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 STOCK INDEXES: The March NASDAQ 100 was slightly higher overnight as it consolidates some of the decline off last-Tuesday's high and remains above key support marked by the 50-day moving average crossing at 13,111.00. The high-range trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 13,111.00 would open the door for a possible test of January's low crossing at 12,491.25. Closes above the 10-day moving average crossing at 13,547.05 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 13,547.05. Second resistance is last-Tuesday's high crossing at 13,900.50. First support is the 50-day moving average crossing at 13,111.00. Second support is January's low crossing at 12,491.25.
The March S&P 500 was steady to higher overnight as it extends the rebound off Tuesday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.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 3862.13 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes this winter's 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 3862.13. Second support is the 50-day moving average crossing at 3794.20.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were lower overnight as they extend this year'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off August's high, a test of the 62% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 157-20 is the next downside target. Closes above the 20-day moving average crossing at 166-01 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 164-03. Second resistance is the 20-day moving average crossing at 166-01. First support is the overnight low crossing at 161-21. Second support is the 62% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 157-20.
March T-notes were lower overnight as they remain poised to extend the decline off January's high. The low-range overnight trade sets the stage for a steady to lower opening with 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 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 136.143 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 135.298. Second resistance is the 20-day moving average crossing at 136.143. First support is Monday's low crossing at 135.010. Second support is the 25% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 134.305.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
April crude oil was higher overnight as it challenges the 87% retracement level of the 2018-2020 decline crossing at $62.15. 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 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 October-2018 high crossing at $67.23 is the next upside target. Closes below the 20-day moving average crossing at $57.60 would confirm 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 last-Friday's low crossing at $58.60. Second support is the 20-day moving average crossing at $57.60.
April heating oil was higher overnight as it extends the rally off November's low. 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 overbought but remain neutral to bullish signals 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 $173.82 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at $188.55. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 10-day moving average crossing at $180.96. Second support is the 20-day moving average crossing at $173.82.
April unleaded gas was steady to slightly higher overnight as it extends the rally off November's low. 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 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 $204.11 is the next upside target. Closes below the 20-day moving average crossing at $179.75 would confirm that a short-term top has been posted. First resistance is Tuesday'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 $187.40. Second support is the 20-day moving average crossing at $179.75.
April Henry natural gas was lower overnight as it extends the decline off last-Thursday's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2.850 would signal that a short-term top has been posted. If April renews the rally off December's low, the October-2020 high on the weekly continuation chart crossing at 3.396 is the next upside target. First resistance resistance is last-Thursday's high crossing at 3.060. Second resistance is the October-2020 high on the weekly continuation chart crossing at 3.396. First support is the 20-day moving average crossing at 2.850. Second support is the February 10th low crossing at 2.747.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was steady to slightly lower in overnight trading. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, January's low crossing at $89.16 is the next downside target. Closes above the 20-day moving average crossing at $90.63 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $91.05. Second resistance is February's high crossing at $91.61. First support is Tuesday's low crossing at $89.92. Second support is January's low crossing at $89.16.
The March Euro 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $121.69 are needed to renew the rally off February's low. Closes below the 20-day moving average crossing at $121.01 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $121.69. Second resistance is the January 22 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 was steady to slightly higher overnight as it extends the rally off February's low. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session beings 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, the 87% retracement level of the 2017-2020-decline crossing at 1.4577 is the next upside target. Closes below the 20-day moving average crossing at 1.3833 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at 1.4245. Second resistance is the 87% retracement level of the 2017-2020-decline crossing at 1.4577. First support is the 10-day moving average crossing at 1.3958. Second support is the 20-day moving average crossing at 1.3833.
The March Swiss Franc was lower overnight as it extended the decline off last-Tuesday's high. 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 bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Tuesday's high, the 38% retracement level of the 2020-2021-rally crossing at 1.0994 is the next downside target. Closes above the 20-day moving average crossing at 1.1170 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.1170. Second resistance is the 50-day moving average crossing at 1.1252. First support is the overnight low crossing at 1.1012. Second support is the 38% retracement level of the 2020-2021-rally crossing at 1.0994.
The March Canadian Dollar was higher overnight as it extends the rally off last-March's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, the 87% retracement level of the 2018-2020-decline crossing at $80.50 is the next upside target. Closes below the 50-day moving average crossing at $78.55 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $79.66. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $80.50. First support is the 50-day moving average crossing at $78.55. Second support is January's low crossing at $77.63.
