KEY EVENTS TO WATCH FOR:
Tuesday, March 31, 2020
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +2.8%)
Chain Store Sales, M/M% (previous +2.9%)
8:30 AM ET. 4th Quarter U.S. International Investment Position
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +1.7%)
Ret Sales Mo-to-Date, Y/Y% (previous +7.9%)
Latest Wk, Y/Y% (previous +9.1%)
9:00 AM ET. January S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +0.1%)
10-City Idx, Y/Y% (previous +2.4%)
20-City Idx, M/M% (previous +0.0%)
20-City Idx, Y/Y% (previous +2.9%)
National Idx, M/M% (previous +0.1%)
National Idx, Y/Y% (previous +3.8%)
9:45 AM ET. March ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 40.5; previous 49.0)
10:00 AM ET. March Consumer Confidence Index
Cons Conf Idx (expected 110.0; previous 130.7)
Expectation Idx (previous 107.8)
Present Situation Idx (previous 165.1)
3:00 AM ET. February Agricultural Prices
Farm Prices, M/M% (previous +0.8%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -1.2M)
Gasoline Stocks, Net Chg (Bbls) (previous -2.6M)
Distillate Stocks, Net Chg (Bbls) (previous -1.9M)
Wednesday, April 1, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 758.4)
Composite Idx, W/W% (previous -29.4%)
Purchase Idx-SA (previous 237.4)
Purchase Idx-SA, W/W%
Refinance Idx (previous 3809.3)
Refinance Idx, W/W% (previous -33.8%)
8:15 AM ET. March ADP National Employment Report
Private Sector Jobs, Net Chg (expected -263000; previous +183000)
9:45 AM ET. March US Manufacturing PMI
PMI, Mfg (previous 50.7)
10:00 AM ET. March ISM Manufacturing Report on Business
Manufacturing PMI (expected 44.0; previous 50.1)
Prices Idx (previous 45.9)
Employment Idx (previous 46.9)
Inventories (previous 46.5)
New Orders Idx (previous 49.8)
Production Idx (previous 50.3)
10:00 AM ET. February Construction Spending - Construction Put in Place
New Construction (expected +0.7%; previous +1.8%)
Residential Construction
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 455.36M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.623M)
Gasoline Stocks (Bbl) (previous 239.282M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.537M)
Distillate Stocks (Bbl) (previous 124.442M)
Distillate Stocks, Net Chg (Bbl) (previous -0.678M)
Refinery Usage (previous 87.3%)
Total Prod Supplied (Bbl/day) (previous 19.4M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -2.077M)
11:00 AM ET. March Global Manufacturing PMI
PMI, Mfg (previous 47.2)
2:00 PM ET. SEC Closed Meeting
16:00 PM ET. March Domestic Auto Industry Sales
Thursday, April 2, 2020
7:30 AM ET. March Challenger Job-Cut Report
Job Cuts, M/M% (previous -16.4%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1897.2K)
Soybeans (Metric Tons) (previous 904.8K)
Wheat (Metric Tons) (previous 1106.5K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 2650K; previous 3283K)
Jobless Claims, Net Chg (previous +3001K)
Continuing Claims (previous 1803000)
Continuing Claims, Net Chg (previous +101K)
8:30 AM ET. February U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -39.3B; previous -45.34B)
Exports (USD) (previous 208.57B)
Exports, M/M% (previous -0.4%)
Imports (USD) (previous 253.91B)
Imports, M/M% (previous -1.6%)
9:45 AM ET. Bloomberg Consumer Comfort Index
9:45 AM ET. March ISM-NY Report on Business
Business Index (previous 51.9)
10:00 AM ET. February Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +0.3%; previous -0.5%)
Orders, Ex-Defense, M/M% (previous +1.3%)
Orders, Ex-Transport, M/M% (previous -0.1%)
Durable Goods, M/M% (previous -0.2%)
Durable Goods, M/M%
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2005B)
Working Gas In Storage, Net Chg (Cbf) (previous -29B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
Friday, April 3, 2020
8:30 AM ET. March U.S. Employment Report
Non-Farm Payrolls (expected -56K; previous +273K)
Unemployment Rate (expected 3.7%; previous 3.5%)
Avg Hourly Earnings (USD) (previous 28.52)
Avg Hourly Earnings-Net Chg (USD) (previous +0.09)
Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.32%)
Avg Hourly Earnings, Y/Y% (expected +3.0%; previous +3.0%)
Overall Workweek (previous 34.4)
Overall Workweek Net Chg (previous +0.1)
Government Payrolls (previous +45K)
Private Payroll (previous +228K)
Participation Rate (previous 63.4%)
Non-Farm Payrolls Bench Net Chg
9:45 AM ET. March US Services PMI
PMI, Services (previous 49.4)
10:00 AM ET. March ISM Non-Manufacturing Report on Business
Non-Mfg Composite Idx (expected 45.7; previous 57.3)
Non-Mfg Business Idx (previous 57.8)
Prices Idx (previous 50.8)
Employment Idx (previous 55.6)
New Orders Idx (previous 63.1)
11:00 AM ET. March Global Services PMI
PMI, Services (previous 47.1)
Monday, April 6, 2020
8:30 AM ET. Annual Advance GDP by Industry
10:00 AM ET. March Employment Trends Index
ETI (previous 108.96)
ETI, Y/Y%
N/A World Strategic Forum commences
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was higher in overnight trading as it extends the rally off March's low. The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends extends the rally off March's low, the 50% retracement level of the February-March-decline crossing at 8208.09 is the next upside target. Closes below last-Thursday's low crossing at 7310.25 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the February-March-decline crossing at 8208.09. Second resistance is the 62% retracement level of the February-March-decline crossing at 8583.30. First support is last-Thursday's low crossing at 7310.25. Second support is March's low crossing at 6628.75. is the January-2019 low on the weekly continuation chart crossing at 6616.75.
