INO Evening Market Comments
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Started by tallpine - March 5, 2019, 4:27 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, March 6, 2019 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 384.8)



                       Composite Idx, W/W% (previous +5.3%)



                       Purchase Idx-SA (previous 247.0)



                       Purchase Idx-SA, W/W% (previous +6.1%)



                       Refinance Idx (previous 1133.8)



                       Refinance Idx, W/W% (previous +4.6%)



8:15 AM ET. February ADP National Employment Report



                       Private Sector Jobs, Net Chg (expected +185000; previous +213000)



8:30 AM ET. December U.S. International Trade in Goods & Services * Release

                      delayed from 5 Feb due to the partial shutdown of the U.S.

                      federal government which ended 25 January.



                       Trade Balance (USD) (expected -57.3B; previous -49.31B)



                       Exports (USD) (previous 209.87B)



                       Exports, M/M% (previous -0.6%)



                       Imports (USD) (previous 259.19B)



                       Imports, M/M% (previous -2.9%)



10:00 AM ET. February Online Help Wanted Index



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 445.865M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -8.647M)



                       Gasoline Stocks (Bbl) (previous 254.941M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -1.906M)



                       Distillate Stocks (Bbl) (previous 138.379M)



                       Distillate Stocks, Net Chg (Bbl) (previous -0.304M)



                       Refinery Usage (previous 87.1%)



                       Total Prod Supplied (Bbl/day) (previous 21.47M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.75M)



2:00 PM ET. U.S. Federal Reserve Beige Book

  

Thursday, March 7, 2019 



7:30 AM ET. February Challenger Job-Cut Report



                       Job Cuts, M/M% (previous +20.7%)



8:30 AM ET. Week En  U.S. Weekly Export Sales



                       Corn (Metric Tons) (previous 1360.4K)



                       Soybeans (Metric Tons) (previous 2196.2K)



                       Wheat (Metric Tons) (previous 537.4K)



8:30 AM ET. 4th Quarter Revised Productivity & Costs



                       Non-Farm Productivity (expected +1.6%; previous +2.3%)



                       Unit Labor Costs (expected +1.7%; previous +0.9%)



8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims



                       Jobless Claims (expected 221K; previous 225K)



                       Jobless Claims, Net Chg (previous +8K)



                       Continuing Claims (previous 1805000)



                       Continuing Claims, Net Chg (previous +79K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:30 AM ET. EIA Weekly Natural Gas Storage Report



                       Working Gas In Storage (Cbf) (previous 1539B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -166B)

                       

12:00 PM ET. February Monthly U.S. Retail Chain Store Sales Index



2:00 PM ET. SEC Closed Meeting



3:00 PM ET. January Consumer Credit



                       Consumer Credit Net Chg (USD) (expected +16.25B; previous +16.55B)



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Money Stock Measures



Friday, March 8, 2019 



8:30 AM ET. February U.S. Employment Report



                       Non-Farm Payrolls (expected +180K; previous +304K)



                       Unemployment Rate (expected 3.9%; previous 4.0%)



                       Avg Hourly Earnings (USD)  (previous 27.56)



                       Avg Hourly Earnings-Net Chg (USD) (previous +0.03)



                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.11%)



                       Avg Hourly Earnings, Y/Y% (previous 2.2%)



                       Overall Workweek (previous 34.5)



                       Overall Workweek Net Chg (previous +0)



                       Government Payrolls (previous +8K)



                       Private Payroll (previous +296K)



                       Participation Rate (previous 63.2%)



                       Non-Farm Payrolls Bench Net Chg (previous -1K)



8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits



                       Total Starts (expected 1.18M; previous 1.078M)



                       Housing Starts, M/M% (expected +9.5%; previous -11.2%)



                       Building Permits (expected 1.29M; previous 1.326M)



                       Building Permits, M/M% (expected -2.7%; previous +0.3%)



12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)



                       Corn, End Stocks (Bushels)



                       Soybeans, End Stocks (Bushels)



                       Wheat, End Stocks (Bushels)



                       Cotton, End Stocks (Bales)


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



The March NASDAQ 100 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 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 7053.65 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 7053.65. Second support is the 50-day moving average crossing at 6751.72.  



