KEY EVENTS TO WATCH FOR:
Wednesday, January 30, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 400.6)
Composite Idx, W/W% (previous -2.7%)
Purchase Idx-SA (previous 272.5)
Purchase Idx-SA, W/W% (previous -2.2%)
Refinance Idx (previous 1110.5)
Refinance Idx, W/W% (previous -5.3%)
8:15 AM ET. January ADP National Employment Report
Private Sector Jobs, Net Chg (expected +183000; previous +271000)
8:30 AM ET. U.S. Department of the Treasury's quarterly refundingannouncement
8:30 AM ET. 4th Quarter Advance estimate GDP * The release date for this data may be
changed following the end of the partial U.S. Govt shutdown on 25 January
Annual Rate, Q/Q% (expected +2.7%; previous +3.4%)
Chain-Weighted Price Idx, Q/Q% (expected +1.9%; previous +1.8%)
PCE Price Idx, Q/Q% (previous +1.6%)
Purchase Price Idx, Q/Q% (previous +1.8%)
Real Final Sales 1st Est, Q/Q% (previous +1.0%)
Core PCE Price Idx, Q/Q% (previous +1.6%)
Personal Consumption, Q/Q% (previous +3.5%)
10:00 AM ET. December Metropolitan Area Employment & Unemployment
10:00 AM ET. December Pending Home Sales Index
Pending Home Sales (previous 101.4)
Pending Home Sales Idx, M/M% (expected +0.5%; previous -0.7%)
Pending Home Sales Idx , Y/Y% (previous -7.7%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 445.025M)
Crude Oil Stocks, Net Chg (Bbl) (previous +7.97M)
Gasoline Stocks (Bbl) (previous 259.615M)
Gasoline Stocks, Net Chg (Bbl) (previous +4.05M)
Distillate Stocks (Bbl) (previous 142.392M)
Distillate Stocks, Net Chg (Bbl) (previous -0.617M)
Refinery Usage (previous 92.9%)
Total Prod Supplied (Bbl/day) (previous 21.46M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.596M)
2:00 PM ET. U.S. interest rate decision
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 2.50)
Fed Funds Rate-Range Low (previous 2.25)
FOMC Vote For Action (previous 10)
FOMC Vote Against Action (previous 0)
Discount Rate (previous 3.00)
Discount Rate Change (Pts) (previous +0.25)
Discount Rate-Range High
Discount Rate-Range Low
N/A Latest U.S.-China trade talks
N/A Planning for Shifting Trade event
Thursday, January 31, 2019
7:30 AM ET. January Challenger Job-Cut Report
Job Cuts, M/M% (previous -17.3%)
8:30 AM ET. 4th Quarter Employment Cost Index
ECI, Q/Q% (expected +0.8%; previous +0.8%)
ECI, Y/Y% (previous +2.8%)
8:30 AM ET. U.S. Weekly Export Sales * The release date for this data may
be changed following the end of the partial U.S. Govt shutdown on 25 January
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
8:30 AM ET. December Personal Income & Outlays * The release date for this data
may be changed following the end of the partial U.S. Govt shutdown on 25 January
Personal Income, M/M% (expected +0.5%; previous +0.2%)
Consumer Spending, M/M% (expected +0.3%; previous +0.4%)
PCE Price Idx, M/M% (previous +0.1%)
PCE Price Idx, Y/Y% (previous +1.8%)
PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)
PCE Core Price Idx, Y/Y% (expected +1.9%; previous +1.9%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 215K; previous 199K)
Jobless Claims, Net Chg (previous -13K)
Continuing Claims (previous 1713000)
Continuing Claims, Net Chg (previous -24K)
9:45 AM ET. January ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 61.4; previous 65.4)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2370B)
Working Gas In Storage, Net Chg (Cbf) (previous -163B)
3:00 PM ET. January Agricultural Prices * The release date for this data may be
changed following the end of the partial U.S. Govt shutdown on 25 January
Farm Prices, M/M%
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
Friday, February 1, 2019
8:30 AM ET. January U.S. Employment Report
Non-Farm Payrolls (expected +170K; previous +312K)
Unemployment Rate (expected 3.9%; previous 3.9%)
Avg Hourly Earnings (USD) (previous 27.48)
Avg Hourly Earnings-Net Chg (USD) (previous +0.11)
Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.4%)
Avg Hourly Earnings, Y/Y% (previous +3.2%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg (previous +0.1)
Government Payrolls (previous +11K)
Private Payroll (previous +301K)
Participation Rate (previous 63.1%)
Non-Farm Payrolls Bench Net Chg
9:45 AM ET. January US Manufacturing PMI
PMI, Mfg (expected 54.8; previous 53.8)
10:00 AM ET. January University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 91.0; previous 98.3)
End-Mo Expectations Idx (previous 87.0)
12-Month Inflation Forecast (previous 2.7%)
5-Year Inflation Forecast (previous 2.5%)
End-Mo Current Idx (previous 116.1)
10:00 AM ET. December Construction Spending - Construction Put in Place * The
release date for this data may be changed following the end
of the partial U.S. Govt shutdown on 25 January
New Construction (expected +0.5%)
Residential Construction
10:00 AM ET. January ISM Manufacturing Report on Business