The March Japanese Yen was sharply lower overnight. 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. If March resumes the decline off January's high, last-August's low crossing at 0.0938 is the next downside target. Closes above the 20-day moving average crossing at 0.0952 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0952. Second resistance is the 50-day moving average crossing at 0.0960. First support is the 50% retracement level of the 2020-2021-rally crossing at 0.0942. Second support is last-August's low crossing at 0.0938.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: April gold was higher due to short covering overnight as it consolidates some of the decline off January's high. The mid-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 $1819.40 would confirm that a short-term low has been posted. If April renews 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 $1819.40. Second resistance is 50-day moving average crossing at $1853.40. 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 was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to slightly higher 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. If May extends the rally off last-Friday's low, February's high crossing at $30.040 is the next upside target. Closes below the 50-day moving average crossing at $26.391 would confirm that a top has been posted. First resistance is Tuesday's high crossing at $28.470. Second resistance is February's high crossing at $30.040. First support is the 50-day moving average crossing at $26.391. Second support is the January 27th low crossing at $24.775.
May copper was higher overnight it extends the rally off February's low. 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 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 87% retracement level of the 2011-2016-decline on the monthly continuation chart crossing at 4.2967 is the next upside target. Closes below the 20-day moving average crossing at 3.7718 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 4.2460. Second resistance is the 87% retracement level of the 2011-2016-decline on the monthly continuation chart crossing at 4.2967. First support is the 10-day moving average crossing at 3.9532. Second support is the 20-day moving average crossing at 3.7718.
GRAINS http://quotes.ino.com/ex changes/?c=grains
May corn was higher overnight as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when the day sessions 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 April's low, the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36 is the next upside target. If May resumes the decline off February's high, the 25% retracement level of the August-February-rally crossing at $5.14 is the next downside target. First resistance is February's high crossing at $5.72. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36. First support is the February 11th low crossing at $5.23 1/4. Second support is the the 25% retracement level of the August-February-rally crossing at $5.14.
May wheat was higher overnight as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off the February 10th low, January's high crossing at $6.93 is the next upside target. Closes below the 50-day moving average crossing at $6.44 would open the door for additional weakness near-term. First resistance is the overnight high crossing at $6.75 1/2. Second resistance is January's high crossing at $6.93. First support is the 50-day moving average crossing at $6.44. Second support is the January 25th low crossing at $6.26.
May Kansas City wheat was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, January's high crossing at $6.63 is the next upside target. Closes below the 20-day moving average crossing at $6.34 1/2 would temper the near-term friendly outlook. 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 $6.16 1/2. Second support is February's low crossing at $6.08 1/4.
May Minneapolis wheat was higher overnight as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, January's high crossing at $6.62 is the next upside target. Closes below the 20-day moving average crossing at $6.37 1/2 would temper the near-term friendly outlook. First resistance is Monday's high crossing at $6.50 1/2. Second resistance is January's high crossing at $6.62. First support is the 50-day moving average crossing at $6.20. Second support is the January 25th low crossing at crossing at $6.15.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans were higher overnight as it extends Tuesday's upside breakout of the trading range of the past five-weeks.The high-range close 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 May extends this week's rally, January's high crossing at $14.33 is the next upside target. Closes below the 20-day moving average crossing at $13.76 1/2 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $14.28 1/4. Second resistance is January's high crossing at $14.33. First support is the 20-day moving average crossing at $13.76 1/2. Second support is the 50-day moving average crossing at $13.35 1/4.
March soybean meal was higher overnight trading as it extends the trading range of the past five-weeks. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the February 9th high crossing at $442.10 would mark an upside breakout of the aforementioned trading range. Closes below the January 25th low crossing at $413.40 would confirm a downside breakout of the aforementioned trading range while opening the door for a possible test of the 38% retracement level of August-January rally crossing at $396.90. First resistance is the February 9th high crossing at $442.10. Second resistance is January's high crossing at $463.60. 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 was higher overnight as it extends the rally off last-April's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, the 62% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 53.45 is the next upside target. Closes below the 20-day moving average crossing at 45.39 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 48.92. Second resistance is the 62% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 53.45. First support is the 10-day moving average crossing at 46.57. Second support is the 20-day moving average crossing at 45.39.
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 much tallpine!