KEY EVENTS TO WATCH FOR:
Tuesday, March 15, 2022
8:30 AM ET. March Empire State Manufacturing Survey
Mfg Idx (previous 3.1)
Employment Idx (previous 23.1)
New Orders Idx (previous 1.4)
Prices Received (previous 54.1)
8:30 AM ET. February PPI
PPI, M/M% (previous +1.0%)
Ex-Food & Energy PPI, M/M% (previous +0.8%)
Personal Consumption (previous +0.8%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +13.1%)
Latest Wk, Y/Y% (previous +13.1%)
4:00 PM ET. January Treasury International Capital Data
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +2.8M)
Gasoline Stocks, Net Chg (Bbls) (previous -2.0M)
Distillate Stocks, Net Chg (Bbls) (previous -5.5M)
N/A U.S. Federal Open Market Committee meeting
Wednesday, March 16, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 502.5)
Composite Idx, W/W% (previous +8.5%)
Purchase Idx-SA (previous 267.6)
Purchase Idx-SA, W/W% (previous +8.6%)
Refinance Idx (previous 1829.7)
Refinance Idx, W/W% (previous +8.5%)
8:30 AM ET. February Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous +3.8%)
Sales, Ex-Auto, M/M% (previous +3.3%)
Sales, Ex-Auto & Gas, M/M% (previous +3.8%)
8:30 AM ET. February Import & Export Price Indexes
Import Prices (previous +2%)
Non-Petroleum Prices (previous +1.4%)
Petroleum Prices (previous +9.5%)
10:00 AM ET. January Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +2.1%)
10:00 AM ET. March NAHB Housing Market Index
Housing Mkt Idx (previous 82)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 411.562M)
Crude Oil Stocks, Net Chg (Bbl) (previous -1.863M)
Gasoline Stocks (Bbl) (previous 244.606M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.405M)
Distillate Stocks (Bbl) (previous 113.874M)
Distillate Stocks, Net Chg (Bbl) (previous -5.23M)
Refinery Usage (previous 89.3%)
Total Prod Supplied (Bbl/day) (previous 21.21M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.38M)
2:00 PM ET. Federal Reserve economic projections
Median Fed Funds Rate - 2021 (previous 0.1%)
Median Fed Funds Rate - 2022 (previous 0.9%)
Median Fed Funds Rate - 2023 (previous 1.6%)
Median Fed Funds Rate - 2024 (previous 2.1%)
2:00 PM ET. U.S. interest rate decision
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 0.25)
Fed Funds Rate-Range Low (previous 0.00)
FOMC Vote For Action (previous 9)
FOMC Vote Against Action (previous 0)
Discount Rate (previous 0.25)
Discount Rate Change (Pts) (previous +0)
Discount Rate-Range High
Discount Rate-Range Low
Thursday, March 17, 2022
8:30 AM ET. March Philadelphia Fed Business Outlook Survey
Business Activity (previous 16.0)
Prices Paid (previous 69.3)
Employment (previous 32.3)
New Orders (previous 14.2)
Prices Received (previous 49.8)
Delivery Times (previous 23.0)
Inventories (previous 4.0)
Shipments (previous 13.4)
8:30 AM ET. February New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 1.638M)
Housing Starts, M/M% (previous -4.1%)
Building Permits (previous 1.899M)
Building Permits, M/M% (previous +0.7%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 227K)
Jobless Claims, Net Chg (previous +11K)
Continuing Claims (previous 1494000)
Continuing Claims, Net Chg (previous +25K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 2166.6K)
Soybeans (Metric Tons) (previous 3099.3K)
Wheat (Metric Tons) (previous 370.2K)
9:15 AM ET. February Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +1.4%)
Capacity Utilization % (previous 77.6%)
Capacity Utilization, Net Chg (Pts) (previous +1)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1519B)
Working Gas In Storage, Net Chg (Cbf) (previous -124B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, March 18, 2022
10:00 AM ET. January Metropolitan Area Employment & Unemployment
10:00 AM ET. February Existing Home Sales
Existing Sales (previous 6.5M)
Existing Sales, M/M% (previous +6.7%)
Unsold Homes Month's Supply (previous 1.6)
Median Price (USD) (previous 350300)
Median Home Price, Y/Y% (previous +15.4%)
10:00 AM ET. February Leading Indicators
Leading Index, M/M% (previous -0.3%)
Leading Index (previous 119.6)
Coincident Index, M/M% (previous +0.5%)
Lagging Index, M/M% (previous +0.7%)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed slightly higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow renews decline off February's high, a retest of the 25% retracement level of the 2020-2022-rally crossing at 32,264.22 is possible. Closes above the 20-day moving average crossing at 33,654.97 would signal that a short-term low has been posted while opening the door for additional short-covering gains. First resistance is the 20-day moving average crossing at 33,654.97. Second resistance is the March 3rd high crossing at 34,179.07. First support is the 25% retracement level of the 2020-2022-rally crossing at 32,264.22. Second support is the March-2021 low crossing at 30,547.53.
