INO Evening Market Comments
1 response | 0 likes
Started by tallpine - May 14, 2021, 3:32 p.m.

KEY EVENTS TO WATCH FOR:



Monday, May 17, 2021 



8:30 AM ET. May Empire State Manufacturing Survey



                       Mfg Idx (previous 26.3)



                       Employment Idx (previous 13.9)



                       New Orders Idx (previous 26.9)



                       Prices Received (previous 34.9)



10:00 AM ET. May NAHB Housing Market Index



                       Housing Mkt Idx (previous 83)



4:00 PM ET. March Treasury International Capital Data



Tuesday, May 18, 2021 



7:45 AM ET. Weekly Chain Store Sales Index



8:30 AM ET. April New Residential Construction - Housing Starts and Building Permits



                       Total Starts (previous 1.739M)



                       Housing Starts, M/M% (previous +19.4%)



                       Building Permits (previous 1.766M)



                       Building Permits, M/M% (previous +2.7%)



8:55 AM ET. Johnson Redbook Retail Sales Index



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



                       Ret Sales Mo-to-Date, Y/Y% (previous +13.3%)



                       Latest Wk, Y/Y% (previous +13.3%)



10:00 AM ET. ISM Semiannual Report On Business Economic Forecast



10:00 AM ET. 1st Quarter Quarterly Retail E-Commerce Sales



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -2.5M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +5.6M)



                       Distillate Stocks, Net Chg (Bbls) (previous -0.9M)



Wednesday, May 19, 2021 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 715.3)



                       Composite Idx, W/W% (previous +2.1%)



                       Purchase Idx-SA (previous 276.7)



                       Purchase Idx-SA, W/W% (previous +0.8%)



                       Refinance Idx (previous 3281)



                       Refinance Idx, W/W% (previous +2.9%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 484.691M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -0.426M)



                       Gasoline Stocks (Bbl) (previous 236.189M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +0.378M)



                       Distillate Stocks (Bbl) (previous 134.419M)



                       Distillate Stocks, Net Chg (Bbl) (previous -1.734M)



                       Refinery Usage (previous 86.1%)



                       Total Prod Supplied (Bbl/day) (previous 17.483M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous -2.208M)

                       

2:00 PM ET. Federal Open Market Committee meeting minutes published



Thursday, May 20, 2021



8:30 AM ET. May Philadelphia Fed Business Outlook Survey



                       Business Activity (Previous 50.2)



                       Prices Paid (Previous 69.1)



                       Employment (Previous 30.8)



                       New Orders (Previous 36.0)



                       Prices Received (Previous 34.5)



                       Delivery Times (Previous 27.8)



                       Inventories (Previous 17.3)



                       Shipments (Previous 25.3)



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



                       Jobless Claims (Previous 473K)



                       Jobless Claims, Net Chg (Previous -34K)



                       Continuing Claims (Previous 3655000)



                       Continuing Claims, Net Chg (Previous -45K)



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



                       Corn (Metric Tons) (Previous 1970.3K)



                       Soybeans (Metric Tons) (Previous 196.8K)



                       Wheat (Metric Tons) (Previous 298.3K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. 1st Quarter Advance Quarterly Services



10:00 AM ET. April Leading Indicators



                       Leading Index, M/M% (Previous +1.3%)



                       Leading Index (Previous 111.6)



                       Coincident Index, M/M% (Previous +0.6%)



                       Lagging Index, M/M% (Previous -0.5%)



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



                       Working Gas In Storage (Cbf) (Previous 2029B)



                       Working Gas In Storage, Net Chg (Previous +71B)

                   

4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, May 21, 2021 



9:45 AM ET. May US Flash Manufacturing PMI



                       PMI, Mfg (Previous 60.6)



9:45 AM ET. May US Flash Services PMI



                       PMI, Services (Previous 63.1)



10:00 AM ET. April State Employment and Unemployment



10:00 AM ET. April Existing Home Sales



                       Existing Sales (Previous 6.01M)



                       Existing Sales, M/M% (Previous -3.7%)



