INO Evening Market Comments
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Started by tallpine - June 15, 2021, 4:18 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, June 16, 2021   



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 645.4)



                       Composite Idx, W/W% (previous -3.1%)



                       Purchase Idx-SA (previous 262.1)



                       Purchase Idx-SA, W/W% (previous +0.3%)



                       Refinance Idx (previous 2869.2)



                       Refinance Idx, W/W% (previous -5.1%)



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



                       Total Starts (expected 1.63M; previous 1.569M)



                       Housing Starts, M/M% (expected +3.9%; previous -9.5%)



                       Building Permits (expected 1.73M; previous 1.76M)



                       Building Permits, M/M% (expected -1.7%; previous +0.3%)



8:30 AM ET. May Import & Export Price Indexes



                       Import Prices (expected +0.7%; previous +0.7%)



                       Non-Petroleum Prices (previous +0.7%)



                       Petroleum Prices (previous +1.2%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 474.029M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -5.241M)



                       Gasoline Stocks (Bbl) (previous 241.026M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +7.046M)



                       Distillate Stocks (Bbl) (previous 137.214M)



                       Distillate Stocks, Net Chg (Bbl) (previous +4.412M)



                       Refinery Usage (previous 91.3%)



                       Total Prod Supplied (Bbl/day) (previous 17.713M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.427M)

                       

2:00 PM ET. Federal Reserve economic projections



                       Median Fed Funds Rate – 2020



                       Median Fed Funds Rate - 2021 (previous 0.1%)



                       Median Fed Funds Rate - 2022 (previous 0.1%)



                       Median Fed Funds Rate - 2023 (previous 0.1%)



2:00 PM ET. U.S. interest rate decision



                       Federal Funds Rate



                       Federal Funds Rate Change (Pts)



                       Fed Funds Rate-Range High (previous 0.25)



                       Fed Funds Rate-Range Low (previous 0.00)



                       FOMC Vote For Action (previous 11)



                       FOMC Vote Against Action (previous 0)



                       Discount Rate (previous 0.25)



                       Discount Rate Change (Pts) (previous +0)



                       Discount Rate-Range High



                       Discount Rate-Range Low



Thursday, June 17, 2021 



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



                       Corn (Metric Tons) (previous 216K)



                       Soybeans (Metric Tons) (previous 120.7K)



                       Wheat (Metric Tons) (previous 835.8K)



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



                       Business Activity (expected 30.0; previous 31.5)



                       Prices Paid (previous 76.8)



                       Employment (previous 19.3)



                       New Orders (previous 32.5)



                       Prices Received (previous 41.0)



                       Delivery Times (previous 41.5)



                       Inventories (previous 25.6)



                       Shipments (previous 21.0)



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



                       Jobless Claims (expected 360K; previous 376K)



                       Jobless Claims, Net Chg (previous -9K)



                       Continuing Claims (previous 3499000)



                       Continuing Claims, Net Chg (previous -258K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. May Leading Indicators



                       Leading Index, M/M% (expected +1.3%; previous +1.6%)



                       Leading Index (previous 113.3)



                       Coincident Index, M/M% (previous +0.3%)



                       Lagging Index, M/M% (previous +1.8%)



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



                       Working Gas In Storage (Cbf) (previous 2411B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +98B)

                       

2:00 PM ET. SEC Closed Meeting



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, June 18, 2021  



10:00 AM ET. IMF Managing Director Kristalina Georgieva speaks atBrookings Institution event on

                        carbon price floors



Monday, June 21, 2021  



8:30 AM ET. May CFNAI Chicago Fed National Activity Index



                       NAI (previous 0.24)



                       NAI, 3-mo Moving Avg (previous 0.07)


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



The Dow closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 34,169.24 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If the Dow renews the rally off May's low, May's high crossing at 35,091.56 is the next upside target. First resistance is June's high crossing at 34,849.32. Second resistance is May's high crossing at 35,091.56. First support is the 50-day moving average crossing at 34,169.24. Second support is the May 19th low crossing at 33,473.80. 

