KEY EVENTS TO WATCH FOR:
Wednesday, February 24, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 892.6)
Composite Idx, W/W% (previous -5.1%)
Purchase Idx-SA (previous 299.5)
Purchase Idx-SA, W/W% (previous -6.1%)
Refinance Idx (previous 4337.0)
Refinance Idx, W/W% (previous -4.7%)
10:00 AM ET. January New Residential Sales
New Home Sales (previous 842K)
New Home Sales, M/M% (previous +1.6%)
New Home Sales Months Supply (previous 4.3)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 461.757M)
Crude Oil Stocks, Net Chg (Bbl) (previous -7.257M)
Gasoline Stocks (Bbl) (previous 257.084M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.672M)
Distillate Stocks (Bbl) (previous 157.684M)
Distillate Stocks, Net Chg (Bbl) (previous -3.422M)
Refinery Usage (previous 83.1%)
Total Prod Supplied (Bbl/day) (previous 20.668M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.485M)
Thursday, February 25, 2021
8:30 AM ET. 4th Quarter 2nd estimate GDP
Annual Rate, Q/Q% (previous +4.0%)
Chain-Weighted Price Idx, Q/Q% (previous +2.0%)
Corporate Profits, Q/Q% (previous +36.1%)
PCE Price Idx, Q/Q% (previous +1.5%)
Purchase Price Idx, Q/Q% (previous +1.7%)
Real Final Sales, Q/Q% (previous +3.0%)
Core PCE Price Idx, Q/Q% (previous +1.4%)
Consumer Spending, Q/Q% (previous +2.5%)
8:30 AM ET. January Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +0.2%)
Dur Goods, Ex-Defense, M/M% (previous +0.5%)
Dur Goods, Ex-Transport, M/M% (previous +0.7%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.6%)
Shipments: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.5%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 861K)
Jobless Claims, Net Chg (previous +13K)
Continuing Claims (previous 4494000)
Continuing Claims, Net Chg (previous -64K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. January Pending Home Sales Index
Pending Home Sales (previous 125.5)
Pending Home Sales Idx, M/M% (previous -0.3%)
Pending Home Sales Idx , Y/Y% (previous +21.4%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 281B)
Working Gas In Storage, Net Chg (Cbf) (previous -237B)
11:00 AM ET. February Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 22)
6-Mo Exp Prod Idx (previous 46)
Mfg Composite Idx (previous 17)
6-Mo Exp Composite Idx (previous 24)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
Friday, February 26, 2021
8:30 AM ET. January Personal Income & Outlays
Personal Income, M/M% (previous +0.6%)
Consumer Spending, M/M% (previous -0.2%)
PCE Price Idx, M/M% (previous +0.4%)
PCE Price Idx, Y/Y% (previous +1.3%)
PCE Core Price Idx, M/M% (previous +0.3%)
PCE Core Price Idx, Y/Y% (previous +1.5%)
8:30 AM ET. January Advance Economic Indicators Report
9:45 AM ET. February Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (previous 63.8)
10:00 AM ET. February University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 79.0)
End-Mo Expectations Idx (previous 74.0)
12-Month Inflation Forecast (previous 3.0%)
5-Year Inflation Forecast (previous 2.7%)
End-Mo Current Idx (previous 86.7)
3:00 PM ET. January Agricultural Prices
Farm Prices, M/M% (previous +0.8%)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Tuesday as it turned positive during the final hour of trade following congressional testimony from Federal Reserve Chairman Jerome Powell, which helped to reverse a market selloff that had been triggered by a sharp rise in bond yields. Chairman Powell vowed to keep monetary policy accommodating as he warned that the U.S. economic recovery remains far from complete. 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 the Dow extends this month's rally into uncharted territory making upside targets hard to project. Closes below the 20-day moving average crossing at 31,096.33 would signal that a short-term top has been posted.First resistance is last-Friday's high crossing at 31,647.53. Second resistance is unknown. First support is the 20-day moving average crossing at 31,096.33. Second support is the 50-day moving average crossing at 30,775.32.
