KEY EVENTS TO WATCH FOR:
Wednesday, June 30, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 686.4)
Composite Idx, W/W% (previous +2.1%)
Purchase Idx-SA (previous 268)
Purchase Idx-SA, W/W% (previous +0.6%)
Refinance Idx (previous 3110.3)
Refinance Idx, W/W% (previous +2.8%)
8:15 AM ET. June ADP National Employment Report
Private Sector Jobs, Net Chg (expected +550000; previous +978000)
8:30 AM ET. Annual U.S. International Investment Position
9:45 AM ET. June Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 70.0; previous 75.2)
10:00 AM ET. May Metropolitan Area Employment & Unemployment
10:00 AM ET. May Pending Home Sales Index
Pending Home Sales (previous 106.2)
Pending Home Sales Idx, M/M% (expected -1.0%; previous -4.4%)
Pending Home Sales Idx , Y/Y% (previous +51.7%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 459.06M)
Crude Oil Stocks, Net Chg (Bbl) (previous -7.614M)
Gasoline Stocks (Bbl) (previous 240.05M)
Gasoline Stocks, Net Chg (Bbl) (previous -2.93M)
Distillate Stocks (Bbl) (previous 137.945M)
Distillate Stocks, Net Chg (Bbl) (previous +1.754M)
Refinery Usage (previous 92.2%)
Total Prod Supplied (Bbl/day) (previous 20.751M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.18M)
3:00 PM ET. May Agricultural Prices
Farm Prices, M/M% (previous +6.9%)
Thursday, July 1, 2021
7:30 AM ET. June Challenger Job-Cut Report
Job Cuts, M/M% (previous +8.48%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 390K; previous 411K)
Jobless Claims, Net Chg (previous -7K)
Continuing Claims (previous 3390000)
Continuing Claims, Net Chg (previous -144K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 527.1K)
Soybeans (Metric Tons) (previous 189K)
Wheat (Metric Tons) (previous 374.2K)
9:45 AM ET. Bloomberg Consumer Comfort Index
9:45 AM ET. June US Manufacturing PMI
PMI, Mfg (expected 62.6; previous 62.1)
10:00 AM ET. June ISM Report On Business Manufacturing PMI
Manufacturing PMI (expected 61.0; previous 61.2)
Prices Idx (previous 88.0)
Employment Idx (previous 50.9)
Inventories (previous 50.8)
New Orders Idx (previous 67.0)
Production Idx (previous 58.5)
10:00 AM ET. May Construction Spending - Construction Put in Place
New Construction (expected +0.4%; previous +0.2%)
Residential Construction
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2482B)
Working Gas In Storage, Net Chg (Cbf) (previous +55B)
11:00 AM ET. June Global Manufacturing PMI
PMI, Mfg (previous 56.0)
2:00 PM ET. SEC Closed Meeting
4:00 PM ET. June Domestic Auto Industry Sales
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, July 2, 2021
8:30 AM ET. May U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -71.4B; previous -68.90B)
Exports (USD) (previous 204.99B)
Exports, M/M% (previous +1.1%)
Imports (USD) (previous 273.89B)
Imports, M/M% (previous -1.4%)
8:30 AM ET. June U.S. Employment Report
Non-Farm Payrolls (expected +706K; previous +559K)
Unemployment Rate (expected 5.6%; previous 5.8%)
Avg Hourly Earnings (USD) (previous 30.33)
Avg Hourly Earnings-Net Chg (USD) (previous +0.15)
Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.50%)
Avg Hourly Earnings, Y/Y% (expected +3.6%; previous +1.98%)
Overall Workweek (previous 34.9)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous +67K)
Private Payroll (previous +492K)
Participation Rate (previous 61.6%)
Non-Farm Payrolls Bench Net Chg
10:00 AM ET. May Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +1.7%; previous -0.6%)
Orders, Ex-Defense, M/M% (previous +0%)
Orders, Ex-Transport, M/M% (previous +0.5%)
Durable Goods, M/M%
Durable Goods, M/M%
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed slightly higher 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 bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off June's low, June's high crossing at 34,849.32 is the next upside target. Closes below the 10-day moving average crossing at 34,002.97 would signal that a short-term top has been posted. 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 10-day moving average crossing at 34,002.97. Second support is the June 18th low crossing at 33,271.93.
