KEY EVENTS TO WATCH FOR:
Wednesday, March 13, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 375.3)
Composite Idx, W/W% (previous -2.5%)
Purchase Idx-SA (previous 240.5)
Purchase Idx-SA, W/W% (previous -2.6%)
Refinance Idx (previous 1110.9)
Refinance Idx, W/W% (previous -2.0%)
8:30 AM ET. February PPI
PPI, M/M% (previous -0.1%)
Ex-Food & Energy PPI, M/M% (previous +0.3%)
Personal Consumption (previous -0.1%)
8:30 AM ET. January Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +1.2%)
Dur Goods, Ex-Defense, M/M% (previous +1.8%)
Dur Goods, Ex-Transport, M/M% (previous +1.5%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.7%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.5%)
10:00 AM ET. 4th Quarter Quarterly Retail E-Commerce Sales * Release delayed from 20
Feb due to the partial shutdown of the U.S. federal government which ended 25 Jan.
10:00 AM ET. January Construction Spending - Construction Put in Place
New Construction (previous -0.6%)
Residential Construction
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 452.934M)
Crude Oil Stocks, Net Chg (Bbl) (previous +7.069M)
Gasoline Stocks (Bbl) (previous 250.714M)
Gasoline Stocks, Net Chg (Bbl) (previous -4.227M)
Distillate Stocks (Bbl) (previous 135.986M)
Distillate Stocks, Net Chg (Bbl) (previous -2.393M)
Refinery Usage (previous 87.5%)
Total Prod Supplied (Bbl/day) (previous 20.49M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.98M)
Thursday, March 14, 2019
8:30 AM ET. Week En U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1250.6K)
Soybeans (Metric Tons) (previous 383.4K)
Wheat (Metric Tons) (previous 826.8K)
8:30 AM ET. February Import & Export Price Indexes
Import Prices (previous -0.5%)
Non-Petroleum Prices (previous -0.7%)
Petroleum Prices (previous -0.1%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 223K)
Jobless Claims, Net Chg (previous -3K)
Continuing Claims (previous 755,000)
Continuing Claims, Net Chg (previous -50K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. January New Residential Sales
New Home Sales (previous 621K)
New Home Sales, M/M% (previous +3.7%)
New Home Sales Months Supply (previous 6.6)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1390B)
Working Gas In Storage, Net Chg (Cbf) (previous -149B)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
N/A World Bank president nomination deadline
N/A U.S. National Food Policy Conference
Friday, March 15, 2019
8:30 AM ET. March Empire State Manufacturing Survey
Mfg Idx (previous 8.8)
Employment Idx (previous 4.1)
New Orders Idx (previous 7.5)
Prices Received (previous 22.9)
9:15 AM ET. February Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous 0.6%)
Capacity Utilization % (previous 78.2%)
Capacity Utilization, Net Chg (Pts) (previous -0.6)
10:00 AM ET. March University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (previous 95.5)
Mid-Mo Expectations (previous 86.2)
Mid-Mo Current Idx (previous 110.0)
10:00 AM ET. January Metropolitan Area Employment & Unemployment
10:00 AM ET. January Job Openings & Labor Turnover Survey
4:00 PM ET. January Treasury International Capital Data
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The June NASDAQ 100 closed higher on Tuesday as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off December's low, the 75% retracement level of the September-December-decline crossing at 7292.15 is the next upside target. Closes below last-Friday's low crossing at 6965.75 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the October-December-decline crossing at 7280.27. Second resistance is the 87% retracement level of the October-December-decline crossing at 7524.41. First support is last Friday's low crossing at 6965.75. Second support is the 50-day moving average crossing at 6870.19.
The June S&P 500 closed higher on Tuesday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off December's low, the 87% retracement level of the September-December-decline crossing at 2879.73 is the next upside target. Closes below last Friday's low crossing at 2728.00 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 2810.20. Second resistance is the 87% retracement level of the September-December-decline crossing at 2879.73. First support is last Friday's low crossing at 2728.00. Second support is the 50-day moving average crossing at 2690.34.
The Dow closed lower on Tuesday as weakness in Boeing Co. aircraft offset strength in health care and technology sectors. 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 bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 25,775.76 are needed to temper the near-term bearish outlook. Closes above the 87% retracement level of the October-December-decline crossing at 26,282.97 are needed to renew the rally off December's low. If the Dow extends the decline off February's high, the 50-day moving average crossing at 24,913.47 is the next downside 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 last Friday's low crossing at 25,252.46. Second support is the 50-day moving average crossing at 24,913.47.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
June T-bonds closed up 26/32's at 146-14.
June T-bonds posted a key reversal up on Tuesday as it renewed the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, January's high crossing at 147-31 is the next upside target. If June resumes the decline off February's high, the 38% retracement level of the November-January-rally crossing at 143-10 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 90-pts. at 122.295.