The June NASDAQ 100 closed lower on Monday and posted a new low for the year as it renewed the decline off December's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. If June extends the decline off February's high, the March-2021 low crossing at 12,727.50 is the next downside target. Closes above the March 3rd high crossing at 14,389.00 would signal that a short-term low has been posted. First resistance is the March 3rd high crossing at 14,389.00. Second resistance is the 50-day moving average crossing at 14,610.81. First support is February's low crossing at 13,031.00. Second support is the March-2021 low crossing at 12,727.50.
The June S&P 500 closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above last-Friday's high crossing at 4326.75 would signal that a short-term low has been posted. If March renews the decline off February's high, the 75% retracement level of the 2020-2022 rally crossing at 4018.92 is the next downside target. First resistance is the March 3rd high crossing at 4410.50. Second resistance is the 50-day moving average crossing at 4449.79. First support is February's low crossing at 4094.25. Second support is the 75% retracement level of the 2020-2022 rally crossing at 4018.92.
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June T-bonds closed down 2-21/32's at 152-13.
June T-bonds closed sharply lower on Monday as it extended the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Monday's high, February's low crossing at 151-29 is the next downside target. Closes above the 10-day moving average crossing at 156-21 would signal that a short-term low has been posted. First resistance is the 62% retracement level of the December-February decline crossing at 160-17. Second resistance is the 75% retracement level of the December-February decline crossing at 162-12. First support is today's low crossing at 152-16. Second support is February's low crossing at 151-29.
June T-notes closed down 1035 pts. at 124.265.
June T-notes closed down sharply lower on Monday as it renewed the decline off last-September's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling sideways to lower prices are possible near-term. If June extends this week's decline, the 75% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 123.084 is the next downside target. Closes above the 50-day moving average crossing at 127.145 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 126.227. Second resistance is the 50-day moving average crossing at 127.145. First support is today's low crossing at 124.245. Second support is the 75% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 123.084.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
May crude oil closed lower on Monday as it extends the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are still possible. Closes below the 20-day moving average crossing at $98.77 would signal that a short-term top has been posted. If May renews the rally off December's low, the 2008 high on the monthly continuation chart crossing at $147.27 is the next upside target. First resistance is last-Monday's high crossing at $126.41. Second resistance is the 2008 high on the monthly continuation chart crossing at $147.27. First support is the 20-day moving average crossing at $98.77. Second support is the 50-day moving average crossing at $89.03.
May heating oil closed lower on Monday as it extended the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Close below the 20-day moving average crossing at $3.0735 signals that a short-term top has been posted. Closes above the 10-day moving average crossing at 3.4036 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.4036. Second resistance is last-Tuesday's high crossing at $4.3138. First support is the 20-day moving average crossing at $3.0735. Second support is the 50-day moving average crossing at $2.7423.
May unleaded gas closed lower on Monday as it extended the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $3.0670 would signal that a short-term top has been posted. If May renews the rally off December's low, the 2008 high on the monthly continuation chart crossing at $4.1140 is the next upside target. First resistance is last-Monday's high crossing at 3.8075. Second resistance is the 2008 high on the monthly continuation chart crossing at $4.1140. First support is the 20-day moving average crossing at $3.0670. Second support is the 50-day moving average crossing at $2.7688.
May Henry natural gas closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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-Monday's high crossing at 5.199 are needed to renew this year's rally while opening the door for additional gains near-term. Closes below the March 1st low crossing at 4.361 would confirm that a short-term top has been posted while opening the door for additional weakness near-term.First resistance is last-Monday's high crossing at 5.199. Second resistance is the February-2014 high on the monthly continuation chart crossing at 6.493. First support is the March 1st low crossing at 4.361. Second support is the 50-day moving average crossing at 4.264.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed slightly lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's nights session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at $97.31 would signal that a short-term top has been posted. If June renews the rally off February's high, the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26 is the next upside target. First resistance is last-Monday's high crossing at $99.46. Second resistance is the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26. First support is last-Thursday's low crossing at $97.79. Second support is the 20-day moving average crossing at $97.31.