                       Unsold Homes Month's Supply (Previous 2.1)



                       Median Price (USD) (Previous 329100)



                       Median Home Price, Y/Y% (Previous +17.2%)


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



The Dow closed sharply higher for the second day in a row on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday'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 the Dow renews the rally off January's low into uncharted territory, upside targets hard to project. If the Dow extends this week's decline, the 50-day moving average crossing at 33,442.45 is the next downside target. First resistance is Tuesday's gap crossing at 34,741.57. Second resistance is Monday's high crossing at 35,091.56. First support is the 50-day moving average crossing at 33,442.45. Second support is the March 25th low crossing at 32,071.41. 

 

The June NASDAQ 100 closed sharply 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 night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 13,661.49 would signal that a short-term low has been posted.If June extends the aforementioned decline, the 75% retracement level of the March-April-rally crossing at 12,666.46 is the next downside target. First resistance is the 50-day moving average crossing at 13,389.53. Second resistance is the 20-day moving average crossing at 13,661.49. First support is the 62% retracement level of the March-April-rally crossing at 12,912.45. Second support is the 75% retracement level of the March-April-rally crossing at 12,666.46



The June S&P 500 closed sharply higher due to short covering on Friday as it extended Thursday's rebound off the 50-day moving average crossing at 4055.03. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 4162.16 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 4055.03 would open the door for additional weakness near-term. First resistance is the 20-day moving average crossing at 4162.16. Second resistance is Monday's high crossing at 4238.25. First support is the 50-day moving average crossing at 4055.03. Second support is the March 25th low crossing at 3843.25.  



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



June T-bonds closed up 20/32's at 156-26. 

  

June T-bonds closed higher on Friday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the March 30th low crossing at 153-29 is the next downside target. Closes above the 20-day moving average crossing at 157-18 would signal that a short-term low has been posted. 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 March 30th low crossing at 153-29. Second support is the March 18th low crossing at 153-07. 



June T-notes closed up 70-points at 132.130.



June T-notes closed higher on Friday as it consolidated some of the decline off last-Friday's high. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the April-29th low crossing at 131.185 is the next downside target. If June renews 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 posted an inside day with a higher close on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. 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 50-day moving average crossing at $62.66 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 $66.67. Second resistance is March's high crossing at $67.98. First support isthe 50-day moving average crossing at $62.66. Second support is the March 23rd low crossing at $57.25. 



June heating oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. 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 50-day moving average crossing at $189.16 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 2018-2020-decline crossing at $213.75 is the next upside target. First resistance is Wednesday's high crossing at $208.10. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.75. First support is the 20-day moving average crossing at $195.48. Second support is the 50-day moving average crossing at $189.16. 



June unleaded gas posted an inside day with a higher closed on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $203.13 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 Monday'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 20-day moving average crossing at $208.06. Second support is the 50-day moving average crossing at $203.13.   



June Henry natural gas closed slightly lower on Friday after spiking higher to test the 87% retracement level of the February-March-decline crossing at 3.011. 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 overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below Tuesday's low crossing at 2.881 would signal that a short-term top has been posted. If June extends the rally off March's low, February's high crossing at 3.082. First resistance is the 87% retracement level of the February-March-decline crossing at 3.011. Second resistance is February's high crossing at 3.082. First support is Tuesday's low crossing at 2.881. Second support is the 50-day moving average crossing at 2.765. 



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



The June Dollar closed sharply lower on Friday ending a two-day short covering bounce off Tuesday'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. Closes above the 20-day moving average crossing at 90.82 would signal that a short-term low has been posted. If June renews the decline off March's high, the 87% retracement level of the February-March-rally crossing 89.71 is the next downside target. First resistance is the 20-day moving average crossing at 90.82. Second resistance is May's high crossing at 91.44. First support is Tuesday's low crossing 89.96. Second support is the 87% retracement level of the February-March-rally crossing 89.71.   



The June Euro closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 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 119.76 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 121.90. Second resistance is the 75% retracement level of the January-March-decline crossing at 122.27. First support is the 20-day moving average crossing at 120.87. Second support is the 50-day moving average crossing at 119.76. 



