KEY EVENTS TO WATCH FOR:
Tuesday, March 22, 2022
04:00 AM ET. 2nd Quarter Manpower U.S. Employment Outlook Survey
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +12.8%)
Latest Wk, Y/Y% (previous +12.6%)
10:00 AM ET. March Richmond Fed Business Activity Survey
Mfg Idx (previous 1)
Shipments Idx (previous -11)
1:00 AM ET. February Money Stock Measures
4:30 AM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +3.8M)
Gasoline Stocks, Net Chg (Bbls) (previous -3.8M)
Distillate Stocks, Net Chg (Bbls) (previous +0.9M)
Wednesday, March 23, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 496.5)
Composite Idx, W/W% (previous -1.2%)
Purchase Idx-SA (previous 269.5)
Purchase Idx-SA, W/W% (previous +0.7%)
Refinance Idx (previous 1778.3)
Refinance Idx, W/W% (previous -2.8%)
8:30 AM ET. 4th quarter State Quarterly Personal Income
10:00 AM ET. February New Residential Sales
New Home Sales (previous 801K)
New Home Sales, M/M% (previous -4.5%)
New Home Sales Months Supply (previous 6.1)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 415.907M)
Crude Oil Stocks, Net Chg (Bbl) (previous +4.345M)
Gasoline Stocks (Bbl) (previous 240.991M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.615M)
Distillate Stocks (Bbl) (previous 114.206M)
Distillate Stocks, Net Chg (Bbl) (previous +0.332M)
Refinery Usage (previous (previous 90.4%)
Total Prod Supplied (Bbl/day) (previous 20.652M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.558M)
Thursday, March 24, 2022
8:30 AM ET. 4th Quarter International Transactions
Current Account (USD) (previous -214.77B)
8:30 AM ET. February Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +1.6%)
Dur Goods, Ex-Defense, M/M% (previous +1.6%)
Dur Goods, Ex-Transport, M/M% (previous +0.7%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.9%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.9%
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 214K)
Jobless Claims, Net Chg (previous -15K)
Continuing Claims (previous 1419000)
Continuing Claims, Net Chg (previous -71K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 2040.4K)
Soybeans (Metric Tons) (previous 1730.2K)
Wheat (Metric Tons) (previous 471.5K)
9:45 AM ET. March US Flash Services PMI
PMI, Services (previous 56.7)
9:45 AM ET. March US Flash Manufacturing PMI
PMI, Mfg (previous 57.5)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1440B)
Working Gas In Storage, Net Chg (Cbf) (previous -79B)
11:00 AM ET. March Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 31)
6-Mo Exp Prod Idx (previous 57)
Mfg Composite Idx (previous 29)
6-Mo Exp Composite Idx (previous 38)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, March 25, 2022
10:00 AM ET. February State Employment and Unemployment
10:00 AM ET. February Pending Home Sales Index
Pending Home Sales (previous 109.5)
Pending Home Sales Idx, M/M% (previous -5.7%)
Pending Home Sales Idx , Y/Y% (previous -9.5%)
10:00 AM ET. March University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (previous 62.8)
End-Mo Expectations Idx (previous 59.4)
12-Month Inflation Forecast (previous 4.9%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 68.2)
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The Dow closed lower on Monday ending a six-day rally off last-Monday's low due to rising energy prices.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rally, the February 15th high crossing at 35,047.79 is the next upside target. Closes below the 20-day moving average crossing at 33,580.31 would signal that a short-term top has been posted. First resistance is the February 15th high crossing at 35,047.79. Second resistance is the 62% retracement level of the January-February decline crossing at 35,163.66. First support is the 20-day moving average crossing at 33,580.31. Second support is the March 8th low crossing at 32,578.73.
The June NASDAQ 100 closed lower on Monday as it consolidated some of the rally off last-Tuesday's low. The high-range close sets the stage for a steady to slightly lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 14,402.06 would open the door for additional gains possibly into the end of the month. Closes below the 10-day moving average crossing at 13,708.23 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 14,402.06. Second resistance is February 16th high crossing at 14,665.00. First support is the 20-day moving average crossing at 13,813.61. Second support is the 10-day moving average crossing at 13,708.23.
The June S&P 500 closed slightly higher for the fifth-day in a row off last-Tuesday's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Tuesday's low, the 62% retracement level of the January-February decline crossing at 4530.57 is the next upside target. Closes below the 10-day moving average crossing at 4292.02 would signal that a short-term top has been posted. First resistance is the February 16th high crossing at 4476.50. Second resistance is the 62% retracement level of the January-February decline crossing at 4530.57. First support is the 10-day moving average crossing at 4292.02. Second support is last-Tuesday's low crossing at 4129.50.
