INO Morning Market Commentary
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Started by tallpine - March 27, 2019, 6:23 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Wednesday, March 27, 2019  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 390.0)

 



 

 

                       Composite Idx, W/W% (previous +1.6%)

 



 

 

                       Purchase Idx-SA (previous 251.1)

 



 

 

                       Purchase Idx-SA, W/W% (previous +0.3%)

 



 

 

                       Refinance Idx (previous 1146.8)

 



 

 

                       Refinance Idx, W/W% (previous +3.5%)

 



 

 

8:30 AM ET. January U.S. International Trade in Goods & Services

 



 

 

                       Trade Balance (USD) (expected -57.4B; previous -59.8B)

 



 

 

                       Exports (USD) (previous 205.12B)

 



 

 

                       Exports, M/M% (previous -1.9%)

 



 

 

                       Imports (USD) (previous 264.89B)

 



 

 

                       Imports, M/M% (previous +2.1%)

 



 

 

10:00 AM ET. 4th Quarter International Transactions

 



 

 

                       Current Account (USD) (expected -131.75B; previous -124.82B)

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 439.483M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous -9.589M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 241.503M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous -4.587M)

 



 

 

                       Distillate Stocks (Bbl) (previous 132.242M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous -4.127M)

 



 

 

                       Refinery Usage (previous 88.9%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 21.492M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.684M)

 



 

 

Thursday, March 28, 2019  

 



 

 

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

 



 

 

                       Jobless Claims (expected 223K; previous 221K)

 



 

 

                       Jobless Claims, Net Chg (previous 9K)

 



 

 

                       Continuing Claims (previous 1750000)

 



 

 

                       Continuing Claims, Net Chg (previous -27K)

 



 

 

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

 

                       Corn (Metric Tons) (previous 915.9K)

 



 

 

                       Soybeans (Metric Tons) (previous 335.1K)

 



 

 

                       Wheat (Metric Tons) (previous 437.4K)

 



 

 

8:30 AM ET. 4th Quarter rd estimate GDP

 



 

 

                       Annual Rate, Q/Q% (expected +2.4%; previous +2.6%)

 



 

 

                       Chain-Weighted Price Idx, Q/Q% (expected +1.8%; previous +1.8%)

 



 

 

                       Corporate Profits, Q/Q%

 



 

 

                       PCE Price Idx, Q/Q% (previous +1.5%)

 



 

 

                       Purchase Price Idx, Q/Q% (previous +1.6%)

 



 

 

                       Real Final Sales, Q/Q% (previous +2.5%)

 



 

 

                       Core PCE Price Idx, Ex (previous +1.7%)

 



 

 

                       Food/Energy, Q/Q%

 



 

 

                       Personal Consumption, Q/Q% (previous +2.8%)

 



 

 

8:30 AM ET. 4th Quarter Corporate Profits

 



 

 

9:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

10:00 AM ET. February Pending Home Sales Index

 



 

 

                       Pending Home Sales (previous 103.2)

 



 

 

                       Pending Home Sales Idx, M/M% (expected +0.8%; previous +4.6%)

 



 

 

                       Pending Home Sales Idx , Y/Y% (previous -2.3%)

 



 

 

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

 



 

 

                       Working Gas In Storage (Cbf) (previous 1143B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous -47B)

 

                        

 

11:00 AM ET. March Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

 



 

 

                       Mfg Activity Idx (previous -4)

 



 

 

                       6-Mo Exp Prod Idx (previous 18)

 



 

 

                       Mfg Composite Idx (previous 1)

 



 

 

                       6-Mo Exp Composite Idx (previous 13)

 



 

 

2:00 PM ET. SEC Closed Meeting

 



 

 

3:00 PM ET. February Agricultural Prices

 



 

 

                       Farm Prices, M/M% (previous -4.5%)

 



 

 

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 29, 2019  

 



 

 

8:30 AM ET. February Personal Income & Outlays * Report does not include figures

 

                      on consumer spending, personal saving, and the PCE price

 

                      indexes for February. Instead, it will include consumer

 

                      spending, personal saving, the PCE price indexes, and related

 

                      data for January.