The June S&P 500 was steady to slightly higher in late-overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.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 2595.53 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, monthly support crossing at 2028.01 is the next downside target. First resistance is the 20-day moving average crossing at 2595.53. Second resistance is the 50% retracement level of the February-March-decline crossing at 2780.02. First support is March's low crossing at 2174.90. Second support is monthly support crossing at 2028.01.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 16th high crossing at 182-21 are needed to confirm that a short-term low has been posted. If June renews the decline off March's high, the 50-day moving average crossing at 168-18 is the next downside target. First resistance is the March 16th high crossing at 182-21. Second resistance is March's high crossing at 191-22. First support is the 50-day moving average crossing at 168-18. Second support is February's low crossing at 159-18.
June T-notes were higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a steady to higher opening with 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 June extends the rally off March's low, March's high crossing at 140.240 is the next upside target. Closes below the 20-day moving average crossing at 137.049 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 139.125. Second resistance is March's high crossing at 140.240. First support is the 20-day moving average crossing at 137.049. Second support is the 50-day moving average crossing at 133.228.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
May crude oil was higher in overnight trading as it consolidates some of the decline off January's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, the October-1998 low on the monthly continuation chart crossing at 17.12 is the next downside target. Closes above the 20-day moving average crossing at 29.35 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 23.14. Second resistance is the 20-day moving average crossing at 29.35. First support is Monday's low crossing at 19.27. Second support is the October-1998 low on the monthly continuation chart crossing at 17.12.
May heating oil was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 114.85 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, the January 2016 low on the weekly continuation chart crossing at 84.87 is the next downside target. First resistance is the reaction high crossing at 111.84. Second resistance is the 20-day moving average crossing at 114.85. First support is March's low crossing at 93.43. Second support is weekly support crossing at 84.87.
May unleaded gas was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 86.39 would confirm that a short-term low has been posted. If May extends the decline off February's high, monthly support crossing at 32.40 is the next downside target. First resistance is the reaction high crossing at 76.12. Second resistance is the 20-day moving average crossing at 86.39. First support is last-Monday's low crossing at 46.05. Second support is monthly support crossing at 32.40.
May Henry natural gas was higher overnight following Monday's upside reversal. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.777 would signal that a short-term low has been posted. If May resumes the decline off November's high, weekly support crossing at 1.530 is the next downside target. First resistance is the 20-day moving average crossing at 1.777. Second resistance is 50-day moving average crossing at 1.865. First support is March's low crossing at 1.587. Second support is weekly support crossing at 1.530.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was higher overnight as it consolidates some of the decline off March's high. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 101.13 would temper the near-term bearish outlook. If June extends the decline off March's high, the 62% retracement level of March's rally crossing at 98.14 is the next downside target.First resistance is the 10-day moving average crossing at 101.13. Second resistance is March's high crossing at 103.96. First support is the 62% retracement level of March's rally crossing at 98.13. Second support is the 75% retracement level of March's rally crossing at 98.88.
The June Euro was lower overnight as it extends Monday's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 109.27 would temper the near-term friendly outlook. If June extends the rally off March's low, the March 16th high crossing at 112.78 is the next upside target. First resistance is the March 16th high crossing at 112.78. Second resistance is March's high crossing at 115.45. First support is the 10-day moving average crossing at 109.27. Second support is March's low crossing at 106.71.
