INO Morning Market Commentary
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Started by tallpine - April 6, 2021, 7:12 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Tuesday, April 6, 2021   

 



 

 

7:45 AM ET. Weekly Chain Store Sales Index

 



 

 

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%

 



 

 

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

 



 

 

10:00 AM ET. April IBD/TIPP Economic Optimism Index

 



 

 

                       Economic Optimism Idx (previous 55.4)

 



 

 

                       6-Mo Economic Outlook (previous 53.2)

 



 

 

4:30 AM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls)

 



 

 

                       Distillate Stocks, Net Chg (Bbls)

 



 

 

  N/A               IMF World Economic Outlook forecast chapters published

 



 

 

  N/A               IMF Global Financial Stability Report main chapters published

 



 

 

Wednesday, April 7, 2021    

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 730.8)

 



 

 

                       Composite Idx, W/W% (previous -2.2%)

 



 

 

                       Purchase Idx-SA (previous 297.3)

 



 

 

                       Purchase Idx-SA, W/W% (previous -1.5%)

 



 

 

                       Refinance Idx (previous 3242.1)

 



 

 

                       Refinance Idx, W/W% (previous -2.5%)

 



 

 

8:30 AM ET. February U.S. International Trade in Goods & Services

 



 

 

                       Trade Balance (USD) (expected -70.5B; previous -68.2B)

 



 

 

                       Exports (USD) (previous 191.9B)

 



 

 

                       Exports, M/M% (previous +1.0%)

 



 

 

                       Imports (USD) (previous 260.2B)

 



 

 

                       Imports, M/M% (previous +1.2%)

 



 

 

10:00 AM ET. March Online Help Wanted Index

 



 

 

10:00 AM ET. February Metropolitan Area Employment & Unemployment

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 501.835M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous -0.876M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 230.544M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.735M)

 



 

 

                       Distillate Stocks (Bbl) (previous 144.095M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous +2.542M)

 



 

 

                       Refinery Usage (previous 83.9%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 20.313M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.611M)

 

                        

 

11:00 AM ET. March Global Services PMI

 



 

 

                       PMI, Services (previous 52.8)

 



 

 

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast

 



 

 

3:00 PM ET. February Consumer Credit

 



 

 

                       Consumer Credit Net Chg (USD) (expected +6.3B; previous -1.3B)

 



 

 

Thursday, April 8, 2021  

 



 

 

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

 



 

 

                       Jobless Claims (expected 690K; previous 719K)

 



 

 

                       Jobless Claims, Net Chg (previous +61K)

 



 

 

                       Continuing Claims (previous 3794000)

 



 

 

                       Continuing Claims, Net Chg (previous -46K)

 



 

 

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

 



 

 

                       Corn (Metric Tons) (previous 857.3K)

 



 

 

                       Soybeans (Metric Tons) (previous 236.8K)

 



 

 

                       Wheat (Metric Tons) (previous 331.1K)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

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

 



 

 

                       Working Gas In Storage (Cbf) (previous 1764B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous +14B)

 



 

 

12:00 PM ET. March Monthly U.S. Retail Chain Store Sales Index

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

Friday, April 9, 2021  

 



 

 

8:30 AM ET. March PPI

 



 

 

                       PPI, M/M% (expected +0.5%; previous +0.5%)

 



 

 

                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.2%)

 



 

 

                       Personal Consumption (previous +0.5%)

 



 

 

10:00 AM ET. February Monthly Wholesale Trade

 



 

 

                       Inventories, M/M% (expected +0.5%; previous +1.3%)

 



 

 

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

 



 

 

                       Corn, End Stocks (Bushels)

 



 

 

                       Soybeans, End Stocks (Bushels)

 



 

 

                       Wheat, End Stocks (Bushels)

 



 

 

                       Cotton, End Stocks (Bales)\

 



 

 

Monday, April 12, 2021  

 



 

 

2:00 PM ET. March Monthly Treasury Statement of Receipts & Outlays of the U.S.

 


 

 


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



The STOCK INDEXES: The June NASDAQ 100 was lower overnight as it consolidates some of the rally off March's low.The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, February's high crossing at 13,888.00 is the next upside target. Closes below the 20-day moving average crossing at 13,024.12 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 13,622.25. Second resistance is February's high crossing at 13,888.00. First support is the 20-day moving average crossing at 13,024.12. Second support is the March 25th low crossing at 12,609.75.  



