INO Evening Market Comments
2 responses | 0 likes
Started by tallpine - May 10, 2021, 4:52 p.m.

KEY EVENTS TO WATCH FOR:



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 Dow closed lower on Monday. The low-range close sets the stage for a steady to higher 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 the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. Closes below the April-20th low crossing at 33,687.01 would signal that a short-term top has been posted. First resistance is today's high crossing at 35,091.56. Second resistance is unknown. First support is the April-20th low crossing at 33,687.01. Second support is the 50-day moving average crossing at 33,222.53. 

 

The June NASDAQ 100 closed sharply lower on Monday as it posted its worst day in nearly two-months. 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 turning neutral to bearish with today's decline signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 13,361.95 would open the door for a larger-degree decline. Closes above the 20-day moving average crossing at 13,813.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,813.00. Second resistance is the April 16thhigh crossing at 14,059.50. First support is the 50-day moving average crossing at 13,361.95. Second support is the March 25th low crossing at 12,609.75. 



The June S&P 500 closed lower on Monday due to profit taking as it consolidated some of this year's rally. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March'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 today's 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 4031.86.  



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



June T-bonds closed down 19/32's at 157-12. 

  

June T-bonds closed lower on Monday following last-Friday's downside reversal. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 156-29 would confirm that a short-term top has been posted. If June renews 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 last-Friday's high crossing at 160-15. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 160-15. First support is the April-29th low crossing at 156-06. Second support is the March 18th low crossing at 153-07. 



June T-notes closed down 55-points at 132.185.



June T-notes closed lower on Monday. 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, diverging and turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 132.022 would signal that a short-term top has been posted. If June extends the rally off April'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 March's high crossing at 133.230. First support is the April 29th low crossing at 131.185. Second support is April's low crossing at 130.255. 



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



June crude oil closed slightly lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $62.31 would signal that a short-term top has been posted. If May extends the rally off March's low, March's high crossing at $67.99. First resistance is last-Wednesday's high crossing at $66.76. Second resistance is March's high crossing at $67.98. First support is the 50-day moving average crossing at $62.31. Second support is the March 23rd low crossing at $57.25. 



June heating oil closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. 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 off March's low, the 87% retracement level of the 2018-2020-decline crossing at $213.75 is the next upside target. Closes below the 50-day moving average crossing at $187.50 would signal that a short-term top has been posted. First resistance is today's high crossing at $207.76. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.75. First support is the 10-day moving average crossing at $196.94. Second support is the 20-day moving average crossing at $192.27. 



June unleaded gas closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night 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 $201.53 would signal that a short-term top has likely been posted. If June extends the rally off March's low, the May-2018 high on the monthly continuation chart crossing at $228.55 is the next upside target. First resistance is today's high crossing at $221.70. Second resistance is the May-2018 high on the monthly continuation chart crossing at $228.55. First support is the 10-day moving average crossing at $210.52. Second support is the 20-day moving average crossing at $206.00.   



June Henry natural gas closed lower on Monday as it extended the trading range of the past two-week's. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought 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 2.861 would signal that a short-term top has been posted. If June extends the rally off March's low, the 87% retracement level of the February-March-decline crossing at 3.011. First 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 20-day moving average crossing at 2.861. Second support is the 50-day moving average crossing at 2.759. 



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



The June Dollar closed lower on Monday as it extended the decline off March's high. The mid-range close sets the stage for a steady to lower opening when Tuesday's night 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 February-March-rally crossing 89.71 is the next downside target. Closes above the 50-day moving average crossing at 91.69 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 91.06. Second resistance is the 50-day moving average crossing at 91.69. First support is today's low crossing 90.02. Second support is the 87% retracement level of the February-March-rally crossing 89.71.   



The June Euro closed lower on Monday as it consolidated some of the rally off March'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 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 today's high crossing at 121.87. Second resistance is the 75% retracement level of the January-March-decline crossing at 122.27. First support is the 50-day moving average crossing at 119.72. Second support is the April 8th low crossing at 118.76. 



