INO Evening Market Comments
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Started by tallpine - March 24, 2022, 4:38 p.m.

KEY EVENTS TO WATCH FOR:



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)



The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes



The Dow closed higher on Thursday as investors continued to weigh a number of risks, including the Federal Reserve’s inflation flight and Russia’s war in Ukraine. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off February's low, the February 15th high crossing at 35,047.79 is the next upside target. Closes below the 20-day moving average crossing at 33,775.54 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 10-day moving average crossing at 34,104.78. Second support is the 20-day moving average crossing at 33,775.54. Third support is the March 8th low crossing at 32,578.73. 



The June NASDAQ 100 closed higher on Thursday as it extends the rally off March'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 50% retracement level of the November-March decline crossing at 14,822.42 is the next upside target. Closes below the 20-day moving average crossing at 13,940.69 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the November-March decline crossing at 14,822.42. Second resistance is the February 9th high crossing at 15,070.75. First support is the 20-day moving average crossing at 13,940.69. Second support is March's low crossing at 12,942.50.



The June S&P 500 closed higher on Thursday as it extends the rally off February'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 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 20-day moving average crossing at 4332.43 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the January-February decline crossing at 4530.57. Second resistance is the February 9th high crossing at 4578.50. First support is the 20-day moving average crossing at 4332.43. Second support is last-Tuesday's low crossing at 4129.50.



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June T-bonds closed down 21/32's at 148-28. 



June T-bonds closed lower on Thursday. The mid-range close sets the stage for a steady to slightly 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 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 20-day moving average crossing at 154-03 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 151-07. Second resistance is the 20-day moving average crossing at 154-03. First support is Wednesday's low crossing at 147-21. 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 140 pts. at 122.225.



June T-notes posted an inside day with a lower close on Thursday. The mid-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 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 125.225 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 124.018. Second resistance is the 20-day moving average crossing at 125.225. First support is Wednesday's low crossing at 122.120. Second support is the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147.  



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



May crude oil closed lower on Thursday as it consolidated some of the rally off the March 15th low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are still possible. If May extends the aforementioned rally, March's high crossing at $126.41 is the next upside target. Closes below the 20-day moving average crossing at $104.85 would signal that a short-term top has likely been posted. First resistance is today's high crossing at $116.64. Second resistance is March's high crossing at $126.41. First support is the 20-day moving average crossing at $104.85. Second support is the 50-day moving average crossing at $93.59.   



May heating oil closed slightly lower on Thursday as it consolidated some of the rally off March 15th low. The mid-range close sets the stage for a steady to higher opening when Friday's night trading session begins. 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 $4.3138 is the next upside target. Closes below the 20-day moving average crossing at $3.3501 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.8570. Second resistance is March's high crossing at $4.3138. First support is the 20-day moving average crossing at $3.3501. Second support is the 50-day moving average crossing at $2.9125.     



May unleaded gas closed lower on Thursday as it extended the rally off the March 15th low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the March 4th high crossing at $3.4817 is the next upside target. Closes below the 20-day moving average crossing at $3.2245 would signal that a short-term top has been posted. First resistance is the March 4th high crossing at $3.4817. Second resistance is March's high crossing at 3.8075. First support is the 20-day moving average crossing at $3.2245. Second support is the 50-day moving average crossing at $2.9004.    



May Henry natural gas closed sharply higher on Thursday as it extended this year's rally to a new contract 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the February-2014 high on the monthly continuation chart crossing at 6.493 is the next upside target. Closes below the 20-day moving average crossing at 4.820 would confirm that a short-term top has been posted while opening the door for additional weakness near-term.First resistance is today's high crossing at 5.508. Second resistance is the February-2014 high on the monthly continuation chart crossing at 6.493. First support is the 20-day moving average crossing at 4.802. Second support is last-Tuesday's low crossing at 4.509.     



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



The June Dollar closed slightly higher on Thursday. The mid-range close sets the stage for a steady to slightly higher opening when Friday's nights session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below last-Thursday's low crossing at $97.72 would signal that a short-term top has been posted. 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 $96.86.  



The June Euro closed slightly lower on Thursday. The high-range close sets the stage for a steady to slightly lower 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. 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 112.54. 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 slightly lower on Thursday. The mid-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 bullish signaling that sideways to higher prices are possible. If June extends the rally off last-Monday's low, the 50% retracement level of the January-March decline crossing at 1.3365 is the next upside target. Closes below the 10-day moving average crossing at 1.3130 would temper the near-term friendly outlook. First resistance is the 38% retracement level of the January-March decline crossing at 1.3277. Second resistance is the 50% retracement level of the January-March decline crossing at 1.3365. First support is the 10-day moving average crossing at 1.3130. Second support is last-Monday's low crossing at 1.2997.  

 

The June Swiss Franc closed slightly higher on Thursday as it extended the rally off last-Wednesday'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. Closes above the 20-day moving average crossing at 1.0803 would signal that a short-term low has been posted. If June renews 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 1.0803. Second resistance is the 50-day moving average crossing at 1.0864. 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 eighth-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 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 20-day moving average crossing at 78.72 would signal that a short-term top has been posted. First resistance is today's high crossing at 79.93. Second resistance is January's high crossing at 80.25. First support is the 10-day moving average crossing at 79.01. Second support is the 20-day moving average crossing at 78.72.  