The June Euro closed higher on Monday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off February's high, is the March-2020 low on the weekly continuation chart crossing at $106.71 is the next downside target. Closes above the 20-day moving average crossing at 111.89 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 111.89. Second resistance is the 50-day moving average crossing at 113.05. First support is last-Monday's low crossing at 108.46. Second support is the March-2020 low on the weekly continuation chart crossing at $106.71.
The June British Pound closed lower on Monday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If June extends the decline off January's high, the 50% retracement level of the 2020-2021-rally crossing at 1.2894 is the next downside target. Closes above the 20-day moving average crossing at 1.3342 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.3170. Second resistance is the 20-day moving average crossing at 1.3342. First support is today's low crossing at 1.2997. Second support is the 50% retracement level of the 2020-2021-rally crossing at 1.2894.
The June Swiss Franc closed lower on Monday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 87% retracement level of the 2020-2021-rally crossing at 1.0564 is the next downside target. Closes above the 20-day moving average crossing at 1.0865 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0840. Second resistance is the 20-day moving average crossing at 1.0865. First support is the 75% retracement level of the 2020-2021-rally crossing at 1.0703. Second support is the 87% retracement level of the 2020-2021-rally crossing at 1.0564 is the next downside target.
The June Canadian Dollar closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 78.79 would signal that a short-term low has been posted. If June renews the decline off January's high, December's low crossing at 77.19 is the next downside target. First resistance is the 50-day moving average crossing at 78.79. Second resistance is the March 3rd high crossing at 79.44. First support is last-Tuesday's low crossing at 77.51. Second support is December's low crossing at 77.19.
The June Japanese Yen closed lower for the sixth-day in a row on Monday as it extended the decline off December'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 87% retracement level of the 2015-2016 rally on the monthly continuation chart crossing at 0.082304 is the next downside target. Closes above the 50-day moving average crossing at 0.086995 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.086995. Second resistance is the February 24th high crossing at 0.087590. First support is today's low crossing at 0.084795. Second support is the 87% retracement level of the 2015-2016 rally on the monthly continuation chart crossing at 0.082304.
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April gold closed lower on Monday as it extends the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1933.50 would signal that a short-term top has been posted. If April renews the rally off January's low, the 2020 high crossing at $2117.10 is the next upside target. First resistance is the 87% retracement level of the 2020-2021-decline crossing at $2061.00. Second resistance is the 2020 high crossing at $2117.10. First support is the 20-day moving average crossing at $1933.50. Second support is the February 24th low crossing at $1878.60.
May silver closed sharply lower on Monday as it extends the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 24.940 would signal that a short-term top has been posted. If May renews the rally off February's low, the 75% retracement level of the 2020-2021 decline crossing at 28.134 is the next upside target. First resistance is the 62% retracement level of the 2020-2021 decline crossing at 26.956. Second resistance is the 75% retracement level of the 2020-2021 decline crossing at 28.134. First support is the 20-day moving average crossing at 24.941. Second support is the 50-day moving average crossing at 23.876.
May copper closed sharply lower on Monday and below the 50-day moving average crossing at 4.5130. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off Monday's high, the February 24th low crossing at 4.4470 is the next downside target. Closes above the 10-day moving average crossing at 4.6783 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.6783. Second resistance is last-Monday's high crossing at 5.0395. First support is the February 24th low crossing at 4.4470. Second support is the February 8th low crossing at 4.3995.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
May Corn closed up $0.14 1/4-cents at $7.48 1/4.
May corn closed lower on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If May corn renews the rally off last-September's low, psychological resistance crossing at $8.00 is the next upside target. Closes below last-Tuesday's low crossing at $7.28 3/4 would temper this year's rally. First resistance is the March 4th high crossing at $7.82 3/4. Second resistance is psychological resistance crossing at $8.00. First support is last-Tuesday's low crossing at $7.28 3/4. Second support is the 20-day moving average crossing at $7.04.
May wheat closed down $0.10 1/4-cents at $10.96 1/4.
May wheat closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off Tuesday's high, the 62% retracement level of the January-March rally crossing at $9.77 3/4 is the next downside target. If May renews the rally off February's low into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at $13.63 1/2. Second resistance is unknown. First support is the 50% retracement level of the January-March rally crossing at $10.51 1/2. Second support is the 62% retracement level of the January-March rally crossing at $9.77 3/4.
May Kansas City Wheat closed up $0.10 3/4-cents at $11.00.
May Kansas City wheat closed higher on Monday as it consolidates some of the decline off last-Monday's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off last-Monday's high, the 20-day moving average crossing at $9.99 1/2. If May renews the rally off February's low, the 2008-high on the monthly continuation chart crossing at $13.84 3/4 is the next upside target. First resistance is last-Monday's high crossing at $12.99 1/2. Second resistance is the 2008-high on the monthly continuation chart crossing at $13.84 3/4. First support is last-Friday's low crossing at $10.35 1/2. Second support is the 20-day moving average crossing at $9.99 1/2.