The June British Pound closed higher on Friday ending a two-day setback off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3880 would confirm that a short-term top has been posted. If June resumes this month's rally, February's high crossing at 1.4245 is the next upside target. First resistance is Tuesday's high crossing at 1.4167. Second resistance is February's high crossing at 1.4245. First support is the 10-day moving average crossing at 1.4009. Second support is the 20-day moving average crossing at 1.3959.

 

The June Swiss Franc closed higher on Friday.The high-range close sets the stage for a steady to higher opening when Monday'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 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 1.0996 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 1.0996. Second support is the 50-day moving average crossing at 1.0863.



The June Canadian Dollar closed higher on Friday and is poised to resume the rally off April's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought and 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 81.30 would signal that a short-term top has been posted. If June extends the aforementioned rally, the May-2015 high crossing at 83.66 on the monthly continuation chart is the next upside target. First resistance is Wednesday's high crossing at 83.02. Second resistance is the May-2015 high crossing at 83.66. First support is the 10-day moving average crossing at 82.13. Second support is the 20-day moving average crossing at 81.30. 



The June Japanese Yen closed slightly higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the April-9th low crossing at 0.0910 is the next downside target. 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. 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 Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 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 $1796.50 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 $1796.50. Second support is the 50-day moving average crossing at $1757.30.  



July silver closed higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 26.665 would signal that a short-term top has been posted. If July renews the rally off March's low, the 75% retracement level of the February-March-decline crossing at 28.451 is the next upside target. 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 26.665. Second support is the April-29th low crossing at 24.745. 



July copper closed lower on Friday. The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 451.18 would confirm that a short-term top has been posted. If July extends the rally off the March 19th -2020 low, upside targets will be hard to project. First resistance is Monday's high crossing at 488.80. Second resistance isunknown. First support is the 10-day moving average crossing at 464.79. Second support is the 20-day moving average crossing at 451.18. 



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



July Corn closed down $0.31-cents at $6.44 3/4. 



July corn closed sharply lower on Friday as long-liquidation by the funds continued following this week's neutral WASDE report. The low-close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the 38% retracement level of this year's rally crossing at $6.37 1/4 is the next downside target. Closes above the 10-day moving average crossing at $7.00 1/4 would signal that a short-term low has been posted. If July renews this year's rally, the 87% retracement level of the 2012-2020-decline crossing at $7.73 is the next upside target. From a fundamental stand point, nothing has changed. If remains dry in South America, demand remains strong and portions of the upper Midwest and the Dakota's remain dry to very dry. Unless this weekend's forecasted rain event comes in above expectations, downside risk from current levels should be limited. First resistance is the 10-day moving average crossing at $7.00 1/4. Second resistance is last-Friday's high crossing at $7.35 1/4. First support is the 38% retracement level of this year's rally crossing at $6.37 1/4. Second support is the 50% retracement level of this year's rally crossing at $6.06 3/4. 



July wheat closed up $0.05 3/4-cents at $7.07 1/4.  



July wheat posted an inside day with a higher close on Friday as it consolidated some of Thursday's sharp decline. The low-range close sets the stage for a steady to modestly higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends Thursday's decline, the 50% retracement level of the March-April-rally crossing at $6.80 3/4 is the next downside target. Closes above the 10-day moving average crossing at $7.31 1/2 would signal that a short-term low 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 Thursday's low crossing at $6.90 3/4. Second support is the 50% retracement level of the March-April-rally crossing at $6.80 3/4.



July Kansas City Wheat closed unchanged at $6.57 3/4.

 

July Kansas City wheat closed unchanged on Friday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends today's decline, the 62% retracement level of the March-April-rally crossing at $6.28 3/4 is the next downside target. Closes above the 10-day moving average crossing at $6.98 3/4 are needed to confirm that a short-term low has been posted. First resistance the 10-day moving average crossing at $6.98 3/4. Second resistance is last-Friday's high crossing at $7.41 1/2. First support is the 62% retracement level of the March-April-rally crossing at $6.28 3/4. Second support is the 75% retracement level of the March-April-rally crossing at $6.04 3/4.



