KEY EVENTS TO WATCH FOR:
Monday, May 10, 2021
10:00 AM ET. April Employment Trends Index
ETI (previous 102.44)
ETI, Y/Y%
Tuesday, May 11, 2021
6:00 AM ET. April NFIB Index of Small Business Optimism
Small Business Idx (previous 98.2)
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% (previous +13.7%)
Latest Wk, Y/Y% (previous +14.2%)
10:00 AM ET. March Job Openings & Labor Turnover Survey
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -7.7M)
Gasoline Stocks, Net Chg (Bbls) (previous -5.3M)
Distillate Stocks, Net Chg (Bbls) (previous -3.5M)
Wednesday, May 12, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 700.4)
Composite Idx, W/W% (previous -0.9%)
Purchase Idx-SA (previous 274.5)
Purchase Idx-SA, W/W% (previous -2.5%)
Refinance Idx (previous 3188.7)
Refinance Idx, W/W% (previous +0.1%)
8:30 AM ET. April Real Earnings
8:30 AM ET. April CPI
CPI, M/M% (previous +0.6%)
Core CPI, M/M% (previous +0.3%)
Energy Idx, M/M% (previous +5.0%)
Food Idx, M/M% (previous +0.1%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)
CPI, Y/Y% (previous +2.6%)
Core Annual, Y/Y% (previous +1.6%)
10:00 AM ET. Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 485.117M)
Crude Oil Stocks, Net Chg (Bbl) (previous -7.99M)
Gasoline Stocks (Bbl) (previous 235.811M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.737M)
Distillate Stocks (Bbl) (previous 136.153M)
Distillate Stocks, Net Chg (Bbl) (previous -2.896M)
Refinery Usage (previous 86.5%)
Total Prod Supplied (Bbl/day) (previous 19.691M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.704M)
11:00 AM ET. Federal Reserve Bank of New York's Q1 Household Debt and Credit Report
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)
2:00 PM ET. April Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.
Thursday, May 13, 2021
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 498K)
Jobless Claims, Net Chg (previous -92K)
Continuing Claims (previous 3690000)
Continuing Claims, Net Chg (previous +37K)
8:30 AM ET. April PPI
PPI, M/M% (previous +1.0%)
Ex-Food & Energy PPI, M/M% (previous +0.7%)
Personal Consumption (previous +0.7%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 243.6K)
Soybeans (Metric Tons) (previous 358.2K)
Wheat (Metric Tons) (previous 304.1K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1958B)
Working Gas In Storage, Net Chg (Cbf) (previous +60B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, May 14, 2021
8:30 AM ET. April Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous +9.8%)
Sales, Ex-Auto, M/M% (previous +8.4%)
Sales, Ex-Auto & Gas, M/M% (previous +8.2%)
8:30 AM ET. April Import & Export Price Indexes
Import Prices (previous +1.2%)
Non-Petroleum Prices (previous +0.9%)
Petroleum Prices (previous +6.7%)
9:15 AM ET. April Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +1.4%)
Capacity Utilization % (previous 74.4%)
Capacity Utilization, Net Chg (Pts) (previous +1)
10:00 AM ET. March Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +0.5%)
10:00 AM ET. May University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (previous 86.5)
Mid-Mo Expectations (previous 79.7)
Mid-Mo Current Idx (previous 97.2)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES: The June NASDAQ 100 was lower overnight following a two-day bounce off last-Thursday'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 have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 13,828.20 would signal that a short-term low has been posted. If June renews the decline off April's high, the 50-day moving average crossing at 13,368.49 is the next downside target. First resistance is the 20-day moving average crossing at 13,828.20. Second resistance is the April 16th high crossing at 14,059.50. First support is the 50-day moving average crossing at 13,368.49. Second support is the March 25th low crossing at 12,609.75.
