KEY EVENTS TO WATCH FOR:
Tuesday, February 26, 2019
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +0.5%)
Chain Store Sales, M/M% (previous +2.7%)
8:30 AM ET. December New Residential Construction - Housing Starts and Building
Permits * Release delayed from 17 Jan due to the partial
shutdown of the U.S. federal government which ended 25 January
Total Starts (expected 1.24M; previous 1.256M)
Housing Starts, M/M% (expected -1.3%; previous +3.2%)
Building Permits (expected 1.29M; previous 1.328M)
Building Permits, M/M% (expected -2.9%; previous +5.0%)
8:30 AM ET. 3rd Quarter GDP by State * Release delayed from 29 Jan due to the partial
shutdown of the U.S. federal government which ended 25 January
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -1.5%)
Ret Sales Mo-to-Date, Y/Y% (previous +5.0%)
Latest Wk, Y/Y% (previous +5.4%)
9:00 AM ET. December S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous -0.1%)
10-City Idx, Y/Y% (previous +4.3%)
20-City Idx, M/M% (previous -0.1%)
20-City Idx, Y/Y% (previous +4.7%)
National Idx, M/M% (previous +0.1%)
National Idx, Y/Y% (previous +5.2%)
9:00 AM ET. 4th Quarter U.S. Quarterly House Price Index
9:00 AM ET. December U.S. Monthly House Price Index
10:00 AM ET. February Consumer Confidence Index
Cons Conf Idx (expected 123.3; previous 120.2)
Expectation Idx (previous 87.3)
Present Situation Idx (previous 169.6)
10:00 AM ET. February Richmond Fed Business Activity Survey
Mfg Idx (previous -2)
Shipments Idx (previous -8)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +1.255M)
Gasoline Stocks, Net Chg (Bbls) (previous -1.6M)
Distillate Stocks, Net Chg (Bbls) (previous -758000.0M)
Wednesday, February 27, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 365.3)
Composite Idx, W/W% (previous +3.6%)
Purchase Idx-SA (previous 232.7)
Purchase Idx-SA, W/W% (previous +1.7%)
Refinance Idx (previous 1084.4)
Refinance Idx, W/W% (previous +6.4%)
8:30 AM ET. December Advance Economic Indicators Report * Release delayed from 29
Jan due to the partial shutdown of the U.S. federal government which ended
25 January
10:00 AM ET. December Manufacturers' Shipments, Inventories & Orders (M3) * Release
delayed from 4 Feb due to the partial shutdown of the U.S. federal government
which ended 25 January
Total Orders, M/M% (expected +0.8%; previous -0.6%)
Orders, Ex-Defense, M/M% (previous -1.1%)
Orders, Ex-Transport, M/M% (previous 1.3%)
Durable Goods, M/M% (previous +0.8%)
Durable Goods, M/M% (previous +0.7%)
10:00 AM ET. January Pending Home Sales Index
Pending Home Sales (previous 99.0)
Pending Home Sales Idx, M/M% (expected +0.7%; previous -2.2%)
Pending Home Sales Idx , Y/Y% (previous -9.8%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 454.512M)
Crude Oil Stocks, Net Chg (Bbl) (previous +3.672M)
Gasoline Stocks (Bbl) (previous 256.847M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.454M)
Distillate Stocks (Bbl) (previous 138.683M)
Distillate Stocks, Net Chg (Bbl) (previous -1.517M)
Refinery Usage (previous 85.9%)
Total Prod Supplied (Bbl/day) (previous 20.72M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.606M)
Thursday, February 28, 2019
8:30 AM ET. Week En U.S. Weekly Export Sales
Corn (Metric Tons) (previous 6085.7K)
Soybeans (Metric Tons) (previous 6910.3K)
Wheat (Metric Tons) (previous 3818.9K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 221K; previous 216K)
Jobless Claims, Net Chg (previous -23K)
Continuing Claims (previous 1725000)
Continuing Claims, Net Chg (previous -55K)
8:30 AM ET. 4th Quarter Initial GDP * This 'initial' report takes the place of two
previously scheduled estimates of Q4 GDP - the advance estimate
originally set for 30 Jan and the second estimate that would normally
be released 28 Feb - following the partial shutdown of the U.S
Annual Rate, Q/Q% (previous +2.2%)
Chain-Weighted Price Idx, Q/Q% (previous +1.9%)
Corporate Profits, Q/Q% (previous 0.9%)
PCE Price Idx, Q/Q%
Purchase Price Idx, Q/Q%
Real Final Sales, Q/Q%
Core PCE Price Idx, Q/Q%
Consumer Spending, Q/Q%
9:45 AM ET. February ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 56.8; previous 56.7)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. 4th Quarter U.S. Housing Vacancies * Release delayed from 29 Jan due to
the partial shutdown of the U.S. federal government which ended 25 Jan.
