INO Evening Market Comments
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Started by tallpine - May 24, 2021, 4:01 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, May 25, 2021  



7:45 AM ET. Weekly Chain Store Sales Index



8:55 AM ET. Johnson Redbook Retail Sales Index



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



                       Ret Sales Mo-to-Date, Y/Y% (previous +13.0%)



                       Latest Wk, Y/Y% (previous +12.6%)



9:00 AM ET. 1st Quarter U.S. Quarterly House Price Index



9:00 AM ET. March U.S. Monthly House Price Index



9:00 AM ET. March S&P CoreLogic Case-Shiller Indices



                       10-City Idx, M/M% (previous +1.1%)



                       10-City Idx, Y/Y% (previous +11.7%)



                       20-City Idx, M/M% (previous +1.2%)



                       20-City Idx, Y/Y% (previous +11.9%)



                       National Idx, M/M% (previous +1.1%)



                       National Idx, Y/Y% (previous +12%)



10:00 AM ET. May Richmond Fed Business Activity Survey



                       Mfg Idx (previous 17)



                       Shipments Idx (previous 16)



10:00 AM ET. May Consumer Confidence Index



                       Cons Conf Idx (previous 121.7)



                       Expectation Idx (previous 109.8)



                       Present Situation Idx (previous 139.6)



10:00 AM ET. April New Residential Sales



                       New Home Sales (previous 1021K)



                       New Home Sales, M/M% (previous +20.7%)



                       New Home Sales Months Supply (previous 3.6)



1:00 PM ET. April Money Stock Measures



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +0.6M)



                       Gasoline Stocks, Net Chg (Bbls) (previous -2.8M)



                       Distillate Stocks, Net Chg (Bbls) (previous -2.6M)



Wednesday, May 26, 2021



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 724.2)



                       Composite Idx, W/W% (previous +1.2%)



                       Purchase Idx-SA (previous 265.3)



                       Purchase Idx-SA, W/W% (previous -4.1%)



                       Refinance Idx (previous 3413.3)



                       Refinance Idx, W/W% (previous +4.0%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 486.011M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.32M)



                       Gasoline Stocks (Bbl) (previous 234.226M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -1.963M)



                       Distillate Stocks (Bbl) (previous 132.095M)



                       Distillate Stocks, Net Chg (Bbl) (previous -2.324M)



                       Refinery Usage (previous 86.3%)



                       Total Prod Supplied (Bbl/day) (previous 19.272M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.789M)



Thursday, May 27, 2021 



8:30 AM ET. 1st Quarter 2nd estimate GDP



                       Annual Rate, Q/Q% (previous +6.4%)



                       Chain-Weighted Price Idx, Q/Q% (previous +4.1%)



                       Corporate Profits, Q/Q% (previous -1.7%)



                       PCE Price Idx, Q/Q% (previous +3.5%)



                       Purchase Price Idx, Q/Q% (previous +3.8%)



                       Real Final Sales, Q/Q% (previous +9.2%)



                       Core PCE Price Idx, Q/Q% (previous +2.3%)



                       Consumer Spending, Q/Q% (previous +10.7%)



8:30 AM ET. 1st Quarter Preliminary Corporate Profits



8:30 AM ET. April Advance Report on Durable Goods



                       Durable Goods-SA, M/M% (previous +0.5%)



                       Dur Goods, Ex-Defense, M/M% (previous +0.5%)



                       Dur Goods, Ex-Transport, M/M% (previous +1.6%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.9%)

                      

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.3%)

                       

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



                       Jobless Claims (previous 444K)



                       Jobless Claims, Net Chg (previous -34K)



                       Continuing Claims (previous 3751000)



                       Continuing Claims, Net Chg (previous +111K)



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



                       Corn (Metric Tons) (previous 4339.4K)



                       Soybeans (Metric Tons) (previous 180.2K)



                       Wheat (Metric Tons) (previous 438.7K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. April Pending Home Sales Index