The June S&P 500 was steady to slightly higher in overnight trading as it extends the rally off last-September's low. 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 becoming 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 last-Tuesday's low crossing at 4120.50 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4238.25. Second resistance is unknown.First support is last-Tuesday's low crossing at 4120.50. Second support is the 50-day moving average crossing at 4032.55.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were steady 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April-29th low crossing at 156-06 would signal that a short-term top has been posted. If June extends the rally off March's low, the 38% retracement level of the 2020-2021-decline crossing at 162-31 is the next upside target. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 159-19. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 162-31. First support is the April-29th low crossing at 156-06. Second support is March's low crossing at 153-07.
June T-notes were steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 132.023 would signal that a short-term top has been posted. If June extends the rally off March's low, the 38% retracement level of the 2020-2021-decline crossing at 134.054 is the next upside target. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 134.054. First support is the April 29th low crossing at 131.185. Second support is the April 5th low crossing at 130.255.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
June crude oil was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to slightly 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. Closes below the 50-day moving average crossing at $62.32 would signal that a short-term top has been posted. If June extends the rally off March's low, March's high crossing at $67.29 is the next upside target. First resistance is last-Wednesday's high crossing at $66.67. Second resistance is March's high crossing at $67.29. First support is the 50-day moving average crossing at $62.32. Second support is the March 23rd low crossing at $57.29.
June heating oil gapped up and 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 overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally of last-November's low, the 87% retracement level of the 2018-2020-decline crossing at $2.1375 is the next upside target. Closes below the 50-day moving average crossing at $1.8754 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.0776. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $2.1375. First support is the 10-day moving average crossing at $1.9715. Second support is the 20-day moving average crossing at $1.9237.
June unleaded gas gapped up and 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 turning neutral to bearish warning bulls that a short-term top or correction might be near. Closes below the 50-day moving average crossing at $2.0160 would signal that a short-term top has been posted. If June extends the rally off March's low, the May-2018 high on the monthly continuation chart crossing at 2.2855 is the next upside target. First resistance is the overnight high crossing at $2.2170. Second resistance is the May-2018 high on the monthly continuation chart crossing at 2.2855. First support is the 10-day moving average crossing at $2.1084. Second support is the 20-day moving average crossing at $2.0616.
June Henry natural gas was lower overnight as it extends the trading range of the past two-weeks. 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. Closes below the April-29th low crossing at 2.883 would signal that a short-term top has been posted. If June extends the rally off April's low, the 87% retracement level of the February-March-decline crossing at 3.011 is the next upside target. First resistance resistance is last-Tuesday's high crossing at 3.001. Second resistance is the 87% retracement level of the February-March-decline crossing at 3.011. First support is the April-29th low crossing at 2.883. Second support is the 20-day moving average crossing at 2.861.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was lower overnight as it extends the decline off March'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 June extends the decline off March's high, the 87% retracement level of the January-March-rally crossing at $89.71 is the next downside target. Closes above last-Wednesday's high crossing at $91.44 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $91.44. Second resistance is the 50-day moving average crossing at $91.69. First support is the 75% retracement level of the January-March-rally crossing at $90.23. Second support is the 87% retracement level of the January-March-rally crossing at $89.71.
The June Euro was steady to slightly lower in late-overnight trading as it consolidated some of the rally off last-Wednesday's low.The mid-range overnight trade sets the stage for a steady to slightly 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 June extends the rally off March's low, the 75% retracement level of the January-March-decline crossing at $122.27 is the next upside target. Closes below the 50-day moving average crossing at $119.72 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the January-March-decline crossing at $122.27. Second resistance is the 87% retracement level of the January-March-decline crossing at $123.08. First support is the 50-day moving average crossing at $119.72. Second support is the April 4th low crossing at $118.76.
The June British Pound was sharply higher overnight and appears to breaking out to the topside of the March-May trading range. The high-range overnight trade sets the stage for a steady to higher 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. Closes above March's high crossing at 1.4020 or below April's low crossing at 1.3672 would mark a breakout of the aforementioned trading range and open the door for a trending moving in the direction of that breakout. First resistance is March's high crossing at 1.4020. Second resistance is February's high crossing at 1.4245. First support is April's low crossing at 1.3672. Second support is the 50% retracement level of the September-February rally crossing at 1.3490.