The September NASDAQ 100 closed higher on Tuesday as it extends the year's rally into record territory. The high-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 September extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 14,048.79 would signal that a short-term top has been posted. First resistance is today's high crossing at 14,562.50. Second resistance is unknown. First support is the 10-day moving average crossing at 14,256.62. Second support is the 20-day moving average crossing at 14,048.79.
The September S&P 500 closed slightly higher on Tuesday and posted a new high for the year. The high-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 September extends this year's rally upside targets are hard to project. Closes below the 50-day moving average crossing at 4183.92 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4291.00. Second resistance is unknown. First support is the 20-day moving average crossing at 4226.64. Second support is the 50-day moving average crossing at 4183.93.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed up 2/32's at 160-04.
September T-bonds closed slightly higher on Tuesday. The high-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 158-26 would signal that a short-term top has been posted. If September renews the rally of May's low, the 62% retracement level of the 2020-2021-decline crossing at 164-14 is the next upside target. First resistance is last-Monday's high crossing at 163-02. Second resistance is the 62% retracement level of the 2020-2021-decline crossing at 164-14. First support is the 20-day moving average crossing at 158-26. Second support is the 50-day moving average crossing at 157-02.
September T-notes closed unchanged at 132.085.
September T-notes closed unchanged on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 September renews the rally off April's low, the 50% retracement level of the 2020-2021-decline crossing at 133.163 is the next upside target. Closes below June's low crossing at 131.140 would confirm that a short-term top has been posted. First resistance is the June 11th high crossing at 133.065. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at 133.163. First support is June's low crossing at 131.140. Second support is the May 13th low crossing at 130.315.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil closed higher on Tuesday.The low-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 August extends this year's rally, the October-2018 high on the monthly continuation chart crossing at $76.96 is the next upside target. Closes below the 20-day moving average crossing at $71.26 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $74.45. 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 $71.26. Second support is the 50-day moving average crossing at $67.05.
August heating oil closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. 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 $204.27 would signal 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 last-Wednesday's high crossing at $219.19. Second resistance is the October-2018 high crossing at $228.75. First support is the 50-day moving average crossing at $204.27. Second support is May's low crossing at $194.90.
August unleaded gas closed higher on Tuesday. The high-range close sets the stage for a steady to higher 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 $2.1300 would signal that a short-term top has been posted. If August extends the rally off March's low, the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3876 is the next upside target. First resistance is last-Friday's high crossing at $2.2937. Second resistance is the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3876. First support is the 50-day moving average crossing at $2.1300. Second support is June's low crossing at 2.1044.
August Henry natural gas closed higher on Tuesday and posted a new contract high as it extends the rally off March's low. 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 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 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 3.279 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.811. 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 10-day moving average crossing at 3.384. Second support is the 20-day moving average crossing at 3.279.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed higher on Tuesday. The high-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. If September renews the rally off May's low, the 75% retracement level of the March-May-decline crossing at 92.46 is the next upside target. Closes below the 20-day moving average crossing 91.02 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the March-May-decline crossing at 92.46. Second resistance is the 87% retracement level of the March-May-decline crossing at 92.93. First support is last-Wednesday's low crossing 91.51. Second support is the 20-day moving average crossing at 91.02.
The September Euro 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews this month's decline, the 87% retracement level of the March-May-rally crossing at 118.17 is the next downside target. Closes above the 20-day moving average crossing at 120.63 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 119.95. Second resistance is the 20-day moving average crossing at 120.63. First support is the 75% retracement level of the March-May-rally crossing at 118.83. Second support is the 87% retracement level of the March-May-rally crossing at 118.17.
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 renews this month's decline, April's low crossing at 1.3678 is the next downside target. Closes above the 20-day moving average crossing at 1.4025 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.4031. Second resistance is June's high crossing at 1.4253. First support is last-Monday's low crossing at 1.3788. Second support is April's low crossing at 1.3678.
