KEY EVENTS TO WATCH FOR:
Wednesday, February 17, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 940.4)
Composite Idx, W/W% (previous -4.1%)
Purchase Idx-SA (previous 318.8)
Purchase Idx-SA, W/W% (previous -4.7%)
Refinance Idx (previous 4549.2)
Refinance Idx, W/W% (previous -4.2%)
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. January Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (expected +1.0%; previous -0.7%)
Sales, Ex-Auto, M/M% (expected +0.9%; previous -1.4%)
Sales, Ex-Auto & Gas, M/M% (previous -2.1%)
8:30 AM ET. January PPI
PPI, M/M% (expected +0.5%; previous +0.3%)
Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.1%)
Personal Consumption (previous +0.1%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -2.5%)
Ret Sales Mo-to-Date, Y/Y% (previous +0.7%)
Latest Wk, Y/Y% (previous +0.7%)
9:15 AM ET. January Industrial Production & Capacity Utilization
Industrial Production, M/M% (expected +0.5%; previous +1.6%)
Capacity Utilization % (expected 74.8%; previous 74.5%)
Capacity Utilization, Net Chg (Pts) (previous +1.1)
10:00 AM ET. February NAHB Housing Market Index
Housing Mkt Idx (expected 83; previous 83)
10:00 AM ET. December Manufacturing & Trade: Inventories & Sales
Total Inventories (expected +0.5%; previous +0.5%)
11:00 AM ET. Federal Reserve Bank of New York's Q4 Household Debt and Credit Report
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 -3.5M)
Gasoline Stocks, Net Chg (Bbls) (previous +4.8M)
Distillate Stocks, Net Chg (Bbls) (previous -0.5M)
Thursday, February 18, 2021
8:30 AM ET. February Philadelphia Fed Business Outlook Survey
Business Activity (expected 19.2; previous 26.5)
Prices Paid (previous 45.4)
Employment (previous 22.5)
New Orders (previous 30.0)
Prices Received (previous 36.6)
Delivery Times (previous 30.0)
Inventories (previous 12.6)
Shipments (previous 22.7)
8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.66M; previous 1.669M)
Housing Starts, M/M% (expected -0.5%; previous +5.8%)
Building Permits (expected 1.67M; previous 1.709M)
Building Permits, M/M% (expected -2.3%; previous +4.5%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 770K; previous 793K)
Jobless Claims, Net Chg (previous -19K)
Continuing Claims (previous 4545000)
Continuing Claims, Net Chg (previous -145K)
8:30 AM ET. January Import & Export Price Indexes
Import Prices (expected +1.0%; previous +0.9%)
Non-Petroleum Prices (previous +0.4%)
Petroleum Prices (previous +9.1%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2518B)
Working Gas In Storage, Net Chg (Cbf) (previous -171B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 469.014M)
Crude Oil Stocks, Net Chg (Bbl) (previous -6.645M)
Gasoline Stocks (Bbl) (previous 256.412M)
Gasoline Stocks, Net Chg (Bbl) (previous +4.259M)
Distillate Stocks (Bbl) (previous 161.106M)
Distillate Stocks, Net Chg (Bbl) (previous -1.732M)
Refinery Usage (previous 83.0%)
Total Prod Supplied (Bbl/day) (previous 20.183M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.655M)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, February 19, 2021
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 460.9K)
Soybeans (Metric Tons) (previous 983.2K)
Wheat (Metric Tons) (previous 635.4K)
9:45 AM ET. February US Flash Manufacturing PMI
PMI, Mfg (expected 59.0; previous 59.1)
9:45 AM ET. February US Flash Services PMI
PMI, Services (expected 58.0; previous 57.5)
10:00 AM ET. January Existing Home Sales
Existing Sales (expected 6.66M; previous 6.76M)
Existing Sales, M/M% (expected -1.5%; previous +0.7%)
Unsold Homes Month's Supply (expected 1.9)
Median Price (USD) (expected 309800)
Median Home Price, Y/Y% (previous +12.9%)
10:00 AM ET. 4th Quarter Advance Quarterly Services
10:00 AM ET. 4th Quarter Quarterly Retail E-Commerce Sales
Monday, February 22, 2021
8:30 AM ET. January CFNAI Chicago Fed National Activity Index
NAI (previous 0.52)
NAI, 3-mo Moving Avg (previous 0.61)
10:00 AM ET. January Leading Indicators
Leading Index, M/M% (previous +0.3%)
Leading Index (previous 109.5)
Coincident Index, M/M% (previous +0.3%)
Lagging Index, M/M% (previous +0.1%)
10:30 AM ET. February Texas Manufacturing Outlook Survey
Business Activity (previous 7.0)
Mfg Production Idx (previous 4.6)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Tuesday as it extends this year's rally into record setting territory.The mid-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 sideways to higher prices are possible near-term. This month's rally into uncharted territory makes upside targets hard to project. Closes below the 20-day moving average crossing at 30,975.82 would signal that a short-term top has been posted.First resistance is today's high crossing at 31,608.63. Second resistance is unknown. First support is the 20-day moving average crossing at 30,975.82. Second support is the 50-day moving average crossing at 30,632.88.
