INO Evening Market Comments
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Started by tallpine - July 13, 2021, 4:14 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, July 14, 2021  



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 627)



                       Composite Idx, W/W% (previous -1.8%)



                       Purchase Idx-SA (previous 252.4)



                       Purchase Idx-SA, W/W% (previous -1.1%)



                       Refinance Idx (previous 2791.3)



                       Refinance Idx, W/W% (previous -2.3%)



8:30 AM ET. June PPI



                       PPI, M/M% (expected +0.6%; previous +0.8%)



                       Ex-Food & Energy PPI, M/M% (expected +0.5%; previous +0.7%)



                       Personal Consumption (previous +0.6%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 445.476M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -6.866M)



                       Gasoline Stocks (Bbl) (previous 235.497M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -6.075M)



                       Distillate Stocks (Bbl) (previous 138.692M)



                       Distillate Stocks, Net Chg (Bbl) (previous +1.616M)



                       Refinery Usage (previous 92.2%)



                       Total Prod Supplied (Bbl/day) (previous 21.547M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.645M)

                       

2:00 PM ET. U.S. Federal Reserve Beige Book



Thursday, July 15, 2021 



8:30 AM ET. July Empire State Manufacturing Survey



                       Mfg Idx (expected 17.3; previous 17.4)



                       Employment Idx (previous 12.3)



                       New Orders Idx (previous 16.3)



                       Prices Received (previous 33.3)



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



                       Business Activity (expected 27.0; previous 30.7)



                       Prices Paid (previous 80.7)



                       Employment (previous 30.7)



                       New Orders (previous 22.2)



                       Prices Received (previous 49.7)



                       Delivery Times (previous 29.3)



                       Inventories (previous 17.9)



                       Shipments (previous 27.2)



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



                       Jobless Claims (expected 360K; previous 373K)



                       Jobless Claims, Net Chg (previous +2K)



                       Continuing Claims (previous 3339000)



                       Continuing Claims, Net Chg (previous -145K)



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



                       Import Prices (expected +1.0%; previous +1.1%)



                       Non-Petroleum Prices (previous +0.9%)



                       Petroleum Prices (previous +3.8%)



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



                       Corn (Metric Tons) (previous 371.4K)



                       Soybeans (Metric Tons) (previous 182.3K)



                       Wheat (Metric Tons) (previous 290.8K)



9:15 AM ET. June Industrial Production & Capacity Utilization



                       Industrial Production, M/M% (expected +0.6%; previous +0.8%)



                       Capacity Utilization % (expected 75.7%; previous 75.2%)



                       Capacity Utilization, Net Chg (Pts) (previous +0.6)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 2574B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +16B)

                       

2:00 PM ET. SEC Closed Meeting



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, July 16, 2021 



8:30 AM ET. June Advance Monthly Sales for Retail & Food Services



                       Overall Sales-SA, M/M% (expected -0.4%; previous -1.3%)



                       Sales, Ex-Auto, M/M% (expected +0.4%; previous -0.7%)



                       Sales, Ex-Auto & Gas, M/M% (previous -0.8%)



10:00 AM ET. June State Employment and Unemployment



10:00 AM ET. July University of Michigan Survey of Consumers – preliminary



                       Mid-Mo Sentiment (expected 86.3; previous 86.4)



                       Mid-Mo Expectations (previous 83.8)



                       Mid-Mo Current Idx (previous 90.6)



10:00 AM ET. May Manufacturing & Trade: Inventories & Sales



                       Total Inventories (expected +0.5%; previous -0.2%)



4:00 PM ET. May Treasury International Capital Data



Monday, July 19, 2021 



10:00 AM ET. July NAHB Housing Market Index



                       Housing Mkt Idx (previous 81)


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



The Dow closed lower on Tuesday as it consolidates 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off June's low, May's high crossing at 35,091.56 is the next upside target. Closes below the 50-day moving average crossing at 34,353.34 would signal that a short-term top has been posted. First resistance is today's high crossing at 35,018.79. Second resistance is May's high crossing at 35,091.56. First support is the 50-day moving average crossing at 34,353.34. Second support is the June 18th low crossing at 33,271.93.