The June British Pound was lower overnight as it consolidates some of the rally off March's low.The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low the 50-day moving average crossing at 1.2747 is the next upside target. Closes below the 10-day moving average crossing at 1.1959 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.2747. Second resistance is March's high crossing at 1.3212. First support is the 10-day moving average crossing at 1.1959. Second resistance is March's low crossing at 1.1438.
The June Swiss Franc was lower overnight as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the March 16th high crossing at 1.0698 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 1.0331 would temper the near-term friendly outlook. First resistance is the March 16th high crossing at 1.0698. Second resistance is March's high crossing at 1.0943. First support is the 10-day moving average crossing at 1.0331. Second is March's low crossing at 1.0138.
The June Canadian Dollar was lower overnight as it consolidates some of the rally off March's low. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off December's high, the January-2016 low on the monthly continuation chart crossing at 68.09 is the next downside target. Closes above last-Friday's high crossing at 71.89 are needed to confirm that a short-term low has been posted.First resistance is last-Friday's high crossing at 71.89. Second resistance is the March 16th high crossing at 72.85. First support is March's low crossing at 68.20. Second support is the January-2016 low on the monthly continuation chart crossing at 68.09.
The June Japanese Yen was lower overnight as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.0933 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, February's low crossing at 0.0897 is the next downside target. First resistance is the 20-day moving average crossing at 0.0933. Second resistance is March's high crossing at 0.0992. First support is last-Wednesday's low crossing at 0.0900. Second support is February's low crossing at 0.0897.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: April gold was lower overnight as it consolidates some of the rally off March's low. Stochastics and the RSI are turning neutral to bearish signaling that a double top with March's high has been posted with last-Wednesday's high. Closes below the 10-day moving average crossing at $1582.00 would confirm that a double top has been posted. If April resumes the rally off March's low, March's high crossing at $1704.30 is the next upside target. First resistance is March's high crossing at $1704.30. Second resistance is monthly resistance crossing at $1809.50. First support is the 10-day moving average crossing at $1582.00. Second support is March's low crossing at $1450.90.
May silver was lower overnight as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving averagecrossing at $14.769 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at $13.675 would temper the rally off March's low. First resistance is the 20-day moving average crossing at $14.769. First support is the 10-day moving average crossing at $13.675. Second support is March's low crossing at $11.640.
May copper was steady to slightly higher overnight as it extends the trading range of the past two-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $232.54 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, the January-2016 low on the monthly continuation chart crossing at $193.55 is the next downside target. First resistance is last-Tuesday's high crossing at $223.95. Second resistance is the 20-day moving average crossing at $232.54. First support is March's low crossing at $197.25. Second support is the January-2016 low on the monthly continuation chart crossing at $193.55.
GRAINS http://quotes.ino.com/ex changes/?c=grains
May corn was lower overnight as it extends the trading range of the past two-weeks. Today's planted acreage report is expected to come in around 94 million acres of corn. March 1 corn stocks are expected to come in around 8.125 billion bushels. However, if this number is below 7.9 billion bushels, it would suggest that the USDA overestimated last-year's corn crop. The low-range trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off December's high, the January-2016 low on the monthly continuation chart crossing at 68.09 is the next downside target.Closes above the 20-day moving average crossing at $3.57 would confirm that a low has been posted. First resistance is the reaction high crossing at $3.56 3/4. Second resistance is the 20-day moving average crossing at $3.57. First support is March's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.
May wheat was lower overnight as it consolidates some of the rally off March's low.The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but are poised to turn bearish with additional weakness signaling that a double top with January's high might have been posted with last-Friday's high. If May extends the aforementioned rally, January's high crossing at $5.90 3/4 is the next upside target. Closes below the 20-day moving average crossing at 5.33 1/2 would confirm that a double top with January's high has been posted. First resistance is last-Friday's high crossing at $5.87. Second resistance is January's high crossing at $5.90 3/4. First support is the 50-day moving average crossing at $5.45. Second support is the 20-day moving average crossing at $5.33 1/2.
July Kansas City Wheat closed up $0.01 1/4-cents at $4.92 3/4.
July Kansas City wheat closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the rally off March's low, January's high crossing at $5.19 is the next upside target. Closes below the 20-day moving average crossing at $4.64 1/4 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $5.09 1/4. Second resistance is January's high crossing at $5.19. First support is the 50-day moving average crossing at $4.77. Second support is the 20-day moving average crossing at $4.64 1/4.