The March S&P 500 closed slightly lower on Tuesday. 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, 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 2764.36 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 2819.00. 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 2764.36. Second support is the 50-day moving average crossing at 2652.77.  



The Dow closed slightly lower on Tuesday. 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 25,692.72 are needed to confirm that a short-term top has been posted. If the Dow extends the rally off December's low, the 87% retracement level of the October-December-decline crossing at 26,282.43 is the next upside target. 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 25,692.72. Second support is the reaction low crossing at 24,883.04.



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



June T-bonds closed up 2/32's at 144-16.



June T-bonds 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 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 145-12 would confirm that a short-term low has been posted. If June extends this week's decline the 38% retracement level of the November-January-rally crossing at 144-30 is the next downside target. First resistance is February's high crossing at 146-17. Second resistance is January's high crossing at 147-31. First support is the 38% retracement level of the November-January-rally crossing at 143-10. Second support is the 50% retracement level of the November-January-rally crossing at 141-27.         



June T-notes closed up 10-pts. at 121.285.



June 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 are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 122.084 would confirm that a short-term low has been posted. If June extends the decline off January's high, the 38% retracement level of the October-December-rally crossing at 121.063 is the next downside target. First resistance is the reaction high crossing at 122.280. Second resistance is January's high crossing at 123.175. First support is the 38% retracement level of the October-December-rally crossing at 121.063. Second support is the 50% retracement level of the October-December-decline crossing at 120.150.        



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



April crude oil closed slightly higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's night session begins. 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 55.41 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 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 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 197.25 are needed to confirm that a short-term top has been posted. If April resumes 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 197.25. Second support is the 50-day moving average crossing at 187.18. 



April unleaded gas closed higher on Monday as it extends the trading range of the past two-weeks. 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, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April resumes the rally off December's low, the 50% retracement level of the October-December-decline crossing at 188.48 is the next upside target. Closes below the 20-day moving average crossing at 170.00 are needed to confirm that a short-term top has been posted. 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 20-day moving average crossing at 170.00. Second support is the 50-day moving average crossing at 162.44.



April Henry natural gas closed higher on Tuesday as it extends the rally off February'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 February's low, the 75% retracement level of the November-February decline crossing at 2.938 is the next upside target. Closes below the 20-day moving average crossing at 2.720 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2.892. Second resistance is the 75% retracement level of the November-February decline crossing at 2.938. First support is the reaction low crossing at 2.732. Second support is the reaction low crossing at 2.589.       



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



The June Dollar closed higher for the fifth-day in a row 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. If June extends the rally off February's low, February's high crossing at 96.69 is the next upside target. Closes below the 50-day moving average crossing at 95.47 would temper the near-term bullish outlook. First resistance is February's high crossing at 96.69. Second resistance is weekly resistance crossing at 97.83. First support is the 38% retracement level of the July-February-rally crossing at 95.04.Second support is the 50% retracement level of the July-February-rally crossing at 94.52.    



The June Euro 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. If June renews the decline off January's high, the 87% retracement level of the 2016-2018 rally crossing at 112.62 is the next downside target. Closes above the 50-day moving average crossing at 115.24 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 115.24. Second resistance is the reaction high crossing at 116.46. First support is February's low crossing at 113.49. Second support is the 87% retracement level of the 2016-2018 rally crossing at 112.62.     



The June British Pound closed lower for the fourth day in a row on Tuesday as it consolidates some of 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 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 1.3115 would confirm that a short-term top has been posted. If June resumes the aforementioned rally, the 50% retracement level of the April-December-2018 decline crossing at 1.3603 is the next upside target. First resistance is last-Wednesday's high crossing at 1.3422. Second resistance is the 50% retracement level of the April-December-2018 decline crossing at 1.3603. First support is the 20-day moving average crossing at 1.3115. Second support is the 50-day moving average crossing at 1.3024.   