                       Pending Home Sales (previous 111.3)



                       Pending Home Sales Idx, M/M% (previous +1.9%)



                       Pending Home Sales Idx , Y/Y% (previous +23.3%)



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



                       Working Gas In Storage (Cbf) (previous 2100B)



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

                       

11:00 AM ET. May Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing



                       Mfg Activity Idx (previous 40)



                       6-Mo Exp Prod Idx (previous 45)



                       Mfg Composite Idx (previous 31)



                       6-Mo Exp Composite Idx (previous 34)



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, May 28, 2021 



8:30 AM ET. April Personal Income & Outlays



                       Personal Income, M/M% (previous +21.1%)



                       Consumer Spending, M/M% (previous +4.2%)



                       PCE Price Idx, M/M% (previous +0.5%)



                       PCE Price Idx, Y/Y% (previous +2.3%)



                       PCE Core Price Idx, M/M% (previous +0.4%)



                       PCE Core Price Idx, Y/Y% (previous +1.8%)



8:30 AM ET. April Advance Economic Indicators Report



9:45 AM ET. May Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI



                       PMI-Adj (previous 72.1)



10:00 AM ET. May University of Michigan Survey of Consumers – final



                       End-Mo Sentiment Idx (previous 88.3)

 

                       End-Mo Expectations Idx (previous 82.7)



                       12-Month Inflation Forecast (previous 3.4%)



                       5-Year Inflation Forecast (previous 2.7%)



                       End-Mo Current Idx (previous 97.2)



12:00 PM ET. Annual Industrial Production and Capacity Utilization annual revision



3:00 PM ET. April Agricultural Prices



                       Farm Prices, M/M% (previous +2.6%)



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



The Dow closed higher on Monday as it extends rebounded off the 50-day moving average. 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. Closes above the May 14th high crossing at 34,454.05 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 33,656.82 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Tuesday's gap crossing at 34,741.57. Second resistance is May's high crossing at 35,091.56. First support is the 50-day moving average crossing at 33,689.29. Second support is the March 25th low crossing at 32,071.41. 

 

The June NASDAQ 100 closed sharply higher on Monday as it extended the rally off the May 13th low crossing at 12,915.00. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 13,513.27 signals that a short-term low has been posted while opening the door for additional gains near-term.If June renews the decline off April's high, the 75% retracement level of the March-April-rally crossing at 12,666.46 is the next downside target. First resistance is the May 7th high crossing at 13,818.00. Second resistance is the April 29th high crossing at 14,064.00. 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 on Monday as it extends the rally off the May 13th low crossing at 4029.25. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above last-Wednesday's high crossing at 4179.50 signals that a short-term low has been posted while opening the door for a possible test of May's high crossing at 4238.25. Closes below the May 13th low crossing at 4029.25 would confirm that a top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 4201.50. Second resistance is May's high crossing at 4238.25. First support is the May 13th low crossing at 4029.25. 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 14/32's at 157-22. 

  

June T-bonds closed higher on Monday. 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 neutral to bullish hinting that a low might be in or is near. Today's close above the 20-day moving average crossing at 157-06 signals that a short-term low has been posted while opening the door for additional gains near-term. If June renews the decline off May's high, the March 30th low crossing at 153-29 is the next downside 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 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 55-pts. at 132.200.



June T-notes closed higher on Monday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. If June resumes the decline off May's high, the April-29th low crossing at 131.185 is the next downside 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 ""



July crude oil closed sharply higher on Monday and above the 10-day moving average crossing at $64.72 signaling that a short-term low has been posted.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $67.02. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90.First support is theApril 22nd ow crossing at $60.55. Second support is April's low crossing at $57.63.



July heating oil closed higher on Monday and above the 10-day moving average crossing at 202.47 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, the 87% retracement level of the 2018-2020-decline crossing at $213.62 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at $190.36 is the next downside target. First resistance is May's high crossing at $207.77. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.62. First support is the 50-day moving average crossing at $190.36. Second support is the April 26th low crossing at $183.71. 