The March NASDAQ 100 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 13,435.76 would signal that a short-term top has been posted. First resistance is today's high crossing at 13,900.50. Second resistance is unknown. First support is the 10-day moving average crossing at 13,632.42. Second support is the 20-day moving average crossing at 13,435.76.
The March S&P 500 closed slightly lower on Tuesday. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3844.03 would signal that a short-term top has been posted. First resistance is today's high crossing at 3959.25. Second resistance is unknown. First support is the 20-day moving average crossing at 3844.03. Second support is the 50-day moving average crossing at 3767.80.
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March T-bonds closed down 2-04/32's at 164-01.
March T-bonds closed sharply lower on Tuesday as it posted a new low close for the year. 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 March extends the decline off November's high, the 62% retracement level of the 2018-2020 rally crossing at 157-20 is the next downside target. Closes above the 20-day moving average crossing at 167-30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 167-30. Second resistance is the 50-day moving average crossing at 170-04. First support is today's low crossing at 164-03. Second support is the 62% retracement level of the 2018-2020 rally crossing at 157-20.
March T-notes closed down 265 pts. at 135.225.
March T-notes closed sharply lower on Monday as it renewed the decline off last-August'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 turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If March resumes the decline off the January 27th high, the 25% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 134.305 is the next downside target. Closes above the 20-day moving average crossing at 136.293 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 136.293. Second resistance is the 50-day moving average crossing at 137.096. First support is today's low crossing at 135.250. Second support is the 25% retracement level of the 2018-2020-rally on the continuation chart crossing at 134.305.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
April crude oil closed higher on Tuesday as it extends the rally off February's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 87% retracement level of the 2018-2020-decline crossing at $62.15 is the next upside target. Closes below the 20-day moving average crossing at $55.11 would signal that a short-term top has been posted. First resistance is today's high crossing at $60.78. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $62.15. First support is the 10-day moving average crossing at $57.52. Second support is the 20-day moving average crossing at $55.11.
April heating oil closed higher on Tuesday as it extended the rally off November's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $183.37 is the next upside target. Closes below the 20-day moving average crossing at $166.44 would confirm that a short-term top has been posted. First resistance is the 62% retracement 1evel of the 2018-2020-decline crossing at $183.37. Second resistance is the the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 10-day moving average crossing at $172.90. Second support is the 20-day moving average crossing at $166.44.
April unleaded gas closed higher on Tuesday as it extended the rally off November'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 sideways to higher prices are possible near-term. If April extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $188.15 is the next upside target. Closes below the 20-day moving average crossing at $171.81 would signal that a short-term top has been posted. First resistance is today's high crossing at $188.35. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $188.15. First support is the 10-day moving average crossing at 177.67. Second support is the 20-day moving average crossing at $171.81.
April Henry natural gas closed higher on Tuesday as it renewed the rally off December's low. The mid-range close sets the stage for a steady to higher 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. If April extends the rally off January's low, November's high crossing at 3.052 is the next upside target. Closes below the 20-day moving average crossing at 2.742 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.020. Second resistance is November's high crossing at 3.052. First support is the 20-day moving average crossing at 2.742. Second support is the 50-day moving average crossing at 2.652.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed slightly higher on Tuesday as it consolidates some of decline off February's high. 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 neutral signaling that sideways trading is possible near-term. If March extends the decline off February's high, January's low crossing 89.16 is the next downside target. If March renews the rally off January's low, the November 30th high crossing at 91.96 is the next upside target. First resistance is February's high crossing at 91.61. Second resistance is the November 30th high crossing at 91.96. First support is the January 21st low crossing 90.03. Second support is January's low crossing at 89.16.
The March Euro closed slightly 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 121.73 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the November 23rd low crossing at 118.33 is the next downside target. First resistance is the 50-day moving average crossing at 121.73. Second resistance is the January 22nd high crossing at 122.03. First support is the 10-day moving average crossing at 120.81. Second support is February's low crossing at 119.60.