Manufacturing PMI (expected 54.0; previous 54.1)
Prices Idx (previous 54.9)
Employment Idx (previous 56.2)
Inventories (previous 51.2)
New Orders Idx (previous 51.1)
Production Idx (previous 54.3)
11:00 AM ET. January Global Manufacturing PMI
PMI, Mfg (previous 51.5)
4:00 AM ET. January Domestic Auto Industry Sales
Auto Sales Annualized (expected 17.2M; previous 17.55M)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 6585.19 are needed to confirm that a short-term top has been posted. If March renews the rally off December's low, the 62% retracement level of the October-December-decline crossing at 7023.35 is the next upside target. First resistance is the reaction high crossing at 6897.00. Second resistance is the 62% retracement level of the October-December-decline crossing at 7023.35. First support is the 20-day moving average crossing at 6585.19. Second support is the reaction low crossing at 6136.50.
The March S&P 500 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2591.61 would confirm that a short-term top has been posted. If March resumes the rally off December's low, the 62% retracement level of the September-December-decline crossing at 2706.38 is the next upside target. 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 2591.61. Second support is the reaction low crossing at 2439.00.
The Dow closed higher on Tuesday but failed to fill Monday's gap crossing at 24,676.75 leaving a one-day island top on the daily chart. Stocks struggled for direction today as investors muled through a fresh batch of earnings reports and awaited clarity from the Federal Reserve on its monetary policy plans. Latest developments on the ongoing U.S.-China trade war were also on the radar.Stochastics and the RSI are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 24,031.33 would confirm that a short-term top has been posted. 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. 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 50-day moving average crossing at 24,184.91. Second support is the 20-day moving average crossing at 24,031.33.
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March T-bonds closed up 17/32's at 145-20.
March T-bonds 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 146-11 are needed to confirm that a short-term low has been posted. If March resumes the decline off January's high, the 38% retracement level of the November-January-rally crossing at 144-00 is the next downside target. First resistance is the reaction 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 up 90 points at 121-250.
March T-notes 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 122.090 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the 38% retracement level of the October-January-rally crossing at 120-301 is the next downside target. First resistance is the reaction 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-day moving average crossing at 120.253.
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March crude oil closed higher on Tuesday while extending the trading range of the past three-weeks. Today's rally was underpinned by news thatthe U.S. Treasury unveiled sanctions on Venezuela’s state-owned oil firm, Petróleos de Venezuela SA.The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins. 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 51.24 would confirm that a short-term top has been posted. If March renews the rally off December's low, the 38% retracement level of the October-December-decline crossing at 55.55 is the next upside target. 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 51.24. Second support is December's low crossing at 45.13.
March heating oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that short-term top might be in or is near. Closes below the 20-day moving average crossing at 183.74 would confirm that a short-term top has been posted. If March renews the rally off December's low, the 38% retracement level of the October-December-decline crossing at 193.75 is the next upside target. 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 183.74. Second support is December's low crossing at 162.35.
March unleaded gas closed higher on Tuesday but remains below the 20-day moving average crossing at 139.54 confirming that a short-term top has been posted. 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 bearish signaling that sideways to lower prices are possible near-term. If March extends Monday's decline, December's low crossing at 124.24 is the next downside target. If March renews the rally off December's low, the 38% retracement level of the October-December-decline crossing at 160.10 is the next upside target. 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 Monday's low crossing at 134.13. Second support is December's low crossing at 124.24.
