KEY EVENTS TO WATCH FOR:
Tuesday, December 7, 2021
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. October U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -80.9B)
Exports (USD) (previous 207.6B)
Exports, M/M% (previous -3.0%)
Imports (USD) (previous 288.5B)
Imports, M/M% (previous +0.6%)
8:30 AM ET. 3rd Quarter Revised Productivity & Costs
Non-Farm Productivity (previous +2.1%)
Unit Labor Costs (previous +1.3%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +16.9%)
Latest Wk, Y/Y% (previous +21.9%)
10:00 AM ET. December IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 43.9)
6-Mo Economic Outlook (previous 38.6)
10:00 AM ET. 3rd Quarter Quarterly Financial Report – Industry
10:00 AM ET. 3rd Quarter Quarterly Financial Report - Retail Trade
3:00 PM ET. October Consumer Credit
Consumer Credit Net Chg (USD) (previous +29.9B)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -0.7M)
Gasoline Stocks, Net Chg (Bbls) (previous +2.2M)
Distillate Stocks, Net Chg (Bbls) (previous +0.8M)
Wednesday, December 8, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous (previous 604.2)
Composite Idx, W/W% (previous (previous -7.2%)
Purchase Idx-SA (previous (previous 310.7)
Purchase Idx-SA, W/W% (previous +5.1%)
Refinance Idx (previous 2304.5)
Refinance Idx, W/W% (previous -14.8%)
10:00 AM ET. November Online Help Wanted Index
10:00 AM ET. October Job Openings & Labor Turnover Survey
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 433.111M)
Crude Oil Stocks, Net Chg (Bbl) (previous -0.909M)
Gasoline Stocks (Bbl) (previous 215.422M)
Gasoline Stocks, Net Chg (Bbl) (previous +4.029M)
Distillate Stocks (Bbl) (previous 123.877M)
Distillate Stocks, Net Chg (Bbl) (previous +2.16M)
Refinery Usage (previous 88.8%)
Total Prod Supplied (Bbl/day) (previous 20.222M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.53M)
Thursday, December 9, 2021
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 222K)
Jobless Claims, Net Chg (previous +28K)
Continuing Claims (previous 1956000)
Continuing Claims, Net Chg (previous -107K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1021.1K)
Soybeans (Metric Tons) (previous 1015.4K)
Wheat (Metric Tons) (previous 105.9K)
9:45 AM ET. Consumer Comfort Index
10:00 AM ET. October Monthly Wholesale Trade
Inventories, M/M% (previous +1.4%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3564B)
Working Gas In Storage, Net Chg (Cbf) (previous -59B)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, December 10, 2021
8:30 AM ET. November CPI
CPI, M/M% (previous +0.9%)
Core CPI, M/M% (previous +0.6%)
Energy Idx, M/M% (previous +4.8%)
Food Idx, M/M% (previous +0.9%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.9%)
CPI, Y/Y% (previous +6.2%)
Core Annual, Y/Y% (previous +4.6%)
8:30 AM ET. November Real Earnings
10:00 AM ET. 3rd Quarter Quarterly Services
10:00 AM ET. December University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (previous 66.8)
Mid-Mo Expectations (previous 62.8)
Mid-Mo Current Idx (previous 73.2)
2:00 PM ET. November Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow gapped up and closed sharply higher for the second day in a row on Tuesday as it extended the rally off last-Wednesday's low.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. Today's gap up left a potential seven-day island bottom on the daily chart. If the Dow extends the rally off last-Wednesday's low, the November 16th high crossing at 36,316.61 is the next upside target. Closes below the 10-day moving average crossing at 35,035.48 would signal that a short-term top has been posted. First resistance is the November 16th high crossing at 36,316.61. Second resistance is the November high crossing at 36,565.73. First support is today's gap crossing at 35,356.75. Second support is the 10-day moving average crossing at 35,035.48.
The December NASDAQ 100 closed sharply higher on Tuesday as it extended the rally off last-Friday's low. Today's close above the 20-day moving average crossing at 16,181.86 confirms that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Friday's low, November's high crossing at 16,767.50 is the next upside target. First resistance is the November 30th high crossing at 16,456.25. Second resistance is November's high crossing at 16,767.50. First support is the 50-day moving average crossing at 15,651.33. Second support is the October 22nd low crossing at 15,273.75.