The March British Pound closed higher on Tuesday as it extends the rally off February's low. The mid-range close sets the stage for a steady to higher 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. If March extends the rally off May's low, the 75% retracement level of the 2016-2020-decline crossing at 1.4156 is the next upside target. Closes below the 20-day moving average crossing at 1.3730 would signal that a short-term top has been posted while opening the door for additional weakness. First resistance is Tuesday's high crossing at 1.3868. Second resistance is the 75% retracement level of the 2016-2020-decline crossing at 1.4156. First support is the 20-day moving average crossing at 1.3730. Second support is the 50-day moving average crossing at 1.3596.
The March Swiss Franc closed slightly higher 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 1.1271 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 1.1175 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 1.1271. Second resistance is the January 22nd high crossing at 1.1331. First support is February's low crossing at 1.1064. Second support is the November 30th low crossing at 1.1036.
The March Canadian Dollar closed slightly higher on Tuesday as it extends the rally off January's low. The low-range close sets the stage for a steady to slightly higher 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. If March extends the rally off January's low, January's high crossing at 79.44 is the next upside target. Closes below the 50-day moving average crossing at 78.42 would signal that a short-term top has been posted. First resistance is today's high crossing at 79.31. Second resistance is January's high crossing at 79.44. First support is January's low crossing at 77.63. Second support is the December 28st low crossing at 77.63.
The March Japanese Yen closed sharply lower on Tuesday as it renewed the decline off January'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off January's high, the 50% retracement level of the 2020-2021-rally crossing at 0.0942 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0957 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0957. Second resistance is the 50-day moving average crossing at 0.0962. First support is today's low crossing at 0.0944. Second support is the 50% retracement level of the 2020-2021-rally crossing at 0.0942.
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April gold closed lower on Tuesday pressured by strength in U.S. Treasury yields.The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that additional weakness is possible near-term. If April renews the decline off January's high, November's low crossing at $1771.30 is the next downside target. Closes above the 50-day moving average crossing at $1860.80 are needed to confirm that a short-term low has been posted. First resistance is the January 29th high crossing at $1878.90. Second resistance is January's high crossing at $1966.80. First support is February's low crossing at $1784.60. Second support is November's low crossing at $1771.30.
March silver 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 signaling that sideways trading is possible near-term. If March renews the rally off January's low, the January 6th high crossing at 28.105 is the next upside target. If March renews the decline off February's high, the 50-day moving average crossing at 25.958 is the next downside target. First resistance is February's high crossing at 30.350. Second resistance is monthly resistance on the continuation chart crossing at 30.727. First support is the 20-day moving average crossing at 26.572. Second support is the 50-day moving average crossing at 25.958.
March copper closed higher on Tuesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off March's low, monthly resistance crossing at 398.95 is the next upside target. Closes below the 50-day moving average crossing at 360.10 would signal that a short-term top has been posted. First resistance is today's high crossing at 384.50. Second resistance is monthly resistance crossing at 398.95. First support is the 50-day moving average crossing at 361.010. Second support is January's low crossing at 349.10.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.13 1/2-cents at $5.52 1/4.
March corn closed sharply higher on Tuesday due to spillover buying from the wheat market. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-week's decline, the 25% retracement level of the August-January-rally crossing at $5.13 1/2 is the next downside target. Today's close above the 10-day moving average crossing at $5.48 temper the near-term bearish outlook. Closes above the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4 are needed to renew the rally off August's low. First resistance is the 50% retracement level of the 2012-2019-decline crossing at $5.72 1/4 is the next upside target. Second resistance is the 62% retracement level of the 2012-2019-decline crossing at $6.36. First support is the 25% retracement level of the August-January-rally crossing at $5.13 1/2. Second support is the January 25th low crossing at $4.92 1/2.
March wheat closed up $0.20 3/4-cents at $6.57 1/2.
March wheat closed sharply higher on Tuesday due to concerns that the current cold spell might have damaged or killed as much as 30% of the hard winter wheat crop. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $6.50 1/2 would mark an upside breakout of the January-February ascending triangle and would open the door for a test of January's high crossing at $6.93. Closes below the 50-day moving average crossing at $6.33 would open the door for additional weakness near-term.First resistance is January's high crossing at $6.93. Second resistance is monthly resistance on the monthly continuation chart crossing at $7.34 1/4. First support is the 50-day moving average crossing at $6.33. Second support is the December 28th crossing at $6.07.
March Kansas City Wheat closed up $0.30 3/4-cents at $6.37 1/2.
March Kansas City wheat closed sharply higher on Tuesday has the current cold spell has raised concerns over the 2021 winter wheat crop. The high-range close sets the stage for a steady to higher opening when Wednesday'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 this winter's rally, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. If March resumes the decline off January's high, the 50-day moving average crossing at $6.01 3/4 is the next downside target. First resistance is January's high crossing at $6.60. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is the February 3rd low crossing at $6.04 1/2. Second support is the 50-day moving average crossing at $6.01 3/4.
