INO Evening Market Comments
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Started by tallpine - Dec. 19, 2017, 4:13 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, December 20, 2017  



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 398.8)



                       Composite Idx, W/W% (previous -2.3%)



                       Purchase Idx-SA (previous 247.9)



                       Purchase Idx-SA, W/W% (previous -1.1%)



                       Refinance Idx (previous 1281.0)



                       Refinance Idx, W/W% (previous -2.5%)



8:30 AM ET. 3rd Quarter State Quarterly Personal Income



10:00 AM ET. November Existing Home Sales



                       Existing Sales (expected 5.51M; previous 5.48M)



                       Existing Sales, M/M% (expected +0.5%; previous +2.0%)



                       Unsold Homes Month's Supply (previous 3.9)



                       Median Price (USD) (previous 247000)



                       Median Home Price, Y/Y% (previous +5.5%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 442.986M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -5.117M)



                       Gasoline Stocks (Bbl) (previous 226.546M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +5.664M)



                       Distillate Stocks (Bbl) (previous 128.076M)



                       Distillate Stocks, Net Chg (Bbl) (previous -1.37M)



                       Refinery Usage (previous 93.4%)



                       Total Prod Supplied (Bbl/day) (previous 20.471M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.523M)

                       



Thursday, December 21, 2017  



8:30 AM ET. 3rd Quarter 3rd estimate GDP



                       Annual Rate, Q/Q% (expected +3.3%; previous +3.3%)



                       Chain-Weighted Price Idx, Q/Q% (expected +2.1%; previous +2.1%)



                       Corporate Profits, Q/Q% (previous +4.9%)



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



                       Purchase Price Idx, Q/Q% (previous +1.8%)



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



                       Core PCE Price Idx, Ex (previous +1.4%)



                       Food/Energy, Q/Q%



                       Personal Consumption, Q/Q% (previous +2.3%)



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



                       Jobless Claims (expected 230K; previous 225K)



                       Jobless Claims, Net Chg (previous -11K)



                       Continuing Claims (previous 1886000)



                       Continuing Claims, Net Chg (previous -27K)



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



                       Corn (Metric Tons) (previous 866.9K)



                       Soybeans (Metric Tons) (previous 1565.8K)



                       Wheat (Metric Tons) (previous 598.3K)



8:30 AM ET. November CFNAI Chicago Fed National Activity Index



                       NAI (previous 0.65)



                       NAI, 3-mo Moving Avg (previous 0.28)



8:30 AM ET. December Philadelphia Fed Business Outlook Survey



                       Business Activity (expected 20.0; previous 22.7)



                       Prices Paid (previous 39.0)



                       Employment (previous 22.6)



                       New Orders (previous 21.4)



                       Prices Received (previous 8.6)



                       Delivery Times (previous 14.6)



                       Inventories (previous -8.6)



                       Shipments (previous 21.7)



8:30 AM ET. 3rd Quarter Revised Corporate Profits



9:00 AM ET. October U.S. Monthly House Price Index



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. November Leading Indicators



                       Leading Index (expected +0.4%; previous +1.2%)



                       Coincident Index (previous +0.3%)



                       Lagging Index (previous +0.2%)



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



                       Working Gas In Storage (Cbf) (previous 3626B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -69B)

                       

2:00 AM ET. SEC Closed Meeting



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



Friday, December 22, 2017 



8:30 AM ET. November Advance Report on Durable Goods



                       Durable Goods-SA, M/M% (expected +2.0%; previous -1.2%)



                       Dur Goods, Ex-Defense, M/M% (previous -0.8%)



                       Dur Goods, Ex-Transport, M/M% (previous +0.4%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.5%)



                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.4%)

                       

8:30 AM ET. November Personal Income & Outlays



                       Personal Income, M/M% (expected +0.4%; previous +0.4%)



                       Consumer Spending, M/M% (expected +0.4%; previous +0.3%)



                       PCE Price Idx, M/M% (previous +0.1%)



                       PCE Price Idx, Y/Y% (previous +1.6%)



                       PCE Core Price Idx, M/M% (expected +0.1%; previous +0.2%)



                       PCE Core Price Idx, Y/Y% (previous +1.4%)



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



                       End-Mo Sentiment Idx (expected 97.0; previous 98.5)



                       End-Mo Expectations Idx (previous 88.9)



                       12-Month Inflation Forecast (previous 2.5%)



                       5-Year Inflation Forecast (previous 2.4%)



                       End-Mo Current Idx (previous 113.5)