July unleaded gas closed higher on Monday as it extended last-Friday's bounce off the 50-day moving average. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, the May-2018 high on the monthly continuation chart crossing at $228.55 is the next upside target. Closes below the 50-day moving average crossing at $202.67 would signal that a short-term top has been posted. First resistance is May'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 50-day moving average crossing at $202.67. Second support is the April-26th low crossing at $195.28.  



July Henry natural gas closed lower on Monday as it extended the decline off Monday's high. A short covering rally tempered early-session highs and the high-range close sets the stage for a steady to slightly 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. Closes below the May 11th low crossing at 2.881 would confirm that a short-term top has been posted. If July renews the rally off March's low, the March-2020 high on the monthly continuation chart crossing at 3.396 is the next upside target. First resistance is last-Monday's high crossing at 3.150. Second resistance is the March-2020 high on the monthly continuation chart crossing at 3.396. First support is today's low crossing at 2.903. Second support is the 50-day moving average crossing at 2.853. 



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



The June Dollar closed lower on Monday as it consolidates above the 87% retracement level of the February-March-rally crossing 89.71. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, January's low crossing 89.15 is the next downside target. Closes above the 20-day moving average crossing at 90.49 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 90.49. Second resistance is May's high crossing at 91.44. First support is the 87% retracement level of the February-March-rally crossing 89.71. Second support is January's low crossing at 89.15.  



The June Euro closed higher on Monday as it extends last week's trading range below the 75% retracement level of the January-March-decline crossing at 122.27. 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 rally off March's low, the 87% retracement level of the January-March-decline crossing at 123.08 is the next upside target. Closes below the May 13th low crossing at 120.58 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 122.52. Second resistance is the 87% retracement level of the January-March-decline crossing at 123.08. First support is the May 13th low crossing at 120.58. Second support is the 50-day moving average crossing at 120.07. 



The June British Pound closed unchanged on Monday. 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 this month's rally, February's high crossing at 1.4245 is the next upside target. Closes below the 20-day moving average crossing at 1.4033 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.4235. Second resistance is February's high crossing at 1.4245. First support is the 10-day moving average crossing at 1.4131. Second support is the 20-day moving average crossing at 1.4033.

 

The June Swiss Franc closed slightly higher on Monday.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 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 1.1053 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.1174. 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 1.1053. Second support is the 50-day moving average crossing at 1.0904.



The June Canadian Dollar closed slightly higher on Monday as extends the trading range of the past three-weeks. 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, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the May-2015 high on the monthly continuation chart crossing at 83.66 is the next upside target. Closes below the 20-day moving average crossing at 82.15 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 83.25. Second resistance is the May-2015 high on the monthly continuation chart crossing at 83.66. First support is the 20-day moving average crossing at 82.15. Second support is the 50-day moving average crossing at 80.74. 



The June Japanese Yen closed higher on Monday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, April's high crossing at 0.093085 is the next upside target. 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 0.093085. 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 ""



June gold closed higher on Monday. 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 rally off April's low, the 62% retracement level of the August-March decline crossing at $1945.50 is the next upside target. Closes below the 20-day moving average crossing at $1825.30 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the August-March-decline crossing at $1894.10. Second resistance is the 62% retracement level of the August-March decline crossing at $1945.50. First support is the 20-day moving average crossing at $1825.30. Second support is the 50-day moving average crossing at $1777.00.  



July silver posted an inside day as it closed higher on Monday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 27.220 would signal that a short-term top has been posted. If July extends the rally off March's low, the 87% retracement level of the February-March-decline crossing at 28.451 is the next upside target.First resistance is the 75% retracement level of the February-March-decline crossing at 28.451. Second resistance is the 87% retracement level of the February-March-decline crossing at 29.199. First support is the 20-day moving average crossing at 27.220. Second support is the 50-day moving average crossing at 26.240. 