 



 

 

                       Personal Income, M/M% (previous +0.2%)

 



 

 

                       Consumer Spending, M/M% (previous +0.3%)

 



 

 

                       PCE Price Idx, M/M%

 



 

 

                       PCE Price Idx, Y/Y%

 



 

 

                       PCE Core Price Idx, M/M% ((previous +0.2%)

 

                       PCE Core Price Idx, Y/Y%              +1.9%

 

                       Personal Inc, M/M% (Jan'19)

 



 

 

9:45 AM ET.  March ISM-Chicago Business Survey - Chicago PMI

 



 

 

                       PMI-Adj (expected 60.7; previous 64.7)

 



 

 

10:00 AM ET. March University of Michigan Survey of Consumers – final

 



 

 

                       End-Mo Sentiment Idx (expected 97.8; previous 93.8)

 



 

 

                       End-Mo Expectations Idx (previous 84.4)

 



 

 

                       12-Month Inflation Forecast (previous 2.6%)

 



 

 

                       5-Year Inflation Forecast (previous 2.3%)

 



 

 

                       End-Mo Current Idx (previous 108.5)

 



 

 

10:00 AM ET. February New Residential Sales

 



 

 

                       New Home Sales (expected 620K; previous 607K)

 



 

 

                       New Home Sales, M/M% (expected +2.1%; previous -6.9%)

 



 

 

                       New Home Sales Months Supply  (previous 6.6)

 



 

 

10:00 AM ET. 4th Quarter U.S. International Investment Position

 



 

 

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



The STOCK INDEXES:The June NASDAQ 100 was higher overnight as it extends the rebound off Monday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If June resumes the rally off December's low, last-October's high crossing at 7767.00 is the next upside target. Closes below the 20-day moving average crossing at 7273.27 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at 7524.41. Second resistance is the October 3rd 2018 high crossing at 7767.00. First support is the 20-day moving average crossing at 7273.27. Second support is the 50-day moving average low crossing at 7067.71.  



The June S&P 500 was slightly higher overnight as it holds above support marked by the 20-day moving average. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes 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 the 20-day moving average crossing at 2807.89 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 2862.60. Second resistance is the 87% retracement level of the September-December-decline crossing at 2879.73. First support is the 20-day moving average crossing at 2807.89. Second support is the50-day moving average crossing at 2752.14.



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



INTEREST RATES: June T-bonds were higher overnight as they extend the rally off March's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, weekly resistance crossing at 152-01 is the next upside target. Closes below the 20-day moving average crossing at 146-09 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 149-24. Second resistance is weekly resistance crossing at 152-01. First support is the 10-day moving average crossing at 147-14. Second support is the 20-day moving average crossing at 146-09.



June T-notes were higher overnight as they extend the rally off March's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, weekly resistance crossing at 125.265 is the next upside target. Closes below the 20-day moving average crossing at 122.299 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 124.255. Second resistance is weekly resistance crossing at 125.265. First support is the 10-day moving average crossing at 123.183. Second support is the 20-day moving average crossing at 122.299.



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



May crude oil was slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 May extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 63.39 is the next upside target. Closes below the 20-day moving average crossing at 58.20 are needed to confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 60.39. Second resistance is the 62% retracement level of the October-December-decline crossing at 63.39. First support is the 20-day moving average crossing at 58.20. Second support is the 50-day moving average crossing at 56.20.  



May heating oil was lower overnight while extending the February-March trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off December's low, the 62% retracement level of the October-December-decline crossing at 211.17 is the next upside target. Closes below the 50-day moving average crossing at 194.80 would confirm a downside breakout of the February-March trading range. First resistance is the 62% retracement level of the October-December-decline crossing at 211.17. Second resistance is the 75% retracement level of the October-December-decline crossing at 221.89. First support is the 50-day moving average crossing at 194.80. Second support is the reaction low crossing at 194.18. 



May unleaded gas was steady to slightly lower overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 200.45 is the next upside target. Closes below the 20-day moving average crossing at 183.49 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the October-December-decline crossing at 189.65. Second resistance is the 62% retracement level of the October-December-decline crossing at 200.45. First support is the 20-day moving average crossing at 183.49. Second support is the 50-day moving average crossing at 173.55. 



May Henry natural gas was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off last Tuesday's high, the reaction low crossing at 2.620 is the next downside target. Closes above the 20-day moving average crossing at 2.825 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 2.897. Second resistance is December's high crossing at 2.923. First support is Monday's low crossing at 2.720. Second support is the Feb. 15th reaction low crossing at 2.620.



