KEY EVENTS TO WATCH FOR:
Wednesday, February 19, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 689.5)
Composite Idx, W/W% (previous +1.1%)
Purchase Idx-SA (previous 267.4)
Purchase Idx-SA, W/W% (previous -9.5%)
Refinance Idx (previous 3123.6)
Refinance Idx, W/W% (previous +5.0%)
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +0.0%)
Chain Store Sales, M/M% (previous +2.2%)
8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 1.608M)
Housing Starts, M/M% (previous +16.9%)
Building Permits (previous 1.416M)
Building Permits, M/M% (previous -3.9%)
8:30 AM ET. January PPI
PPI, M/M% (previous +0.1%)
Ex-Food & Energy PPI, M/M% (previous +0.1%)
Personal Consumption (previous +0%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -0.7%)
Ret Sales Mo-to-Date, Y/Y% (previous +4.8%)
Latest Wk, Y/Y% (previous +4.8%)
10:00 AM ET. 4th Quarter Advance Quarterly Services
10:00 AM ET. 4th Quarter Quarterly Retail E-Commerce Sales
2:00 PM ET. Federal Open Market Committee meeting minutes published
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +6.0M)
Gasoline Stocks, Net Chg (Bbls) (previous +1.1M)
Distillate Stocks, Net Chg (Bbls) (previous -2.3M)
Thursday, February 20, 2020
8:30 AM ET. February Philadelphia Fed Business Outlook Survey
Business Activity (previous 17.0)
Prices Paid (previous 22.1)
Employment (previous 19.3)
New Orders (previous 18.2)
Prices Received (previous 14.7)
Delivery Times (previous -0.4)
Inventories (previous -2.3)
Shipments (previous 23.4)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 205K)
Jobless Claims, Net Chg (previous +2K)
Continuing Claims (previous 1698000)
Continuing Claims, Net Chg (previous -61K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. January Leading Indicators
Leading Index, M/M% (previous -0.3%)
Leading Index (previous 111.2)
Coincident Index, M/M% (previous +0.1%)
Lagging Index, M/M% (previous -0.1%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2494B)
Working Gas In Storage, Net Chg (Cbf) (previous -115B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 442.468M)
Crude Oil Stocks, Net Chg (Bbl) (previous +7.459M)
Gasoline Stocks (Bbl) (previous 261.049M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.095M)
Distillate Stocks (Bbl) (previous 141.222M)
Distillate Stocks, Net Chg (Bbl) (previous -2.013M)
Refinery Usage (previous 88.0%)
Total Prod Supplied (Bbl/day) (previous 20.968M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.133M)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
Friday, February 21, 2020
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 968.8K)
Soybeans (Metric Tons) (previous 51.2K)
Wheat (Metric Tons) (previous 687.1K)
9:45 AM ET. February US Flash Manufacturing PMI
PMI, Mfg (previous 51.7)
9:45 AM ET. February US Flash Services PMI
PMI, Services (previous 53.2)
10:00 AM ET. January Existing Home Sales
Existing Sales (previous 5.54M)
Existing Sales, M/M% (previous +3.6%)
Unsold Homes Month's Supply (previous 3.0)
Median Price (USD) (previous 274500)
Median Home Price, Y/Y% (previous 7.8%)
N/A U.S. Monetary Policy Forum
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The March NASDAQ 100 closed sharply higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-October's low, upside targets will be hard to project. Closes below the 20-day moving average crossing at 9352.64 would confirm that a short-term top has been posted. First resistance is today's high crossing at 9743.75. Second resistance is unknown. First support is the 10-day moving average crossing at 9557.17. Second support is the 20-day moving average crossing at 9352.64.
The March S&P 500 closed higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3320.63 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3390.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3320.63. Second support is the 50-day moving average crossing at 3267.02.
The Dow closed higher on Wednesday as investors were encouraged by measures China says it has taken to help coronavirus-stricken businesses, giving a lift to U.S. and global equities. . The high-range close sets the stage for a steady to higher opening when Thursday'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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 28,757.99 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 29,535.98. Second resistance is unknown. First support is the 20-day moving average crossing at 29,048.58. Second support is the 50-day moving average crossing at 28,757.99.
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March T-bonds closed unchanged at 163-01.