July copper closed higher due to short covering on Monday as it consolidated some of the decline off May's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 50-day moving average crossing at 431.63 is the next downside target. Closes above the 10-day moving average crossing at 464.41 would signal that a short-term low has been posted. First resistance is the May 18th high crossing at 478.20. Second resistance is May's high crossing at 488.80. First support is today's low crossing at 444.40. Second support is the 50-day moving average crossing at 431.63. 



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



July Corn closed down $0.02 1/4-cents at $6.57 1/4. 



July corn closed lower on Monday. The high-close sets the stage for a steady to slightly lower opening when Tuesday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $6.78 1/2 would signal that a short-term low has been posted. If July renews the decline off May's high, the 50% retracement level of this year's rally crossing at $6.06 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $6.78 1/2. Second resistance is May'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 down $0.12-cents at $6.62 1/4.  



July wheat closed lower on Monday as it extends this month's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 75% retracement level of the March-April-rally crossing at $6.36 1/2 is the next downside target. Closes above the 20-day moving average crossing at $7.16 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.96 3/4. Second resistance is the 20-day moving average crossing at $7.16. First support is today's low crossing at $6.53 1/4. Second support is the 75% retracement level of the March-April-rally crossing at $6.36 1/2.



July Kansas City Wheat closed down $0.08 3/4-cents at $6.15 1/4.

 

July Kansas City wheat closed lower on Monday as it extends this month's decline. The high-range close sets the stage for a steady to lower opening when Tuesday'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 this month's decline, the 87% retracement level of the March-April-rally crossing at $5.83 is the next downside target. Closes above the 20-day moving average crossing at $6.79 1/2 are needed to confirm that a short-term low has been posted. First resistance the 10-day moving average crossing at $6.51 1/2. Second resistance is the 20-day moving average crossing at $7.79 1/2. First support is the 75% retracement level of the March-April-rally crossing at $6.04 3/4. Second support is the 87% retracement level of the March-April-rally crossing at $5.83.



July Minneapolis wheat closed down $0.15 3/4-cents at $6.84 3/4. 



July Minneapolis wheat closed lower on Monday as it extended the decline off May'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 75% retracement level of the April-May-rally crossing at %6.55 3/4. Closes above the 20-day moving average crossing at $7.43 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.22 1/2. Second resistance is the 20-day moving average crossing at $7.43. First support is today's low crossing at $6.76 1/4. Second support is the 75% retracement level of the March-April-rally rally crossing at $6.55 3/4. 

       

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



July soybeans closed down $0.03 1/2-cents at $15.22 3/4.



July soybeans closed lower on Monday as it extended the decline off May's high. The high-range close sets the stage for a steady to slightly lower opening when Tuesday'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 the decline off May's high, the 50-day moving average crossing at $14.74 1/4 is the next downside target. Closes above the 10-day moving average crossing at $15.70 3/4 would signal that a short-term low has been posted.First resistance is May's high crossing at $16.67 1/2. Second resistance is psychological resistance crossing at $17.00. First support is the April 28th low crossing at $14.90 1/2. Second support is the 50-day moving average crossing at $14.74 1/4.



July soybean meal closed down $1.30 to $400.20. 



July soybean meal closed higher on Monday as it consolidated some of the decline off May's high. 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 oversold but remain bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 38% retracement level of the 2020-2021-rally crossing at $393.40 is the next downside target. Closes above the 20-day moving average crossing at $421.70 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $413.90. Second resistance is the 20-day moving average crossing at $423.30. First support is March's low crossing at $395.70. Second support is the 38% retracement level of the 2020-2021-rally crossing at $393.40.      



July soybean oil closed down 36-pts. at 65.13. 



July soybean oil closed lower on Monday. 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. Closes below the 20-day moving average crossing at 64.61 would signal that a short-term top has been posted. If July renews this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. First resistance is last-Tuesday's high crossing at 70.49. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 20-day moving average crossing at 64.61. Second support is the 50-day moving average crossing at 57.60.      

