KEY EVENTS TO WATCH FOR:

Thursday, March 11, 2021 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 745K)

                       Jobless Claims, Net Chg (previous +9K)

                       Continuing Claims (previous 4295000)

                       Continuing Claims, Net Chg (previous -124K)

8:30 PM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 154.5K)

                       Soybeans (Metric Tons) (previous 533.4K)

                       Wheat (Metric Tons) (previous 242.7K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. January Job Openings & Labor Turnover Survey

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1845B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -98B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

  N/A              SEC Investor Advisory Committee Quarterly Meeting

Friday, March 12, 2021 

8:30 AM ET. February PPI

                       PPI, M/M% (previous +1.3%)

                       Ex-Food & Energy PPI, M/M% (previous +1.2%)

                       Personal Consumption (previous +1.3%)

10:00 AM ET. 4^th Quarter Quarterly Services

10:00 AM ET. March University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (previous 76.2)

                       Mid-Mo Expectations (previous 69.8)

                       Mid-Mo Current Idx (previous 86.2)

Monday, March 15, 2021 

8:30 AM ET. March Empire State Manufacturing Survey

                       Mfg Idx (previous 12.1)

                       Employment Idx (previous 12.1)

                       New Orders Idx (previous 10.8)

                       Prices Received (previous 23.4)

10:00 AM ET. January State Employment and Unemployment

4:00 PM ET. January Treasury International Capital Data

Tuesday, March 16, 2021 

7:45 AM ET. Weekly Chain Store Sales Index

8:30 AM ET. February Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +5.3%)

                       Sales, Ex-Auto, M/M% (previous +5.9%)

                       Sales, Ex-Auto & Gas, M/M% (previous +6.1%)

8:30 AM ET. February Import & Export Price Indexes

                       Import Prices (previous +1.4%)

                       Non-Petroleum Prices (previous +0.9%)

                       Petroleum Prices (previous +8.3%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y%

                       Latest Wk, Y/Y%

9:15 AM ET. February Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous +0.9%)

                       Capacity Utilization % (previous 75.6%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.7)

10:00 AM ET. March NAHB Housing Market Index

                       Housing Mkt Idx (previous 84)

10:00 AM ET. January Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.6%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

  N/A              U.S. Federal Open Market Committee meeting

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes

The Dow closed sharply higher on Wednesday as investors bet on additional gains for different sections of the economy that could be underpinned by another massive injection of cash from Congress that’s due to be signed into law on Friday by President Joe Biden. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. Closes below last-Thursday's low crossing at 30,547.53 would confirm that a short-term top has been posted. First resistance is today's high crossing at 32,389.50. Second resistance is unknown. First support is last-Thursday's low crossing at 30,547.53. Second support is January's low crossing at 29,856.30. 

The June NASDAQ 100 closed modestly lower on Wednesday. The low-range close sets the stage for a steady to modestly lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 13,156.70 would signal that a short-term low has been posted. If June renews the decline off February's high, the 25% retracement level of the 2020-2021-rally crossing at 12,146.81 is the next downside target. First resistance is the 20-day moving average crossing at 13,156.70. Second resistance is the February 25^th high crossing at 13,337.50. First support is last-Friday's low crossing at 12,200.00. Second support is the 25% retracement level of the 2020-2021-rally crossing at 12,146.81.   

The June S&P 500 closed higher on Wednesday and closed above the 20-day moving average crossing at 3865.64 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Thursday's low, February's high crossing at 3947.75 is the next upside target. If June resumes the decline off February's high, February's low crossing at 3656.50 is the next downside target. First resistance is today's high crossing at 3906.25. Second resistance is February's high crossing at 3947.75. First support is last-Thursday's low crossing at 3710.50. Second support is February's low crossing at 3648.00.  

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

June T-bonds closed up 12/32's at 158-05. 

