INO Evening Market Comments
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Started by tallpine - March 17, 2022, 4:51 p.m.

KEY EVENTS TO WATCH FOR:



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 higher for the third day in a row on Thursday as it extended the rally off the March 8th low. The high-range close sets the stage for a steady to higher opening when Friday'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 the Dow extends the aforementioned rally, the 50-day moving average crossing at 34,567.29 is the next upside target. Closes below the 10-day moving average crossing at 33,332.57 would signal that a short-term top has been posted. 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. First resistance is the 50-day moving average crossing at 34,567.29. Second resistance is the 62% retracement level of the January-February decline crossing at 35,163.66. First support is the 10-day moving average crossing at 33,332.57. Second support is the 25% retracement level of the 2020-2022-rally crossing at 32,264.22. 



The June NASDAQ 100 closed higher for the third day in a row on Thursday as it extended the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. If June extends the aforementioned rally, the March 3rd high crossing at 14,389.00 is the next upside target. If June renews the decline off February's high, the March-2021 low crossing at 12,727.50 is the next downside target. First resistance is the March 3rd high crossing at 14,389.00. Second resistance is the 50-day moving average crossing at 14,457.99. First support is Tuesday's low crossing at 12,941.50. Second support is the March-2021 low crossing at 12,727.50.



The June S&P 500 closed higher for the third-day in a row on Thursday as it extended the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off Tuesday's low, the 50-day moving average crossing at 4423.42 is the next upside target. Closes below the 10-day moving average crossing at 4252.82 would signal that a short-term top has been posted. First resistance is the March 3rd high crossing at 4410.50. Second resistance is the 50-day moving average crossing at 4423.42. First support is Tuesday's low crossing at 4129.50. Second support is February's low crossing at 4094.25.



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



June T-bonds closed down 4/32's at 151-22. 



June T-bonds closed lower on Thursday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Friday'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 March's high, the 75% retracement level of the December-February decline crossing at 150-06 is the next downside target. Closes above the 50-day moving average crossing at 155-25 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 155-25. Second resistance is March's high crossing at 160-12. First support is Wednesday's low crossing at 150-27. Second support is the 75% retracement level of the December-February decline crossing at 150-06.



June T-notes closed up 65 pts. at 124.140.



June T-notes closed slightly higher on Thursday as it consolidates some of the decline off last-September's high. The low-range close sets the stage for a steady to lower opening when Friday'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 month'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 127.019 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 126.011. Second resistance is the 50-day moving average crossing at 127.019. First support is Wednesday's low crossing at 123.255. 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 sharply higher on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are still possible. If May extends this month's decline, the 50-day moving average crossing at $90.37 is the next downside target. Closes above the 10-day moving average crossing at $105.35 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $105.35. Second resistance is March's high crossing at $126.41.First support is the 50-day moving average crossing at $90.37. Second support is the 62% retracement level of the December-March rally crossing at $86.47.   



May heating oil closed sharply higher on Thursday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are poised to turn neutral to bullish with additional strength that would signal the correction off March's high has ended. If March extends this month's decline, the 50-day moving average crossing at $2.7894 extends this month's decline. Closes above the 10-day moving average crossing at 3.3610 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.3610. Second resistance is March's high crossing at $4.3138. First support is the 50-day moving average crossing at $2.7894. Second support is the 75% retracement level of the December-March rally crossing at $2.5518.    



May unleaded gas closed higher on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at $3.2538 would signal that a short-term low has been posted. If May extends this month's decline the 50-day moving average crossing at $2.8101 is the next downside target. First resistance is the 10-day moving average crossing at $3.2538. Second resistance is March's high crossing at 3.8075. First support is the 50-day moving average crossing at $2.8101. Second support is the 62% retracement level of the December-March rally crossing at $2.6898.     



May Henry natural gas closed sharply higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 March 7th 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 the March 7th 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 4.337.    



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



The June Dollar closed lower on Thursday an tested the 20-day moving average crossing at 97.73. The low-range close sets the stage for a steady to lower opening when Friday's nights session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $97.73 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 the 20-day moving average crossing at $97.73. Second support is the 50-day moving average crossing at $96.54.  



The June Euro closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 111.37 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 111.37. Second resistance is the 50-day moving average crossing at 112.86. 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 higher on Thursday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible. Closes above the 20-day moving average crossing at 1.3275 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 1.3275. Second resistance is the 50-day moving average crossing at 1.3437. First support is Monday'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 sharply higher on Thursday as it consolidated some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening when Friday'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 1.0836 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0766. Second resistance is the 20-day moving average crossing at 1.0836. First support is the 87% retracement level of the 2020-2021-rally crossing at 1.0564. Second support is last-March's low crossing at 1.0415. 



The June Canadian Dollar closed higher for the third-day in a row on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 June extends the aforementioned rally, the March 3rd high crossing at 79.44 is the next upside target. Closes below the 10-day moving average crossing at 78.32 would signal that a short-term top has been posted. First resistance is theMarch 3rd high crossing at 79.44. Second resistance is January's high crossing at 80.25. First support is Tuesday's low crossing at 77.69. Second support is March's low crossing at 77.51.