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1705B)
Working Gas In Storage, Net Chg (Cbf) (previous -177B)
11:00 AM ET. February Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 2)
6-Mo Exp Prod Idx (previous 33)
Mfg Composite Idx (previous 18)
6-Mo Exp Composite Idx (previous 18)
2:00 PM ET. SEC Closed Meeting
3:00 PM ET. January Agricultural Prices
Farm Prices, M/M% (previous +1.8%)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 closed higher on Monday as it extends the rally off December's low. 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 75% retracement level of the September-December-decline crossing at 7280.27 is the next upside target. Closes below the 20-day moving average crossing at 6962.68 are needed to confirm that a short-term top has been posted. First resistance is December's high crossing at 7169.00. Second resistance is the 75% retracement level of the October-December-decline crossing at 7280.27. First support is the 20-day moving average crossing at 6962.68. Second support is the 50-day moving average crossing at 6685.25.
The March S&P 500 closed higher 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 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 87% retracement level of the September-December-decline crossing at 2865.28 is the next upside target. Closes below the 20-day moving average crossing at 2738.41 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2813.20. Second resistance is the 87% retracement level of the September-December-decline crossing at 2865.28. First support is the 20-day moving average crossing at 2738.41. Second support is the 50-day moving average crossing at 2626.93.
The Dow gapped up closed higher on Monday as it extends the rally off December'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 the Dow extends the rally off December's low, the 87% retracement level of the October-December-decline crossing at 26,282.97 is the next upside target. Closes below the 20-day moving average crossing at 25,386.58 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at 26,282.97. Second resistance is the October 2018 high crossing at 26,951.81. First support is the 20-day moving average crossing at 25,386.58. Second support is the reaction low crossing at 24,883.04.
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March T-bonds closed down 7/32's at 146-04.
March T-bonds closed lower on Monday as they extend this month's trading range. 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 possible near-term. Closes below the reaction low crossing at 144-29 would confirm a downside breakout of the aforementioned trading range. Closes above the reaction high crossing at 147-05 would open the door for a possible test of January's high crossing at 148-27.First resistance is the reaction high crossing at 147-05. 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 20 points at 122.025.
March T-notes closed lower on Monday as it extends this month's trading range. The mid-range close sets the stage for a steady 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 121.190 would confirm a downside breakout of the aforementioned trading range. Closes above the reaction high crossing at 122.190 would renew the rally off January's low while opening the door for a possible test of January's high crossing at 123.055. First resistance is the reaction high crossing at 122.190. 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-decline crossing at 120.071.
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April crude oil closed sharply lower on Monday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. 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 54.93 are needed to confirm that a short-term top has been posted. If April extends the rally off December's low, the 50% retracement level of the October-December-decline crossing at 59.51 is the next upside target. First resistance is the 50% retracement level of the October-December-decline crossing at 59.51. Second resistance is the 62% retracement level of the October-December-decline crossing at 63.44. First support is the reaction low crossing at 51.62. Second support is December's low crossing at 43.00.
April heating oil closed sharply lower on Monday. 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 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 194.21 would confirm that a short-term top has been posted. If April extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 212.17 is the next upside target. First resistance is the 50% retracement level of the October-December-decline crossing at 202.41. Second resistance is the 62% retracement level of the October-December-decline crossing at 212.17. First support is the 20-day moving average crossing at 194.21. Second support is the 50-day moving average crossing at 184.89.
April unleaded gas closed sharply 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 166.38 would confirm that a short-term top has been posted. If April extends the rally off December's low, the November 16th reaction high crossing at 182.49 is the next upside target. First resistance is the 38% retracement level of the October-December-decline crossing at 177.50. Second resistance is the 50% retracement level of the October-December-decline crossing at 188.48. First support is the reaction low crossing at 155.13. Second support is December's low crossing at 142.54.
April Henry natural gas closed sharply higher on Monday and above the December-January downtrend line thereby 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, the 62% retracement level of the November-February decline crossing at 2.872 is the next upside target. Closes below the 10-day moving average crossing at 2.687 confirms that a short-term low has been posted. First resistance is today's high crossing at 2.821. Second resistance isthe 62% retracement level of the November-February decline crossing at 2.872. First support is February's low crossing at 2.565. Second support is the May 2018 low crossing at 2.523.