The December S&P 500 closed sharply higher on Tuesday and above the 20-day moving average crossing at 4643.81 signaling that a short-term low has been posted.The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. If December extends this week's rally November's high crossing at 4740.50 is the next upside target. Closes below last-Friday's low crossing at 4492.00 would renew the decline off November's high. First resistance is the November 26th high crossing at 4717.00. Second resistance is November's high crossing at 4740.50. First support is last-Friday's low crossing at 4492.00. Second support is the October 12th low crossing at 4317.25.
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March T-bonds closed down 20/32's at 161-29
March T-bonds closed lower on Tuesday as it consolidates some of the rally off October'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 and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 160-16 would signal that a short-term top has been posted. If March extends the rally off October's low, August's high crossing at 164-20 is the next upside target. First resistance is the August high crossing at 164-20. Second resistance is the August-high on the weekly continuation chart crossing at 167-00. First support is the 20-day moving average crossing at 160-16. Second support is the 50-day moving average crossing at 159-01.
March T-notes closed down 110-pts at 130.100.
March T-notes closed lower on Tuesday as it consolidated some of the rally off November'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 sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 130.021 would signal that a short-term top has been posted. If March renews the rally off November's low, the 62% retracement level of the August-November decline crossing at 132.065 is the next upside target. First resistance is the 50% retracement level of the August-November decline crossing at 131.171. Second resistance is the 62% retracement level of the August-November decline crossing at 132.065. First support is the 20-day moving average crossing at 130.021. Second support is November's low crossing at 128.225.
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January crude oil closed higher on Tuesday as it extends the rally off last Thursday's low.The mid-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 a low might be in or is near. Closes above the 20-day moving average crossing at $74.58 would signal that a short-term low has been posted. If January renews the decline off October's high, August's low crossing at $60.77 is the next downside target. First resistance is the 20-day moving average crossing at $74.58. Second resistance is the 50-day moving average crossing at $77.56. First support is the 87% retracement level of the August-October rally crossing at $63.75. Second support is August's low crossing at $60.77.
January heating oil closed higher on Tuesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. 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 $228.28 would signal that a short-term low has been posted. If January renews the decline off October's high, the 87% retracement level of the August-October rally crossing at $198.23 is the next downside target. First resistance is the 20-day moving average crossing at $228.28. Second resistance is the 50-day moving average crossing at $239.15. First support is the 75% retracement level of the August-October rally crossing at $206.56. Second support is the 87% retracement level of the August-October rally crossing at $198.23.
January unleaded gas 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 trading. 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 $215.34 are needed to confirm that a short-term low has been posted. If January resumes the decline off October's high, the 87% retracement level of the August-October rally crossing at $186.65 is the next downside target. First resistance is the 20-day moving average crossing at $215.34. Second resistance is the 50-day moving average crossing at $224.29. First support is the 87% retracement level of the August-October rally crossing at $186.65. Second support is August's low crossing at $178.30.
January Henry natural gas posted an inside day with a higher close on Tuesday as it consolidates some of the decline off October'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, the 87% retracement level of the 2020-2021-rally crossing at 3.100 is the next downside target. Closes above Monday's gap crossing at 4.066 would signal that Monday's gap was likely an exhaustion gaps and that a low has been posted or is near. First resistance is the 10-day moving average crossing at 4.487. Second resistance is the 20-day moving average crossing at 4.767. First support is the 75% retracement level of the 2020-2021-rally crossing at 3.593. Second support is the 87% retracement level of the 2020-2021-rally crossing at 3.100.
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The December 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 bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $95.54 are needed to confirm that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at $94.80. If December resumes the rally off September's low, the June-2020 high on the weekly continuation chart crossing at $97.81 is the next upside target. First resistance is November's high crossing at $96.94. Second resistance is the June-2020 high on the weekly continuation chart crossing at $97.81. First support is last-Tuesday's low crossing at $95.54. Second support is the 50-day moving average crossing at $94.80.
The December Euro 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at 113.86 would confirm that a low has been posted. If December resumes this year's decline, the 87% retracement level of the 2020-2021-rally crossing at 110.60 is the next downside target. First resistance is last-Tuesday's high crossing at 113.86. Second resistance is the 50-day moving average crossing at 115.02. First support is November's low crossing at 111.90. Second support is the 87% retracement level of the 2020-2021-rally crossing at 110.60.