March Henry natural 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 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 2.771 is the next downside target. Closes above last-Friday's high crossing at 3.090 would confirm that a short-term low has been posted. First resistance is January's high crossing at 3.406. Second resistance is the 50-day moving average crossing at 3.465. First support is today's low crossing at 2.802. Second support is January's low crossing at 2.771.
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The March Dollar closed higher on Tuesday as it consolidates some of the decline off last-Thursday's 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, January's low crossing at 94.63 is the next downside target. Closes above the 10-day moving average crossing at 95.78 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 96.56. Second resistance is December's high crossing at 97.20. 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 slightly higher on Tuesday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish hinting that a short-term low has been posted. Closes above the 20-day moving average crossing at 114.78 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the 87% retracement level of the 2016-2018 rally crossing at 111.94 is the next downside target.First resistance is January's high crossing at 116.33. Second resistance is October's high crossing at 117.70. First support is last-Thursday's low crossing at 113.38. Second support is the 87% retracement level of the 2016-2018 rally crossing at 111.94.
The March British Pound closed lower on Tuesday as it consolidates some of the rally off January'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 January's low, October's high crossing at 1.3356 is the next upside target. Closes below the 20-day moving average crossing at 1.2921 would confirm that a short-term top has been posted. First resistance is November's high crossing at 1.3257. Second resistance is October's high crossing at 1.3356. First support is the 10-day moving average crossing at 1.3050. Second support is the 20-day moving average crossing at 1.2921.
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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews this month's decline, November's low crossing at 1.0018 is the next downside target. Closes above the 20-day moving average crossing at 1.0184 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0178. Second resistance is the 50% retracement level of the September-November-decline crossing at 1.0330. First support is last-Thursday's low crossing at 1.0061. Second support is November's low crossing at 1.0018.
The March Canadian Dollar 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 75.15 would confirm that a short-term top has been posted. If March renews this month's rally, the 62% retracement level of the October-December-decline crossing at 76.49 is the next upside target. First resistance is January's high crossing at 75.99. Second resistance isthe 62% retracement level of the October-December-decline crossing at 76.49. First support is the 20-day moving average crossing at 75.15. Second support is December's low crossing at 73.30.
The March Japanese Yen closed unchanged 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 0.0922 would confirm that a short-term low has been posted. If March extends the decline off January's high, the 50-day moving average crossing at 0.0906 is the next downside target. First resistance is the reaction high crossing at 0.0933. Second resistance is January's high crossing at 0.0946. First support is last-Wednesday's low crossing at 0.0913. Second support is the 50-day moving average crossing at 0.0906.
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April gold closed higher on Tuesday as it extends the rally off September'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 62% retracement level of the April-August-Decline crossing at 1320.10 is the next upside target. Closes below last-Thursday's low crossing at 1281.50 would confirm that a short-term top has been posted. 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 last-Thursday's low crossing at 1281.50. Second support is the 50-day moving average crossing at 1269.00.
March silver closed higher on Tuesday. 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. 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. Closes below last-Tuesday's low crossing at 15.195 would confirm that a short-term top has been posted. 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 last-Tuesday's low crossing at 15.195. Second support is the 50-day moving average crossing at 15.032.
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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally, the reaction high crossing at 280.35 is the next upside target. Closes below the reaction low crossing at 261.65 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the reaction high crossing at 280.35. Second resistance is January's high crossing at 285.80. 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.
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March Corn closed down 2-cents at 3.77 3/4.
March corn closed lower on Tuesday as another day of light trading volume and a lack of fresh news dominated today's market action. Trading is likely to remain choppy ahead of the February supply-demand report, which will include all of the data and grain stocks reports that were to be released in January but were not due to government shut down. 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 turning neutral signaling that sideways trading is likely near-term. Closes above January's high crossing at 3.84 1/2 are needed to confirm that a short-term low has been posted. Closes below January's low crossing at 3.71 would open the door for additional weakness and a possible test of November's low crossing at 3.67 1/4. 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 January's low crossing at 3.71. Second support is November's low crossing at 3.67 1/4.
March wheat closed down 5-cents at 5.13 3/4.
March wheat 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 5.08 would confirm that a short-term top has been posted. If March extends the rally off January's low, December's high crossing at 5.38 1/2 is the next upside target. First resistance is December's high crossing at 5.38 1/2. Second resistance is October's high crossing at 5.46 1/2. First support is the reaction low crossing at 5.08. Second support is January's low crossing at 5.01 1/4.