 

The June NASDAQ 100 closed lower due to profit taking on Tuesday but not before posting a new high for the year. The low-range close sets the stage for a steady to lower opening when Wednesday'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 above April's high into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 13,693.10 would signal that a short-term top has been posted. First resistance is today's high crossing at 14,163.00. Second resistance is unknown. First support is the 10-day moving average crossing at 13,853.23. Second support is the 20-day moving average crossing at 13,693.10. 



The June S&P 500 closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 year's rally upside targets are hard to project. Closes below the 50-day moving average crossing at 4169.10 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 4267.50. Second resistance is unknown. First support is the 20-day moving average crossing at 4199.90. Second support is the 50-day moving average crossing at 4169.10.  



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



June T-bonds closed down 3/32's at 160-03. 

  

June T-bonds closed lower on Tuesday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 157-27 would signal that a short-term top has been posted. If June extends the rally of May's low, the 38% retracement level of the 2020-2021-decline crossing at 160-15 is the next upside target. First resistance is last-Friday's high crossing at 161-15. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 160-15. First support is the 10-day moving average crossing at 159-17. Second support is the 20-day moving average crossing at 158-17.  



June T-notes closed down 5-pts. at 133.130.



June T-notes closed lower on Tuesday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 132.169 would confirm 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 134.053 is the next upside target. First resistance is last-Friday's high crossing at 134.020. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 134.053. First support is the 10-day moving average crossing at 133.093. Second support is the 20-day moving average crossing at 132.304. 



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



July crude oil closed higher on Tuesday as it extends this year's rally to a new high close.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. 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 October-2018 high on the monthly continuation chart crossing at $76.90 is the next upside target. Closes below the 20-day moving average crossing at $67.71 would signal that a short-term top has been posted. First resistance is today's high crossing at $72.16. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90.First support is the 20-day moving average crossing at $67.71. Second support is the 50-day moving average crossing at $64.92.  



July heating oil closed slightly higher on Tuesday as it consolidates below the 87% retracement level of the 2018-2020-decline crossing at $213.62. The mid-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $207.46 would confirm that a short-term top has been posted. If July extends the rally off March's low, the October-2018 high crossing at $228.75 is the next upside target. First resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.62. Second resistance is the October-2018 high crossing at $228.75. First support is the 20-day moving average crossing at $207.46. Second support is the 50-day moving average crossing at $198.48.   



July unleaded gas closed lower due to profit taking on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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. Closes below the 50-day moving average crossing at $209.32 would signal that a short-term top has been posted. If July 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 last-Wednesday's high crossing at $223.65. 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 $215.95. Second support is the 50-day moving average crossing at $209.32.   



July Henry natural gas posted a key reversal down and closed lower on Tuesday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to higher opening when Wednesday'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 May's low, the 25% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 3.848 is the next upside target. Closes below the 20-day moving average crossing at 3.083 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.369. Second resistance is the 25% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 3.848. First support is the 20-day moving average crossing at 3.083. Second support is the 50-day moving average crossing at 2.974. 



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



The September Dollar closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 50-day moving average crossing at 90.66 would confirm that a short-term low has been posted. If September renews the decline off March's high, January's low crossing 89.13 is the next downside target. First resistance is the 50-day moving average crossing at 90.66. Second resistance is the June 5th high crossing at 91.41. First support is May's low crossing 89.55. Second support is January's low crossing at 89.13.  



The September Euro closed higher on Tuesday as it consolidated some of last-Friday's decline. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 121.25 would open the door for additional weakness near-term. If September renews the rally off March's low, January's high crossing at 123.77 is the next upside target. First resistance is the 87% retracement level of the January-March-decline crossing at 122.96. Second resistance is January's high crossing at 123.77. First support is the 50-day moving average crossing at 121.25  Second support is the May 13th low crossing at 120.82. 



The September British Pound closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 50-day moving average crossing at 1.4008 is the next downside target. If September resumes the rally off April's low, the 87% retracement level of the 2018-2020-decline crossing at 1.4655 is the next upside target. First resistance is June's high crossing at 1.4253. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 1.4655. First support is today's low crossing at 1.4036. Second support is the 50-day moving average crossing at 1.4008.