The June British Pound closed sharply higher on Monday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above March's high crossing at 1.4020 marked an upside breakout of the March-May trading range. If June extends today's rally, February's high crossing at 1.4245 is the next upside target. Closes below last-Monday's low crossing at 1.3801 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.4159. Second resistance is February's high crossing at 1.4245. First support is last-Monday's low crossing at 1.3801. Second support is April's low crossing at 1.3671.

 

The June Swiss Franc closed slightly higher on Monday as it extended the rally off April's low.The mid-range close sets the stage for a steady to higher 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 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 1.0959 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 1.0959. Second support is the 50-day moving average crossing at 1.0851.



The June Canadian Dollar closed higher on Monday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher 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 aforementioned rally, the September-2017 high crossing at 82.91 on the monthly continuation chart is the next upside target. Closes below the 20-day moving average crossing at 80.77 would signal that a short-term top has been posted. First resistance is today's high crossing at 82.80. Second resistance is the September-2017 high crossing at 82.91. First support is the 10-day moving average crossing at 81.60. Second support is the 20-day moving average crossing at 80.77. 



The June Japanese Yen posted an inside day with a lower close on Monday as it consolidated some of last-week's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, the 50% retracement level of the January-March-decline crossing at 0.0939 is the next upside target. If June extends the decline off April's high, the April-9th low crossing at 0.0910 is the next downside target. First resistance is the 38% retracement level of the January-March-decline crossing at 0.0930. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.0939. First support is the April-9th low crossing at 0.0910. Second support is March's low crossing at 0.0918.



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



June gold closed higher on Monday as it extended the rally off March's low. The mid-range close sets the stage for a steady to higher 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 the 50% retracement level of the August-March decline crossing at $1894.10 is the next upside target. Closes below the 20-day moving average crossing at $1781.90 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the August-March-decline crossing at $1842.70. Second resistance is the 50% retracement level of the August-March decline crossing at $1894.10. First support is the 20-day moving average crossing at $1781.90. Second support is the 50-day moving average crossing at $1748.60.  



July silver closed lower on Monday as it consolidated some of the rally off March'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 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 February-March-decline crossing at 28.451 is the next upside target. Closes below the 20-day moving average crossing at 26.352 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the February-March-decline crossing at 27.628. Second resistance is the 75% retracement level of the February-March-decline crossing at 28.451. First support is the 20-day moving average crossing at 26.352. Second support is the April-29th low crossing at 24.745. 



July copper posted a downside reversal on Monday as it closed lower on the day but not before posting a new all-time high. 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 July extends the rally off the March 19th, 2020 low, upside targets will be hard to project. Closes below the 20-day moving average crossing at 439.81 would confirm that a short-term top has been posted. First resistance is today's high crossing at 488.80. Second resistance is unknown. First support is the 10-day moving average crossing at 455.72. Second support is the 20-day moving average crossing at 439.81. 



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



July Corn closed down $0.20 1/2-cents at $7.11 3/4. 



July corn closed sharply lower on Monday as it consolidated some of the rally off March's low. Today's sell off was triggered bytechnical selling and profit-taking amid expectations that this afternoon's planting progress report this past week will show significant gains. Analysts expect that corn plantings are 67% complete through May 9, up from 46% a week ago. Traders also took the opportunity to lighten some of their net long positions ahead of Wednesday’s WASDE report. The low-range close sets the stage for a steady to lower opening when Tuesday's night sessions 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 2012-2020-decline crossing at $7.73 is the next upside target. Closes below the 20-day moving average crossing at $6.43 1/4 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $7.32 1/4. 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 $6.86 3/4. Second support is the 20-day moving average crossing at $6.43 1/4. 



July wheat closed down $0.31 1/4-cents at $7.30 1/2.  