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The March Dollar 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 96.21 are needed to confirm that a short-term top has been posted.If March resumes the rally off January's low, weekly resistance crossing at 97.83 is the next upside target. First resistance is February's high crossing at 97.23. Second resistance is weekly resistance crossing at 97.83. First support is the 20-day moving average crossing at 96.21. Second support is the 50-day moving average crossing at 96.00.
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 neutral to bullish signaling that sideways to higher prices are possible near-term.Closes above the 50-day moving average crossing at 114.41 would 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 the 50-day moving average crossing at 114.41. Second resistance is the reaction high crossing at 115.57. First support is February's low crossing at 112.61. Second support is the 87% retracement level of the 2016-2018 rally crossing at 111.94.
The March British Pound closed higher on Monday as it extends the rally off February'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 aforementioned rally, January's high crossing at 1.3252 is the next upside target. Closes below the 50-day moving average crossing at 1.2903 would confirm that a short-term top has been posted. First resistance is January's high crossing at 1.3252. Second resistance is October's high crossing at 1.3356. First support is February's low crossing at 1.2791. Second support is the reaction low crossing at 1.2707.
The March Swiss Franc 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 1.0021 would confirm that a short-term low has been posted. If March resumes this winter's decline, weekly support crossing at 0.9902 is the next downside target. First resistance is the 20-day moving average crossing at 1.0021. Second resistance is the 50-day moving average crossing at 1.0114. First support is February's low crossing at 0.9930. Second support is weekly support crossing at 0.9902.
The March Canadian Dollar 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. If March extends the rally off February's low, January's high crossing at 76.95 is the next upside target. Closes below the 50-day moving average crossing at 75.17 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the October-December-decline crossing at 76.49. Second resistance is the 75% retracement level of the October-December-decline crossing at 77.18. First support is the 50-day moving average crossing at 75.17. Second support is the reaction low crossing at 74.85.
The March Japanese Yen closed lower on Monday and tested the 75% retracement level of the November-January-rally crossing at 0.0900. 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 the decline off January's high, the 75% retracement level of the November-January-rally crossing at 0.0900 is the next downside target. Closes above the 20-day moving average crossing at 0.0910 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 0.0925. Second resistance is the reaction high crossing at 0.0933. First support is the 75% retracement level of the November-January-rally crossing at 0.0900. Second support is the 87% retracement level of the November-January-rally crossing at 0.0892.
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April gold closed lower on Monday. The mid-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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1322.30 are needed to confirm that a short-term top has been posted. If April resumes the rally off November's low, the 87% retracement level of the April-August-decline crossing at 1376.20. First resistance is the 75% retracement level of the April-August-decline crossing at 1349.50. Second resistance is the 87% retracement level of the April-August-decline crossing at 1376.20. First support is the 20-day moving average crossing at 1322.30. Second support is the 50-day moving average crossing at 1299.90.
May silver closed lower on Monday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 15.516 would confirm that a short-term top has been posted. If May extends the rally off November's low, the 50% retracement level of the 2017-2018-decline crossing at 16.355 is the next upside target. First resistance is last-Wednesday's high crossing at 16.295. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.355. First support is the 50-day moving average crossing at 15.516. Second support is January's low crossing at 15.280.
May copper closed slightly higher on Monday as it extends the rally off January'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. If March extends the rally, the 62% retracement level of the April-December-2018 decline crossing at 306.69 is the next upside target. Closes below the 20-day moving average crossing at 283.00 would confirm that a short-term top has been posted. First resistance the 50% retracement level of the April-December-2018 decline crossing at 296.76. Second resistance is the 62% retracement level of the April-December-2018 decline crossing at 306.69. First support is the 20-day moving average crossing at 283.00. Second support is the 50-day moving average crossing at 273.78.
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May Corn closed up 4 1/4-cents at 3.80 1/4.
May corn closed lower on Monday due to spillover weakness from the sharp sell off in Wheat. The low-range close sets the stage for a steady to lower opening when Tuesday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off November's high, November's low crossing at 3.75 is the next downside targets. Closes above the 50-day moving average crossing at 3.86 are needed to confirm that a short-term low has been posted. First resistance is January's high crossing at 3.92 1/4. Second resistance is December's high crossing at 3.95. First support is last-Tuesday's low crossing at 3.77. Second support is November's low crossing at 3.75.
May wheat closed down 19 1/4-cents at 4.72 1/2.
