KEY EVENTS TO WATCH FOR:
Monday, July 23, 2018
8:30 AM ET. June CFNAI Chicago Fed National Activity Index
NAI (previous -0.15)
NAI, 3-mo Moving Avg (previous 0.18)
10:00 AM ET. June Existing Home Sales
Existing Sales (previous 5.43M)
Existing Sales, M/M% (previous -0.4%)
Unsold Homes Month's Supply (previous 4.1)
Median Price (USD) (previous 264800)
Median Home Price, Y/Y% (previous +4.9%)
Tuesday, July 24, 2018
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -0.5%)
Chain Store Sales, M/M% (previous +4.0%)
8:30 AM ET. 1st Quarter GDP by State
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +0.1%)
Ret Sales Mo-to-Date, Y/Y% (previous +3.3%)
Latest Wk, Y/Y% (previous +3.3%)
9:00 AM ET. May U.S. Monthly House Price Index
9:45 AM ET. July US Flash Services PMI
PMI, Services (previous 56.5)
9:45 AM ET. July US Flash Manufacturing PMI
PMI, Mfg (previous 54.6)
10:00 AM ET. IMF External Sector Report launch
10:00 AM ET. July Richmond Fed Business Activity Survey
Mfg Idx (previous 20)
Shipments Idx (previous 17)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +0.6M)
Gasoline Stocks, Net Chg (Bbls) (previous +0.4M)
Distillate Stocks, Net Chg (Bbls) (previous +1.7M)
N/A Utah Pioneer Day
Wednesday, July 25, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 363.3)
Composite Idx, W/W% (previous -2.5%)
Purchase Idx-SA (previous 247.9)
Purchase Idx-SA, W/W% (previous -5.2%)
Refinance Idx (previous 979.6)
Refinance Idx, W/W% (previous +2.2%)
10:00 AM ET. June New Residential Sales
New Home Sales (previous 689K)
New Home Sales, M/M% (previous +6.7%)
New Home Sales Months Supply (previous 5.2)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 411.084M)
Crude Oil Stocks, Net Chg (Bbl) (previous +5.836M)
Gasoline Stocks (Bbl) (previous 235.832M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.165M)
Distillate Stocks (Bbl) (previous 121.311M)
Distillate Stocks, Net Chg (Bbl) (previous -0.371M)
Refinery Usage (previous 94.3%)
Total Prod Supplied (Bbl/day) (previous 21.302M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.394M)
Thursday, July 26, 2018
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 207K)
Jobless Claims, Net Chg (previous -8K)
Continuing Claims (previous 1751000)
Continuing Claims, Net Chg (previous +8K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1415.6K)
Soybeans (Metric Tons) (previous 613.4K)
Wheat (Metric Tons) (previous 300K)
8:30 AM ET. June Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -0.6%)
Dur Goods, Ex-Defense, M/M% (previous -1.5%)
Dur Goods, Ex-Transport, M/M% (previous -0.3%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.2%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%)
8:30 AM ET. June Advance Economic Indicators Report
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. 2nd Quarter U.S. Housing Vacancies
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2249B)
Working Gas In Storage, Net Chg (Cbf) (previous +46B)
11:00 AM ET. July Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 38)
6-Mo Exp Prod Idx (previous 53)
Mfg Composite Idx (previous 28)
6-Mo Exp Composite Idx (previous 36)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
Friday, July 27, 2018
8:30 AM ET. 2nd Quarter Advance estimate GDP
Annual Rate, Q/Q% (previous +2.0%)
Chain-Weighted Price Idx, Q/Q% (previous +2.2%)
PCE Price Idx, Q/Q% (previous +2.5%)
Purchase Price Idx, Q/Q% (previous +2.7%)
Real Final Sales 1st Est, Q/Q% (previous +2.0%)
Core PCE Price Idx, Q/Q% (previous +2.3%)
Personal Consumption, Q/Q% (previous +0.9%)
10:00 AM ET. July University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 98.2)
End-Mo Expectations Idx (previous 86.3)
12-Month Inflation Forecast (previous 3.0%)
5-Year Inflation Forecast (previous 2.6%)
End-Mo Current Idx (previous 116.5)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The September NASDAQ 100 closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7224.24 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 7437.75. Second resistance is unknown. First support is the 20-day moving average crossing at 7224.24. Second resistance is the 50-day moving average crossing at 7147.88.