June T-notes closed higher on Tuesday as they extended the rally off March'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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally. January's high crossing at 123.175 is the next upside target. Closes below the 50-day moving average crossing at 122.068 would confirm that a short-term top has been posted. First resistance is today's high crossing at 122.310. 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 while extending the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are turning 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 59.51 is the next upside target. Closes below the 50-day moving average crossing at 53.74 are needed to confirm that a short-term top has been posted. 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 50-day moving average crossing at 53.74. Second support is the reaction low crossing at 51.62.
April heating oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last Friday's low crossing at 194.52 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 last-Friday's low crossing at 194.52. Second support is the 50-day moving average crossing at 190.31.
April unleaded gas closed lower on Tuesday as it consolidated some of its recent gains. 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, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off December's low, the 50% retracement level of the October-December-decline crossing at 188.70 is the next upside target. Closes below the 20-day moving average crossing at 174.68 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 183.97. Second resistance is the 50% retracement level of the October-December-decline crossing at 188.70. First support is the 20-day moving average crossing at 174.68. Second support is the 50-day moving average crossing at 165.56.
April Henry natural gas 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 20-day moving average crossing at 2.767 would confirm that a short-term top has been posted. If April renews the rally off February's low, the 75% retracement level of the November-February decline crossing at 2.938 is the next upside target. First resistance is Monday's gap crossing at 2.856. Second resistance is the 75% retracement level of the November-February decline crossing at 2.938. First support is the 20-day moving average crossing at 2.753. Second support is the reaction low crossing at 2.732.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed lower on Tuesday as it consolidated some of the rally off the late-February 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 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 96.13 are needed to confirm that a short-term top has been posted. If June renews the rally off February's low, weekly resistance crossing at 97.83 is the next upside target. First resistance is last-Thursday's high crossing at 97.16. Second resistance is weekly resistance crossing at 97.83. First support is the 20-day moving average crossing at 96.13. Second support is the 50-day moving average crossing at 95.58.
The June Euro closed higher on Tuesday as it consolidated some of Thursday's decline. 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 114.20 are needed to confirm that a short-term low has been posted. If June renews the decline off January's high, the January-2017 low crossing at 110.16 is the next downside target.First resistance is the 20-day moving average crossing at 114.20. Second resistance is the 50-day moving average crossing at 115.02. First support is the 87% retracement level of the 2016-2018 rally crossing at 112.62. Second support is the January 2017 low crossing at 110.16.
The June British Pound closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3063 would open the door for a possible test of February's low crossing at 1.2854 later this month. If June resumes the rally off January's low, the 50% retracement level of the April-December-2018 decline crossing at 1.3603 is the next upside target. First resistance is February'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 50-day moving average crossing at 1.3063. Second support is February's low crossing at 1.2854.
The June Swiss Franc closed higher on Tuesday as it consolidates some of the decline off September'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 June extends this winter's decline, weekly support crossing at 0.9902 is the next downside target. Closes above the 20-day moving average crossing at 1.0068 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0068. Second resistance is the 50-day moving average crossing at 1.0164. First support is last-Thursday's low crossing at 0.9970. Second support is weekly support crossing at 0.9902.
The June Canadian Dollar closed 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 75.54 are needed to temper the near-term bearish outlook. If June renews the decline off February's high, December's low crossing at 74.47 is the next downside target. First resistance is the 20-day moving average crossing at 75.54. Second resistance is the reaction high crossing at 76.46. First support is last-Friday's low crossing at 74.43. Second support is December's low crossing at 73.47.
The June Japanese Yen 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 bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 0.0908 are needed to confirm that a short-term low has been posted. If June resumes the decline off January's high, November's low crossing at 0.0893 is the next downside target. 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 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1312.10 are needed to confirm that a short-term low has been posted. If April renews the aforementioned decline, the 50% retracement level of the August-February-rally crossing at 1273.20 is the next downside target. First resistance is the 50-day moving average crossing at 1306.60. Second resistance is the 20-day moving average crossing at 1312.10. 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 due to short covering on Tuesday as it consolidated 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 neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 15.602 are needed to confirm that a low has been posted. If May renews the decline off February's high, the 62% retracement level of the November-February-rally crossing at 14.935 is the next downside target. First resistance is the 20-day moving average crossing at 15.602. Second resistance is the 50-day moving average crossing at 15.705. 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 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 289.82 are needed to 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 289.82. Second support is the 50-day moving average crossing at 278.44.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
May Corn closed up 3 1/2-cents at 3.65 1/2.
May corn posted a key reversal up due to short covering on Tuesday as it consolidates some of this year's losses. Today's high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 November's high, weekly support crossing at 3.55 1/4 is the next downside target. Closes above the 20-day moving average crossing at 3.75 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.69 1/4. Second resistance is the 20-day moving average crossing at 3.75 3/4. First support is today's low crossing at 3.61. Second support is weekly support crossing at 3.55 1/4.