 

The September NASDAQ 100 closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 14,463.91 would signal that a short-term top has been posted. First resistance is today's high crossing at 14,994.75. Second resistance is unknown. First support is the 10-day moving average crossing at 14,723.85. Second support is the 20-day moving average crossing at 14,463.91. 



The September S&P 500 closed lower on Tuesday as it consolidates some of this year's rally. 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 September extends this year's rally upside targets are hard to project. Closes below the 20-day moving average crossing at 4281.36 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4383.75. Second resistance is unknown. First support is the 20-day moving average crossing at 4281.36. Second support is the 50-day moving average crossing at 4216.48.  



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



September T-bonds closed down 31/32's at 161-17. 

  

September T-bonds 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 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 20-day moving average crossing at 160-21 would signal that a short-term top has been posted. If September extends the rally of May's low, the 75% retracement level of the 2020-2021-decline crossing at 167-00 is the next upside target. First resistance is the 62% retracement level of the 2020-2021-decline crossing at 164-14. Second resistance is the 75% retracement level of the 2020-2021-decline crossing at 167-00. First support is the 20-day moving average crossing at 160-21. Second support is the 50-day moving average crossing at 158-04.  



September T-notes closed down 120-pts at 133.015.



September T-notes 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 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. Closes below the 20-day moving average crossing at 132.190 would confirm that a short-term top has been posted. If September extends the rally off April's low, the 62% retracement level of the 2020-2021-decline crossing at 134.125 is the next upside target. First resistance is last-Thursday's high crossing at 134.030. Second resistance is the 62% retracement level of the 2020-2021-decline crossing at 134.125. First support is the 20-day moving average crossing at 132.190. Second support is the 50-day moving average crossing at 132.049.  



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



August crude oil closed higher on Tuesday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews this year's rally, the November-2014 high on the monthly continuation chart crossing at $80.98 is the next upside target. If August resumes the decline off last-Tuesday's high, the 50-day moving average crossing at $69.14 is the next downside target. First resistance is last-Tuesday's high crossing at $76.98. Second resistance is the November-2014 high on the monthly continuation chart crossing at $80.98.First support is the June 17th low crossing at $69.54. Second support is the 50-day moving average crossing at $69.14.  


August heating oil closed higher on Tuesday. The high-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 bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the October-2018 high crossing at $228.75 is the next upside target. Closes below the 50-day moving average crossing at $208.52 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $221.01. Second resistance is the October-2018 high crossing at $228.75. First support is the 50-day moving average crossing at $208.52. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews 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. Closes below the 50-day moving average crossing at $2.1764 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Tuesday's high crossing at $2.3302. 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 $2.1764. Second support is June's low crossing at 2.1044.  



August Henry natural gas closed lower on Tuesday as it extends the trading range of the past two-weeks. 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 bullish signaling that sideways to higher prices are possible near-term. If August renews 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 3.506 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 3.822. Second resistance is the 25% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 3.848. First support is last-Wednesday's low crossing at 3.520. Second support is the 20-day moving average crossing at 3.506. 



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



The September Dollar closed sharply higher on Tuesday as it extends the trading range of the past two-weeks. 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 extends the rally off May's low, the 87% retracement level of the March-May-decline crossing at 92.93 is the next upside target. Closes below the 20-day moving average crossing 92.14 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 92.84. Second resistance is the 87% retracement level of the March-May-decline crossing at 92.93. First support is the 20-day moving average crossing 92.14. Second support is the June 23rd low crossing at 91.51.  



The September Euro closed lower on Tuesday as it renewed 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, March's low crossing at 117.47 is the next downside target. Closes above the 20-day moving average crossing at 119.13 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.13. Second resistance is the June 26th high crossing at 119.95. First support is today's low crossing at 117.95. Second support is March's low crossing at 117.47.



The September British Pound 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 a low might be in or is near. Closes above the 20-day moving average crossing at 1.3877 would signal that a short-term low has been posted. If September resumes the decline off June's high, April's low crossing at 1.3678 is the next downside target. First resistance is the 20-day moving average crossing at 1.3877. Second resistance is the 50-day moving average crossing at 1.4015. First support is July's low crossing at 1.3733. Second support is April's low crossing at 1.3678.