The September S&P 500 closed slightly lower on Friday. The mid-range close sets the stage for a steady opening when Monday'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 aforementioned rally, the 87% retracement level of the January-April-decline crossing at 2846.31 is the next upside target. Closes below the 50-day moving average crossing at 2754.48 would temper the near-term friendly outlook. First resistance is Wednesday's high crossing at 2817.00. Second resistance is the 87% retracement level of the January-April-decline crossing at 2846.31. First support is the 10-day moving average crossing at 2798.64. Second support is the 20-day moving average crossing at 2763.97.
The Dow closed slightly lower on Friday.The mid-range close sets the stage for a steady opening when Monday'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, June's high crossing at 25,402.83 is the next upside target. Closes below the 20-day moving average crossing at 24,643.53 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 25,215.32. Second resistance is June's high crossing at 25,402.83. First support is the 20-day moving average crossing at 24,643.53. Second support is June's low crossing at 23,997.21.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed down 1-04/32's at 144-05.
September T-bonds closed lower Friday's as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Monday'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 July's high, the 50-day moving average crossing at 143-19 is the next downside target. If September renews the rally off June's low, the 62% retracement level of the 2017-2018 decline crossing at 147-09 is the next upside target. First resistance is July's high crossing at 146-11. Second resistance is the 62% retracement level of the 2017-2018 decline crossing at 147-09. First support is the 50-day moving average crossing at 143-19. Second support is June's low crossing at 142-01.
September T-notes closed down 100-points at 119-315.
September T-notes closed lower on Friday while extending the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Monday'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 July's high, the 50-day moving average crossing at 119.210 is the next downside target. If September renews the rally off June's low, May's high crossing at 121.020 is the next upside target. First resistance is May's high crossing at 121.030. Second resistance is the 62% retracement level of the 2017-2018 decline crossing at 121.030. First support is the 50-day moving average crossing at 119.210. Second support is June's low crossing at 118.295.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil closed higher due to short covering on Friday as it consolidated some the decline off July's high. The high-range close sets the stage for a steady to higher opening when Monday's night 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 71.38 would confirm that a short-term low has been posted. If August extends the decline off July's high, June's low crossing at 63.40 is the next downside target. First resistance is July's high crossing at 75.27. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 77.08.First support is Tuesday's low crossing at 67.03. Second support is June's low crossing at 63.40.
August heating oil closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 217.11 are needed to confirm that a short-term low has been posted. If August resumes the decline off July's high, the 62% retracement level of the February-May-rally crossing at 199.61 is the next downside target. First resistance is the 20-day moving average crossing at 214.09. Second resistance is the 50-day moving average crossing at 217.11. First support is the 50% retracement level of the February-May-rally crossing at 205.35. Second support is the 62% retracement level of the February-May-rally crossing at 199.61.
August unleaded gas closed higher on Friday as it extends the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 211.49 are needed to confirm that a short-term low has been posted. If August extends the decline off July's high, the 62% retracement level of the February-May-rally crossing at 198.55 is the next downside target. First resistance is July's high crossing at 217.49. Second resistance is May's high crossing at 226.86. First support is the 62% retracement level of the February-May-rally crossing at 198.55. Second support is the 75% retracement level of the February-May-rally crossing at 192.52.
August Henry natural gas closed lower on Friday leaving yesterday's key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 2.842 would confirm that a short-term low has been posted. If August extends the decline off June's high, February's low crossing at 2.690 is the next downside target. First resistance is the 10-day moving average crossing at 2.776. Second resistance is the 20-day moving average crossing at 2.842. First support is Thursday's low crossing at 2.704. Second support is February's low crossing at 2.690.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed sharply lower due to profit taking on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 93.89 would confirm that a short-term top has been posted. If September extends the rally off July's low, weekly resistance crossing at 97.70 is the next upside target. First resistance is Thursday's high crossing at 95.44. Second resistance is weekly resistance crossing at 97.70. First support is the 50-day moving average crossing at 93.89. Second support is June's low crossing at 92.76.
The September Euro closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 June's low, June's high crossing at 119.40 is the next upside target. If September extends the decline off last-week's high, June's low crossing at 115.82 is the next downside target. First resistance is the 50-day moving average crossing at 117.88. Second resistance is June's high crossing at 119.40. First support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78.