 

The September Swiss Franc closed higher on Tuesday.The mid-range close sets the stage for a steady to higher opening when Wednesday'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 June 4th low crossing at 1.1073 would signal that a short-term top has been posted. If September renews the rally off April's low, the 75% retracement level of the January-April-decline crossing at 1.1261 is the next upside target. First resistance is last-Wednesday's high crossing at 1.1231. Second resistance is the 75% retracement level of the January-April-decline crossing at 1.1261. First support is the June 4th low crossing at 1.1073. Second support is the 50-day moving average crossing at 1.1053.



The September Canadian Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends today's decline, the 50-day moving average crossing at 81.61 is the next downside target. If June renews the rally off April's low, the May-2015 high on the monthly continuation chart crossing at 83.66 is the next upside target. First resistance is June's high crossing at 83.28. Second resistance is the May-2015 high on the monthly continuation chart crossing at 83.66. First support is last-Friday's low crossing at 81.00. Second support is April's low crossing at 79.06. 



The September Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off April's high, March's low crossing at 0.090305 is the next downside target. Closes above the 50-day moving average crossing at 0.0091738 would signal that a short-term low has been posted. First resistance is May's high crossing at 0.092295. Second resistance is April's high crossing at 0.093140. First support is the June 3rd low crossing at 0.090705. Second support is March's low crossing at 0.090305.



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



August gold closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, the 50-day moving average crossing at $1827.80 is the next downside target. If August renews the rally off April's low, the 62% retracement level of the August-March decline crossing at $1951.50 is the next upside target. First resistance is June's high crossing at $1919.20. Second resistance is the 62% retracement level of the August-March decline crossing at $1951.50. First support is Monday's low crossing at $1845.70. Second support is the 50-day moving average crossing at $1827.80.  



July silver closed lower on Tuesday as it extends the trading range of the past four-weeks. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, the 50-day moving average crossing at 27.005 is the next downside target. If July renews 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 50-day moving average crossing at 27.005. Second support is the June 3rd low crossing at 27.090.  



July copper closed sharply lower on Tuesdayand below the 50-day moving average crossing at 445.73 thereby opening the door for a possible test of the 25% retracement level of the 2020-2021-rally crossing at 418.88. 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 bearish signaling that sideways to lower prices are possible near-term. Closes above June's high crossing at 470.70 would signal that a short-term low has been posted. First resistance is June's high crossing at 470.70. Second resistance is the May 18th high crossing at 478.20. Second support is today's low crossing at 431.55. Second support is the 25% retracement level of the 2020-2021-rally crossing at 418.88.



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



July Corn closed up $0.08 1/4-cents at $6.67 1/2. 



July corn closed higher on Tuesday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $6.47 1/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off May's low, May's high crossing at $7.35 1/4 is the next upside target. First resistance is last-Thursday's high crossing at $7.17 1/2. Second resistance is May's high crossing at $7.35 1/4. First support is the 50-day moving average crossing at $6.47 1/4. Second support is the 50% retracement level of this year's rally crossing at $6.06 3/4. 



July wheat closed down $0.13-cents at $6.61 1/2.  



July wheat closed lower on Tuesday as it extends the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Monday's high, the 75% retracement level of the March-April-rally crossing at $6.36 1/2 is the next downside target. Closes above last-Monday's high crossing at $7.04 would confirm that a short-term low has been posted. First resistance is last-Monday's high crossing at $7.04. Second resistance is the May 18th high crossing at $7.18 1/2. First support is May's low crossing at $6.39 1/2. Second support is the 75% retracement level of the March-April-rally crossing at $6.36 1/2.



July Kansas City Wheat closed down $0.15 1/4-cents at $6.12 3/4.

 

July Kansas City wheat closed lower on Tuesday as it extends the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Monday's high, May's low crossing at $5.88 is the next downside target. Closes above last-Monday's high crossing at $6.54 1/2 are needed to confirm that a short-term low has been posted. First resistance last-Monday's high crossing at $6.54 1/2. Second resistance is the May 18th high crossing at $7.70 1/2. First support is today's low crossing at $6.02 1/4. Second support is May's low crossing at $5.88.



July Minneapolis wheat closed up $0.01 1/4-cents at $7.47 3/4. 