July wheat closed sharply lower on Monday due to technical selling that was triggered by improving weather forecasts for the Great Plains. Spillover weakness from corn also added to today's selling pressure. 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, 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 $7.04 3/4 would signal that a short-term top has been posted. If July renews this year's rally, psychological resistance crossing at $8.00 is the next upside target. First resistance is April's high crossing at $7.15 1/4. Second resistance is psychological resistance crossing at $8.00. First support is the 20-day moving averagecrossing at $7.04 3/4. Second support is the 50-day moving average crossing at $6.58 1/2.



July Kansas City Wheat closed down $0.33 1/4-cents at $7.03 1/2.

 

July Kansas City wheat closed sharply lower on Monday. 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, 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 $6.72 3/4 would signal that a short-term top has been posted. If July resumes 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.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 $6.72 3/4.



July Minneapolis wheat closed down $0.44 1/4-cents at $7.53 1/4. 



July Minneapolis wheat closed sharply lower on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI are overbought but 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 $7.26 1/4 would signal that a short-term top has been posted. If July extends the rally off April's low, the 87% retracement level of the 2017-2020 decline on the monthly continuation chart crossing at $8.18 1/2 is the next upside target. First resistance is last-Friday's high crossing at $8.07 1/4. Second resistance is the 87% retracement level of the 2017-2020 decline on the monthly continuation chart crossing at $8.18 1/2. First support is the 20-day moving average crossing at $7.26 1/4. Second support is the 50-day moving average crossing at $6.73.   

       

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



July soybeans closed down $0.02 1/4-cents at $15.87 1/2.



July soybeans closed lower on Monday as it consolidated some of the rally off March's low. The high-range close sets the stage for a steady to higher 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 July extends the rally off last-April's low, 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 $14.99 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 10-day moving average crossing at $15.42. Second support is the 20-day moving average crossing at $14.99.



July soybean meal closed up $0.50 to $442.30. 



July soybean meal closed higher on Monday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, January's high crossing at $458.20 is the next upside target. Closes below the 50-day moving average crossing at $413.10 would signal that a short-term top has been posted. First resistance is today's high crossing at $444.80. Second resistance is January's high crossing at $458.20. First support is the 50-day moving average crossing at $413.10. Second support is April's low crossing at $399.40.       



July soybean oil closed down 64-pts. at 63.84. 



July soybean oil closed lower due to profit taking on Monday as it consolidated some of the rally off March's low. The mid-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 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 10-day moving average crossing at 62.71 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 66.28. 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 62.71. Second support is the 20-day moving average crossing at 59.11.      

 

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



June hogs closed down $0.75 at $112.10. 



June hogs closed lower on Monday as it consolidated some of the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but 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 $108.20 would signal that a short-term top has likely been posted. 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. First resistance is last-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 $108.20. Second support is the 50-day moving average crossing at $104.12. 



June cattle closed up $2.20 at $118.23. 



June cattle closed sharply higher on Monday as it extended the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $116.96 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 $116.96. Second resistance is the 50-day moving average crossing at $119.30. 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 $4.43 at $148.70. 


August Feeder cattle closed sharply higher on Monday 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 Tuesday's 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 $150.02 would signal that a short-term low has been posted. If August extends the aforementioned decline, the 87% retracement level of the October-April-rally crossing at $138.45 is the next downside target. First resistance is the 20-day moving average crossing at $150.02. Second resistance is the 50-day moving average crossing at $154.14. 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 closed sharply lower on Monday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 14.06 would signal that a short-term top has been posted.            



July cocoa closed higher on Monday as it extended this month's short covering rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 24.77 signals that a low has been posted while opening the door for additional gains near-term. If July renews the decline off April's high, November's low crossing at 22.51 is the next downside target.              



July sugar closed unchanged on Monday. The mid-range close sets the stage for a steady opening on Tuesday. 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 16.88 would signal that a short-term top has been posted. If July renews the rally off March's low, weekly resistance crossing at 18.42 is the next upside target.         



July cotton closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. 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 87.34 would signal that a short-term top has been posted.          

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By metmike - May 10, 2021, 7:20 p.m.
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Thanks tallpine!


By metmike - May 10, 2021, 7:27 p.m.
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