10:00 AM ET. November Regional & State Employment & Unemployment



10:00 AM ET. November New Residential Sales



                       New Home Sales (expected 650K; previous 685K)



                       New Home Sales, M/M% (expected -5.1%; previous +6.2%)



                       New Home Sales Months Supply (previous 4.9)



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



                       Mfg Activity Idx (previous 15)



                       6-Mo Exp Prod Idx (previous 40)



                       Mfg Composite Idx (previous 16)



                       6-Mo Exp Composite Idx (previous 27)



Monday, December 25, 2017  



  N/A              U.S.: Christmas Day. Financial markets closed



  N/A              Marianas: Christmas Day


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



The March NASDAQ 100 posted a key reversal down on Tuesday due to profit taking as it consolidated some of this year's rally into uncharted territory. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. With the NASDAQ 100 trading into record territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 6396.51 would confirm that a short-term top has been posted. First resistance is today's high crossing at 6545.75. Second resistance is unknown. First support is the 20-day moving average crossing at 6396.51. Second support is December's low crossing at 6250.00.  



The March S&P 500 closed lower on Tuesday as it consolidated some of Monday's rally, which posted a new record high but failed to fill yesterday's gap. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2643.39 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2697.80. Second resistance is unknown. First support is the 10-day moving average crossing at 2665.29. Second support is the 20-day moving average crossing at 2643.39. 



The Dow closed lower on Tuesday after the Dow retreating from all-time intraday highs. Investors kept their focus on the highly anticipated tax bill, which Republican leaders aim to deliver to President Trump for signing this week. The mid-range close sets the stage for a steady 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. With the Dow trading into uncharted territory, upside targets will be hard to project. Closes below the December 12th gap crossing at 24,389.72 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 24,876.07. Second resistance is unknown. First support is the 10-day moving average crossing at 24,489.57. Second support is the December 12th gap crossing at 24,389.72.    



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



March T-bonds closed down 1-15/32's at 151-23.



March T-bonds closed sharply lower on Tuesday pushing up yields after a bullish housing data helped strengthen the outlook for the U.S. economy and set a bearish tone for early trading. Today's close below the 50-day moving average crossing at 152-11 confirms that a short-term top has been posted. Stochastics and the RSI have turned 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 Wednesday's night session begins trading. If March renews the rally off October's low, the 75% retracement level of the September-October-decline crossing at 154-21 is the next upside target. First resistance is December's high crossing at 154-18. Second resistance is the 75% retracement level of the September-October-decline crossing at 154-21. First support is November's low crossing at 150-30. Second support is October's low crossing at 149-07.   



March T-notes closed down 160/32's at 123-235.



March T-notes closed sharply lower on Tuesday and below key support marked by October's low crossing at 123.270. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, weekly support crossing at 123.180 is the next downside target. Closes above the 50-day moving average crossing at 124.190 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 124.190. Second resistance is November's high crossing at 125.065. First support is today's low crossing at 123.200. Second support is weekly support crossing at 123.180.   



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



January crude oil closed higher on Tuesday while extending the trading range of the past two-months.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above November's high crossing at 57.05 or below November's low crossing at 55.00 are needed to confirm a breakout of the November-December trading range. First resistance is November's high crossing at 57.05. Second resistance is weekly resistance crossing at 60.00. First support is November's low crossing at 55.00. Second support is the 38% retracement level of the June-November-rally crossing at 53.04. 



January heating oil closed higher on Tuesday as it extends the trading range of the past two-months. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If January resumes the rally off October's low, the 50% retracement level of the 2014-2016-decline crossing at 198.69 is the next upside target. Closes below the reaction low crossing at 185.97 would confirm a downside breakout of the aforementioned trading range. First resistance is the 50% retracement level of the 2014-2016-decline crossing at 198.69. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 216.85. First support is the reaction low crossing at 185.97. Second support is November's low crossing at 185.45.   



January unleaded 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 171.57 would confirm that a short-term low has been posted. If January extends the decline off November's high, the 38% retracement level of the June-November-rally crossing at 160.49 is the next downside target. First resistance is the reaction high crossing at 175.89. Second resistance is November's high crossing at 181.51. First support is last Wednesday's low crossing at 164.38. Second support is the 38% retracement level of the June-November-rally crossing at 160.49.   



January Henry natural gas closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. If January extends the decline off November's high, weekly support crossing at 2.522 is the next downside target. Closes above the 20-day moving average crossing at 2.891 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.742. Second resistance is the 20-day moving average crossing at 2.891. First support is last Friday's low crossing at 2.581. Second support is weekly support crossing at 2.522. 