The September Swiss Franc 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 75% retracement level of the March-May-rally crossing at 1.0744 is the next downside target. Closes above the 20-day moving average crossing at 1.1040 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 1.0960. Second resistance is the 20-day moving average crossing at 1.1040. First support is the 62% retracement level of the March-May-rally crossing at 1.0854. Second support is the 75% retracement level of the March-May-rally crossing at 1.0774.
The September Canadian Dollar closed lower on Tuesday as it consolidated some of the rally off June'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 above the 50-day moving average crossing at 81.87 would signal that a short-term low has been posted. If September renews this month's decline, the 25% retracement level of the 2020-2021-rally crossing at 79.62 is the next downside target.First resistance is the 50-day moving average crossing at 81.87. Second resistance is June's high crossing at 83.28. First support is last-Monday's low crossing at 80.08. Second support is the 25% retracement level of the 2020-2021-rally crossing at 79.62.
The September Japanese Yen closed slightly 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 0.0090869 would signal that a short-term low has been posted. If September extends the decline off April's high, weekly support on the continuation chart crossing at 0.089205 is the next downside target. First resistance is the 20-day moving average crossing at 0.090869. Second resistance is the 50-day moving average crossing at 0.091491. First support is last-Thursday's low crossing at 0.090050. Second support is weekly support crossing at 0.089205.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
August gold close lower on Tuesday marking a downside breakout of the trading range of the past seven-days as it renewed the decline off June'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 August extends this month's decline, the April 13th low crossing at $1725.50 is the next downside target. Closes above the 20-day moving average crossing at $1833.80 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1784.50. Second resistance is the 20-day moving average crossing at $1833.80. First support is today's low crossing at $1750.10. Second support is the April 13th low crossing at $1725.50.
July silver 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 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 April 13th low crossing at 24.725 is the next downside target. Closes above the 20-day moving average crossing at 27.055 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 26.186. Second resistance is the 20-day moving average crossing at 27.055. First support is today's low crossing at 25.560. Second support is the April-13th low crossing at 24.725.
July copper closed lower on Tuesday as it consolidated some of the rally off last-Monday's low.The high-range close sets the stage for a steady to slightly 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 extends the decline off May's high, the April 12th low crossing at 399.50 is the next downside target. Closes above the 20-day moving average crossing at 438.46 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 438.46. Second resistance is the 50-day moving average crossing at 448.61. First support is last-Monday's low crossing at 408.80. Second support is the April 12th low crossing at 399.50.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up $0.01 1/4-cents at $5.48 1/2.
December corn closed higher on Tuesday as it extended rebounded off last-Thursday's low. Today's low-range close sets the stage for a steady to lower opening when Wednesday's night sessions begins trading. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional strength on Wednesday. If December renews the decline off June's high, May's low crossing at $5.00 1/4 is the next downside target. Closes above the 20-day moving average crossing at $5.69 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.69 1/4. Second resistance is June's high crossing at $6.28 1/4. First support is May's low crossing at $5.00 1/4. Second support is the 75% retracement level of this year's rally crossing at $4.77.
September wheat closed down $0.05 1/4-cents at $6.46 1/4.
September wheat 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 87% retracement level of the March-April-rally crossing at $6.16 1/2 is the next downside target. Closes above the 20-day moving average crossing at $6.70 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.70. Second resistance is the 50-day moving average crossing at $6.91 1/2. First support is the 75% retracement level of the March-April-rally crossing at $6.37 1/4. Second support is the 87% retracement level of the March-April-rally crossing at $6.16 1/2.
September Kansas City Wheat closed up $0.00 1/4-cents at $6.27.
September Kansas City wheat closed fractionally higher 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $6.26 1/2 are needed to confirm that a short-term low has been posted. If September renews the decline off June's high, March's low crossing at $5.56 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $6.26 1/2. Second resistance is the 50-day moving average crossing at $6.53 3/4. First support is June's low crossing at $5.92 1/2. Second support is March's low crossing at $5.56 1/4.