 

The September Swiss Franc closed lower on Tuesday as it consolidates some of the rally off July'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 50-day moving average crossing at 1.1043 is the next upside target. If September renews the decline off June's high, the 75% retracement level of the March-May-rally crossing at 1.0744 is the next downside target. First resistance is Monday's high crossing at 1.0969. Second resistance is the 50-day moving average crossing at 1.1043. First support is the 75% retracement level of the March-May-rally crossing at 1.0775. Second support is the 87% retracement level of the March-May-rally crossing at 1.0701.



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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 80.75 would signal that a short-term low has been posted. If September extends the decline off June's high, April's low crossing at 79.06 is the next downside target. First resistance is the 20-day moving average crossing at 80.75. Second resistance is the 50-day moving average crossing at 81.83. First support is the 25% retracement level of the 2020-2021-rally crossing at 79.62. Second support is April's low crossing at 79.06.



The September Japanese Yen closed lower on Tuesday as it consolidated some of the rally off July'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. If September renews the decline off April's high, weekly support on the continuation chart crossing at 0.089205 is the next downside target. Closes above the 50-day moving average crossing at 0.0091144 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.091144. Second resistance is May's high crossing at 0.092295. First support is July's low crossing at 0.089605. Second support is weekly support crossing at 0.089205.



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



August gold closed higher on Tuesday as it extends the trading range of the past five-days. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends last-week's rally, the 50-day moving average crossing at $1836.60 is the next upside target. If August renews the decline off June's high, the April 13th low crossing at $1725.50 is the next downside target. First resistance is the 50-day moving average crossing at $1836.60. Second resistance is the June 11th high crossing at $1906.20. First support is June's low crossing at $1750.10. Second support is the April 13th low crossing at $1725.50.  



December silver closed lower on Tuesday as it extends the trading range of the past three-weeks. 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 December extends the rally off June's low, the 50-day moving average crossing at 27.199 is the next upside target. If December renews the decline off May's high, the April 13th low crossing at 24.805 is the next downside target. First resistance is last-Tuesday's high crossing at 26.935. Second resistance is the 50-day moving average crossing at 27.199. First support is June's low crossing at 25.635. Second support is the April-13th low crossing at 24.805.  



September copper closed lower on Wednesday as it extends the trading range of the past three-weeks.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 renews the decline off May's high, the April 12th low crossing at 400.00 is the next downside target. Closes above last-Tuesday's high crossing at 440.25 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 440.25. Second resistance is the 50-day moving average crossing at 447.01. First support is June's low crossing at 409.40. Second support is the April 12th low crossing at 400.00. 



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



December Corn closed up $0.07 3/4-cents at $5.40 3/4. 



December corn closed higher on Tuesday as it extended this week's rally off last-Friday's low. Today's high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's gap crossing at $5.73 1/2 would signal that a short-term low has been posted. If December renews the decline off July's high, May's low crossing at $5.00 1/4 is the next downside target. First resistance the 20-day moving average crossing at $5.48 1/2. Second resistance is last-Tuesday's gap crossing at $5.73 1/2. First support is last-Friday's low crossing at $5.07. Second support is May's low crossing at $5.00 1/4.   



September wheat closed down $0.07-cents at $6.33 3/4.  



September wheat closed lower on Tuesday as it consolidates some of Monday's rally.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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's gap crossing at $6.48 1/4 would signal that a short-term low has been posted. If September extends the decline off June's high, March's low crossing at $5.94 is the next downside target. First resistance is last-Tuesday's gap crossing at $6.48 1/4. Second resistance is the 50-day moving average crossing at $6.78 1/2. First support is the 87% retracement level of the March-April-rally crossing at $6.16 1/2. Second support is March's low crossing at $5.94.



September Kansas City Wheat closed down $0.03 1/2-cents at $6.11 3/4.

 

September Kansas City wheat closed lower on Tuesday as it consolidated some of Monday's rally. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends Monday's rally, the 50-day moving average crossing at $6.40 1/4 is the next upside target. If September renews this month's decline, March's low crossing at $5.56 1/4 is the next downside target. First resistance is the 50-day moving average crossing at $6.40 1/4. Second resistance is July's high crossing at $6.69. First support is last-Wednesday's low crossing at $5.78 1/4. Second support is March's low crossing at $5.56 1/4.