March T-bonds closed unchanged on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off January's low, October's high crossing at 164-09 is the next upside target. Closes below the 20-day moving average crossing at 161-29 are needed to confirm a short-term top has been posted. First resistance is February's high crossing at 164-05. Second resistance is October's high crossing at 164-09. First support is the 20-day moving average crossing at 161-29. Second support is the 50-day moving average crossing at 159-03.
March T-notes closed down 35-pts. at 131.030.
March T-notes closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, February's high crossing at 131.290 is the next upside target. Closes below the 20-day moving average crossing at 130.255 are needed to confirm that a short-term top has been posted. First resistance is February's high crossing at 131.290. Second resistance is October's high crossing at 132.025. First support is the 20-day moving average crossing at 130.255. Second support is the 50-day moving average crossing at 129.192.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
March crude oil closed higher on Wednesday as it extends the rally off February's low. March crude oil posted their highest price in almost three weeks as prices were boosted by news that the U.S. imposed sanctions on an arm of Russian oil giant Rosneft. Additional support came from reports of a further decline in Libyan oil output. A slowdown in the spread of COVID-19 also eased worries about energy demand. Today's close above the 20-day moving average crossing at 52.15 confirms that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the January 29th high crossing at 54.37 is the next upside target. If March renews the decline off January's high, the December-2018 low crossing at 45.76 is the next downside target. First resistance is the January 29th high crossing at 54.37. Second resistance is the 50-day moving average crossing at 56.82 is the next upside target. First support is February's low crossing at 49.31. Second support is the December-2018 low crossing at 45.76.
March heating oil closed higher on Wednesday and above the 20-day moving average crossing at 167.73 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, the 50-day moving average crossing at 185.48 is the next upside target. If March resumes this year's decline, the June 2017-low crossing at 156.49 is the next downside target. First resistance is today's high crossing at 171.05. Second resistance is the January 29th high crossing at 173.55. First support is February's low crossing at 156.84 Second support is the June 2017-low crossing at 156.49.
March unleaded gas closed sharply higher on Wednesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Thursday'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. First resistance is the January 14th high crossing at 169.03. Second resistance is January's high crossing at 181.14. First support is the 20-day moving average crossing at 20-day moving average crossing at 153.87. Second support is February's low crossing at 143.45.
March Henry natural gas posted an inside day with a slightly lower close on Wednesday. The high-range close sets the stage for a steady to higher 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 extends this week's rally, the 50-day moving average crossing at 2.044 is the next upside target. Closes below the 10-day moving average crossing at 1.861 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 2.044. Second resistance is January's high crossing at 2.204. First support is last-Tuesday's low crossing at 1.753. Second support is weekly support crossing at 1.611.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Wednesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, weekly resistance crossing at 99.90 is the next upside target. Closes below the 20-day moving average crossing at 98.31 would confirm that a short-term top has been posted. First resistance is today's high crossing at 99.62. Second resistance is weekly resistance crossing at 99.90. First support is the 10-day moving average crossing at 98.91. Second support is the 20-day moving average crossing at 98.31.
The March Euro closed slightly higher on Wednesday as it consolidates some of the decline off the December 31st high crossing at 11.29. The high-range close sets the stage for a steady to higher opening when Thursday'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 December's high, monthly support crossing at 106.55 is the next downside target. Closes above the 20-day moving average crossing at 109.94 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 109.10. Second resistance is the 20-day moving average crossing at 109.94. First support is today's low crossing at 107.99. Second support is monthly support crossing at 106.55.
The March British Pound closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the November 22nd low crossing at 1.2870 is the next downside target. Closes above the 50-day moving average crossing at 1.3092 would confirm that a short-term low has been posted. First resistance is the January 31st high crossing at 1.3225. Second resistance is the December 31st high crossing at 1.3312. First support is last-Monday's low crossing at 1.2885. Second support is the November 22nd low crossing at 1.2870.
The March Swiss Franc closed lower on Wednesday as it extends the decline off February's high.The low-range close sets the stage for a steady to lower opening when Thursday'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 this month's decline, the 75% retracement level of the December-January-rally crossing at 1.0156 is the next downside target. Close above the 20-day moving average crossing at 1.0296 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0241. Second resistance is the 20-day moving average crossing at 1.0296. First support is today's low crossing at 1.0175. Second support is the 75% retracement level of the December-January-rally crossing at 1.0156.