June T-bonds closed higher on Wednesday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 160-15 would signal that a short-term low has been posted. If June extends the decline off November's high, the January-2020 low on the monthly continuation chart crossing at 155-05 is the next downside target. First resistance is the 10-day moving average crossing at 158-05. Second resistance is the 20-day moving average crossing at 160-15. First support is last-Friday's low crossing at 155-27. Second support is the January-2020 low on the monthly continuation chart crossing at 155-05.

June T-notes closed up 75-pts. At 132.175.

June T-notes closed higher on Wednesday as it consolidates some of the decline off last-September's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off the January 27^th high, the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. Closes above the 20-day moving average crossing at 133.237 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 132.208. Second resistance is the 20-day moving average crossing at 133.237. First support is last-Friday's low crossing at 131.235. Second support is the January 27^th high, the February-2020 low on the weekly continuation chart crossing at 130.070. 

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

April crude oil closed higher on Wednesday following a two-day correction off Monday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Wednesday's low crossing at $59.24 would signal that a short-term top has been posted. If April extends the rally off November's low, the October-2018 high on the monthly continuation chart crossing at $76.90 is the next upside target. First resistance is Monday's high crossing at $67.98. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90.First support is last-Wednesday's low crossing at $59.24. Second support is the February 12^th low crossing at $57.31.  

April heating oil closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $184.50 would confirm that a short-term top has been posted. 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. First resistance is Monday's high crossing at $198.68. Second resistance is the the 75% retracement level of  the 2018-2020-decline crossing at $200.04. First support is the 20-day moving average crossing at $184.50. Second support is the February 12^th low crossing at $171.81.  

April unleaded gas posted the highest close of the year on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $193.79 would signal that a short-term top has been posted. If April extends the rally off November's low, the October-2018 high crossing at $221.41 is the next upside target. First resistance is Monday's high crossing at $211.19. Second resistance is the October-2018 high crossing at $221.41. First support is the 20-day moving average crossing at 193.79. Second support is the February 12^th low crossing at $175.76.    

April Henry natural gas posted a key reversal up as it closed higher on Wednesday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the 62% retracement level of the December-February-rally crossing at 2.596 is the next upside target. Closes above the 20-day moving average crossing at 2.830 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.830. Second resistance is February's high crossing at 3.060. First support is the 62% retracement level of the December-February rally crossing at 2.596. Second support is the 75% retracement level of the December-February rally crossing at 2.496. 

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The June Dollar closed lower on Wednesday following yesterday's downside reversal. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics  and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 50% retracement level of the September-January-decline crossing at 93.43 is the next downside target. Closes below the 20-day moving average crossing 90.86 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the September-January-decline crossing at 92.41. Second resistance is the 50% retracement level of the September-January-decline crossing at 93.43. First support is the 20-day moving average crossing 90.86. Second support is the 50-day moving average crossing 90.56.   

The June Euro closed higher on Wednesday following yesterday's upside reversal as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 38% retracement level of the 2020-2021 rally crossing at 117.85 is the next downside target. Closes above the 20-day moving average crossing at 120.88 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 120.88. Second resistance is February's high crossing at 122.71. First support is Tuesday's low crossing at 118.61. Second support is the 38% retracement level of the 2020-2021-rally crossing at 117.85.  

The June British Pound closed higher on Wednesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that low might be in or is near. Closes above the 20-day moving average crossing at 1.3944 would confirm that a short-term low has been posted. If June extends the aforementioned decline, the 50-day moving average crossing at 1.3771 is the next downside target. First resistance is the 20-day moving average crossing at 1.3944. Second resistance is February's high crossing at 1.4245. First support is the 50-day moving average crossing at 1.3771. Second support is February's low crossing at 1.3586.

The June Swiss Franc closed lower on Wednesday following yesterday's key reversal up. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 75% retracement level of the March-January-rally crossing at 1.0586 is the next downside target. Closes above the 20-day moving average crossing at 1.1036 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0882. Second resistance is the 20-day moving average crossing at 1.1036. First support is Tuesday's low crossing at 1.0695. Second support isthe 75% retracement level of the March-January-rally crossing at 1.0586.