May wheat closed up 23 3/4-cent at 4.52 1/4.
May wheat closed sharply higher due to short covering on Tuesday as it consolidates some of the decline off February's high. I would appear that the funds, which are holding a huge net short position in the wheat market as decided to bank some of its profits. 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 4.19 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.73 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.50 3/4. Second resistance is the 20-day moving average crossing at 4.73 1/4. First support is Monday's low crossing at 4.27. Second support is weekly support crossing at 4.19 1/4.
May Kansas City Wheat closed up 22 1/2-cents at 4.42 3/4.
May Kansas City wheat closed sharply higher due to short covering on Tuesday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Wednesday night session begins trading. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional gains near-term. Closes above the 20-day moving average crossing at 4.55 1/2 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 20-day moving average crossing at 4.55 1/2. Second resistance is the 50-day moving average crossing at 4.89 1/2. First support is today's low crossing at 4.18 1/4. Second support is weekly support crossing at 4.17 3/4.
May Minneapolis wheat closed up 14 1/2-cents at 5.60 3/4.
May Minneapolis wheat closed higher on Tuesday as it consolidates some of its recent losses. 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 oversold but poised to turn neutral to bullish with additional strength on Wednesday that would signal that a short-term low might be in or is near. Closes above the reaction high crossing at 5.73 are needed to confirm that a low has been posted. If May renews the decline off January's high, weekly support crossing at 5.23 3/4 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 Monday's low crossing at 5.44. Second support is weekly support crossing at 5.23 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans closed up 6 3/4-cents at 8.96 3/4.
May soybeans closed higher due to spillover strength from wheat on Tuesday as it consolidated some of this year's decline. Light support came from news that Brazil has lowered its soybean crop by 1.9 mmt. 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 the decline off February's high, the November 26th low crossing at 8.84 3/4 is the next downside target. Closes above the 20-day moving average crossing at 9.13 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 9. 05 1/4. Second resistance is the 20-day moving average crossing at 9.13 3/4. First support is today's low crossing at 8.87 3/4. Second support is the November 26th low crossing at 8.84 3/4.
May soybean meal closed up $1.40 at 302.70.
May soybean meal closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, psychological support crossing at 300.0 is the next downside target. Closes above the 50-day moving average crossing at 313.20 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 313.20. Second resistance is the reaction high crossing at 314.70. First support is today's low crossing at 300.30. Second support is psychological support crossing at 300.00.
May soybean oil closed up 33-pt. at 29.97.
May soybean oil closed higher on Tuesday as it rebounds off support marked by the 50% retracement level of the November-February-rally crossing at 29.51. 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 the decline off February's high, the 62% retracement level of the November-February-rally crossing at 29.08 is the next downside target. Closes above the 20-day moving average crossing at 30.21 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 30.64. Second resistance is the reaction high crossing at 31.16. First support is the 50% retracement level of the November-February-rally crossing at 29.51. Second support is the 62% retracement level of the November-February-rally crossing at 29.08.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $0.80 at $63.65.
April hogs closed higher on Tuesday as it extended 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 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 65.30 is the next upside target. Closes below the 20-day moving average crossing at 57.69 would temper the near-term bullish outlook. First resistance is the 62% retracement level of the November-February-decline crossing at 65.30. Second resistance is the 75% retracement level of the November-February-decline crossing at 68.11. First support is the 20-day moving average crossing at 57.69. Second support is February's low crossing at 52.25.
April cattle closed down $2.35 at 126.65.
April cattle closed sharply lower on Tuesday and below the 50-day moving average crossing at 127.46 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 April extends today's decline, the 25% retracement level of the 2018-2019-rally crossing at 125.41 is the next downside target. Closes above last-Friday's high crossing at 129.88 would temper the bearish outlook. First resistance is February's high crossing at 130.45. Second resistance is weekly resistance crossing at 134.55. First support is the 25% retracement level of the 2018-2019-rally crossing at 125.41. Second support the 38% retracement level of the 2018-2019-rally crossing at 122.76.
April Feeder cattle closed down $1.73 at $145.98.
April Feeder cattle closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above trading range resistance crossing at 147.83 would confirm an upside breakout of the trading range while opening the door for additional gains near-term. Closes below last-Wednesday's low crossing at 143.50 would confirm that a short-term top has been posted. 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 lower on Tuesday as it renewed the decline off last-October's high. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are diverging 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 92.45 is the next downside target. Closes above the 20-day moving average crossing at 9.94 are needed to confirm that a low has been posted.
May cocoa 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 a short-term low has been posted. Closes above the 50-day moving average crossing at 22.96 are needed to confirm that a low has been posted. If May extends the decline off February's high, December's low crossing at 21.12 is the next downside target.
May sugar closed slightly higher on Tuesday. The mid-range close set the stage for a steady 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 20-day moving average crossing at 12.70 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, January's high crossing at 76.14 is the next upside target. 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 tallpine!