The June S&P 500 was lower overnight as it consolidates some of the rally off last-September's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-September's low into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 3883.84 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 4074.50. Second resistance is unknown.First support is the 20-day moving average crossing at 3943.91. Second support is the 50-day moving average crossing at 3883.84.  



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



INTEREST RATES: June T-bonds were higher overnight. 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 March 25th high crossing at 157-08 would signal that a short-term low has been posted. If June resumes the decline off last-September's high, the June-2019 low on monthly support crossing at 152-27 is the next downside target. First resistance is the March 25th high crossing at 157-08. Second resistance is the 50-day moving average crossing at 160-00. First support is March's low crossing at 153-07. Second support is the June-2019 low on the monthly continuation chart crossing at 152-27.



June T-notes were higher overnight. The low-range overnight trade sets the stage for a steady to slightly higher opening with the day session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this year's decline the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. Closes above the March 25th high crossing at 132.095 are needed to confirm that a short-term low has been posted. First resistance is the March 25th high crossing at 132.095. Second resistance is the March 2nd high crossing at 133.230. First support is last-Tuesday's low crossing at 130.260. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070. 



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



May crude oil was higher overnight as it extends the trading range of the past three-weeks. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the March 23rd low crossing at $57.25 would open the door for a possible test of the 38% retracement level of the November-March-rally crossing at $55.69. Closes above the 20-day moving average crossing at $61.88 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $61.88. Second resistance is March's high crossing at $67.79. First support is the March 23rd low crossing at $57.25. Second support is the 38% retracement level of the November-March-rally crossing at $55.69.      



May heating oil was higher overnight as it extends the trading range of the past three-weeks. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral signaling that sideways trading is possible near-term. If May renews the decline off March's high, the 38% retracement level of the November-March-rally crossing at $164.17 is the next downside target. Closes above the 20-day moving average crossing at $184.39 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $184.39. Second resistance is March's high crossing at $198.30. First support is the March 23rd low crossing at $173.15. Second support is the 38% retracement level of the November-March-rally crossing at $164.17.



May unleaded gas was higher overnight. 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 $200.85 would signal that a short-term low has been posted. If May renews the decline off March's high, the 50-day moving average crossing at $190.59 is the next downside target. First resistance is the 20-day moving average crossing at $200.85. Second resistance is March's high crossing at $215.48. First support is the 50-day moving average crossing at $190.59. Second support is the 38% retracement of the November-March-rally crossing at $177.06. 



May Henry natural gas was higher overnight as it consolidates some of Monday's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading.Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews the decline off February's high, the 87% retracement level of the December-February-rally crossing at 2.445 is the next downside target. Closes above last-Tuesday's high crossing at 2.688 would signal that a short-term low has been posted while opening the door for additional gains. First resistance resistance is last-Tuesday's high crossing at 2.688. Second resistance is the 50-day moving average crossing at 2.745. First support is the 87% retracement level of the December-February-rally crossing at 2.445. Second support is December's low crossing at 2.353.  



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



CURRENCIES:The June Dollar gapped down and was lower overnight. 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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $92.32 would signal that a short-term top has been posted. If June extends the rally off February's low, the 62% retracement level of the September-January-decline crossing at $94.43 is the next upside target. First resistance is the 50% retracement level of the 2020-2021-decline crossing at $93.43. Second resistance is the 62% retracement level of the September-January-decline crossing at $94.43. First support is the 20-day moving average crossing at $92.32. Second support is the 50-day moving average crossing at $91.38.



The June Euro was slightly lower overnight as it consolidates some of its recent gains. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 $118.79 would signal that a short-term low has been posted. If June extends the decline off February's high, last-November's low crossing at $116.93 is the next downside target. First resistance is the 20-day moving average crossing at $118.79. Second resistance is the 50-day moving average crossing at $120.17. First support is the November's low crossing at $116.93. Second support is the 50% retracement level of the 2020-2021-rally crossing at $115.98.

 

The June British Pound was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the reaction high crossing at 1.4009 is the next upside target. If June resumes the decline off February's high, the 50% retracement level of the September-February rally crossing at 1.3490 is the next downside target. First resistance is the reaction high crossing at 1.4009. Second resistance is February's high crossing at 1.4245. First support is the 38% retracement level of the September-February rally crossing at 1.3672. Second support is the 50% retracement level of the September-February rally crossing at 1.3494.  