The March NASDAQ 100 closed lower on Tuesday and spiked below the 50-day moving average before a short covering rally tempered early session losses. The high-range close sets the stage for a steady to modestly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 13,094.21 would confirm that a top has been posted. Closes above the 10-day moving average crossing at 13,592.95 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 13,900.50. Second resistance is unknown. First support is the 50-day moving average crossing at 13,094.21. Second support is February's low crossing at 12,727.25.
The March S&P 500 closed slightly higher on Tuesday as it consolidated some of the decline off last-Tuesday'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 to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3860.07 would signal that a short-term top has been posted. If March renews the rally into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 3959.25. Second resistance is unknown. First support is the 20-day moving average crossing at 3860.07. Second support is the 50-day moving average crossing at 3789.80.
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March T-bonds closed up 1/32's at 162-13.
March T-bonds closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but 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 166-15 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 164-22. Second resistance is the 20-day moving average crossing at 166-15. First support is today's low crossing at 161-23. Second support is the 62% retracement level of the 2018-2020 rally crossing at 157-20.
March T-notes closed up 55-pts. at 135.160.
March T-notes posted an inside day with a higher close on Tuesday as it consolidated some of the decline off last-August'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends 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 136.175 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 136.021. Second resistance is the 20-day moving average crossing at 136.175. First support is Monday's low crossing at 135.010. 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 November's low.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are overbought and remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the October-2018 high crossing at $67.23 is the next upside target. Closes below the 20-day moving average crossing at $57.15 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the 2018-2020-decline crossing at $62.15. Second resistance is the October-2018 high crossing at $67.23. First support is the 10-day moving average crossing at $59.92. Second support is the 20-day moving average crossing at $57.15.
April heating oil posted a new high close for the year on Tuesday as it extend the rally off November's low. The high-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 75% retracement level of the 2018-2020-decline crossing at $200.04 is the next upside target. Closes below the 20-day moving average crossing at $172.49 would confirm that a short-term top has been posted. First resistance is today's high crossing at $188.55. 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 $179.82. Second support is the 20-day moving average crossing at $172.49.
April unleaded gas closed higher on Tuesday as it extends 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 87% retracement level of the 2018-2020-decline crossing at $204.11 is the next upside target. Closes below the 20-day moving average crossing at $178.35 would signal that a short-term top has been posted. First resistance is today's high crossing at $196.00. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $204.11. First support is the 10-day moving average crossing at 185.82. Second support is the 20-day moving average crossing at $178.35.
April Henry natural gas closed lower on Tuesday as it extends the decline off last-Thursday'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. Closes below the 20-day moving average crossing at 2.842 would signal that a short-term top has been posted. If April renews the rally off January's low, the October-2020 high on the weekly continuation chart crossing at 3.396 is the next upside target. First resistance is last-Thursday's high crossing at 3.060. Second resistance is the weekly continuation chart crossing at 3.396. First support is the 20-day moving average crossing at 2.842. Second support is the 50-day moving average crossing at 2.703.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Tuesday as it consolidated some of the decline off February's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are 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, February's high crossing at 91.61 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 today's low crossing 89.92. Second support is January's low crossing at 89.16.
The March Euro closed lower on Tuesday as it consolidated some of the rally off February's low. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 121.69 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 121.69. Second resistance is the January 22nd high crossing at 122.03. First support is last-Wednesday's low crossing at 120.29. Second support is February's low crossing at 119.60.
The March British Pound closed higher on Tuesday as it extends the rally off September'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 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 1.3814 would signal that a short-term top has been posted while opening the door for additional weakness. First resistance is today's high crossing at 1.4118. Second resistance is the 75% retracement level of the 2016-2020-decline crossing at 1.4156. First support is the 10-day moving average crossing at 1.3927. Second support is the 20-day moving average crossing at 1.3814.