The June Canadian Dollar closed slightly higher on Wednesday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways trading is possible near-term. If June resumes the rally off January's low, the 87% retracement level of the 2018-2020-decline crossing at 80.52 is the next upside target. Closes below the February 26^th low  crossing at 79.30 would confirm that a short-term top has been posted while opening the door for additional weakness near-term.First resistance is February's high crossing at 80.21. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.52. First support is the February 26^th low crossing at 79.30. Second support is the January 28^th low crossing at 77.66. 

The June Japanese Yen closed higher due to short covering on Wednesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, last-March's low crossing at 0.0911 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0941 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0931. Second resistance is the 20-day moving average crossing at 0.0941. First support is the 87% retracement level of the 2020-2021-rally crossing at 0.0920. Second support is last-March's low crossing at 0.0911.

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

April gold closed higher due to short covering on Wednesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1761.20 are needed to confirm that a short-term low has been posted. If April extends the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70 is the next downside target. First resistance is the 10-day moving average crossing at $1719.40. Second resistance is the 20-day moving average crossing at $1761.20. First support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70. Second support is the 75% retracement level of the 2019-2020-rally crossing at $1533.30.

May silver closed higher on Thursday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 26.854 would signal that a short-term low has been posted. If May extends the aforementioned decline, the 75% retracement level of the November-February-rally crossing at 24.059 is the next downside target. First resistance is the 20-day moving average crossing at 26.854. Second resistance is the February 23^rd high crossing at 28.470. First support is the 62% retracement level of the November-February-rally crossing at 25.111. Second support is the 75% retracement level of the November-February-rally crossing at 24.059. 

May copper posted an inside day with a slightly higher close on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50-day moving average crossing at 377.84 is the next downside target. If March renews the rally off March's low, the August-2011 high on the monthly continuation chart crossing at 454.00 is the next upside target. First resistance is the reaction high crossing at 422.75. Second resistance is February's high crossing at 437.55. First support is Thursday's low crossing at 384.90. Second support is the 50-day moving average crossing at 377.84.  

GRAINS? http://quotes.ino.com/ex?changes/?c=grains "

May Corn closed down $0.11 3/4-cents at $5.34. 

May corn closed lower on Wednesday due to profit taking despite Tuesday's neutral WASDE supply-demand report. The low-range close sets the stage for a steady to lower opening when Thursday's night sessions 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 $5.28 3/4 would signal that a short-term top has been posted while opening the door for a possible test of the 25% retracement level of the August-January-rally crossing at $5.14. Closes above the February 23rd high crossing at $5.59 1/4 would signal that a short-term low has been posted. First resistance is February's high crossing at $5.72. 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 January 25^th low crossing at $4.94 1/2.      

May wheat closed down $0.04-cents at $6.52 1/2.  

May wheat closed lower on Wednesday. The high-range close sets the stage for a steady to slightly lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term.If May extends the decline off February's high, February's low crossing at $6.28  1/2 is the next downside target. Closes above the 10-day moving average crossing at $6.56 3/4 would signal that a short-term low has been posted. First resistance is February's high crossing at $6.88 1/2. Second resistance is January's high crossing at $6.93. First support is Monday's low crossing at $6.39 1/2. Second support is February's low crossing at $6.28 1/2.       

May Kansas City Wheat closed down $0.10-cents at $6.16 1/2.

May Kansas City wheat closed lower on Wednesday as it extends this week's decline below the 50-day moving average crossing at $6.27. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, February's low crossing at $6.08 1/4 is the next downside target. Closes above the 20-day moving average crossing at $6.32 3/4 would signal that a short-term low has been posted. First resistance is February's high crossing at $6.64. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is today's low crossing at $6.10 3/4. Second support is February's low crossing at $6.08 1/4.       

May Minneapolis wheat closed down $0.06 1/4-cents at $6.41 1/4. 