The June Japanese Yen closed lower on Thursday as it extended the decline off December'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 March extends the decline off January's high, the June-2015 low on the monthly continuation chart crossing at 0.079450 is the next downside target. Closes above the 20-day moving average crossing at 0.085401 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.083946. Second resistance is the 20-day moving average crossing at 0.085401. First support is today's low crossing at 0.081855. Second support is the the June-2015 low on the monthly continuation chart crossing at 0.079450.



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April gold closed higher on Thursday as it renewed the rally off the March 16th 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 oversold but are turning neutral to bullish signaling that a low might be in or is near. If April extends the aforementioned rally, the February 24th high crossing at $1976.50 is the next upside target. If April renews this month's decline, the 50-day moving average crossing at $1884.90 is the next downside target. First resistance is the February 24th high crossing at $1976.50. Second resistance is March's high crossing at $2078.80. First support is the 50-day moving average crossing at $1884.90. Second support is the February 15th low crossing at $1845.40.  



May silver closed sharply higher on Thursday as it renewed the rally off the March 16th 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, March's high crossing at 27.495 is the next upside target. If May renews the decline off March's high, the 50-day moving average crossing at 24.262 is the next downside target. First resistance is today's high crossing at 26.160. Second resistance is March's high crossing at 27.495. First support is the 50-day moving average crossing at 24.262. Second support is the February 15th low crossing at 23.125.       



May copper closed lower on Thursday as it consolidates some of the rally off last-Tuesday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Tuesday's low, the 75% retracement level of March's decline crossing at 4.8967 is the next upside target. Closes below the 20-day moving average crossing at 4.6600 would signal that a short-term top has been posted. First resistance is the 62% retracement level of March's decline crossing at 4.8214. Second resistance is the 75% retracement level of March's decline crossing at 4.8967. First support is the 20-day moving average crossing at 4.6600. Second support is the 50-day moving average crossing at 4.5570.



GRAINS? http://quotes.ino.com/ex?changes/?c=grains "



May Corn closed down $0.09 1/2-cents at $7.48 1/4. 



May corn closed lower on Thursday while extending the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday'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 extends the rally off last-Wednesday's low, March's high crossing at $7.82 3/4. 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 down $0.20-cents at $10.85 3/4.  



May wheat closed lower on Thursday while extending the trading range of the past nine-days. The low-range close sets the stage for a steady to lower opening when Friday'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 Tuesday's high crossing at $11.69 1/4. Second resistance is March's highcrossing 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 down $0.16 1/2-cents at $10.95.

 

May Kansas City wheat closed lower on Thursday as it extended the trading range of the past two-weeks. 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 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 mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If May renews the rally off the March 11th 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 down $0.06 1/2-cents at $10.82 3/4.



May Minneapolis wheat closed lower on Thursday 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 Friday's night session begins trading. Stochastics and the RSI remain 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 mark a resumption of the decline off March's high. 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. 

       

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "



May soybeans closed down $0.18-cents at $17.00 3/4



May soybeans closed lower on Thursday while extending the trading range, which began on February 24th 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends 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 the aforementioned trading range 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 $0.80 at $485.90. 



May soybean meal closed slightly higher on Thursday as it extends the trading range of the past two-week's. 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 May renews 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 $470.00 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 $470.00. Second support is the March 2nd low crossing at $443.10. 



May soybean oil closed down 168 pts. at 74.29. 



May soybean oil posted an outside day down as it closed sharply 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off December's low into uncharted territory, upside targets will be hard to project. If May extends the decline off March's high, the 50-day moving average crossing at 68.39 is the next downside target. 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 68.39. 

 

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



April hogs closed up $0.98 at $103.53. 



April hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher 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 March 4th gap crossing at $105.05 would signal that a short-term low has been posted. If April extends the decline off February's high, the January 28th low crossing at 93.62 is the next downside target. 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 up $0.38 at $139.80 



April cattle 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. Closes above the March 16th high crossing at $141.48 would confirm 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 March 16th high crossing at $141.48. Second resistance is the 50-day moving average crossing at $142.31. 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 $1.10 at $162.88. 



April feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 March 16th high crossing at $164.78 would confirm 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 March 16th high crossing at $164.78. Second resistance is the 50-day moving average crossing at $166.07. 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 Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 22.57 would signal that a short-term low has been posted.               



May cocoa posted a key reversal down as it closed sharply lower on Thursday as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening on Friday. 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 26.30 would signal that a short-term low has been posted. If May renews the decline off March's high, December's low crossing at 23.55 is the next downside target.       



May sugar closed slightly higher on Thursday. The low-range close sets the stage for a steady to slightly higher opening on Friday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If May extends the rally off February's low, March's high crossing at 19.89 is the next upside target. Closes below the 20-day moving average crossing at 18.88 would signal that a short-term top has been posted.             



May cotton closed higher on Thursday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 the 50-day moving average crossing at 120.97 would signal that a short-term top has been posted. 

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