The December 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 have turned neutral to bearish signaling that sideways to lower prices are still possible. If December extends this year's decline, the 50% retracement level of the 2020-2021 rally crossing at 1.2906 is the next downside target. Closes above the 20-day moving average crossing at 1.3367 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3367. Second resistance is the 50-day moving average crossing at 1.3537. First support is the 38% retracement level of the 2020-2021 rally crossing at 1.3223. Second support is the 50% retracement level of the 2020-2021 rally crossing at 1.2906.
The December Swiss Franc closed higher on Tuesday. Today's close below the 10-day moving average crossing at 1.0822 signals that a short-term top has been posted. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends Monday's decline, November's low crossing at 1.0673 is the next downside target. If December resumes the rally off November's low, November's high crossing at 1.1017 is the next upside target. First resistance is last-Friday's high crossing at 1.0929. Second resistance is November's high crossing at 1.1017. First support is today's low crossing at 1.0783. Second support is November's low crossing at 1.0673.
The December Canadian Dollar closed sharply higher on Tuesday as it consolidates some of the decline off October'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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 78.97 signals that a short-term top has been posted. If December extends today's rally, the 50-day moving average crossing at 79.75 is the next upside target. If December renews the decline off October's high, the September 29th low crossing at 78.27 is the next downside target. First resistance is the 50-day moving average crossing at 79.75. Second resistance is the November 16th high crossing at 80.05. First support is last-Friday's low crossing at 77.79. Second support is September's low crossing at 77.53.
The December Japanese Yen 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 0.087853 would confirm that a top has been posted. If December renews the rally off November's low, the 50% retracement level of the August-November decline crossing at 0.089293 is the next upside target. First resistance is last-Tuesday's high crossing at 0.088870. Second resistance is the 50% retracement level of the August-November decline crossing at 0.089293. First support is the 20-day moving average crossing at 0.087853. Second support is November's low crossing at 0.086565.
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February gold 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off November's high, November's low crossing at $1761.00 is the next downside target. Closes above the 20-day moving average crossing at $1818.30 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1795.10. Second resistance is the 20-day moving average crossing at $1818.30. First support is November's low crossing at 1761.00. Second support is September's low crossing at $1723.70.
March silver posted an inside day with a higher close 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, September's low crossing at 21.460 is the next downside target. Closes above the 20-day moving acreage crossing at 23.864 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 22.777. Second resistance is the 50-day moving average crossing at 23.602. First support is last-Friday's low crossing at 22.035. Second support is September's low crossing at 21.460.
March copper 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 436.28 would signal that a short-term low has been posted. If March renews the decline off October's high, September's low crossing at 401.30 is the next downside target. First resistance is the 50-day moving average crossing at 436.28. Second resistance is November's high crossing at 451.15. First support is November's low crossing at 420.00. Second support is the 75% retracement level of the August-October rally crossing at 417.24.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.02 1/2-cents at $5.86.
March corn closed higher on Tuesday as it extended the rally off last-Tuesday'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Tuesday's low, November's high crossing at $5.96 3/4 is the next upside target. If March resumes the decline off last-Wednesday's high, the 50-day moving average crossing at $5.62 1/4 is the next downside target. First resistance is November's high crossing at $5.96 3/4. Second resistance is August's high crossing at $5.99 3/4. Third resistance is July's high crossing at $6.16 1/2. First support is the 50-day moving average crossing at $5.62 1/4. Second support is October's low crossing at $5.16 1/4.
March wheat closed up $0.02 1/4-cents at $8.08 1/2.
March wheat Closes 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $8.23 would signal that a short-term low has been posted.If March renews the decline off November's high, the 50-day moving average crossing at $7.86 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $8.23. Second resistance is November's high crossing at $8.74 3/4. First support is the 50-day moving average crossing at $7.86 1/4. Second support is the July-September uptrend linecrossing near $7.70 3/4.
March Kansas City Wheat closed up $0.05-cents at $8.28.
March Kansas City wheat closed higher on Tuesday as it extends the trading range of the past four-days. 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. If March extends the aforementioned decline, the 50-day moving average crossing at $7.93 1/4 is the next downside target. Closes above the 10-day moving average crossing at $8.44 1/2. If March renews the rally off September's low, psychological resistance crossing at $9.00 is the next upside target. First resistance is November's high crossing at $8.92 1/4. Second resistance is November's high crossing at $8.92 1/4. First support is Monday's low crossing at $8.08 1/2. Second support is the 50-day moving average crossing at $7.93 1/4.
March Minneapolis wheat closed up $0.08 3/4-cents at $10.36 1/2.