The June Swiss Franc was 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0743 would signal that a short-term low has been posted. If June extends the decline off January's high, the 87% retracement level of the 2020-2021-rally crossing at 1.0447 is the next downside target. First resistance is the 20-day moving average crossing at 1.0743. Second resistance is the March 17th high crossing at 1.0880. First support is the 75% retracement level of the 2020-2021-rally crossing at 1.0586. Second support is the 87% retracement level of the 2020-2021-rally crossing at 1.0447.

 

The June Canadian Dollar was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends Monday's rally, the February 25th high crossing at $80.21 is the next upside target. Closes below the 50-day moving average crossing at $79.15 would open the door for a possible test of the February 26th low crossing at $78.42. First resistance is March's high crossing at $80.88. Second resistance is the February-2018 high crossing at $82.27. First support is the 50-day moving average crossing at $79.15. Second support is the February 26th low crossing at $78.42.  



The June Japanese Yen was 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 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 February-2020 low on the monthly continuation chart crossing at 0.0892 is the next downside target. Closes above the 20-day moving average crossing at 0.0915 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0915. Second resistance is the March 23rd high crossing at 0.0923. First support is last-Wednesday's low crossing at 0.0902. Second support is the February-2020 low on the monthly continuation chart crossing at 0.0892.

 

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



PRECIOUS METALS: June gold was higher overnight. The low-range overnight trade sets the stage for a steady to slightly 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 March 18th high crossing at $1756.00 would confirm that a low has been posted while opening the door for additional gains near-term. If June renews the decline off January's high, the 50% retracement level of the 2015-2020-rally crossing at $1617.40 is the next downside target. First resistance is the March 18th high crossing at $1756.00. Second resistance is 50-day moving average crossing at $1769.30. First support is March's low crossing at $1676.20. Second support is the 50% retracement level of the 2015-2020-rally crossing at $1617.40.



May silver was higher overnight. The mid-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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $25.499 would confirm that a short-term low has been posted. If May extends the decline off January's high, the 87% retracement level of the November-February-rally crossing at $23.102 is the next downside target. First resistance is the 20-day moving average crossing at $25.499. Second resistance is the 50-day moving average crossing at $26.303. First support is last-Wednesday's low crossing at $23.740. Second support is the 87% retracement level of the November-February-rally crossing at $23.102.  



May copper was lower in overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at 4.3755 is the next upside target. Closes below the 50-day moving average crossing at 3.9437 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 4.3755. Second resistance is the August-2011 high on the monthly continuation chart crossing at 4.5400. First support is the 50-day moving average crossing at 3.9437. Second support is the 25% retracement level of the 2020-2021-rally crossing at 3.8134.  



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



May corn was steady to higher overnight as it consolidates some of Monday's loss. The high-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $5.33 3/4 would confirm that a short-term top has been posted. If May extends the rally off last-Tuesday's low, psychological resistance crossing at $6.00 is the next upside target. First resistance is last-Thursday's high crossing at $5.85. Second resistance is psychological resistance crossing at $6.00. First support is last-Tuesday's low crossing at $5.33 3/4. Second support is March's low crossing at $5.29 1/4.       



May wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $6.28 1/2 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, the 62% retracement level of the 2020-2021-rally crossing at $5.70 is the next downside target. First resistance is the 20-day moving average crossing at $6.28 1/2. Second resistance is the 50-day moving average crossing at $6.44 3/4. First support is the 50% retracement level of the 2020-2021-rally crossing at $5.93 1/2. Second support is  the 62% retracement level of the 2020-2021-rally crossing at $5.70.

 

May Kansas City wheat was steady to fractionally lower overnight. The low-range close 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 May extends the decline off February's high, the 62% retracement level of the August-March-rally crossing at $5.26 1/2 is the next downside target. Closes above the 20-day moving average crossing at $5.85 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.85. Second resistance is the March 17th high crossing at $6.09 1/4. First support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4. Second support is the 62% retracement level of the August-March-rally crossing at $5.26 1/2.