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



The March Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off last week's, the reaction low crossing at 92.69 is the next downside target. Closes above last Tuesday's high crossing at 93.83 are needed to renew the rally off November's low. First resistance is the reaction high crossing at 94.23. Second resistance is November's high crossing at 94.76. First support is the reaction low crossing at 92.69. Second support is the 62% retracement level of the September-November-rally crossing at 92.23. 



The March Euro closed higher on Tuesday while extending the trading range of the past six-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 bullish signaling that sideways to higher prices are possible near-term. Closes above November's high crossing at 120.44 or below the reaction low crossing at 117.97 are needed to confirm a breakout of the aforementioned trading range while pointing the direction of the next trending move. First resistance is November's high crossing at 120.44. Second resistance is the reaction high crossing at 121.50. First support is the reaction low crossing at 117.97. Second support is November's low crossing at 116.48.     



The March British Pound posted an inside day with a lower close 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, the 50-day moving average crossing at 1.3322 is the next downside target. If March renews the rally off November's low, September's high crossing at 1.3695 is the next upside target. First resistance is November's high crossing at 1.3598. Second resistance is September's high crossing at 1.3695. First support is the 50-day moving average crossing at 1.3322. Second support is the reaction low crossing at 1.3273.     



The March Swiss Franc closed slightly lower on Tuesday. The mid-range close sets the stage for a steady opening when Thursday'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 renews the rally off October's low, the 50% retracement level of the July-September-decline crossing at 1.0412 is the next upside target. If March resumes the decline off December's high, November's low crossing at 1.0062 is the next downside target. First resistance is December's high crossing at 1.0352. Second resistance is the 50% retracement level of the July-September-decline crossing at 1.0412. First support is December's low crossing at 1.0103. Second support is October's low crossing at 1.0064. 



The March Canadian Dollar 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 sideways to lower prices are possible near-term. Closes above the reaction high crossing at 79.31 or below October's low crossing at 77.54 are needed to confirm a breakout of the October-December trading range. First resistance is the reaction crossing at 79.31. Second resistance is October's high crossing at 80.42. First support is October's low crossing at 77.54. Second support is the July's low crossing at 77.16. 



The March Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, November's low crossing at 0.8783 is the next downside target. If March extends the rally off December's low, November's high crossing at 0.9073 is the next upside target. First resistance is November's high crossing at 0.9073. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9141. First support is December's low crossing at 0.8840. Second support is November's low crossing at 0.8782.  



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



February gold closed slightly 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 remain neutral to bullish signaling that sideways to higher price are possible near-term. Closes above the 20-day moving average crossing at 1271.10 are needed to confirm that a short-term low has been posted. If February resumes the decline off November's high, the 87% retracement level of the July-September-rally crossing at 1233.90 is the next downside target. First resistance is the 20-day moving average crossing at 1271.10. Second resistance is the 50-day moving average crossing at 1280.30.First support is December's low crossing at 1238.30. Second support is the 87% retracement level of the July-September-rally crossing at 1233.90.



March silver closed slightly lower on Tuesday as it consolidated some of the rally off December's low. The mid-range close set 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 the 20-day moving average crossing at 16.346 are needed to confirm that a short-term low has been posted. If March resumes the decline off November's high, July's low crossing at 15.225 is the next downside target. First resistance is the 20-day moving average crossing at 16.346. Second resistance is the 50-day moving average crossing at 16.824. First support is the 87% retracement level of the July-September-rally crossing at 15.626. Second support is July's low crossing at 15.225.    



March copper closed higher on Tuesday as it extended 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 overbought but remain neutral to bullish signaling that sideways to higher prices is possible near-term. If March extends the aforementioned rally, November's high crossing at 320.15 is the next upside target. Closes below the 10-day moving average crossing at 305.11 would confirm that a short-term top has been posted. First resistance is November's high crossing at 320.15. Second resistance is October's high crossing at 327.90. First support is the 10-day moving average crossing at 305.11. Second support is December's low crossing at 294.30.       



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



March Corn closed up a 1/2-cent at 3.47 1/2. 



March corn closed fractionally higher 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 March extends the decline off November's high, weekly support crossing at 3.32 is the next downside target. Closes above the 50-day moving average crossing at 3.56 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.56 3/4. Second resistance is the reaction high crossing at 3.69 1/4. First support is today's low crossing at 3.46 1/2. Second support is weekly support crossing at 3.32. 



March wheat closed down 1 1/2-cents at 4.19. 



March wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 4.38 3/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off July's high, psychological support crossing at 4.00 is the next downside target. First resistance is the 50-day moving average crossing at 4.38 3/4. Second resistance is the reaction high crossing at 4.60 3/4. First support is last Tuesday's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.   



March Kansas City Wheat closed up 3/4-cents at 4.20. 



March Kansas City wheat closed fractionally 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 that a low might be in or is near. Closes above the 50-day moving average crossing at 4.36 3/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off September's high, psychological support crossing at 4.00 is the next downside target. First resistance is the 50-day moving average crossing at 4.36 3/4. Second resistance is reaction high crossing at 4.51 1/2. First support is last Monday's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.  



March Minneapolis wheat closed down 1-cent at 6.18 1/4. 



March Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 6.30 1/2 would confirm that a short-term low has been posted. If March renews the decline off November's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. First resistance is the 50-day moving average crossing at 6.30 1/2. Second resistance is December's high resistance crossing at 6.34. First support is last Tuesday's low crossing at 6.05. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2. 



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



January soybeans closed down 6 1/4-cents at 9.55 1/4. 



January soybeans closed lower on Tuesday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening 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 January extends this month's decline, September's low crossing at 9.47 1/2 is the next downside target. Closes above the 20-day moving average crossing at 9.86 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 9.86 1/4. Second resistance is December's high crossing at 10.15. First support is today's low crossing at 9.55. Second support is September's low crossing at 9.47 1/2.



January soybean meal closed down $3.30 at 315.20. 



January soybean meal closed lower on Tuesday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening 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 January extends this month's decline, November's low crossing at 311.60 is the next downside target. Closes above the 20-day moving average crossing at 327.90 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 327.90. Second resistance is December's high crossing at 348.20. First support is the 62% retracement level of the August-November-rally crossing at 316.20. Second support is November's low crossing at 311.60.



January soybean oil closed up 18 pts. at 33.20. 



January soybean oil posted an inside day with a higher close on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off November's high, October's low crossing at 32.47 is the next downside target. Closes above the 20-day moving average crossing at 33.59 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33.59. Second resistance is the 50-day moving average crossing at 34.10. First support is December's low crossing at 32.80. Second support is October's low crossing at 32.47.



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



February hogs closed down $0.50 at $66.90. 



February hogs closed lower on Tuesday confirming Monday's downside reversal. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If February renews the aforementioned decline, the 62% retracement level of the August-November-rally crossing at 65.43 is the next downside target. Closes above the 50-day moving average crossing at 69.13 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 69.13. Second resistance is the reaction high crossing at 72.25. First support is November's low crossing at 66.25. Second support is the 62% retracement level of the August-November-rally crossing at 65.43. 



February cattle closed down $0.15 at 120.45. 



February cattle closed lower on Tuesday. 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 bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 121.69 are needed to confirm that a short-term low has been posted. If February renews the decline off November's high, the 75% retracement level of the August-November-rally crossing at 115.06 is the next downside target. First resistance is the 20-day moving average crossing at 121.69. Second resistance is the reaction high crossing at 126.78. First support is last Monday's low crossing at 117.58. Second support is the 75% retracement level of the August-November-rally crossing at 115.06.

 

January Feeder cattle closed down $2.45 at $145.20. 



January Feeder cattle closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, the 38% retracement level of the February-October-rally crossing at 144.16 is the next downside target. Closes above the 20-day moving average crossing at 149.35 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 149.35. Second resistance is the 50-day moving average crossing at 152.82. First support is last Monday's low crossing at 144.45. Second support is the 38% retracement level of the February-October-rally crossing at 144.16.   



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



March coffee closed lower on Tuesday as it consolidated some of the rally off December's low. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that low might be in or is near. Closes above the 20-day moving average crossing at 12.50 would confirm that a short-term low has been posted. If March extends the decline off November's high, weekly support crossing at 11.34 is the next downside target. 



March cocoa posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower 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 19.78 would confirm that a short-term low has been posted. If March renews the decline off November's high, April's low crossing at 18.27 is the next downside target. 



March sugar closed sharply higher on Tuesday. The high-range close set 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 14.41 are needed to confirm that a short-term low has been posted. If March renews the decline off November's high, June's low crossing at 13.50 is the next downside target. 



March cotton closed lower on Tuesday as it consolidated some of the rally off October's high. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 73.18 are needed to confirm a short-term top has been posted. If March renews the rally off October's low, weekly resistance crossing at 76.83 is the next upside target. 

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