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June T-bonds closed down 2-17/32's at 149-30.
June T-bonds closed sharply lower on Monday as it renewed the decline off March'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 March's high, the 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at 143-17 is the next downside target. Closes above the 50-day moving average crossing at 155-16 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 153-07. Second resistance is the 20-day moving average crossing at 154-28. First support is today's low crossing at 149-16. Second support is the 87% retracement level of the 2020-2021 decline on the monthly continuation chart crossing at 143-17.
June T-notes closed down 1105 pts. at 123.100.
June T-notes closed sharply lower on Monday as it extends 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 month's decline, the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147 is the next downside target. Closes above the 20-day moving average crossing at 126.069 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 125.048. Second resistance is the 20-day moving average crossing at 126.69. First support is today's low crossing at 123.050. Second support is the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147.
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May crude oil closed sharply higher on Monday as it extends the rally off last-Tuesday's low. The high-range close sets the stage for a higher opening when Tuesday's night session begins. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are still possible. If May extends the aforementioned rally, the March 3rd high crossing at $112.65 is the next upside target. If May renews the decline off March's high, the 50-day moving average crossing at $91.56 is the next downside target. First resistance is the March 3rd high crossing at $112.65. Second resistance is March's high crossing at $126.41. First support is the 50-day moving average crossing at $91.56. Second support is the 62% retracement level of the December-March rally crossing at $86.47.
May heating oil closed higher on Monday as it extended the rally off last-Tuesday's low. The high-range close sets the stage for a higher opening when Tuesday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Tuesday's low, March's high crossing at $4.3138 is the next upside target. If March renews this month's decline, the 50-day moving average crossing at $2.8329 is the next downside target. First resistance is today's high crossing at 3.6148. Second resistance is March's high crossing at $4.3138. First support is the 50-day moving average crossing at $2.8329. Second support is the 75% retracement level of the December-March rally crossing at $2.5518.
May unleaded gas closed sharply higher on Monday as it extended the rally off last-Tuesday's low. The high-range close sets the stage for a higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the March $3.8075 is the next upside target. If May renews the decline off March's high, the 50-day moving average crossing at $2.8452 is the next downside target. First resistance is the March 3rd high crossing at $3.4811. Second resistance is March's high crossing at 3.8075. First support is the 50-day moving average crossing at $2.8452. Second support is the 62% retracement level of the December-March rally crossing at $2.6898.
May Henry natural gas closed higher on Monday. 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 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 last-Tuesday's low crossing at 4.509 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 last-Tuesday's low crossing at 4.509. Second support is the 50-day moving average crossing at 4.389.
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The June Dollar posted an inside day with a higher close on Monday as it bounces off the 20-day moving average crossing at 97.97. The high-range close sets the stage for a steady to higher opening when Tuesday's nights 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 $97.97 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 March'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 $97.72. Second support is the 50-day moving average crossing at $96.64.
The June Euro 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 111.73 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 last-Thursday's high crossing at 111.73. Second resistance is the 50-day moving average crossing at 112.75. First support is March'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. 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 neutral to bullish signaling that sideways to higher prices are possible. Closes above the 20-day moving average crossing at 1.3232 would signal that a short-term low has been posted. If June renews 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 1.3232. Second resistance is the 50-day moving average crossing at 1.3422. First support is last-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 lower on Monday as it consolidated some of the rally off last-Wednesday's low. 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 20-day moving average crossing at 1.0821 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 1.0821. Second resistance is the 50-day moving average crossing at 1.0871. First support is last-Wednesday's low crossing at 1.0609. Second support is the 87% retracement level of the 2020-2021-rally crossing at 1.0564.
The June Canadian Dollar closed higher for the fifth-day in a row 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, January's high crossing at 80.25 is the next upside target. Closes below the 10-day moving average crossing at 78.53 would signal that a short-term top has been posted. First resistance is today's high crossing at 79.58. Second resistance is January's high crossing at 80.25. First support is the 10-day moving average crossing at 78.53. Second support is last-Tuesday's low crossing at 77.69.
The June Japanese Yen closed lower 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 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 2015-2016 rally on the monthly continuation chart crossing at 0.082304 is the next downside target. Closes above the 20-day moving average crossing at 0.086066 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.085126. Second resistance is the 20-day moving average crossing at 0.086066. First support is today's low crossing at 0.083845. 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 higher on Monday. 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 April extends this month's decline, the 50-day moving average crossing at $1877.10 is the next downside target. Closes above the 10-day moving average crossing at $1962.60 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1946.10. Second resistance is the 10-day moving average crossing at $1962.60. First support is the 50-day moving average crossing at $1877.10. Second support is the February 15th low crossing at $1845.40.
