INO Morning Market Commentary
0 responses | 0 likes
Started by tallpine - Dec. 20, 2017, 7:51 a.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 STOCK INDEXES:The March NASDAQ 100 was higher overnight. The stock market look poised for an upbeat session today as Congressional Republicans are on the verge of sending a tax bill to President Donald Trump.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the NASDAQ 100 index continues to trade in record territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 6403.04 would temper the near-term friendly outlook. First resistance is Tuesday's high crossing at 6545.75. Second resistance is unknown. First support is the 20-day moving average crossing at 6403.04. Second support is the 50-day moving average crossing at 6297.55.



The March S&P 500 was higher overnight and is poised to extends this year's rally into record territory as congress is getting ready to send a tax bill to President Donald Trump for his signature.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 2647.80 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 2697.80. Second resistance is unknown. First support is the 20-day moving average crossing at 2647.80. Second support is the 50-day moving average crossing at 2602.62.   



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



INTEREST RATES: March T-bonds were steady to slightly lower overnight as they extend this week's decline. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible near-term. If March extends this week's decline, November's low crossing at 150-30 is the next downside target. Closes above the 20-day moving average crossing at 153-02 are needed to confirm that a short-term low has been posted. 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 the reaction low crossing at 150-30. Second support is October's low crossing at 149-07.  



March T-notes were slightly higher overnight as they consolidate some of Tuesday's decline. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, weekly support crossing at 123.180 is the next downside target. Closes above the 50-day moving average crossing at 124.182 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 125.000. Second resistance is November's high crossing at 125.065. First support is Tuesday'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"



ENERGY MARKETS: JanuaryNymex crude oil was steady to slightly higher overnight while extending the trading range of the past two months. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off last Thursday's low, November's high crossing at 59.05. If January renews the decline off November's high, the 25% retracement level of the June-November crossing at 55.11 is the next downside target. First resistance is November's high crossing at 59.05. Second resistance is weekly resistance crossing at 60.00. First support is the 25% retracement level of the June-November crossing at 55.11. Second support is the 38% retracement level of the June-November crossing at 53.04.



January heating oil 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 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 50-day moving average crossing at 189.02 are needed to confirm that a short-term top has been posted. 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 50-day moving average crossing at 189.02. Second support is December's low crossing at 185.97.      



January unleaded gas was slightly higher overnight. 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 171.32 are needed to confirm that a short-term low has been posted. If January resumes 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 the 38% retracement level of the June-November-rally crossing at 160.49. Second support is October's low crossing at 152.48. 



January Henry natural gas was slightly higher overnight as it extends the rebound off last Friday's low. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 2.872 are needed to confirm that a short-term low has been posted. If January resumes the decline off November's high, weekly support crossing at 2.522 is the next downside target. First resistance is the 10-day moving average crossing at 2.724. Second resistance is the 20-day moving average crossing at 2.872. First support is last Friday's low crossing at 2.581. Second support is weekly support crossing at 2.522.  



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



CURRENCIES:The March Dollar was slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last week's high, the reaction low crossing at 92.69 is the next downside target. If March renews the rally off November's low, the reaction high crossing at 94.22 is the next upside target. First resistance is the reaction high crossing at 94.22. Second resistance is November's high crossing at 94.76. First support is the reaction low crossing at 92.69. Second support is the reaction low crossing at 92.26.



The March Euro was higher overnight while extending the trading range of the past six-weeks. 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 120.43 or below November's low crossing at 116.49 are needed to confirm a breakout of the aforementioned trading range and would point the direction of the next trending move. First resistance is November's high crossing at 120.43. Second resistance is the reaction high crossing at 121.49. First support is last Tuesday's low crossing at 117.97. Second support is November's low crossing at 116.49. 



The March British Pound was steady to slightly higher overnight.Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the 50-day moving average crossing at 1.3326 are the next downside target. If March renews the rally off November's low, September's high crossing at 1.3666 is the next upside target. First resistance is November's high crossing at 1.3598. Second resistance is September's high crossing at 1.3666. First support is the 50-day moving average crossing at 1.3326. Second support is the reaction low crossing at 1.3273.  



The March Swiss Franc were lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, December's high crossing at 1.0352 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 the 38% retracement level of the July-October-rally crossing at 1.0328. Second resistance is the 50% retracement level of the July-October-rally crossing at 1.0411. First support is December's low crossing at 1.0103. Second support is November's low crossing at 1.0062.    