May Minneapolis wheat was higher overnight as it consolidates some of last-Thursday's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold 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 $6.23 1/2 would confirm that a short-term low has been posted. If May extends the decline off February's high, the 62% retracement level of the December-January-rally crossing at $5.93 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $6.23 1/2. Second resistance is the 50-day moving average crossing at $6.33. First support is the 62% retracement level of the December-January-rally crossing at $5.93 1/2. Second support is the 75% retracement level of the December-January-rally crossing at $5.79.      

     

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



May soybeans were higher overnight as it consolidated some of last-Thursday's decline.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 last-week's rally, March's high crossing at $14.60 is the next downside target. Closes below last-Tuesday's low crossing at $13.64 1/4 would signal that a short-term low has been posted. First resistance is March's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is last-Tuesday's low crossing at $13.64 1/4. Second support is the February 11th low crossing at $13.36 3/4.

 

May soybean meal was higher overnight as it consolidates some of the decline off last-Thursday's high. 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 bearish signaling sideways to lower prices are possible near-term. If May renews last-week's rally, the February 9th high crossing at $442.10 is the next upside target. Closes below the 10-day moving average crossing at $405.40 would signal that a short-term top has been posted. First resistance is the March 24th high crossing at $434.00. Second resistance is the February 9th high crossing at $442.10. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of August-January rally crossing at $376.30.      


May soybean oil 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 54.11 would signal that a short-term low has been posted. If May extends the decline off March's high, the 50-day moving average crossing at 49.59 is the next downside target. First resistance is the 20-day moving average crossing at 54.11. Second resistance is March's high crossing at 58.25. First support is the 25% retracement level of the 2020-2021-rally crossing at 50.35. Second support is the 50-day moving average crossing at 49.59.       


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



June hogs closed down $0.73 at $105.60. 



June hogs posted an outside day down and closed lower on Monday as it consolidated some of the rally off November's low. 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 June extends the rally off November's low, the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53 is the next upside target. Closes below the 20-day moving average crossing at $101.57 would signal that a short-term top has been posted. First resistance is today's high crossing at $107.40. Second resistance is the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53. First support is the 10-day moving average crossing at $104.03. Second support is the 20-day moving average crossing at $101.57. 



June cattle closed up $188.00 at $124.43. 



June cattle closed higher on Monday as it extends the rally off last-October's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, weekly resistance crossing at $127.90 is the next upside target. Closes below the 50-day moving average crossing at $119.90 would signal that a short-term top has been posted. First resistance is today's high crossing at $124.78. Second resistance is weekly resistance crossing at $127.90. First support is the 20-day moving average crossing at $120.91. Second support is the 50-day moving average crossing at $119.90. 



May Feeder cattle closed up $2.55 at $151.78. 


May Feeder cattle closed sharply higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 below the 20-day moving average crossing at $148.32 would signal that a short-term top has been posted. If May extends the rally off March's low, monthly resistance crossing at $159.90 is the next upside target. First resistance is last-Tuesday's high crossing at $153.48. Second resistance is monthly resistance crossing at $159.90. First support is the 20-day moving average crossing at $148.32. Second support is the March 19th low crossing at $143.65.            



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



May coffee closed higher on Monday 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 Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 62% retracement level of the November-February-rally crossing at 11.95 is the next downside target. Closes above the 20-day moving average crossing at 128.55 would signal that a short-term low has been posted.         



May cocoa posted a key reversal down on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 87% retracement level of last-November's rally crossing at 23.11 is the next downside target. Closes above the 20-day moving average crossing at 24.79 would signal that a short-term low has been posted.            



May sugar closed slightly higher on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 13.96. Closes above the 20-day moving average crossing at 15.58 would signal that a short-term low has been posted.      



May cotton closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 74.20 is the next downside target. Closes above the 20-day moving average crossing at 83.56 would signal that a short-term low has been posted.       

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By metmike - April 6, 2021, 11:22 a.m.
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Thanks tallpine!!!


Natural gas............colder models overnight:

https://www.marketforum.com/forum/topic/66971/


Crop progress............still early in the year:

https://www.marketforum.com/forum/topic/67515/


EXTREMELY bullish USDA last week:

https://www.marketforum.com/forum/topic/67276/


Grains:

https://www.marketforum.com/forum/topic/67376/


Exports:

https://www.marketforum.com/forum/topic/67498/