September Minneapolis wheat closed down $0.19 1/2-cents at $8.14 1/2.
September Minneapolis wheat posted a huge key reversal down as it 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 bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the July-2017 high on the monthly continuation chart crossing at $8.68 1/2 is the next upside target. Closes below the 50-day moving average crossing at $7.56 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $8.57. 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 $7.84 1/4. Second support is the 50-day moving average crossing at $6.56 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed unchanged at $13.12 1/2.
November soybeans closed unchanged 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $13.29 would signal that a short-term low has been posted. If November renews this month's decline, the 38% retracement level of the 2020-2021-rally crossing at $12.30 is the next downside target.First resistance is last-Tuesday's high crossing at $13.29. Second resistance is the 20-day moving average crossing at $13.64. First support is June's low crossing at $12.40 1/2. Second support is the the 38% retracement level of the 2020-2021-rally crossing at $12.30.
December soybean meal closed down $5.50 to $353.80.
December soybean meal closed lower on Tuesday ending a two-day bounce off last-Friday'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, the 62% retracement level of the 2020-2021-rally crossing at $342.50 is the next downside target. Closes above the 20-day moving average crossing at $378.10 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $365.10. Second resistance is the 20-day moving average crossing at $378.10. First support is last-Friday's low crossing at $347.00. Second support is the 62% retracement level of the 2020-2021-rally crossing at $342.50.
December soybean oil closed up 126-pts. at 61.29.
December soybean oil closed higher on Tuesday as it extends the rally off June's low. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 61.04 would signal that a short-term low has been posted. If December renews this month's decline, the 50% retracement level of the 2020-2021-rally crossing at 47.44 is the next downside target. First resistance is the 20-day moving average crossing at 61.04. Second resistance is June's high crossing at 67.06. First support is the 38% retracement level of the 2020-2021-rally crossing at 52.08. Second support is the 50% retracement level of the 2020-2021-rally crossing at 47.44.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed up $0.85 at $103.63.
August hogs closed higher on Tuesday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at $103.88 would signal that a short-term low has been posted. If August renews the decline off June's high, the 50% retracement level of the 2020-2021-rally crossing at $95.71 is the next downside target. First resistance is the 10-day moving average crossing at $103.88. Second resistance is the 50-day moving average crossing at $108.68. First support is last-Friday's low crossing at $96.50. Second support is the 50% retracement level of the 2020-2021-rally crossing at $95.71.
August cattle closed up $0.33 at $121.93.
August cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 $119.64 would signal that a top has been posted. If August renews this month's rally, the February-2021 high on the weekly continuation chart crossing at $126.70 is the next upside target. First resistance is June's high crossing at $125.78. Second resistance is the February-2021 high on the weekly continuation chart crossing at $126.70. First support is the 20-day moving average crossing at $120.84. Second support is the 50-day moving average crossing at $119.64.
August Feeder cattle closed up $1.05 at $157.40.
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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews this month's rally, April's high crossing at $162.40. Closes below the June 14th gap crossing at $151.90 would signal that a short-term top has been posted. First resistance is June's high crossing at $160.15. Second resistance is April's high crossing at $162.40. First support is the June 14th gap crossing at $151.90. Second support is the June 10th low crossing at $146.75.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed lower on Tuesday as it consolidated some of the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Monday's low, June's high crossing at 16.87 is the next upside target. Closes below the 50-day moving average crossing at 15.26 would signal that a short-term top has been posted.
September cocoa closed slightly higher on Tuesday as it extended the rebound off last-Thursday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 24.05 are needed to confirm that a short-term low has been posted. If September resumes the decline off May's high, last-November's low crossing at 22.54 is the next downside target.
October sugar closed lower on Tuesday as it consolidates some of the rally off last-Monday's low. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off June's low, June's high crossing at 17.94 is the next upside target. Closes below last-Monday's low would renew the decline off June's high and open the door for a possible test of April's low crossing at 14.68 later this summer.
December cotton closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off May's low, February's high crossing at 89.28 is the next upside target. Closes below the June 17th low crossing at 83.37 would signal that a short-term top has been posted.