The June 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 bearish signaling that sideways to lower prices are possible near-term. If June resumes this winter's decline, weekly support crossing at 0.9902 is the next downside target. Closes above the 50-day moving average crossing at 1.0191 is the next upside target. First resistance is the 50-day moving average crossing at 1.0191. Second resistance is the reaction high crossing at 1.0223. First support is February's low crossing at 1.0019. Second support is weekly support crossing at 0.9902.



The June Canadian Dollar closed lower on Tuesday and below the neckline of this year's head and shoulders top. 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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, December's low crossing at 74.47 is the next downside target. Closes above the 10-day moving average crossing at 75.85 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 76.46. Second resistance is February's high crossing at 76.75. First support is today's low crossing at 75.03. Second support is December's low crossing at 74.47.  



The June Japanese Yen 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, November's low crossing at 0.0893 is the next downside target. Closes above the 20-day moving average crossing at 0.0911 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 0.0915. Second resistance is the reaction high crossing at 0.0922. First support is the 87% retracement level of the November-January-rally crossing at 0.0900. Second support is November's low crossing at 0.0893.  



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



April gold closed slightly higher on Tuesday as it consolidated some of the decline off February'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, January's low crossing at 1281.50 is the next downside target. Closes above the 20-day moving average crossing at 1317.40 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1317.40. Second resistance is February's high crossing at 1349.80. First support is January's low crossing at 1281.50. Second support is the 50% retracement level of the August-February-rally crossing at 1273.20.



May silver closed higher on Tuesday as it consolidates some of the decline off February's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 62% retracement level of the November-February-rally crossing at 14.935 is the next downside target. Closes above the 20-day moving average crossing at 15.753 would confirm that a low has been posted. First resistance is February'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 62% retracement level of the November-February-rally crossing at 14.935. Second support is the 75% retracement level of the November-February-rally crossing at 14.644.         



May 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 287.50 would confirm that a short-term top has been posted. If March renews the rally, the 62% retracement level of the April-December-2018 decline crossing at 306.69 is the next upside target. 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 287.50. Second support is the 50-day moving average crossing at 276.16. 



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



May Corn closed up 1-cents at 3.75 1/2. 



May corn closed higher on Tuesday. The mid-range close sets the stage for a steady 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. Closes above the 20-day moving average crossing at 3.80 1/2 are needed to confirm that a short-term low has been posted. If May renews the decline off November's high, September's low crossing at 3.63 1/4 is the next downside target. First resistance is the 10-day moving average crossing at 3.77. Second resistance is the 20-day moving average crossing at 3.80 1/2. First support is the 10-day moving average crossing at 3.77. Second support is the 20-day moving average crossing at 3.80 1/2.  



May wheat closed up 8 1/2-cents at 4.64. 



May wheat closed higher on Tuesday as it consolidates some of the decline off February'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this winter's decline, weekly support crossing at 4.43 1/2 is the next downside target. Closes above the 20-day moving average crossing at 4.93 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.70 3/4. Second resistance is the 20-day moving average crossing at 4.93 3/4. First support is last Friday's low crossing at 4.47 1/4. Second support is weekly support crossing at 4.43 1/2.     



May Kansas City Wheat closed up 8 1/4-cents at 4.51 1/4.

 

May Kansas City wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday 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 4.74 1/4 are needed to confirm that a short-term low has been posted. If May extends the decline off December's high, weekly support crossing at 4.17 3/4 is the next downside target. First resistance is the 10-day moving average crossing at 4.51. Second resistance is the 20-day moving average crossing at 4.74 1/4. First support is last Friday's low crossing at 4.32 1/2. Second support is weekly support crossing at 4.17 3/4.  