The March Swiss Franc 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 extends the decline off Tuesday's high, the November 23rd low crossing at 1.0972 is the next downside target. Closes above the 50-day moving average crossing at 1.1258 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.1184. Second resistance is the 50-day moving average crossing at 1.1258. First support is today's low crossing at 1.1048. Second support is the November 23rd low crossing at 1.0972.
The March Canadian Dollar closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 87% retracement level of the 2018-2020-decline crossing at 80.51 is the next upside target. Closes below the 50-day moving average crossing at 78.53 would signal that a short-term top has been posted. First resistance is today's high crossing at 79.51. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.51. First support is the 50-day moving average crossing at 78.53. Second support is January's low crossing at77.63.
The March Japanese Yen closed lower on Tuesday as it consolidated the rally off last-Wednesday's low. 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. Multiple closes above the 20-day moving average crossing at 0.0953 would signal that a short-term low has been posted. If March renews the decline off January's high, the 62% retracement level of the 2020-2021-rally crossing at 0.0934 is the next downside target. First resistance is the 20-day moving average crossing at 0.0953. Second resistance is the February 10th high crossing at 0.0958. First support is the 50% retracement level of the 2020-2021-rally crossing at 0.0942. Second support is the 62% retracement level of the 2020-2021-rally crossing at 0.0934.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1821.70 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 50% retracement level of the 2019-2020-rally crossing at $1725.30. is the next downside target. First resistance is the 20-day moving average crossing at $1821.70. Second resistance is the 50-day moving average crossing at $1954.10. First support is last-Friday's low crossing at $1759.00. Second support is the 50% retracement level of the 2019-2020-rally crossing at $1725.30.
May silver closed lower on Tuesday as it consolidated some of the rally off last-Friday's. 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 bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Friday's low, February's high crossing at 30.350 is the next upside target. Closes below the 50-day moving average crossing at 26.317 would confirm that a short-term top has been posted. 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 50-day moving average crossing at 26.317. Second support is the January 27th low crossing at 24.715.
May 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, the 87% retracement level of the 2011-2016-low crossing at 429.67 is the next upside target. Closes below the 20-day moving average crossing at 374.40 would signal that a short-term top has been posted. First resistance is today's high crossing at 423.35. Second resistance is the 87% retracement level of the 2011-2016-low crossing at 429.67. First support is the 10-day moving average crossing at 390.70. Second support is the 20-day moving average crossing at 374.40.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
May Corn closed up $0.02 3/4-cents at $5.53 3/4.
May corn closed higher on Tuesday as it extends the rally off February's low. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. If May renews last-week's decline, the 25% retracement level of the August-January-rally crossing at $5.14 is the next downside target. 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 $5.14. Second support is the 50-day moving average crossing at $5.05.
May wheat closed up $0.00 1/2-cents at $6.70 1/4.
May wheat closed fractionally higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at $6.72 are needed to confirm an upside breakout of the four-week old trading range and open the door for a possible test of January's high crossing at $6.93. Closes below the 50-day moving average crossing at $6.42 1/2 would signal that a short-term top has likely been posted while opening 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 $6.42 1/2. Second support is the December 25th crossing at $6.26.
May Kansas City Wheat closed down $0.03 3/4-cents at $6.47 1/4.
May Kansas City wheat closed lower on Tuesday. The high-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. If May 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 $6.15 is the next downside target.First resistance is January's high crossing at $6.63. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is the 50-day moving average crossing at $6.15. Second support is the January 8th low crossing at $5.92.
May Minneapolis wheat closed down $0.01 3/4-cents at $6.48.
May Minneapolis wheat closed lower on Tuesday. The high-range close sets the stage for a steady to slightly 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. If March extends Monday's rally, January's high crossing at $6.62 is the next upside target. Closes below February's low crossing at $6.19 3/4 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 $6.18 1/4. First resistance is January's high crossing at crossing at $6.62. Second resistance is monthly resistance crossing at $6.77. First support is the 50-day moving average crossing at $6.18 1/4. Second support is the January 8th low crossing at $6.05.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans closed up $0.21-cents at $14.08 1/2.