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



CURRENCIES:The June Dollar was lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, March's high crossing at 97.16 is a potential upside target.If June resumes this month's decline, the late-January low crossing at 94.38 is the next downside target. First resistance is March's high crossing at 97.16. Second resistance is weekly resistance crossing at 97.83. First support is last-Wednesday's low crossing at 95.17. Second support is the late-January low crossing at 94.38.



The June Euro was lower overnight as it consolidates some of the decline off March's high. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, March's low crossing at 112.70 is the next downside target. Closes above the 50-day moving average crossing at 114.58 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 115.35. Second resistance is the late-January high crossing at 116.46. First support is the 87% retracement level of the 2016-2018-rally crossing at 112.62. Second support is the April-10th-2017 low crossing at 111.05.  



The June British Pound was slightly lower overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off January's low, the 50% retracement level of the 2018 decline crossing at 1.3603. Closes below last-Thursday's low crossing at 1.3060 would confirm that a short-term top has been posted. First resistance is March's high crossing at 1.3441. Second resistance is the 50% retracement level of the 2018 decline crossing at 1.3603. First support is last-Thursday's low crossing at 1.3060. Second support is March's low crossing at 1.3026.  



The June Swiss Franc was steady to slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the September-January downtrend line crossing near 1.0242 is the next upside target. Closes below the 20-day moving average crossing at 1.0083 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 1.0191. Second resistance is the September-January downtrend line crossing near 1.0242. First support is the 20-day moving average crossing at 1.0083. Second support is March's low crossing at 0.9970. 



The June Canadian Dollar was steady to slightly lower overnight. 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 75.51 are needed to confirm that a short-term low has been posted. If June renews the decline off February's high, December's low crossing at 73.47 is the next likely downside target. First resistance is the 50-day moving average crossing at 75.51. Second resistance is the late-February high crossing at 76.46. First support is March's low crossing at 74.43. Second support is December's low crossing at 73.47.



The June Japanese Yen was higher overnight as it consolidates some of Tuesday's decline. 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 0.0906 would confirm that a short-term top has been posted. Multiple closes above the 50-day moving average crossing at 0.0914 would open the door for a possible test of the late-January high crossing at 0.0931. First resistance is Monday's high crossing at 0.0918. Second resistance is the late-January high crossing at 0.0931. First support is the 87% retracement level of the November-January rally crossing at 0.0900. Second support is last-November's low crossing at 0.0893.



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



PRECIOUS METALS: April gold was higher overnight. 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 March's low, the reaction high crossing at 1332.40 is the next upside target. Closes below the 20-day moving average crossing at 1302.90 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 1332.40. Second resistance is February's high crossing at 1349.80. First support is March's low crossing at 1280.80. Second support is the 50% retracement level of the September-February-rally crossing at 1273.20.



May silver was higher overnight. 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 15.630 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, the 62% retracement level of the November-January-rally crossing at 14.935 is the next downside target. First resistance is the 50-day moving average crossing at 15.630. Second resistance is the reaction high crossing at 16.010. First support is March's low crossing at 14.985. Second support is the 62% retracement level of the November-January-rally crossing at 14.935. 



May copper was lower overnight signaling a possible end to the bounce off Monday's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 283.90 would open the door for a possible test of the reaction low crossing at 275.95. Closes above the 20-day moving average crossing at 290.58 would temper the near-term bearish outlook. First resistance the 50% retracement level of the April-December-2018 decline crossing at 296.76. Second resistance the 62% retracement level of the April-December-2018 decline crossing at 306.69. First support is the 50-day moving average crossing at 283.90. Second support is the reaction low crossing at 275.95.   



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



May corn was lower overnight as it consolidates some of the rally off March's low. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. 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 above the 50-day moving average crossing at 3.79 1/4 would open the door for additional gains and a possible test of the February 25th reaction high crossing at 3.87 3/4. Closes below the 20-day moving average crossing at 3.71 1/2 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 3.79 1/4. Second resistance is the February 25th reaction high crossing at 3.87 3/4. First support is the reaction low crossing at 3.67 3/4. Second support is March's low crossing at 3.61.  



May wheat was higher overnight it extends the rally off March's low.The high-range overnight trade sets the stage for a steady to higher opening when the day 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 May extends the rally off March's low, the 50-day moving average crossing at 4.90 is the next upside target. Closes below the 20-day moving average crossing at 4.56 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 4.75 1/2. Second resistance is the 50-day moving average crossing at 4.90. First support is March's low crossing at 4.27. Second support is long-term support crossing at 4.19 1/4.