September Minneapolis wheat closed up $0.04 1/2-cents at $8.61 3/4. 



September Minneapolis wheat closed higher on Tuesday as it posted a new high close for the year. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the January-2013 high on the monthly continuation chart crossing at $8.82 1/4 is the next upside target. Closes below the 20-day moving average crossing at $8.06 would confirm that a short-term top has been posted. First resistance is today's high crossing at $8.70 3/4. Second resistance is the January-2013 high on the monthly continuation chart crossing at $8.82 1/4. First support is the 20-day moving average crossing at $8.06. Second support is the 50-day moving average crossing at $7.74 1/4. 

       

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



November soybeans closed up $0.01 1/2-cents at $13.51 3/4.



November soybeans closed 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off last-Tuesday's low, July's high crossing at $14.23 is the next upside target. Closes below the June 30th low crossing at $12.91 1/2 would confirm that a short-term top has been posted. First resistance is July's high crossing at $14.23. Second resistance is June's high crossing at $14.80. 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 $2.50 to $360.00. 



December soybean meal 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 December extends the decline off July's high, June's low crossing at $347.00 is the next downside target. Closes above the 50-day moving average crossing at $386.30 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at $386.30. Second resistance is June's high crossing at $404.30. First support is June's low crossing at $347.00. Second support is the December-2020 low crossing at $340.80.      



December soybean oil closed up 112-pts. at 63.48. 



December soybean oil 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off June's low, June's high crossing at 67.06 is the next upside target. Closes below last-Wednesday's low crossing at 58.03 would signal that a short-term top has been posted. First resistance is July's high crossing at 64.87. Second resistance is June's high crossing at 67.06. First support is the June 25th low crossing at 56.66. Second support is the 38% retracement level of the 2020-2021-rally crossing at 52.08.     

 

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



August hogs closed up $1.85 at $105.93. 



August hogs gapped up and closed 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 when Wednesday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Today's close above the July 1st high crossing at $105.60 confirms that a short-term low has been posted. If August extends the aforementioned rally, the 50-day moving average crossing at $108.72 is the next upside target. 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 July 1st high crossing at $105.60. Second resistance is the 50-day moving average crossing at $108.72. First support is June'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 $1.93 at $121.80. 



August cattle closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $121.95 would signal that a short-term low has been posted. If August renews the  decline off June's high, the June 8th low crossing at $117.23 is the next downside target. First resistance is the 20-day moving average crossing at $121.95. Second resistance is June's high crossing at $125.78. First support is the June 8th low at $117.23. Second support is June's low crossing at $114.63. 



August Feeder cattle closed up $0.68 at $158.83. 



Feeder cattle closed higher on Wednesday. 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 signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at $157.40 would signal that a short-term top has been posted. If August extends the rally off May's low, April's high crossing at $162.40 is the next upside target. First resistance is last-Wednesday's high crossing at $161.10. Second resistance is April's high crossing at $162.40. First support is the 20-day moving average crossing at $157.40. Second support is the June 14th gap crossing at $151.90.  



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



September coffee closed lower on Tuesday. The low-range close sets the stage for a steady to lower 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 10-day moving average crossing at 15.37 would signal that a short-term low has been posted. If September renews the decline off July's high, May's low crossing at 14.15 is the next downside target.                



September cocoa posted an inside day with a lower closed on Tuesday as it consolidates some of the rally off last-Thursday'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. Multiple closes above the 50-day moving average crossing at 24.26 are needed to open the door for additional gains near-term. If September renew the decline off May's high, last-November's low crossing at 22.54 is the next downside target.                     



October sugar closed slightly higher on Tuesday as it consolidates some of last-week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the aforementioned decline, June's low crossing at 16.44 the next downside target. Closes above the 10-day moving average crossing at 17.59 would signal that a short-term low has been posted.      



December cotton 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 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 confirm that a short-term top has been posted. 

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By metmike - July 14, 2021, 12:31 a.m.
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Thanks very much tallpine!!