress in trade talks between the U.S. and China. Optimism over a potential bilateral deal helped to offset worries about the prolonged partial government shutdown and mixed corporate results. 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 the Dow extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 24,965.15 is the next upside target. Closes below the 20-day moving average crossing at 23,469.64 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the October-December-decline crossing at 24,965.15. Second resistance is the 75% retracement level of the October-December-decline crossing at 25,661.68. First support is the 10-day moving average crossing at 24,042.35. Second support is the 20-day moving average crossing at 23,469.58.



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



March T-bonds closed down 13/32's at 144-20.



March T-bonds closed lower on Friday as it extends the decline off January's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. If March extends the decline off January's high, the 38% retracement level of the November-January-rally crossing at 144-00 is the next downside target. Closes above Monday's high crossing at 146-11 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 146-11. Second resistance is January's high crossing at 148-27. First support is the 38% retracement level of the November-January-rally crossing at 144-30. Second support is the 50% retracement level of the November-January-rally crossing at 142-16.         



March T-notes closed down 100 points at 121-065.



March T-notes closed lower on Friday as it extends the decline off January'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 38% retracement level of the October-January-rally crossing at 120-301 is the next downside target. Closes above Monday's high crossing at 122.090 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 122.090. Second resistance is January's high crossing at 123.055. First support is the 38% retracement level of the October-December-rally crossing at 120.301. Second support is the 50% retracement level of the October-December-rally crossing at 120.071.        



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



March crude oil closed higher on Friday 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. 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, the 38% retracement level of the October-December-decline crossing at 55.55 is the next upside target. Closes below the 20-day moving average crossing at 49.03 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the October-December-decline crossing at 55.55. Second resistance is the 50% retracement level of the October-December-decline crossing at 59.53. First support is the 20-day moving average crossing at 49.03. Second support is December's low crossing at 45.13.



March heating oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are 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, the 38% retracement level of the October-December-decline crossing at 193.75 is the next upside target. Closes below the 20-day moving average crossing at 178.14 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the October-December-decline crossing at 193.75. Second resistance is the 50% retracement level of the October-December-decline crossing at 203.52 is the next upside target. First support is the 20-day moving average crossing at 178.14. Second support is December's low crossing at 162.35. 



March unleaded gas closed higher on Friday. 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 December's low, the 38% retracement level of the October-December-decline crossing at 160.10 is the next upside target. Closes below the 20-day moving average crossing at 137.05 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the October-December-decline crossing at 147.65. Second resistance is the 38% retracement level of the October-December-decline crossing at 160.10. First support is the 20-day moving average crossing at 137.05. Second support is December's low crossing at 124.24. 



March Henry natural gas closed slightly higher on Friday after early weakness failed to fill Monday's gap crossing at 3.002. 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 January's low, the 50-day moving average crossing at 3.525 is the next upside target. Closes below Monday's gap crossing at 3.002 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 3.525. Second resistance is the December 20th reaction high crossing at 3.659. First support is Monday's gap crossing at 3.002. Second support is January's low crossing at 2.771.     



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



The March Dollar closed higher on Friday and above the 20-day moving average crossing at 95.73 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 signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the reaction high crossing at 96.56 is the next upside target. Closes below Tuesday's low crossing at 95.07 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 96.08. Second resistance is the reaction high crossing at 96.56. First support is the 62% retracement level of the September-December-rally crossing at 94.54. Second support is the 75% retracement level of the September-December-rally crossing at 93.97.    



The March Euro closed lower on Friday as it extends the decline off last-Thursday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, January's low crossing at 113.78.If March resumes the rally off December's low, November's high crossing at 116.45 is the next upside target. First resistance is January's high crossing at 116.33. Second resistance is November's high crossing at 116.45. First support is January's low crossing at 113.78. Second support is December's low crossing at 113.62.      



The March British Pound closed lower on Friday as it consolidates some of Thursday'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the reaction high crossing at 1.3150 is the next upside target. Closes below Tuesday's low crossing at 1.2707 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.3150. Second resistance is November's high crossing at 1.3257. First support is January's low crossing at 1.2512. Second support is the October-2016 low crossing at 1.2384. 



The March Swiss Franc closed lower on Friday as it extends the decline off last-Thursday'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, November's low crossing at 1.0018 is the next downside target. Closes above Monday's high crossing at 1.0265 would confirm that a short-term low has been posted. First resistance is the 50% retracement level of the September-November-decline crossing at 1.0330. Second resistance is the 62% retracement level of the September-November-decline crossing at 1.0405. First support is today's low crossing at 1.0094. Second support is November's low crossing at 1.0018.



The March Canadian Dollar closed higher on Friday. 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 this month's rally, December's high crossing at 76.15 is the next upside target. Closes below the 20-day moving average crossing at 74.69 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 75.99. Second resistance is December's high crossing at 76.15. First support is the 20-day moving average crossing at 74.69. Second support is December's low crossing at 73.30.  



The March Japanese Yen closed lower on Friday and below the 20-day moving average crossing at 0.0919 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday’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 January's high, the 50-day moving average crossing at 0.0903 is the next downside target.  Closes above the 10-day moving average crossing at 0.0924 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 0.0933. Second resistance is January's high crossing at 0.0946. First support is today's low crossing at 0.0914. Second support is the 50-day moving average crossing at 0.0903.  