May Kansas City Wheat closed down 6-cents at 4.43 1/4.

 

May Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night session begins trading. Stochastics and the RSI are becoming overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. If May renews the decline off December's high, weekly support crossing at 4.17 3/4 is the next downside target. If May extends the rally off March's low, the 50-day moving average crossing at 4.75 1/2 is the next upside target. First resistance is today's high crossing at 4.54. Second resistance is the 50-day moving average crossing at 4.75 1/2. First support is March's low crossing at 4.18 1/4. Second support is weekly support crossing at 4.17 3/4.  



May Minneapolis wheat was steady to fractionally lower in narrow trading overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 5.59 3/4 would confirm that a short-term top has been posted. If May extends the rally off March's low, February's high crossing at 5.81 1/4 is the next upside target. First resistance is the reaction high crossing at 5.77 1/4. Second resistance is February's high crossing at 5.81 1/4. First support is March'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 were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the November 26th reaction low crossing at 8.84 3/4 is the next downside target. If May resumes the rally off March's low, the 50-day moving average crossing at 9.17 is the next upside target. First resistance is the 50-day moving average crossing at 9.17. Second resistance is the February 25th reaction high crossing at 9.23 3/4. First support is March's low crossing at 8.87 3/4. Second support is the November-26th low crossing at 8.84 3/4.



May soybean meal was lower overnight as it consolidates some of the rally off March's low. The mid-range trade sets the stage for a steady to lower opening when the day 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 308.60 would temper the near-term friendly outlook. If May resumes the rally off March's low, February's high crossing at 321.30 is the next upside target. First resistance is Monday's high crossing at 316.50. Second resistance is February's high crossing at 321.30. First support is the 20-day moving average crossing at 308.60. Second support is March's low crossing at 300.30.   



May soybean oil was steady to slightly higher overnight as it consolidates above the 75% retracement level of the November-February-rally crossing at 28.60. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If May extends the decline off February's high, the 87% retracement level of the November-February-rally crossing at 28.17 is the next downside target. Closes above the 20-day moving average crossing at 29.50 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 29.50. Second resistance is the reaction high crossing at 30.64. First support is the 75% retracement level of the November-February-rally crossing at 28.60. Second support is the 87% retracement level of the November-February-rally crossing at 28.17.



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



April hogs closed up $1.08 at $79.73. 



April hogs 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, weekly resistance crossing at 98.17 is the next upside target. Closes below the 10-day moving average crossing at 72.88 would temper the near-term bullish outlook. First resistance is last Friday's high crossing at 80.30. Second resistance is weekly resistance crossing at 98.17. First support is the 10-day moving average crossing at 72.88. Second support is the 20-day moving average crossing at 65.68. 



April cattle closed down $0.68 at 126.90. 



April cattle closed lower on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below March's low crossing at 126.53 are needed to confirm that a double top has been posted. Closes above March's high crossing at 130.45 are needed to renew the rally off November's low. First resistance is March'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 up $0.03 at $146.23. 



April Feeder cattle closed slightly higher 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 bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 145.70 would confirm that a short-term top has been posted. First resistance is March's high crossing at 150.80. Second resistance is last-October's high crossing at 155.70. First support is March's low crossing at 143.50. Second support is January's low crossing at 142.62.  



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



May coffee closed higher due to short covering on Tuesday as it consolidated some of the decline off last-October's high. 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 a low might be in or is near. Closes above the 20-day moving average crossing at 9.70 are needed to confirm that a low has been posted. If May extends this winter's decline, weekly support crossing at 9.12 is the next downside target. 



May cocoa closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 22.50 are needed to confirm that a low has been posted. If May extends the decline off February's high, October's low crossing at 20.23 is the next downside target.          



May sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. May renews the decline off February's high, January's low crossing at 11.82 is the next downside target. If May extends the rally off March's low, February's high crossing at 13.42 is the next upside target.    



May cotton 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 on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 38% retracement level of the 2018-2019-decline crossing at 79.88 is the next upside target. Closes below the 20-day moving average crossing at 74.85 would confirm that a short-term top has been posted.    

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By metmike - March 27, 2019, 10:51 a.m.
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Thanks tallpine!