May Minneapolis wheat closed up 3 1/2-cents at 5.55 1/2. 



May Minneapolis wheat closed higher on Tuesday as it extends the consolidation pattern of the past two-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off January's high, weekly support crossing at 5.44 1/2 is the next downside target. Closes above the reaction high crossing at 5.73 are needed to confirm that a low has been posted. 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 February's low crossing at 5.48. Second support is weekly support crossing at 5.44 1/2.    



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



May soybeans closed down 2 1/4-cents at 9.13 3/4.



May soybeans 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 9.34 1/2 are needed to temper the near-term bearish outlook. If May extends the decline off February's high, December's low crossing at 8.93 1/2 is the next downside target. First resistance is the reaction high crossing at 9.34 1/2. Second resistance is February's high crossing at 9.45. First support is last-Friday's low crossing at 9.00 1/2. Second support is December's low crossing at 8.93 1/2.  



May soybean meal closed down $0.60 at 309.90. 



May soybean meal closed slightly lower 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. Multiple closes above the 20-day moving average crossing at 310.00 are needed to confirm that a short-term low has been posted. If May resumes the decline off January's high, psychological support crossing at 300.0 is the next downside target. First resistance is the 50-day moving average crossing at 314.20. Second resistance is February's high crossing at 321.30. First support is last Friday's low crossing at 302.80. Second support is psychological support crossing at 300.00.  



May soybean oil closed down 2 pts. at 30.06. 



May soybean oil closed lower on Tuesday. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below February's low crossing at 29.94 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May resumes the rally off December's low, the 50% retracement level of the 2017-2018-decline crossing at 32.02 is the next upside target. 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 February's low crossing at 29.94. Second support is the 50-day moving average crossing at 29.66.    

 

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



April hogs closed up $0.58 at $57.90. 



April hogs closed higher on Tuesday as it extends the rally off February's low. Today's close above the 20-day moving average crossing at 57.58 confirms that a short-term low has been posted while opening the door for additional gains near-term. 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 bullish hinting that a low might be in or is near. If April extends the rally off February's low, the reaction high crossing at 61.32 is the next downside target. First resistance is the reaction high crossing at 61.32. Second resistance is the 50-day moving average crossing at 62.30. First support is February's low crossing at 52.25. Second support is weekly support crossing at 51.27.   



April cattle closed up $0.48 at 128.83. 



April cattle 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 127.12 are needed to confirm that a short-term top has been posted. If April extends the rally off November's low, weekly resistance crossing at 134.55 is the next upside target. First resistance is last Friday's high crossing at 130.45. Second resistance is weekly resistance crossing at 134.55. First support is the 50-day moving average crossing at 127.12. Second support is February's low crossing at 125.75.   

 

April Feeder cattle closed down $0.63 at $144.40. 



April Feeder cattle closed lower on Tuesday as it extended losses off last Friday's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 confirm that a short-term top has been posted. If April extends the rally off January's low, December's high crossing at 147.83 is the next upside target. First resistance is December's high crossing at 147.83. Second resistance is November's high crossing at 150.20. First support is January's low crossing at 142.63. Second support is December's low crossing at 141.30.  



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



May 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 10.16 are needed to confirm that a low has been posted. If May extends this winter's decline, weekly support crossing at 95.10 is the next downside target. 



May cocoa closed higher on Tuesday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher 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 May extends the decline off February's high, December's low crossing at 21.12 is the next downside target. Closes above the 50-day moving average crossing at 23.11 would confirm that a low has been posted.         



May sugar closed higher on Tuesday as it consolidated some of the decline off February's high. The low-range close set 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 May extends the aforementioned decline, January's low crossing at 11.82 is the next downside target. Closes above the 10-day moving average crossing at 12.89 would confirm that a low has been posted.   



May cotton 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. Today's close above the 50-day moving average crossing at 73.82 confirms 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. 

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