The June Swiss Franc was steady to slightly higher overnight as it extends the rally off April'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 June extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at 1.1233 is the next upside target. Closes below the 20-day moving average crossing at 1.0960 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the January-April-decline crossing at 1.1117. Second resistance is the 75% retracement level of the January-April-decline crossing at 1.1233. First support is the 20-day moving average crossing at 1.0960. Second support is the 50-day moving average crossing at 1.0851.
The June Canadian Dollar was higher overnight as it posted a new contract high of $82.33. The mid-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 June extends the rally off April's low, the September-2017 high on the monthly continuation chart crossing at $82.91 is the next upside target. Closes below the 20-day moving average crossing at $80.76 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $82.69. Second resistance is the September-2017 high on the monthly continuation chart crossing at $82.91. First support is the 10-day moving average crossing at $81.59. Second support is the 20-day moving average crossing at $80.76.
The June Japanese Yen was lower overnight and is working on a possible inside day as it consolidates some of last-Friday's rally. The mid-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. Multiple closes above the 50-day moving average crossing at 0.091921 would signal that a short-term low has been posted. If June renews the decline off April's high, the April-9th low crossing at 0.090990 is the next downside target. First resistance is the 38% retracement level of the January-March-decline crossing at 0.092994. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.093874. First support is the April-9th low crossing at 0.090990. Second support is March's low crossing at 0.090180.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: June gold was slightly higher overnight as it extends the rally off March'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 50% retracement level of August-April-decline crossing at $1894.10 is the next upside target. Closes below the 20-day moving average crossing at $1782.00 would signal that a short-term top has been posted. First resistance is 38% retracement level of August-April-decline crossing at $1841.30. Second resistance is 50% retracement level of August-April-decline crossing at $1894.10. First support is the 20-day moving average crossing at $1782.00. Second support is the 50-day moving average crossing at $1748.60.
July silver was higher overnight as it extends the rally off March'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the 75% retracement level of the January-March-decline crossing at $28.451 is the next upside target. Closes below the 50-day moving average crossing at $25.911 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the January-March-decline crossing at $27.628. Second resistance is the 75% retracement level of the January-March-decline crossing at $28.451. First support is the 50-day moving average crossing at $25.991. Second support is the April 13th low crossing at $24.725.
July copper gapped up and was higher overnight as it posted a new all-time record high. 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 July extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4.4063 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4.8880. Second resistance is unknown. First support is the 10-day moving average crossing at 4.5735. Second support is the 20-day moving average crossing at 4.4062.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was lower overnight due to profit taking as rain moved across portions of the Midwest this weekend. Despite the overnight correction, July corn remains above broken resistance marked by the 75% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at $7.07 3/4.. The low-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If July extends this year's rally, psychological resistance crossing at $7.50 is the next upside target. Closes below the 20-day moving average crossing at $6.43 3/4 would signal that a short-term top has been posted. First resistance is psychological resistance crossing at $7.50. Second resistance is the 87% retracement level of the 2012-2020-decline crossing at $7.73. First support is the 10-day moving average crossing at $6.87 3/4. Second support is the 20-day moving average crossing at $6.43 3/4.
July wheat was lower overnight due to profit taking triggered by weekend rains moving across portions of the Plains and Midwest. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews this year's rally, psychological resistance crossing at $8.00 is the next upside target. Closes below the April 28th low crossing at $7.11 1/2 would signal that a short-term top has been posted. First resistance is April's high crossing at $7.69 1/2. Second resistance is psychological resistance crossing at $8.00. First support is the April 28th low crossing at $7.11 1/2. Second support is the 20-day moving average crossing at $7.05 3/4.
July Kansas City wheat was lower due to profit taking overnight as it consolidates some of last-week's rally. The low-range close 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 July extends the rally off March's low, the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4 is the next upside target. Closes below the April-30th low crossing at $6.82 3/4 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $7.41 1/2. Second resistance is the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4. First support is the April-30th low crossing at $6.82 3/4. Second support is the 20-day moving average crossing at $6.74.