The March Canadian Dollar closed higher on Wednesday and above the 20-day moving average crossing at 75.61 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher 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 extends the rally off February's low, the 50-day moving average crossing at 76.05 is the next upside target. If March resumes the decline off December's high, September's low crossing at 74.90 is the next downside target. First resistance is today's high crossing at 75.71. Second resistance is the 50-day moving average crossing at 76.05. First support is February's low crossing at 75.01. Second support is September's low crossing at 74.90.
The March Japanese Yen closed sharply lower on Wednesday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday’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 this year's decline, weekly support crossing at 0.0881 is the next downside target. Closes above the 50-day moving average crossing at 0.0918 would temper the near-term bearish outlook. First resistance is February's high crossing at 0.0925. Second resistance is January's high crossing at 0.0932. First support is today's low crossing 0.0897. Second support is weekly support crossing at 0.0881.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed higher on Wednesday as it extends the rally off February's low.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, January's high crossing at $1619.60 is the next upside target. Closes below the 20-day moving average crossing at $1578.20 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1614.40. Second resistance is January's high crossing at $1619.60. First support is the 20-day moving average crossing at $1578.20. Second support is the 50-day moving average at $1545.40.
March silver closed higher on Wednesday as it extends this week's rally. The high-range close set the stage for a steady to higher 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. Closes above the reaction high crossing at 18.375 are needed to confirm that a low has been posted. If March renews the decline off January's high, the December 18th low crossing at 16.935 is the next downside target. First resistance is January's high crossing at 18.895. Second resistance is the September 24th high crossing at 18.930. First support is January's low crossing at 17.280. Second support is the December 18th low crossing at 16.935.
March copper closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to higher 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. Multiple closes above the 20-day moving average crossing at 259.75 are needed to confirm that a short-term low has been posted. If March resumes this year's decline, the 75% retracement level of the 2016-2018-rally crossing at 234.31 is the next downside target. First resistance is the 20-day moving average crossing at 259.75. Second resistance is the 50-day moving average crossing at 272.53. First support is February's low crossing at 248.75. Second support is the 75% retracement level of the 2016-2018-rally crossing at 234.31.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.02 3/4-cents at 3.80 1/4.
March corn closed lower on Wednesday while extending the December-February trading range. The mid-range close sets the stage for a steady to lower opening when Thursday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below January's low crossing at $3.75 1/4 would open the door for a possible test of December's low crossing at $3.71. Closes above January's high crossing at $3.94 are needed to confirm an upside trading range breakout while opening the door for a possible test of November's high crossing at $4.00. First resistance is January's high crossing at $3.94. Second resistance is November's high crossing at $4.00. First support is January's low crossing at $3.75 1/4. Second support is December's low crossing at $3.71.
March wheat closed down $0.01 1/4-cents at $5.65 1/2.
March wheat posted an inside day with a lower close on Wednesday. The high-range close sets the stage for a steady to higher 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 extends Tuesday's rally, January's high crossing at $5.92 1/2. If March renews the decline off January's high, the 50% retracement level of the September-January-rally crossing at $5.25 1/2 is the next downside target. First resistance is Tuesday's high crossing at $5.70 3/4. Second resistance is January's high crossing at $5.92 1/2. First support is last-Wednesday's low crossing at $5.38 1/4. Second support is the 50% retracement level of the September-January-rally crossing at $5.25 1/2.
March Kansas City Wheat closed down a $0.06-cents at $4.79 3/4.
March Kansas City wheat posted an inside day with a lower close on Wednesday as it consolidates some of Tuesday's rally. The mid-range close sets the stage for a steady to higher opening when Thursday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. If March extends Tuesday's rally, January's high crossing at $5.04 3/4. Closes below February's low crossing at $4.58 1/2 would renew the decline off January's high. First resistance is Tuesday's high crossing at $5.86 3/4. Second resistance is January's high crossing at $5.04 3/4. First support is February's low crossing at $4.58 1/4. Second support is December's low crossing at 4.23 1/2.
March Minneapolis wheat closed down $0.03 3/4-cents at $5.36 1/4.
March Minneapolis wheat posted an inside day with a lower close on Wednesday as it consolidates some of Tuesday's rally. The high-range close sets the stage for a steady to higher 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. Closes above the 50-day moving average crossing at $5.41 are needed to confirm that a short-term low has been posted. If March resumes the decline off January's high, the 75% retracement level of the November-January-rally crossing at 5.21 1/4 is the next downside target. First resistance is the 50-day moving average crossing at $5.41. Second resistance is January's high crossing at $5.67 3/4. First support is last-Friday's low crossing at 5.25 1/4. Second support is the 75% retracement level of the November-January-rally crossing at 5.21 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed up $0.05 1/4-cents at $8.97 1/2.