The March Canadian Dollar was slightly higher overnight while extending the trading range of the past two-months. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above December's high crossing at 79.31 or below October's low crossing at 77.55 are needed to confirm a breakout of the aforementioned trading range and point the direction of the next trending move. First resistance is December's high crossing at 79.31. Second resistance is October's high crossing at 80.42. First support is the late-November's low crossing at 77.58. Second support is October's low crossing at 77.55.



The March Japanese Yen was lower overnight. Stochastics and the RSI have turned 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 0.8782 is the next downside target. Closes above the 20-day moving average crossing at 0.8945 are needed to confirm that a short-term low has been posted. First resistance is the 50% retracement level of the September-November-decline crossing at 0.9072. 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"



PRECIOUS METALS: February gold were higher overnight as it extends the rally off December's low. 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 1270.30 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 1270.30. Second resistance is the 50-day moving average crossing at 1279.80. First support is last Tuesday's low crossing at 1238.30. Second support is the 87% retracement level of the July-September-rally crossing at 1233.90.  



March silver was higher overnight as it extends the rally off December's low. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 16.308 are needed to confirm that a short-term low has been posted. If March resumes the decline off November's high, the 87% retracement level of the July-September-rally crossing at 15.626 is the next downside target. First resistance is the 20-day moving average crossing at 16.308. Second resistance is the 50-day moving average crossing at 16.805. First support is December's low crossing at 15.635. Second support is the 87% retracement level of the July-September-rally crossing at 15.626.     



March copper was higher overnight as it extends the rally off December's low. The high-range 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 March extends the rally off December's low, November's high crossing at 320.15 is the next upside target. Closes below the 10-day moving average crossing at 307.15 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 318.00. Second resistance is November's high crossing at 320.15. First support is December's low crossing at 294.30. Second support is October's low crossing at 291.35. 



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



March Corn was up a 1/2-cent at 3.48 1/4. 



March corn was steady to fractionally higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If March extends the decline off December's high, weekly support crossing at 3.32 is the next downside target. Closes above the 50-day moving average crossing at 3.56 1/2 are needed to confirm that a seasonal low has been posted. First resistance is the 50-day moving average crossing at 3.57 1/2. Second resistance is November's high crossing at 3.65 1/4. First support is this week's low crossing at 3.46 1/2. Second support is weekly support crossing at 3.32.  



March wheat was down 1 1/4-cents at $4.18 1/4. 



March wheat was lower overnight in quiet pre-holiday 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 4.38 are needed to confirm that a 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 4.38. 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 was down 1 1/2-cents overnight at 6.16 3/4. 



March Minneapolis wheat was lower overnight. The high-range 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 sideways to lower prices are possible near-term. If March renews this year's decline, the 87% retracement level of the April-July rally crossing at 5.89 1/2 is the next downside target. Closes above the 50-day moving average crossing at 6.30 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 6.30. Second resistance is November's high crossing at 6.66. 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 were up 2 3/4-cents at 9.58 1/2. 



January soybeans was higher overnight as it consolidates some of the decline off December's high.The high-range close 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 sideways to lower prices are possible near-term. If January extends the decline off December's high, September's low crossing at 9.47 1/2 is the next downside target. Closes above the 20-day moving average crossing at 9.84 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 9.73 1/4. Second resistance is the 20-day moving average crossing at 9.84 3/4. First support is the overnight low crossing at 9.53 1/4. Second support is September's low crossing at 9.47 1/2. 



January soybean meal was up $0.20 at 315.40. 



January soybean meal was slightly higher overnight as it consolidates some of the decline off December's high. The low-range close 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. 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 327.70 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 327.70. Second resistance is December's high crossing at 348.20. First support is the overnight low crossing at 315.00. Second support is November's low crossing at 311.60. 



January soybean oil was up 10 pts. at 33.32. 



January soybean oil was slightly higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 33.58 are needed to confirm that a low has been posted. If January renews the decline off November's high, October's low crossing at 32.47 is the next downside target. First resistance is the 20-day moving average crossing at 33.54. Second resistance is November's high crossing at 35.61. 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. 

Comments
No replies yet. Be the first!