July Minneapolis wheat was lower due to profit taking overnight as it consolidates some of the rally off April's low. The low-range close 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 July extends this month's rally, the 87% retracement level of the 2017-2019-decline on the monthly continuation chart crossing at $8.18 1/2 is the next upside target. Closes below the 10-day moving average crossing at $7.66 1/2 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $8.07 1/4. Second resistance is the 87% retracement level of the 2017-2019-decline crossing at $8.18 1/2. First support is the 10-day moving average crossing at $7.66 1/2. Second support is the 20-day moving average crossing at $7.27 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans were lower overnight but remains above broken resistance marked by the 75% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $15.39 1/2. The mid-range close sets the stage for a 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 July extends the aforementioned rally, the 87% retracement level of the 2012-2019 decline crossing at $16.59 1/4 is the next upside target. Closes below the 20-day moving average crossing at $14.98 3/4 would signal that a short-term top has been posted. First resistance is psychological resistance crossing at $16.00. Second resistance is the 87% retracement level of the 2012-2019 decline crossing at $16.59 1/4. First support is the 20-day moving average crossing at $14.98 3/4. Second support is the 50-day moving average crossing at $14.40 1/4.
July soybean meal were lower overnight due to profit taking as it consolidated some of last-Friday's rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If July extends the rally off April's low, January's high crossing at $458.20 is the next upside target. Closes below the 50-day moving average crossing at $413.00 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $443.40. Second resistance is January's high crossing at $458.20. First support is the 20-day moving average crossing at $420.30. Second support is the 50-day moving average crossing at $413.00.
July soybean oil was lower overnight as it consolidated some of April's rally. The mid-range overnight 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 July extends this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. Closes below the 20-day moving average crossing at 59.12 would signal that a short-term top has been posted. First resistance is monthly resistance on the monthly continuation chart crossing at 65.20. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 10-day moving average crossing at 62.73. Second support is the 20-day moving average crossing at 59.12.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed down $1.63 at $112.85.
June hogs closed lower on Friday as it consolidated some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Monday'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 November's low, the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70 is the next upside target. Closes below the 20-day moving average crossing at $107.90 would signal that a short-term top has likely been posted. First resistance is Thursday's high crossing at $115.00. Second resistance is the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70. First support is the 20-day moving average crossing at $107.90. Second support is the 50-day moving average crossing at $103.76.
June cattle closed up $0.55 at $116.03.
June cattle closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. 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 $117.17 would signal that a short-term low has been posted. If June renews the decline off April's high, the 50% retracement level of the October-April-rally crossing at $114.37 is the next downside target. First resistance is the 20-day moving average crossing at $117.17. Second resistance is the 50-day moving average crossing at $119.31. First support is the 50% retracement level of the October-April-rally crossing at $114.37. Second support is the 62% retracement level of the October-April-rally crossing at $111.71.
August Feeder cattle closed up $0.88 at $144.28.
August Feeder cattle closed higher on Friday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If August extends the aforementioned decline, the 87% retracement level of the October-April-rally crossing at $138.45 is the next downside target. Closes above the 20-day moving average crossing at $150.61 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $146.91. Second resistance is the 20-day moving average crossing at $150.61. First support is the 75% retracement level of the October-April-rally crossing at $141.77. Second support is the 87% retracement level of the October-April-rally crossing at $138.45.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee posted an inside day with a lower close on Friday as it consolidated some of the rally off March's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the November-2016 high crossing at 17.60 is the next upside target. Closes below the 20-day moving average crossing at 13.97 would signal that a short-term top has been posted.
July cocoa closed higher on Friday as it extended this week's short covering rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 24.79 would signal that a low has been posted. If July extends the decline off April's high, November's low crossing at 22.51 is the next downside target.
July sugar closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, weekly resistance crossing at 18.42 is the next upside target. Closes below the 20-day moving average crossing at 16.78 would signal that a short-term top has been posted.
July cotton closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, February's high crossing at 96.22 is the next upside target. Closes below the 20-day moving average crossing at 86.99 would signal that a short-term top has been posted.
Thanks tallpine.
Going to be another wild week in the grains!
USDA report coming up too.