May Minneapolis wheat was lower overnight as traders await today's quarterly grain stocks and acreage report for direction. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that the rally off March's low might coming to an end. Closes below the 20-day moving average crossing at $5.22 1/2 would temper the near-term friendly outlook. If May extends the rally off March's low, February's high crossing at $5.50 3/4 is the next upside target. First resistance is last-Friday's high crossing at $5.42 1/2. Second resistance is February's high crossing at $5.50 3/4. First support is the 20-day moving average crossing at $5.22 1/2. Second support is March's low crossing at $5.03.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans were lower overnight as they extend consolidate some of rally off March's low. Strong soybean meal prices along with bull spreading indicates there is solid demand for soybeans along with strong underlying support for the market. Soybean stocks as of March 1st are estimated at 2.25 billion bushels. Soybean acreage is estimated at 85 million acres. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.88 1/4 would open the door for a possible test of March's high crossing at $9.12 1/2. Closes below the 20-day moving average crossing at $8.69 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $8.88 1/4. Second resistance is March's high crossing at $9.12 1/2. First support is the 20-day moving average crossing at $8.69. Second support is March's low crossing at $8.21.
May soybean meal was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off February's low, last-June's high crossing at 336.60 is the next upside target. Closes below the 20-day moving average crossing at $312.00 would confirm that a short-term top has been posted. First resistance is March's high crossing at $336.30. Second resistance is last-June's high crossing at 336.60. First support is the 10-day moving average crossing at $322.20. Second support is the 20-day moving average crossing at $312.00.
May soybean oil was lower overnight as it consolidates some of the rally off March's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 26.81 are needed to confirm that a short-term low has been posted. If May resumes the decline off January's high, monthly support crossing at 21.54 is the next downside target. First resistance is the 20-day moving average crossing at 26.81. Second resistance is the 38% retracement level of the January-March-decline crossing at 28.97. First support is March's low crossing at 24.68. Second support is monthly support crossing at 21.54.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $4.50 at $53.95.
April hogs gapped down and closed limit down on Monday as it extended the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, March's low crossing at $52.13 is the next downside target. Closes above the 50-day moving average crossing at $64.63 would confirm that a short-term low has been posted. First resistance is February's high crossing at $68.25. Second resistance is the 50% retracement level of the 2019-2020-decline crossing at $71.54. First support is today's low crossing at $53.95. Second support is March's low crossing at $52.13.
April cattle closed down $1.75 at $99.20.
April cattle closed lower on Monday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at $100.41 confirms that a short-term top has been posted. If April renews the rally off March's low, March's high crossing at $112.65 is the next upside target. First resistance is March's high crossing at $112.65. Second resistance is the 50-day moving average crossing at $112.21. First support is today's low crossing at $98.37. Second support is March's low crossing at $91.08.
May Feeder cattle closed down $0.03-cents at $120.90.
May Feeder cattle closed slightly lower on Monday as it consolidated some of the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $120.03 would temper the near-term friendly outlook. If May resumes this month's rally, the 50-day moving average crossing at $133.82 is the next upside target. First resistance is the 50-day moving average crossing at $133.82. Second resistance is March's high crossing at $138.20. First support the 10-day moving average crossing at $120.03. Second support is March's low crossing at $107.47.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee posted an inside day with a higher close on Monday as it consolidates some of last-week's decline. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11.45 would confirm that a short-term top has been posted. If May renews the aforementioned rally, the 75% retracement level of the December-February-decline crossing at 13.33 is the next upside target.
May cocoa closed unchanged on Monday as it extended the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the October-2018 low crossing at 21.10 is the next downside target. Closes above the 20-day moving average crossing at 24.03 are needed to confirm that a short-term low has been posted.
May sugar closed lower on Monday as it extended the decline off last-Wednesday's high. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, monthly support crossing at 9.91 is the next downside target. Closes above the 20-day moving average crossing at 11.77 are needed to temper the near-term bearish outlook.
May cotton closed lower on Monday as it extends this year's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, monthly support crossing at 48.60 is the next downside target. Closes above the 20-day moving average crossing at 57.58 are needed to confirm that a low has been posted.
Thanks tallpine!
Very warm weather coming up for the Eastern half of the country and turning wet.
Getting to the point where being too wet is going to start making early planting impossible in most places.
Still lots of time to dry out but will last years excessively wet Spring and massive planting delays and PP acres cause the market to be more sensitive to early wetness?
A good case can be made for that.