May Minneapolis wheat closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off February's high, the 50-day moving average crossing at $6.33 1/4 is the next downside target. If May renews the rally off January's low, January's high crossing at $6.62 is the next upside target. First resistance is February's high crossing at $6.58 3/4. Second resistance is January's high crossing at crossing at $6.62. First support is the 50-day moving average crossing at $6.33 1/4. Second support is February's low crossing at $6.19 3/4.     

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

May soybeans closed down $0.30 1/4-cents at $14.09 3/4.

May soybeans posted a key reversal down  as it closed sharply lower on Wednesday due to profit taking. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $13.98 3/4 would signal that a short-term top has been posted. If May extends the rally off January's low, last-April's, psychological resistance crossing at $15.00 is the next upside target. First resistance is Monday's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the 20-day moving average crossing at $13.99 1/4. Second support is the 50-day moving average crossing at $13.75.

May soybean meal closed down $9.80 to $406.80. 

May soybean meal closed sharply lower on Wednesday marking a downside breakout of the trading range of the past seven-weeks. 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 May extends today's decline, the 38% retracement level of the August-January rally crossing at $396.90 is the next downside target. Closes above the 50-day moving average crossing at $428.90 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $428.90. Second resistance is the February 9th high crossing at $442.10. First support is today's low crossing at $406.00. Second support is the 38% retracement level of the August-January rally crossing at $396.90.      

May soybean oil closed down 4 pts. at 53.51. 

May soybean oil closed slightly lower on Wednesday. The high-range close sets the stage for a steady to slightly lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, the September-2012 high on the monthly continuation chart crossing at 58.14 is the next upside target. Closes below the 20-day moving average crossing at 48.86 would confirm that a short-term top has been posted. First resistance is today's high crossing at 53.77. Second resistance is the September-2012 high on the monthly continuation chart crossing at 58.14. First support is the 10-day moving average crossing at 51.03. Second support is the 20-day moving average crossing at 48.86.      

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

April hogs closed up $0.43 at $88.78. 

April hogs closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned 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 $86.48 would signal that a short-term top has been posted. First resistance is February's high crossing at $90.68. 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 20-day moving average crossing at $86.48. Second support is the February 18^th low crossing at $83.62. 

April cattle closed down $0.88 at $118.78 

April cattle closed lower on Wednesday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If April extends the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. Closes above the 20-day moving average crossing at $121.45 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $121.45. Second resistance is February's high crossing at $126.70. First support is last-Thursday's low crossing at $118.50. Second support is the 50% retracement level of the October-February-rally crossing at $117.72. 

April Feeder cattle closed down $0.35 at $141.72. 

April Feeder cattle closed lower on Wednesday as it consolidated some of the rally off last-Friday's low. The mid-range close sets the stage for a steady to lower opening when Thursday's 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 142.31 would confirm that a short-term low has been posted. If April resumes the decline off January's high, January's low crossing at $135.03 is the next downside target. First resistance is the 20-day moving average crossing at 142.31. Second resistance is February's high crossing at $145.80. First support last-Friday's low crossing at $137.22. Second support is January's low crossing at $135.03.          

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

May coffee closed higher on Wednesday following yesterday's key reversal up as it consolidated some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 12.84 would open the door for a possible test of February's low crossing at 12.21. If Closes above the 10-day moving average crossing at 13.32 would signal that a short-term low has been posted.         

May cocoa closed higher on Wednesday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 25.96 would temper the near-term bearish outlook. If May extends the decline off last-Wednesday's high, the 50-day moving average crossing at 24.96 is the next downside target.           

May sugar posted an inside day with a slightly higher close on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. 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 50-day moving average crossing at 15.60 is the next downside target. Closes above the 20-day moving average crossing at 16.36 would temper the near-term bearish outlook.     

May cotton closed higher on Wednesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes above the 50-day moving average crossing at 84.77 would open the door for a possible test of February's low crossing at 81.06 is the next downside target. Closes above the 20-day moving average crossing at 89.20 would signal that a short-term low has been posted.