July Minneapolis wheat closed slightly higher on Tuesday as it consolidates some of the decline off last-Monday's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 $7.40 would signal that a short-term top has been posted. If July renews this year's rally, the July-2017 high on the monthly continuation chart crossing at $8.68 1/2 is the next upside target. First resistance is last-Monday's high crossing at $8.43 1/2. Second resistance is the July-2017 high on the monthly continuation chart crossing at $8.68 1/2. First support is the 20-day moving average crossing at $7.40. Second support is the 50-day moving average crossing at $7.25 1/4. 

       

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



July soybeans closed down $0.06 1/2-cents at $14.65 3/4.



July soybeans closed lower on Tuesday and below the 50-day moving average crossing at $15.14 1/4 confirming Monday's downside breakout of the neckline of the April-June head-and-shoulders top. The low-range close sets the stage for a steady to lower opening when Wednesday'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. Today's confirmation of Monday's neckline downside breakout of the aforementioned head-and-shoulders top projects a potential decline to the $13.12 area for the July contract. Closes above the 10-day moving average crossing at $15.38 1/2 would signal that a short-term low has been posted. First resistance is June's high crossing at $16.23 1/2. Second resistance is May's high crossing at $16.67 1/2. First support is Monday's low crossing at $14.55. Second support is April's low crossing at $13.74 3/4.



July soybean meal closed down $1.50 to $372.40. 



July soybean meal closed lower on Tuesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 62% retracement level of the 2020-2021-rally crossing at $353.50 is the next downside target. Closes above the 50-day moving average crossing at $408.60 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $391.20. Second resistance is the 50-day moving average crossing at $408.60. First support is the 50% retracement level of the 2020-2021-rally crossing at $373.40. Second support is the 62% retracement level of the 2020-2021-rally crossing at $353.50.      



July soybean oil closed down 39-pts. at 65.57. 



July soybean oil closed lower on Tuesday as it extends the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 week's decline, the 50-day moving average crossing at 62.57 is the next downside target. Closes above the 10-day moving average crossing at 69.41 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 69.41. Second resistance is last-Monday's high crossing at 73.74. First support is the 50-day moving average crossing at 62.57. Second support is the April-28th low crossing at 58.46.      

 

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



July hogs closed up $0.28 at $118.50. 



July hogs closed higher on Tuesday as it consolidated some of the decline off last-Monday's high. The high-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $117.97 would signal that a short-term top has been posted. If July renews this year's rally, the July-2014 high on the monthly continuation chart crossing at $133.80 is the next upside target. First resistance is last-Monday's high crossing at $123.60. Second resistance is the July-2014 high on the monthly continuation chart crossing at $133.80. First support is the 20-day moving average crossing at $117.97. Second support is the 50-day moving average crossing at $111.66.  



August cattle closed up $2.62 at $123.90. 



August cattle closed sharply higher on Tuesday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 aforementioned  rally, April's high crossing at $124.45 is the next upside target. Closes below the 10-day moving average crossing at $119.37 would signal that a short-term top has been posted. First resistance is today's high crossing at $124.13. Second resistance is April's high crossing at $124.45. First support is May's low crossing at $114.62. Second support is January's low crossing at $111.92. 



August Feeder cattle closed up $2.23 at $156.83. 


August Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends this week's rally, May's high crossing at $158.73. Closes below Monday's gap crossing at $151.90 would signal that a short-term top has been posted. First resistance is today's high crossing at $157.40. Second resistance is May's high crossing at $158.73. First support is Monday's gap crossing at $151.90. Second support is last-Thursday's low crossing at $146.75. 



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



July coffee closed lower on Tuesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are 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 14.62 is the next downside target. If July renews the rally off March's low, the November-2016 high on the monthly continuation chart crossing at 17.60 is the next upside target.             



July cocoa posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 24.30 would signal that a short-term low has been posted. If July extends the decline off May's high, May's low crossing at 23.17 is the next downside target.                 



July sugar closed lower on Tuesday marking a downside breakout of the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below 50-day moving average crossing at 16.93 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off May's low, May's high crossing at 18.25 is the next upside target.      



July cotton closed higher on Tuesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 84.14 would signal that a short-term top has been posted. If July extends the rally off May's low, May's high crossing at 91.00 is the next upside target.            

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