March Minneapolis wheat closed up $0.15 1/4-cents at $6.31 1/4.
March Minneapolis wheat closed higher on Tuesday due to cold weather concerns while continuing to form a symmetrical triangle (consolidation pattern). Since March rally off December's low, odds favor a resumption of this trend in the near-future. 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. Closes below February's low crossing at $6.09 1/2 would confirm that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at $6.01. If March renews the rally off December's low, monthly resistance crossing at $6.58 is the next upside target. First resistance is January's high crossing at crossing at $6.53 1/2. Second resistance is monthly resistance crossing at $6.58. First support is the January 25th low crossing at $6.05. Second support is the 50-day moving average crossing at $6.01.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed up $0.12 3/4-cents at $13.84 3/4.
March soybeans closed higher on Tuesday due to spillover buying from wheat and corn. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are is possible near-term. If March renews the rally off January's low, January's high crossing at $14.36 1/2 is the next upside target. If March renews the decline off January's high, the 50-day moving average crossing at $13.09 is the next downside target. First resistance is January's high crossing at $14.36 1/2. Second resistance is the 75% retracement level of the 2012-2019-decline on the monthly chart crossing at $15.39 1/4. First support is the 50-day moving average crossing at $13.09. Second support is the 25% retracement level of the April-January rally crossing at $12.83 1/2.
March soybean meal closed down $1.20 to $428.40.
March soybean meal closed higher on Tuesday as it extends the trading range of the past four-weeks. The mid-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 possible near-term. Closes above last-Tuesday's high crossing at $443.70 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $422.30 would renew the decline off January's high while opening the door for additional weakness near-term. First resistance is January's high crossing at $471.40. Second resistance is monthly resistance crossing at $478.40. First support is the 50-day moving average crossing at $422.30. Second support is the 38% retracement level of the August-January rally crossing at $401.40.
March soybean oil closed up 123 pts. at 47.27.
March soybean oil gapped up and closed sharply higher on Tuesday as it extends the rally off last-April's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 50% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 47.97 is the next upside target. If March fills today's gap or gaps down and leaves today's gap unfilled marking an island top, we could see a sharp technical sell off due to profit taking. Closes below the 20-day moving average crossing at 44.54 would confirm that a short-term top has been posted. First resistance is today's high crossing at 46.56. Second resistance is the 50% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 47.97. First support is the 20-day moving average crossing at 44.54. Second support is the 50-day moving average crossing at 42.16.
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April hogs closed up $0.98 at $86.18.
April hogs posted an inside day with a higher 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25 is the next upside target. Closes below the 20-day moving average crossing at $78.42 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $85.25. Second resistance is the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25. First support is the 10-day moving average crossing at $81.55. Second support is the 20-day moving average crossing at $78.42.
April cattle closed up $0.63 at $125.80
April cattle posted a new high for the year on Tuesday as it extends the rally off October's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible. If April extends the rally off October's low, the December-2019 high on the monthly continuation chart crossing at $127.90 is the next upside target. Closes below the 20-day moving average crossing at $122.64 would signal that a short-term top has been posted. First resistance is today's high crossing at $126.70. Second resistance is the December-2019 high crossing at $127.90. First support is the 20-day moving average crossing at $122.64. Second support is the 50-day moving average crossing at $119.71.
April Feeder cattle closed up $0.43 at $145.15.
April Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off January's low, the August-2020 high on the weekly continuation chart crossing at $148.40 is the next upside target. Closes below the 50-day moving average crossing at $141.67 would signal that a short-term top has been posted. First resistance is January's high crossing at $147.00. Second resistance is the August-2020 high on the weekly continuation chart crossing at $148.40. First support is February's low crossing at $140.05. Second support is January's low crossing at $135.03.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 12.60 signals that a short-term low has been posted. If May renews last-week's decline, January's low crossing at 12.09 is the next downside target.
May cocoa closed lower on Tuesday as it extends the December-February trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the December 22nd low crossing at 24.09 would mark a downside breakout of the aforementioned trading range signaling a resumption of the decline off November's high. Closes above the January 4th high crossing at 25.89 would confirm an upside breakout of the aforementioned trading range.
May sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, weekly resistance crossing at 17.23 is the next upside target. Closes below the 20-day moving average crossing at 15.38 would signal that a short-term top has been posted.
March cotton closed higher on Tuesday as it extends this month's rally. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off April's low, the July-2018 high on the weekly continuation chart crossing at 89.98 is the next upside target. Closes below the 20-day moving average crossing at 82.94 would signal that a short-term top has been posted.