May silver closed higher on Monday. 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 March's high, the 50-day moving average crossing at 24.101 is the next downside target. Closes above the 10-day moving average crossing at 25.641 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 25.641. Second resistance is March's high crossing at 27.495. First support is the 50-day moving average crossing at 24.101. Second support is the February 15th low crossing at 23.125.
May copper closed lower on Monday as it consolidates some of the rally off last-Tuesday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Tuesday's low, March's high crossing at 5.0395 is the next upside target. If May resumes the decline off March's high, the February 24th low crossing at 4.4470 is the next downside target. First resistance is last-Friday's high crossing at 4.7600. 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.
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May Corn closed up $0.14 1/2-cents at $7.56 1/4.
May corn closed higher on Monday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at $7.26 3/4 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. 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-Wednesday's low crossing at $7.26 3/4. Second support is the 25% retracement level of the September-March rally crossing at $7.15.
May wheat closed up $0.55 1/2-cents at $11.16 1/4.
May wheat closed sharply higher on Monday while extending the trading range of the past six-days. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $10.31 3/4 would open the door for additional weakness near-term. Closes above last-Tuesday's high crossing at $11.60 3/4 would signal that a short-term low has been posted while opening the door for additional short-term gains. First resistance is last-Tuesday's high crossing at $11.60 3/4. Second resistance is March's high crossing at $13.63 1/2. First support is last-Thursday's low crossing at $10.31 3/4. Second support is the 62% retracement level of the January-March rally crossing at $9.77 3/4.
May Kansas City Wheat closed up $0.42 3/4-cents at $11.13 1/4.
May Kansas City wheat closed higher on Monday as it extended the trading range of the past seven-days. 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 possible near-term. Closes below the March 11th low crossing at $10.35 1/2 would open the door for additional weakness near-term. If May renews the rally off February's low, March's high crossing at $12.99 1/2 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 1/2-cents at $10.88 3/4.
May Minneapolis wheat closed higher on Monday as it extends the trading range of the past seven-days. 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 last-Thursday's low crossing at $10.26 3/4 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 last-Thursday's low, March's high crossing at $12.11 3/4 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 last-Thursday'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.
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May soybeans closed up $0.23-cent at $16.91
May soybeans closed higher on Monday and tested the upper boundary of this month's symmetrical triangle crossing at $17.10. Profit taking ahead of the close temper early-session gains and 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 bullish signaling that sideways to higher prices are 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 March 4th low crossing at $16.34 1/2 would mark a downside breakout of this month's symmetrical triangle while opening the door for additional weakness near-term. 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 March 4th low crossing at $16.34 1/2. Second support is the February 25th low crossing at $15.79.
May soybean meal closed up $4.30 at $481.30.
May soybean meal 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 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 20-day moving average crossing at $466.20 would signal that a short-term top has been posted. First resistance is last-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 $466.20. Second support is the March 2nd low crossing at $443.10.
May soybean oil closed up 142 pts. at 73.71.
May soybean oil posted an inside day with a higher close on Monday as it consolidated some of the decline off March'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 possible near-term. Last-Friday's close below the 20-day moving average crossing at 73.52 opened 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 March's high crossing at 78.58. Second resistance is unknown. First support is last-Friday's low crossing at 71.32. Second support is the February 25th low crossing at 68.22.
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April hogs closed up $1.40 at $100.80.
April hogs closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the January 28th low crossing at 93.62 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 the March 7th low crossing at $98.47. Second support is the January 28th low crossing at $93.62.
April cattle closed down $0.53 at $139.97
April cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at $141.48 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 last-Wednesday's high crossing at $141.48. Second resistance is the 50-day moving average crossing at $142.42. 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 $1.30 at $161.03.
April feeder cattle closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at $164.78 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 last-Wednesday's high crossing at $164.78. Second resistance is the 50-day moving average crossing at $166.57. 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.
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May coffee closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 22.79 would signal that a short-term low has been posted. If May renew the decline off February's high, the 38% retracement level of the 2020-2022-rally crossing at 20.24 is the next downside target.
May cocoa posted an inside day with a lower close on Monday as it consolidated some of the decline off February's high. The mid-range close sets the stage for a steady to lower opening on Tuesday. 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 26.29 would signal that a short-term low has been posted.
May sugar closed higher on Monday. 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. If May renews the rally off February's low, November's high crossing at 20.29 is the next upside target. Closes below the 20-day moving average crossing at 18.68 would signal that a short-term top has been posted.
May cotton gapped up and closed sharply higher for the second day in a row on Monday as it posted a new contract high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 134.17 is the next upside target. Closes below last-Tuesday's low crossing at 117.05 would signal that a short-term top has been posted.