 

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



July hogs closed down $1.23 at $115.33. 



July hogs posted an inside day with a lower close on Monday as it consolidated some of the rally off last-October'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 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 50-day moving average crossing at $106.55 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $116.55. Second resistance is the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70. First support is last-Monday's low crossing at $107.88. Second support is the 50-day moving average crossing at $106.55.  



August cattle closed down $0.83 at $120.10. 



August cattle closed lower on Monday. The high-range close sets the stage for a steady to slightly lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends last-week's rally, May's high crossing at $122.80 is the next upside target. If June renews the decline off May's high, May's low crossing at $112.57 is the next downside target. First resistance is May's high crossing at $122.80. Second resistance is April's  high crossing at $124.45. First support is last-Monday's low crossing at $117.95. Second support is April's low crossing at $115.92. 



August Feeder cattle closed up $0.43 at $154.13. 


August Feeder cattle closed higher on Monday and above the 50-day moving average crossing at $153.74 opening the door for additional gains near-term. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 August extends the rally off May's low, the 75% retracement level of the April-May-decline crossing at $157.20 is the next upside target. Closes below the 20-day moving average crossing at $149.24 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the April-May-decline crossing at $154.44. Second resistance is the 75% retracement level of the April-May-decline crossing at $157.20. First support is the 20-day moving average crossing at $149.24. Second support is May's low crossing at $141.53.           



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



July coffee closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 14.75 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 posted an outside day down as it closed sharply lower on Monday to extend the decline off May's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends today's decline, May's low crossing at 23.17 is the next downside target. If July renews this month's rally, the March 11th high crossing at 26.21 is the next upside target.               



July sugar closed higher on Monday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the 50-day moving average crossing at 16.27 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 unchanged on Monday as it extended the trading range of the past five-days. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the April 13th low crossing at 81.20 is the next downside target. Closes above the 20-day moving average crossing at 86.32 would signal that a short-term low has been posted.            

Comments
By metmike - May 24, 2021, 4:34 p.m.
Like Reply

thanks tallpine!


deficits/inflation...Wayne

https://www.marketforum.com/forum/topic/69851/



Weather....... Western to Central Midwest to get nice rains.....ECB waits on rain with heat ridge into early this week. Western ND got huge rains overnight Sunday.  More in the extended. Overall still BEARISH.

https://www.marketforum.com/forum/topic/69635/


Weather, rains/grains......Jim

https://www.marketforum.com/forum/topic/69781/


USDA crop conditions:

https://www.marketforum.com/forum/topic/69901/


2012 weather/drought compared to 2021

https://www.marketforum.com/forum/topic/69734/


Corn down big...China....weather continues bearish on 5-24

https://www.marketforum.com/forum/topic/69629/


eric snodgrass

https://www.marketforum.com/forum/topic/69746/



natural gas....  EIA number on Thursday was BEARISH.........weather a bit more bearish over the weekend/Sunday but heating up again in week 2 on some models to give us  Monday buying. Gap filled this morning.....barely, by 1 tick.

https://www.marketforum.com/forum/topic/69687/


Funds in grains

https://www.marketforum.com/forum/topic/69891/


Exports 5-24-21

https://www.marketforum.com/forum/topic/69889/


Crop progress from the field

cutworm-Southeast IN

https://www.marketforum.com/forum/topic/69628/

Wayne-Southwest Ontario, Canada

https://www.marketforum.com/forum/topic/69629/


US loss of confidence...Wayne, others

https://www.marketforum.com/forum/topic/69582/


Inflation-Tim

https://www.marketforum.com/forum/topic/69649/



Week in review compilation.........Tim

https://www.marketforum.com/forum/topic/69755/


Joe Lund NG reports from the field

https://www.marketforum.com/forum/topic/68818/



Hogs....stomper

https://www.marketforum.com/forum/topic/69552/