The June Japanese Yen posted an inside day with a slightly higher close on Thursday as it consolidated some of the decline off December's high. The mid-range close sets the stage for a steady to higher opening when Friday’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 0.086863 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.085760. Second resistance is the 20-day moving average crossing at 0.086385. First support is Wednesday's low crossing at 0.084120. Second support is the 87% retracement level of the 2015-2016 rally on the monthly continuation chart crossing at 0.082304.  



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



April gold closed higher on Thursday as it consolidated some of the decline off last-Tuesday's high. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this month's decline, the 50-day moving average crossing at $1872.00 is the next downside target. Closes above the 10-day moving average crossing at $1971.60 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1942.60. Second resistance is the 10-day moving average crossing at $1971.60. First support is the 50-day moving average crossing at $1872.00. Second support is the February 15th low crossing at $1845.40.  



May silver closed higher on Thursday as it consolidated some of the decline off last-Tuesday's high. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing at 25.725 would signal that a short-term low has been posted. If May extends the decline off last-Tuesday's high, the 50-day moving average crossing at 23.996 is the next downside target. First resistance is the 10-day moving average crossing at 25.725. Second resistance is March's high crossing at 27.495. First support is the 50-day moving average crossing at 23.996. Second support is the February 15th low crossing at 23.125.       



May copper closed higher for the second day in a row on Thursday as it consolidates some of the decline off March's high. Today's close above the 10-day moving average crossing at 4.6569 signals that a short-term low has been posted. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. If May extends this week's rally, March's high crossing at 5.0395 is the next upside target. If May resumes the decline off Monday's high, the February 24th low crossing at 4.4470 is the next downside target. First resistance is today's high crossing at 4.7040. Second resistance is March'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 $0.24 1/2-cents at $7.54 1/2. 



May corn closed higher on Thursday 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 Friday'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 $7.28 3/4 would temper this year's rally. If May corn renews the rally off last-September's low, psychological resistance crossing at $8.00 is the next upside target. 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 $7.19 1/4.     



May wheat closed up $0.28 3/4-cents at $10.98.  



May wheat closed higher on Thursday as it consolidated some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 $10.42 1/4 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at $11.59 1/2 would signal that a short-term low has been posted. If May renews the rally off February's low into uncharted territory, upside targets will be hard to project. First resistance is the 10-day moving average crossing at $11.59 1/2. Second resistance is March's high crossing at $13.63 1/2. 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 $0.19 3/4-cents at $10.92 1/4.

 

May Kansas City wheat closed higher on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Friday'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 $10.43 1/4 would open the door for additional weakness near-term. 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 March'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 the 50% retracement level of the January-March rallycrossing at $10.23 1/2. Second support is the 62% retracement level of the January-March rally crossing at $9.58 1/4.



May Minneapolis wheat closed up $0.28 3/4-cents at $10.79.



May Minneapolis wheat closed higher on Thursday as it consolidated some of Wednesday's limit down trade. The high-range close sets the stage for a steady to higher opening when Friday'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 $10.44 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. 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 March'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 today's low crossing at $10.26 3/4. 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 up $0.19 1/4-cents at $16.68 1/2



May soybeans posted an inside day with a higher close on Thursday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Friday'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 $16.54 1/2 would signal that a short-term top has been posted. 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.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 $16.54 1/2. Second support is the February 25th low crossing at $15.79.  



May soybean meal closed down $3.90 at $474.10. 



May soybean meal closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are diverging 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 $462.90 would signal that a short-term top has been posted. If May extends the rally off last-October's low, psychological resistance crossing at $500.00 is the next upside target. First resistance is Monday's high crossing at $491.60. Second resistance is psychological resistance crossing at $500.00. First support is the 20-day moving average crossing at $462.90. Second support is the March 2nd low crossing at $443.10. 



May soybean oil closed up 108 pts. at 74.63. 



May soybean oil closed higher on Thursday while extending the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Friday'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 72.95 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 72.95. Second support is the February 25th low crossing at 68.22. 

 

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



April hogs closed down $1.85 at $100.52. 



April hogs closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness near-term. If April extends the decline off February's high, the 50-day moving average crossing at 98.85 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 January 28th low crossing at $93.62. 



April cattle closed up $0.23 at $139.58 



April cattle closed higher on Thursday leaving Wednesday's key reversal down unconfirmed. The high-range close sets the stage for a steady to higher opening on Friday. 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 $140.58 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 $140.58. Second resistance is the 50-day moving average crossing at $142.50. 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 down $1.52 at $161.10. 



April feeder cattle gapped down and closed lower on Thursday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Friday's 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 $163.68 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 $163.68. Second resistance is the 50-day moving average crossing at $166.92. 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 posted an inside day with a lower close on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. 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 23.71 would signal that a short-term low has been posted.             



May cocoa closed lower on Thursday as it extended the decline off February's high. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, December's low crossing at 23.55 is the next downside target. Closes above the 50-day moving average crossing at 26.27 would signal that a short-term low has been posted.      



May sugar closed slightly higher on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 18.53 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 higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, 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. 

Comments
By metmike - March 17, 2022, 7:11 p.m.
Like Reply

Thanks tallpine!