March Minneapolis wheat closed higher on Tuesday as it extends the November-December trading range. 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 signaling that sideways prices are possible near-term. If March renews this year's rally, monthly resistance on the continuation chart crossing at $11.20 is the next upside target. Closes below the November low crossing at $9.91 3/4 would confirm that a short-term top has been posted. First resistance is November's high crossing at $10.86 1/2. Second resistance is monthly resistance on the continuation chart crossing at $11.22. First support is November's low crossing at $9.91 3/4. Second support is the 25% retracement level of the 2020-2021-rally crossing at $9.43 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed down $0.11 1/4-cents at $12.50 1/4.
January soybeans closed lower on Tuesday. Today's 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 January extends the rally off last-Tuesday's low, November's high crossing at $12.89 1/4 is the next upside target. If January renews the decline off November's high, November's low crossing at $11.81 1/4 is the next downside target. First resistance is November's high crossing at $12.89 1/4. Second resistance is September's high crossing at $13.17. First support is last-Tuesday's low crossing at $12.14 1/4. Second support is November's low crossing at $11.81 1/4.
January soybean meal closed down $2.90 at $349.70.
January soybean meal closed lower on Tuesday as it consolidated some of the rally off last-Tuesday's low. The mid-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 bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off last-Tuesday's low, November's high crossing at $375.90 is the next upside target. If January renews the decline off November's high, the 50-day moving average crossing at $337.00 is the next downside target. First resistance is last-Friday's high crossing at $360.50. Second resistance is November's high crossing at $375.90. First support is the 50-day moving average crossing at $337.00. Second support is the November 8th low crossing at $326.80.
January soybean oil closed up 76 pts. at 57.10.
January soybean oil posted a key reversal down as it closed lower 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 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. Closes above the 50-day moving average crossing at 59.60 would signal that a short-term low has been posted. If January resumes the decline off October's high, September's low crossing at 54.25 is the next downside target. First resistance is the 50-day moving average crossing at 59.60. Second resistance is November's high crossing at 62.10. First support is last-Thursday's low crossing at 54.59. Second support is September's low crossing at 54.25.
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February hogs closed down $1.68 at $76.55.
February hogs closed lower on Tuesday as it extended the decline off November's high. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. If February extends the decline off November's high, October's low crossing at $74.05 is the next downside target. Closes above the 20-day moving average crossing at $81.10 would signal that a short-term low has been posted. First resistance is November's high crossing at $84.68. Second resistance is October's high crossing at $87.48. First support is today's low crossing at $76.12. Second support is October's low crossing at $74.05.
February cattle closed down $0.43 at $139.23.
February cattle posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If February renews this fall's rally, the March 2016 high on the continuation chart crossing at $141.90 is the next upside target. Closes below the 20-day moving average crossing at $138.18 would signal that a short-term top has been posted. First resistance is November's high crossing at $141.85. Second resistance is the March 2016 high on the continuation chart crossing at $141.90. First support is the 20-day moving average crossing at $138.18. Second support is the 50-day moving average crossing at $135.93.
January Feeder cattle closed down $0.10 at $165.15.
January feeder cattle closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's 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 $162.52 would signal that a short-term top has been posted. If January renews the rally off November's low, September's high crossing at $170.45 is the next upside target. First resistance is November's high crossing at $168.30. Second resistance is September's high crossing at $170.45. First support is the 20-day moving average crossing at $162.52. Second support is the 50-day moving average crossing at $160.25.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee posted a key reversal down on Tuesday as it consolidates some of this year's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally, weekly resistance crossing at 258.65 is the next upside target. Closes below the 20-day moving average crossing at 231.54 would signal that a short-term top has been posted.
March cocoa closed higher on Tuesday as it extends the rally off last-Wednesday's low. 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. Closes above the November 26th gap crossing at 24.95 would signal that a low has been posted. If March resumes the decline off October's high July's low crossing at 23.13 is the next downside target.
March sugar closed higher on Tuesday as it extended the rally off last-Thursday's low. 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. Closes above the 50-day moving average crossing at 19.62 would signal that a short-term low has been posted. If March renews the aforementioned decline, August's low crossing at 18.31 is the next downside target.
March cotton closed lower on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. The low-range close sets the stage for a steady to lower opening on Wednesday. Closes above last-Tuesday's gap crossing at 111.11 would signal that a low has been posted. If March resumes the decline off November's high, October's low crossing at 101.31 is the next downside target.
Thanks tallpine!