The September British Pound closed higher due to short covering on Friday as it consolidates some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish hinting that a low might be in or is near. If September extends the decline off April's high, the 75% retracement level of the 2016-2018-rally crossing at 1.2857 is the next downside target. Closes above the 50-day moving average crossing at 1.3354 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.3354. Second resistance is June's high crossing at 1.3533. First support is Thursday's low crossing at 1.2988. Second support is the 75% retracement level of the 2016-2018-rally crossing at 1.2857.
The September Swiss Franc closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 50-day moving average crossing at 1.0146 are needed to confirm that a short-term low has been posted. If September resumes the decline off February's high, the 62% retracement level of the 20016-2018-rally on the weekly continuation chart crossing at 0.8880 is the next downside target. First resistance is July's high crossing at 1.0204. Second resistance is June's high crossing at 1.0302. First support is last-Friday's low crossing at 0.9984. Second support is the 62% retracement level of the 20016-2018-rally on the weekly continuation chart crossing at 0.8880.
The September Canadian Dollar closed sharply higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 resumes the rally off June's low, the 50-day moving average crossing at 76.75 is the next upside target. If September extends the decline off last-Wednesday's high, June's low crossing at 74.80 is the next downside target. First resistance is the 50-day moving average crossing at 76.75. Second resistance is June's high crossing at 77.94. First support is June's low crossing at 74.80. Second support is the 62% retracement level of the 2016-2017-rally crossing at 74.54.
The September Japanese Yen closed higher on Friday confirming yesterday's key reversal up. The high-range close sets the stage for a steady to higher opening when Monday’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 0.9034 are needed to confirm that a short-term low has been posted. If September extends the decline off May's high, the December-2016 low crossing at 0.8805 is the next downside target. First resistance is the 20-day moving average crossing at 0.9034. Second resistance is the 50-day moving average crossing at 0.9110. First support is Thursday's low crossing at 0.8867. Second support is the December-2016 low crossing at 0.8805.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
August gold closed higher on Friday as it rebounded off support marked by the 75% retracement level of the 2016-2018 rally crossing at 1213.00. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold, diverging but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1248.10 are needed to confirm that a short-term low has been posted. If August extends the decline off April's high, the 87% retracement level of the 2016-2018 rally crossing at 1186.40 is the next downside target. First resistance is the 20-day moving average crossing at 1248.10. Second resistance is July's high crossing at 1266.90. First support is the 75% retracement level of the 2016-2018 rally crossing at 1213.00. Second support is the 87% retracement level of the 2016-2018 rally crossing at 1186.40.
September silver closed higher due to short covering on Friday as it consolidated some of the decline off June's high. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold, diverging but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 15.970 are needed to confirm that a short-term low has been posted. If September extends the decline off June's high, weekly support crossing at 15.145 is the next downside target. First resistance is the 20-day moving average crossing at 15.970. Second resistance is July's high crossing at 16.260. First support is Thursday's low crossing at 15.185. Second support is weekly support crossing at 15.145.
August copper closed higher on Friday 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 Monday's night session begins trading. Stochastics and the RSI are oversold, diverging but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 285.60 are needed to confirm that a low has been posted. If August extends the aforementioned decline, the 62% retracement level of the 2016-2018 rally crossing at 257.85 is the next downside target. First resistance is the 10-day moving average crossing at 276.92. Second resistance is the 20-day moving average crossing at 285.60. First support is Thursday's low crossing at 267.00. Second support is the 62% retracement level of the 2016-2018 rally crossing at 257.85.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up 3 1/2-cents at 3.68 1/2.
December corn closed higher on Friday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Monday'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 reaction high crossing at 3.74 are needed to confirm that a short-term low has been posted. If December renews the decline off May's high, psychological support crossing at 3.50 is the next downside target. First resistance is the 25% retracement level of the May-July-decline crossing at 3.70. Second resistance is the reaction high crossing at 3.74. First support is last-Thursday's low crossing at 3.50 1/4. Second support is psychological support crossing at 3.50.
December wheat closed up 12-cents at 5.32 1/2.
December wheat closed higher on Friday and above the reaction high crossing at 5.30 1/4 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday'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 renews the decline off May's high, January's low crossing at 4.73 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.33 1/2. Second resistance is the reaction high crossing at 5.49 3/4. First support is July's low crossing at 4.90. Second support is January's low crossing at 4.73 3/4.