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



April gold closed lower on Friday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 1284.60 would confirm that a short-term top has been posted. If April resumes the rally off November's low, the 62% retracement level of the April-August-Decline crossing at 1320.10 is the next upside target. First resistance is the 62% retracement level of the April-August-Decline crossing at 1320.10. Second resistance is the 75% retracement level of the April-August-Decline crossing at 1349.50. First support is the reaction low crossing at 1284.60. Second support is the 50-day moving average crossing at 1260.10.



March silver closed lower on Friday and below the 20-day moving average crossing at 15.461 confirming that a short-term top has been posted. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50-day moving average crossing at 14.882 is the next downside target. If March renews the rally off November's low, the 50% retracement level of the 2017-2018-decline crossing at 16.279 is the next upside target. First resistance is January'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 today's low crossing at 15.380. Second support is the 50-day moving average crossing at 14.882.         



March copper closed higher on Friday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 271.46 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If March renews 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 50-day moving average crossing at 271.46. Second resistance is the reaction high crossing at 280.35. First support is January's low crossing at 254.30. Second support is the 62% retracement level of the 2016-2018-rally crossing at 251.75.



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



March Corn closed up 1 3/4-cents at 3.83. 



March corn closed fractionally higher on Friday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Tuesday's high crossing at 3.81 would confirm that a short-term low has been posted. First resistance is January's high crossing at 3.84 1/2. Second resistance is December's high crossing at 3.87 3/4. First support is Tuesday's low crossing at 3.71. Second support is Nov.'s low crossing at 3.67 1/4.  



March wheat closed unchanged at 5.17 3/4. 



March wheat closed lower on Friday. 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 lower prices are possible near-term. Closes above last-Tuesday's high crossing at 5.24 1/2 are needed to renew the rally off January's low. If March resumes the decline off December's high, psychological support crossing at 5.00 is the next downside target. First resistance is last-Tuesday's high crossing at 5.24 1/2. Second resistance is December's high crossing at 5.38 1/2. First support is January'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 5.06. 



March Kansas City wheat closed higher on Friday. The mid-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. Closes above last-Wednesday's high crossing at 5.05 1/2 are needed to confirm that a short-term low has been posted while renewing the rally off December's low. 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 December's low crossing at 4.87 1/4. Second support is November's low crossing at 4.82 1/4.  



March Minneapolis wheat closed up 2 1/4-cents at 5.74 1/4. 



March Minneapolis wheat closed higher on Friday. 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 renews the rally off December's low, December's high crossing at 5.89 1/2 is the next upside target. 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 reaction high crossing at 5.74 1/2. 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 9-cents at 9.16 3/4.



March soybeans closed higher on Friday. 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. Today's close above the 10-day moving average crossing at 9.10 has tempered the near-term bearish outlook. If March extends the aforementioned decline, December's low crossing at 8.80 1/4 is the next downside target. First resistance is January's high crossing at 9.27 3/4. Second resistance is December's high crossing at 9.41. 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 $2.50 at 314.70. 



March soybean meal closed higher on Friday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady 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 10-day moving average crossing at 315.70 would temper the bearish outlook. If March renews this month's decline, December's low crossing at 307.10 is the next downside target. First resistance is January's high crossing at 324.60. 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 up 27 pts. at 29.04. 



March soybean oil closed higher on Friday as it renewed 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. If March extends the rally off December's low, December's high crossing at 29.50 is the next upside target. Closes below the reaction low crossing at 28.08 would confirm that a short-term top has been posted. 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 $0.38 at $61.23. 



February hogs closed higher on Friday as it consolidated some of the decline off November'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off November's high, October's low crossing at 58.78 is the next downside target. Multiple closes above the 50-day moving average crossing at 63.65 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 63.65. Second resistance is the reaction high crossing at 66.80. First support is Thursday's low crossing at 59.12. Second support is October's low crossing at 58.78.    



February cattle closed down $0.58 at 126.53. 



February cattle closed lower on Friday as it consolidated some of the rally off 2018'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 remain 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 134.55 is the next upside target. Closes below the 20-day moving average crossing at 124.41 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 127.95. Second resistance is weekly resistance crossing at 134.55. First support is the 20-day moving average crossing at 124.41. Second support is the 50-day moving average crossing at 122.18.   

 

March Feeder cattle closed down $0.10 at $142.82. 



March Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI have turned 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. Closes above the 20-day moving average crossing at 144.98 would temper the near-term bearish outlook. First resistance is last-Monday's high crossing at 147.58. Second resistance is December's high crossing at 147.58. First support is January'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 Friday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 10.69 would confirm that a short-term low has been posted. If March resumes the decline off January's high, September's low crossing at 9.85 is the next downside target.              



March cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, July's high crossing at 25.96 is the next upside target. Closes below the 50-day moving average crossing at 22.63 are needed to confirm that a short-term top has been posted.      



March sugar closed higher on Friday. The high-range close set 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 this month's rally, the reaction high crossing at 13.54 is the next upside target. Closes below the 20-day moving average crossing at 12.52 would confirm that a short-term top has been posted.



March cotton closed lower on Friday. 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. If March extends this week's rally, the 50-day moving average crossing at 76.46 is the next upside target. If March resumes the decline off December's high, the 75% retracement level of the 2016-2018-rally crossing at 74.04 is the next downside target. 

Comments
By metmike - Jan. 18, 2019, 11:43 p.m.
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Thanks very much tallpine!