July Minneapolis wheat closed down a $0.00 1/2-cents at $7.40 3/4. 



July Minneapolis wheat closed fractionally lower on Friday and below the 20-day moving average crossing at $7.43 3/4 as it extended this week's decline. 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 bearish signaling that a short-term top might be in or is near. If July extends this week's decline, the April 28th low crossing at $7.23 3/4 is the next downside target. Closes above the 10-day moving average crossing at $7.66 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.66 3/4. Second resistance is last-Friday's high crossing at $8.07 1/4. First support is the April 28th low crossing at $7.23 3/4. Second support is the 50-day moving average crossing at $6.81 1/2.  

       

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



July soybeans closed up $0.02 1/4-cents at $15.86 1/4.



July soybeans closed higher on Friday as it consolidated some of Thursday's decline. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $15.39 3/4 would signal that a short-term top has been posted. If July extends the rally off last-April's low, psychological resistance crossing at $17.00 is the next upside target. First resistance is Wednesday's high crossing at $16.67 1/2. Second resistance is psychological resistance crossing at $17.00. First support is the 10-day moving average crossing at $15.78 1/4. Second support is the 20-day moving average crossing at $15.39 3/4.



July soybean meal closed down $2.90 to $418.50. 



July soybean meal closed lower on Friday as it extended Thursday's decline. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $414.50 would signal that a short-term top has been posted. If July renews the rally off March's low, January's high crossing at $458.20 is the next upside target. First resistance is Wednesday's high crossing at $457.20. Second resistance is January's high crossing at $458.20. First support is today's low crossing at $416.70. Second support is the 50-day moving average crossing at $414.50.       



July soybean oil closed up 180-pts. at 67.58. 



July soybean oil closed sharply higher on Friday and posted a new contract high as it renewed the rally off last-April's low. The high-range close sets the stage for a steady to higher opening when Monday'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 20-day moving average crossing at 61.82 would signal that a short-term top has been posted. First resistance is today's high crossing at 67.92. 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 64.75. Second support is the 20-day moving average crossing at 61.82.      

 

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



June hogs closed down $1.38 at $108.73. 



June hogs closed lower on Friday as it extends this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at $109.28 signals that a short-term top has been posted. If June renews 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 50-day moving average crossing at $105.40. Second support is April's low crossing at $100.92. 



June cattle closed down $0.30 at $115.30. 



June cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, May's low crossing at $112.57 is the next downside target. Closes above the 50-day moving average crossing at $119.26 are needed to renew this month's rally. First resistance is the 50-day moving average crossing at $119.26. Second resistance is the April 20th high crossing at $119.83. First support is Thursday's low crossing at $114.70. Second support is May's low crossing at $112.57. 



August Feeder cattle closed up $0.65 at $151.15. 


August Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Close above the 50-day moving average crossing at $153.98 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at $147.27 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $153.98. Second resistance is the April 21st high crossing at $154.93. 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 lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 14.34 would signal that a short-term top has been posted. If July renews the rally off March's low, the November-2016 high crossing at 17.60 is the next upside target.            



July cocoa closed lower on Friday as it consolidated some of this month's rally. 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 this month's rally, the March 11th high crossing at 26.21 is the next upside target. Closes below the 10-day moving average crossing at 24.44 would signal that a short-term top has been posted.               



July sugar closed lower on Friday due to profit taking. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 17.17 signals that a short-term top has been posted. If July extends this week's decline, the April 29th low crossing at 16.46 is the next downside target. If July renews the rally off March's low, long-term resistance on the monthly continuation chart crossing at 18.42 is the next upside target.         



July cotton closed sharply lower for the second day in a row on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends today's decline, the April 13th low crossing at 81.20 is the next downside target. Closes above Wednesday's high crossing at 89.74 would signal that a short-term low has been posted.            

Comments
By metmike - May 15, 2021, 2:47 a.m.
Like Reply

Thanks tallpine!!