May wheat closed sharply lower on Monday as concerns continue to grow that exports this marketing year won’t be able to match USDA forecasts. 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 May extends this month's decline, weekly support crossing at 4.66 3/4 is the next downside target. Closes above the 20-day moving average crossing at 5.12 1/2 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 5.24. Second resistance is February's high crossing at 5.31 1/4. First support is today's low crossing at 4.72 1/4. Second support is weekly support crossing at 4.66 3/4.
May Kansas City Wheat closed down 15 3/4-cents at 4.50 1/4.
May Kansas City wheat closed lower on Monday as it extends this month's decline. 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 Monday night session begins trading. If May extends this month's decline, weekly support crossing at 4.42 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.94 3/4 are needed to confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 4.77 1/2. Second resistance is the 20-day moving average crossing at 4.94 3/4. First support is today's low crossing at 4.50 1/4. Second support is weekly support crossing at 4.42 3/4.
May Minneapolis wheat closed down 11 1/2-cents at 5.53.
May 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 5.77 1/4 are needed to confirm that a low has been posted. If May renews this month's decline, weekly support crossing at 5.44 1/2 is the next downside target. First resistance is January's high crossing at 5.83 3/4. Second resistance is December's high crossing at 5.93 3/4. First support is last-Wednesday's low crossing at 5.48. Second support is weekly support crossing at 5.44 1/2.
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May soybeans closed up a 1/4-cent at 9.24.
May soybeans closed fractionally higher on Monday after China agreed ed to purchase some 10 million metric tons of US soybeans during the current marketing year. However, today's sharp sell off in wheat erased early-session gains and 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 reaction high crossing at 9.34 1/4 are needed to temper the near-term bearish outlook. If March extends the decline off February's high, January's low crossing at 9.04 3/4 is the next downside target. First resistance is February's high crossing at 9.45. Second resistance is December's high crossing at 9.53. First support is January's low crossing at 9.04 3/4. Second support is December's low crossing at 8.93 1/2.
May soybean meal closed down $0.20 at 309.20.
May soybean meal 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 turning neutral to bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 312.10 would temper the bearish outlook. If May extends the decline off January's high, September's low crossing at 303.70 is the next downside target. First resistance is the reaction high crossing at 321.30. Second resistance is January's high crossing at 327.90. First support is last-Tuesday's low crossing at 306.60. Second support is September's low crossing at 303.70.
May soybean oil closed down 18 pts. at 30.67.
May soybean oil 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. If May extends the rally off December's low, the 50% retracement level of the 2017-2018-decline crossing at 32.02 is the next upside target. Closes below last-Wednesday's low crossing at 29.94 would confirm that a short-term top has been posted. First resistance is February's high crossing at 31.32. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 32.02. First support is last-Wednesday's low crossing at 29.94. Second support is the 50-day moving average crossing at 29.52.
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April hogs closed down $1.55 at $53.90.
April hogs gapped down and closed lower on Monday. 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 hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 59.16 are needed to confirm that a short-term low has been posted. If April extends the decline off November's high, weekly support crossing at 51.27 is the next downside target. First resistance is the 20-day moving average crossing at 59.16. Second resistance is the reaction high crossing at 63.33. First support is last-Wednesday's low crossing at 52.25. Second support is weekly support crossing at 51.27.
April cattle closed up $0.35 at 129.23.
April cattle closed higher 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 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 126.53 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 128.60. Second resistance is weekly resistance crossing at 134.55. First support is the 50-day moving average crossing at 126.53. Second support is February's low crossing at 125.75.
April Feeder cattle closed up $0.35 at $145.65.
April Feeder cattle closed higher on Monday. The mid-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. Closes below the reaction low crossing at 144.37 would open the door for a possible test of January's low crossing at 142.63. Closes above the reaction high crossing at 146.88 would temper the bearish outlook. First resistance is the reaction high crossing at 146.88. Second resistance is December's high crossing at 147.83. First support is January's low crossing at 142.63. Second support is December's low crossing at 141.30.
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May coffee closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, weekly support crossing at 95.10 is the next downside target. Closes above the 20-day moving average crossing at 10.42 are needed to confirm that a low has been posted.
May cocoa 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 bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 22.67 confirms that a short-term top has been posted while opening the door for a possible test of January's low crossing at 22.03. If May resumes the rally off January's low, the December high crossing at 24.64 is the next upside target.
May sugar closed lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 12.74 would confirm that a short-term top has been posted. If May extends this month's rally, October's high crossing at 14.29 is the next upside target.
May cotton closed slightly higher 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 74.63 would confirm that a short-term low has been posted. If May renews the decline off December's high, the 87% retracement level of the 2016-2018-rally crossing at 68.36 is the next downside target.
Thanks again tallpine!