March soybeans closed higher on Tuesday. The high-range close sets the stage for a steady to higher 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 extends the rally off February's high, the 50-day moving average crossing at $9.16 3/4 is the next upside target. Closes below the 10-day moving average crossing at $8.88 1/2 would temper the near-term friendly outlook. First resistance is the January 29th high crossing at $9.03. Second resistance is the 50-day moving average crossing at 9.16 3/4. First support is February's low crossing at $8.68 3/4. Second support is last-May's low crossing at $8.41 1/2.
March soybean meal closed up $0.60 at $292.80.
March soybean meal closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher 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. Closes above the 20-day moving average crossing at $292.70 are needed to confirm that a short-term low has been posted. If March resumes this year's decline, monthly support crossing at $283.10 is the next downside target. First resistance is the 20-day moving average crossing at $292.70. Second resistance is the 50-day moving average crossing at $298.60. First support is February's low crossing at $286.40. Second support is monthly support crossing at $283.10.
March soybean oil closed down 17-pts. at 30.31.
March soybean oil closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 the decline off January's high, the 75% retracement level of the May-January low crossing at 29.54 is the next downside target. Closes above the 20-day moving average crossing at 31.07 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 31.07. Second resistance is the 50-day moving average crossing at 32.70. First support is today's low crossing at 29.78. Second support is the 75% retracement level of the May-January low crossing at 29.54.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $2.08 at $67.58.
April hogs closed sharply higher on Wednesday and above the 50-day moving average crossing at 66.70 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher 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 April extends the rally off February's low, the 50-day moving average crossing at 72.17 is the next upside target. If April resumes the decline off January's high, weekly support crossing at $52.25 is the next downside target. First resistance is today's high crossing at $68.25. Second resistance is the 50-day moving average crossing at 72.17. First support is February's low crossing at $61.00. Second support is weekly support crossing at $52.25.
April cattle closed up $0.20 at $120.80.
April cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 $120.57 would confirm that a short-term low has been posted. If April renews the decline off December's high, the 75% retracement level of the September-December-2019 rally crossing at $114.17 is the next downside target. First resistance is the 20-day moving average crossing at $120.57. Second resistance is the 50-day moving average crossing at $124.42. First support is the 62% retracement level of the September-December-2019 rally crossing at $116.71. Second support is the 75% retracement level of the September-December-2019 rally crossing at $114.17.
March Feeder cattle closed up $1.48-cents at $140.78.
March Feeder cattle closed higher on Wednesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Thursday's 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 aforementioned rally, the 50-day moving average crossing at $141.66 is the next upside target. Closes below the 10-day moving average crossing at $136.71 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $141.66. Second resistance is the January 21st high crossing at $145.18. First support is February's low crossing at $133.65. Second support is the 75% retracement level of the September-January-rally crossing at $131.45.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed slightly lower on Wednesday but remain above the 20-day moving average crossing at 10.35 confirming that a low has been posted. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, the 50-day moving average crossing at 11.67 is the next upside target. Closes below the 10-day moving average crossing at 10.22 would confirm that a short-term top has been posted.
March cocoa closed higher on Wednesday as it extends the trading range of the past seven-days. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are diverging and are poised to turn neutral to bearish with additional weakness. Closes below the 20-day moving average crossing at 28.25 would confirm that a short-term top has been posted. If March extends this winter's rally, weekly resistance crossing at 30.14 is the next upside target.
March sugar closed higher on Wednesday. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, last-January's high crossing at 16.25 is the next upside target. Closes below the 20-day moving average crossing at 14.87 are needed to confirm that a top has been posted.
March cotton closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 68.55 would confirm that a short-term low has been posted. If March renews the decline off January's high, the December 18th low crossing at 66.25 is the next downside target.
Thanks tallpine!
Temps warming a bit in the forecast today, that would have caused ng to drop and stay down 2 months or even 1 month ago.
We are not going to attract as much aggressive selling in February with the fundamentals getting pretty bullish, the low prices and strong seasonality of strength from here to May.
98% sure that the lows are in.
We won't need to add more cold to make new highs for this move, with the back months likely to go higher no matter what(though they could fall some temporarily from very mild forecast updates)