May Minneapolis wheat closed unchanged at $10.70 1/4.
May Minneapolis wheat closed unchanged on Monday as it consolidates some of the decline off last-Tuesday's high. 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 neutral to bearish signaling that sideways to lower prices are is possible near-term. Closes below the 20-day moving average crossing at $10.37 would signal that a short-term top has been posted. If May renews the rally off January's low, the 38% retracement level of the 2008-2009 decline on monthly continuation chart crossing at $12.21 1/2 is the next upside target. First resistance is last-Tuesday's high crossing at $12.11 3/4. Second resistance is the 38% retracement level of the 2008-2009 decline on monthly continuation chart crossing at $12.21 1/2. First support is the 20-day moving average crossing at $10.37. Second support is the 62% retracement level of the January-March rally crossing at $10.01 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans closed down $0.05 1/2-cents at $16.70 1/2
May soybeans closed lower on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If May resumes the rally off November's low, the 2012 high on the monthly continuation chart crossing at $17.89 is the next upside target. Closes below the 20-day moving average crossing at $16.41 3/4 would signal that a short-term top has been posted. First resistance is February's high crossing at $17.59 1/4. Second resistance is the 2012 high on the monthly continuation chart crossing at $17.89. First support is the 20-day moving average crossing at $16.41 3/4. Second support is the February 25th low crossing at $15.79.
May soybean meal closed up $7.20 at $484.30.
May soybean meal closed higher on Monday as it extends the rally off last-October's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-October's low, psychological resistance crossing at $500.00 is the next upside target. Closes below the March 2nd low crossing at $443.10 would signal that a short-term top has been posted. First resistance is today's high crossing at $491.60. Second resistance is psychological resistance crossing at $500.00. First support is the March 2nd low crossing at $443.10. Second support is the February 16th low crossing at $435.80.
May soybean oil closed down 208 pts. at 73.95.
May soybean oil closed lower on Monday while extending the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 71.78 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If May resumes the rally off December's low into uncharted territory, upside targets will be hard to project. First resistance is last-Wednesday's high crossing at 78.58. Second resistance is unknown. First support is the 20-day moving average crossing at 71.78. Second support is the February 25th low crossing at 68.22.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $0.55 at $102.17.
April hogs closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 April extends the decline off February's high, the 50-day moving average crossing at 97.95 is the next downside target. Closes above the March 4th gap crossing at $105.05 would signal that a short-term low has been posted. First resistance is the March 3rd high crossing at $107.45. Second resistance is February's high crossing at $112.85. First support is last-Monday's low crossing at $98.47. Second support is the 50-day moving average crossing at $97.95.
April cattle closed up $3.05 at $140.35
April cattle closed sharply higher on Monday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 $141.60 would signal that a short-term low has been posted. If April renews the decline off February's high, the 50% retracement level of the 2020-2022-rally crossing at $132.46 is the next downside target. First resistance is the 20-day moving average crossing at $141.60. Second resistance is the 50-day moving average crossing at $142.74. First support is March's low crossing at $133.50. Second support is the 50% retracement level of the 2020-2022-rally crossing at $132.46.
April Feeder cattle closed up $4.45 at $162.43.
April feeder cattle closed sharply higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 $164.18 would signal that a short-term low has been posted. If April resumes the decline off February's high, the 87% retracement level of the 2021-2022 rally crossing at $152.09 is the next downside target. First resistance is the 20-day moving average crossing at $164.18. Second resistance is the 50-day moving average crossing at $167.48. First support is March's low crossing at $154.27. Second support is the 87% retracement level of the 2021-2022 rally crossing at $152.09.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed lower on Monday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 38% retracement level of the 2020-2022-rally crossing at 20.24 is the next downside target. Closes above the 50-day moving average crossing at 23.78 would signal that a short-term low has been posted.
May cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 26.08 would signal that a short-term top has been posted. If May extends the rally off March's low, the January 20th high crossing at 27.33 is the next upside target.
May sugar closed lower on Monday. The high-range close sets the stage for a steady to slightly higher opening on Tuesday. 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 18.37 would signal that a short-term top has been posted. If May renews the rally off February's low, November's high crossing at 20.29 is the next upside target.
May cotton closed lower on Monday as it consolidates some of last-Friday's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends last-Friday's rally, the March 1st high crossing at 123.31 is the next upside target. If May renews the decline off February's high, the 50% retracement level of the December-February rally crossing at 113.54 is the next downside target.
Thanks much tallpine!