March Kansas City Wheat closed down 6 1/2-cents at 5.00 1/4.
March Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 4.92 1/4 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, December's high crossing at 5.24 1/2 is the next upside 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 down 5 3/4-cents at 5.68 1/4.
March Minneapolis wheat 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 have turned neutral to bearish hinting that a short-term top might be in or is near. Closes below the reaction low crossing at 5.61 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, December's high crossing at 5.89 1/2 is the next upside target. First resistance is December's high crossing at 5.89 1/2. Second resistance is November's high crossing at 5.93. First support is the reaction low crossing at 5.61. Second support is December's low crossing at 5.44 1/2.
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March soybeans closed down 3 3/4-cents at 9.19 1/2.
March soybeans closed lower on Tuesday. The latest weekly export inspections data from USDA, released Monday morning and covering the week ending January 24, show corn, soybean and wheat totals all lower week-over-week. However, China is at the top for inspections for a second-straight week. Soybean export inspections were 34.2 million bushels last week, down from the prior week’s total of 41.6 million bushels and below trade estimates that ranged between 36 million and 51 million bushels. The weekly rate needed to match USDA forecasts increased slightly, to 35.9 million bushels. Marketing year-to-date totals of 752 million bushels continue to lose pace with 2017/18’s pace of 1.228 billion bushels.The mid-range close sets the stage for a steady 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 renews the rally off December's low, December's high crossing at 9.41 is the next upside target. Close below January's low crossing at 8.91 1/4 would temper the bullish outlook. 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 January's low crossing at 8.91 1/4. Second support is December's low crossing at 8.80 1/4.
March soybean meal closed down $0.40 at 311.80.
March soybean meal 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews this month's decline, December's low crossing at 307.10 is the next downside target. Closes above the reaction high crossing at 316.50 would temper the bearish outlook. 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 down 19 pts. at 30.11.
March soybean oil posted an inside day with a lower close on Tuesday as it consolidated 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 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 30.50 is the next upside target. Closes below the 20-day moving average crossing at 28.81 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 30.32. Second resistance is October's high crossing at 30.50. First support is the 10-day moving average crossing at 29.26. Second support is the 20-day moving average crossing at 28.81.
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April hogs closed up $0.23 at $62.55.
April hogs closed higher on Tuesday as it consolidates some of the decline off November's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off November's high, the 87% retracement level of the July-November-rally crossing at 59.81 is the next downside target. Closes above the reaction high crossing at 67.40 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 65.76. Second resistance is the reaction high crossing at 67.40. First support is the 75% retracement level of the July-November-rally crossing at 61.69. Second support is the 87% retracement level of the July-November-rally crossing at 59.81.
April cattle closed up $0.43 at 127.80.
April cattle closed higher on Tuesday. 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 April extends the rally off November's low, weekly resistance crossing at 134.55 is the next upside target. Closes below the 50-day moving average crossing at 124.69 would confirm that a short-term top has been posted. First resistance is today's high crossing at 127.90. Second resistance is weekly resistance crossing at 134.55. First support is last-Wednesday's crossing at 125.48. Second support is the 50-day moving average crossing at 124.69.
March Feeder cattle closed down $0.10 at $144.25.
March Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 144.40 would temper the near-term bearish outlook. If March resumes this month's decline, December's low crossing at 140.35 is the next downside target. First resistance is the reaction high crossing at 146.47. Second resistance is December's high crossing at 147.58. First support is last-Tuesday's low crossing at 141.20. Second support is December's low crossing at 140.35.
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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 bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 10.04 would temper the near-term bearish outlook. Closes above the 50-day moving average crossing at 10.54 would confirm that a short-term low has been posted.
March cocoa closed lower on Tuesday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening on Wednesday. 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, December's low crossing at 20.95 is the next downside target. Closes above the reaction high crossing at 23.68 would confirm that a short-term low has been posted.
March sugar posted an inside day with a lower close on Tuesday. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-Friday's decline, January's low crossing at 11.69 is the next downside target. If March renews this month's rally, the reaction high crossing at 13.54 is the next upside target.
March cotton closed higher on Tuesday while extending that trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 January's low, the 50-day moving average crossing at 75.80 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.