May soybeans closed higher on Tuesday marking an upside breakout of the trading range of the past five-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 are possible near-term. If May extends the rally off January's low, January's high crossing at $14.33 is the next upside target. If May renews the decline off January's high, the 50-day moving average crossing at $13.30 is the next downside target. First resistance is January's high crossing at $14.33. 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 $13.30. Second support is January's low crossing at $12.97.
May soybean meal closed up $3.10 to $426.00.
May soybean meal closed higher on Tuesday as it extends the trading range of the past five-weeks. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the February 11th low crossing at $418.30 would renew the decline off January's high while opening the door for additional weakness near-term. Closes above the February 9th high crossing at $442.10 would signal that a short-term low has been posted. First resistance is January's high crossing at $471.40. Second resistance is monthly resistance crossing at $478.40. First support is the February 11th low crossing at $418.30. Second support is the 38% retracement level of the August-January rally crossing at $396.90.
May soybean oil closed up 115 pts. at 47.37.
May soybean oil closed sharply higher on Tuesday as it posted a new contract 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45 is the next upside target. Closes below the 20-day moving average crossing at 45.10 would confirm that a short-term top has been posted. First resistance is today's high crossing at 48.67. Second resistance is the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45. First support is the 20-day moving average crossing at 45.10. Second support is the 50-day moving average crossing at 42.55.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $1.30 at $86.43.
April hogs closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off November's low, 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 $81.16 would signal that a short-term top has been posted. First resistance is February's high crossing at $87.25. 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 $84.38. Second support is the 20-day moving average crossing at $81.16.
April cattle closed down $1.85 at $121.20
April cattle closed lower on Tuesday as it extends the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If April extends the decline off last-Tuesday's high, the 50-day moving average crossing at $120.46 is the next downside target. Closes above the 10-day moving average crossing at $123.59 would signal that a short-term low has been posted. If April renews the rally off October's low, the December-2019 high on the monthly continuation chart crossing at $127.90 is the next upside target. First resistance is last-Tuesday's high crossing at $126.70. Second resistance is the December-2019 high crossing at $127.90. First support is the 50-day moving average crossing at $120.46. Second support is the 38% retracement level of the October-February rally crossing at $119.86.
April Feeder cattle closed down $0.68 at $142.60.
April Feeder cattle closed lower on Tuesday. The mid-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. Closes below the 50-day moving average crossing at $141.89 would signal that a short-term top has been posted. If April resumes the rally off February's low, January's high crossing at $147.00 is the next upside target. First resistance is February's high crossing at $145.80. Second resistance is January's high crossing at $147.00. 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 higher on Tuesday as it extends the rally off November's low. The high-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 May extends the aforementioned rally, the 87% retracement level of the 2019-2020-decline crossing at 14.42 is the next upside target. Closes below the 50-day moving average crossing at 12.68 would signal that a short-term top has been posted.
May cocoa closed higher on Tuesday as it extended the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Wednesday's low, the 50% retracement level of the November-February decline crossing at 25.65 is the next upside target. Closes below the 10-day moving average crossing at 24.42 would confirm that a short-term top has been posted.
May sugar closed lower due to profit taking on Tuesday as it consolidated some of the rally off last-April's low. The low-range close set the stage for a steady to lower 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 May extends the rally off last-April's low, weekly resistance crossing at 18.42 is the next upside target. Closes below the 20-day moving average crossing at 15.78 would signal that a short-term top has been posted.
May cotton closed higher on Tuesday as it extends this year's rally. The high-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 May extends the rally off April's low, the June-2018 high on the weekly continuation chart crossing at 96.50 is the next upside target. Closes below the 20-day moving average crossing at 86.24 would signal that a short-term top has been posted.
Thanks tallpine!