December Kansas City Wheat closed up 12 1/4-cents at 5.33 3/4.
December Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's closes above the reaction high crossing at 5.33 1/2 confirms that a short-term low has been posted. If December resumes the decline off May's high, January's low crossing at 4.87 3/4. First resistance is today's high crossing at 5.38. Second resistance is the 50-day moving average crossing at 5.47 1/2. First support is July's low crossing at 4.93 3/4. Second support is January's low crossing at 4.87 3/4.
December Minneapolis wheat closed up 16 1/2-cents at 5.71 1/4.
December Minneapolis wheat closed sharply higher on Friday.The high-range close sets the stage for a steady to higher opening when Monday'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 July's low, the 50-day moving average crossing at 5.95. If December resumes the decline off May's high, monthly support crossing at 5.15 1/4 is the next downside target. First resistance is the reaction high crossing at 5.76 3/4. Second resistance is the 50-day moving average crossing at 5.95. First support is July's low crossing at 5.42 1/4. Second support is monthly support crossing at 5.15 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed up 4 1/2-cents at 8.66.
November soybeans closed higher on Friday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Monday'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 8.70 are needed to confirm that a low has been posted. If November resumes the decline off May's high, monthly support crossing at 8.25 is the next downside target. First resistance is the 20-day moving average crossing at 8.70. Second resistance is the reaction high crossing at 8.97. First support is Monday's low crossing at 8.26 1/4. Second support is monthly support crossing at 8.25.
December soybean meal closed down $1.70 at 324.40.
December soybean meal closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 December extends the decline off May's high, January's low crossing at 318.40 is the next downside target. Closes above the reaction high crossing at 338.90 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 338.90. Second resistance is the reaction high crossing at 341.70. First support is Monday's low crossing at 321.50. Second support is January's low crossing at 318.40.
December soybean oil closed up 38-points. At 28.59.
December soybean oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 29.07 are needed to confirm that a short-term low has been posted. If December extends the decline off May's high, weekly support crossing at 26.99 is the next downside target. First resistance is the 20-day moving average crossing at 29.07. Second resistance is the reaction high crossing at 30.15. First support is last Friday's low crossing at 27.95. Second support is weekly support crossing at 26.99.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed down $0.80 at $66.45.
August hogs closed lower on Friday as it extends the decline off June's high. The mid-range close sets the stage for a steady opening when Monday's 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 the decline off June's high, weekly support crossing at 62.14 is the next downside target. Closes above the 20-day moving average crossing at 72.14 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 68.99. Second resistance is the 20-day moving average crossing at 72.14. First support is today's low crossing at 65.55. Second support is weekly support crossing at 62.14.
October cattle closed down $0.40 at 110.25.
October cattle close lower on Thursday ahead of today's cattle-on-feed report, which was released after the close. The report showed that placements, on feed numbers in line with pre-report estimates. However, the inventory number was termed bearish coming in a 102.9 verses the year-ago number of 100.7. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July's low, July's high crossing at 111.53 is the next upside target. Closes below the 50-day moving average crossing at 107.07 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the February-May-decline crossing at 111.23. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is the reaction low crossing at 105.13. Second support is June's low crossing at 103.50.
August Feeder cattle closed down $0.78 at $153.68.
August Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady opening when Monday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, is February's high crossing at 155.98 is the next upside target. Closes below the 20-day moving average crossing at 150.76 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 154.93. Second resistance is February's high crossing at 155.98. First support is the 20-day moving average crossing at 150.76. Second support is July's low crossing at 147.82.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 11.29 would confirm that a short-term low has been posted. If September extends the decline off June's high, monthly support crossing at 10.56 is the next downside target.
September cocoa closed higher on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the 62% retracement level of the December-April-rally crossing at 22.64 is the next downside target. Closes above the 20-day moving average crossing at 24.43 are needed to confirm that a short-term low has been posted.
October sugar closed higher on Friday while extending this week's trading range. The mid-range close set the stage for a steady opening on Monday. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, weekly support crossing at 10.13 is the next downside target. Closes above the 20-day moving average crossing at 11.56 would confirm that a short-term low has been posted.
October cotton closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. 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 86.51 would confirm that a short-term top has been posted. If October extends this month's rally, the 62% retracement level of the June-July decline crossing at 90.73 is the next upside target.
Thanks tallpine!