KEY EVENTS TO WATCH FOR:
Monday, August 1, 2022
9:45 AM ET. July US Manufacturing PMI
PMI, Mfg (previous 52.7)
10:00 AM ET. July ISM Report On Business Manufacturing PMI
Manufacturing PMI (previous 53.0)
Prices Idx (previous 78.5)
Employment Idx (previous 47.3)
Inventories (previous 56.0)
New Orders Idx (previous 49.2)
Production Idx (previous 54.9)
10:00 AM ET. June Construction Spending - Construction Put in Place
New Construction (previous -0.1%)
Residential Construction
11:00 AM ET. July Global Manufacturing PMI
PMI, Mfg (previous 52.2)
Tuesday, August 2, 2022
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +13.6%)
Latest Wk, Y/Y% (previous +13.3%)
10:00 AM ET. 2nd Quarter U.S. Housing Vacancies
10:00 AM ET. June Job Openings & Labor Turnover Survey
4:00 PM ET. July Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.0M)
Gasoline Stocks, Net Chg (Bbls) (previous -1.1M)
Distillate Stocks, Net Chg (Bbls) (previous -0.6M)
Wednesday, August 3, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 276)
Composite Idx, W/W% (previous -1.8%)
Purchase Idx-SA (previous 206.4)
Purchase Idx-SA, W/W% (previous -0.8%)
Refinance Idx (previous 631.4)
Refinance Idx, W/W% (previous -3.7%)
8:15 AM ET. July CANCELLED: ADP National Employment Report
Private Sector Jobs, Net Chg
8:30 AM ET. U.S. Department of the Treasury's quarterly refunding announcement
9:45 AM ET. July US Services PMI, Services (previous 52.7)
10:00 AM ET. July ISM Report On Business Services PMI
Services PMI (previous 55.3)
Business Activity Idx (previous 56.1)
Prices Idx (previous 80.1)
Employment Idx (previous 47.4)
New Orders Idx (previous 55.6)
10:00 AM ET. June Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous +1.6%)
Orders, Ex-Defense, M/M% (previous +1.5%)
Orders, Ex-Transport, M/M% (previous +1.7%)
Durable Goods, M/M%
Durable Goods, M/M%
10:00 AM ET. June Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 422.086M)
Crude Oil Stocks, Net Chg (Bbl) (previous -4.523M)
Gasoline Stocks (Bbl) (previous 225.131M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.304M)
Distillate Stocks (Bbl) (previous 111.724M)
Distillate Stocks, Net Chg (Bbl) (previous -0.784M)
Refinery Usage (previous 92.2%)
Total Prod Supplied (Bbl/day) (previous 19.976M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.049M)
11:00 AM ET. July Global Services PMI
PMI, Services (previous 53.9)
Thursday, August 4, 2022
7:30 AM ET. July Challenger Job-Cut Report
Job Cuts, M/M% (previous +57%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 344K)
Soybeans (Metric Tons) (previous 690.2K)
Wheat (Metric Tons) (previous 412K)
8:30 AM ET. June U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -85.55B)
Exports (USD) (previous 255.89B)
Exports, M/M% (previous +1.2%)
Imports (USD) (previous 341.44B)
Imports, M/M% (previous +0.6%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 256K)
Jobless Claims, Net Chg (previous -5K)
Continuing Claims (previous 1359000)
Continuing Claims, Net Chg (previous -25K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2416B)
Working Gas In Storage, Net Chg (Cbf) (previous +15B)
12:00 AM ET. July Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, August 5, 2022
8:30 AM ET. July U.S. Employment Report
Non-Farm Payrolls (previous +372K)
Unemployment Rate (previous 3.6%)
Avg Hourly Earnings (USD) (previous 32.08)
Avg Hourly Earnings-Net Chg (USD) (previous +0.1)
Avg Hourly Earnings, M/M% (previous +0.31%)
Avg Hourly Earnings, Y/Y% (previous +5.11%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg
Government Payrolls (previous -9K)
Private Payroll (previous +381K)
Participation Rate (previous 62.2%)
Non-Farm Payrolls Bench Net Chg
3:00 PM ET. June Consumer Credit
Consumer Credit Net Chg (USD) (previous +22.3B)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The September NASDAQ 100 was steady to slightly lower overnight as it consolidates some of the rally off June's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 38% retracement level of the 2021-2022 decline crossing at 13,164.61 is the next upside target. Closes below the 20-day moving average crossing at 12,232.85 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 13,012.00. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 13,164.61. First support is the 10-day moving average crossing at 12,440.30. Second support is the July 13th low crossing at 11,479.25. Third support is the June 30th low crossing at 11,351.00.
The September S&P 500 was steady to lower overnight as it consolidates some of the rally off June's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 50% retracement level of the January-June decline crossing at 4215.81 is the next upside target. Closes below the 20-day crossing at 3929.09 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the January-June decline crossing at 4215.81. Second resistance is the 62% retracement level of the January-June decline crossing at 4352.80. First support is the 10-day moving average crossing at 4011.65. Second support is the 20-day moving average crossing at 3927.74.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were lower overnight as it consolidates below resistance marked by the 38% retracement level of the 2021-2022 decline crossing at 143-25. The mid-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 147-27 is the next upside target. Closes below the 20-day moving average crossing at 140-15 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2021-2022 decline crossing at 143-25. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 147-27. First support is the 20-day moving average crossing at 140-15. Second support is the 50-day moving average crossing at 138-15.
September T-notes was steady to lower overnight as it consolidates some of the rally off June's low but remains above the 38% retracement level of the 2021-2022 decline crossing at 120.209. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Thursday's low, the 50% retracement level of the 2021-2022 decline crossing at 122.204 is the next upside target. Closes below the 20-day moving average crossing at 119.066 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Friday's high crossing at 121.125. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 122.204 is the next downside target. First support is the 20-day moving average crossing at 119.066. Second support is the 50-day moving average crossing at 118.134.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:September crude oil was lower overnight and sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off the July 14th low, the 50-day moving average crossing at $104.12 is the next upside target. If September renews the decline off June's high, the 38% retracement level of the 2020-2022 rally crossing at $86.43 is the next downside target. First resistance is the July 19th high crossing at $100.99. Second resistance is the 50-day moving average crossing at $104.12. First support is the July 14th low crossing at $88.23. Second support is the 38% retracement level of the 2020-2022 rally crossing at $86.43.
September heating oil was lower overnight as it extends July's trading range. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, the 38% retracement level of the 2020-2022 rally crossing at $3.1874 is the next downside target. Closes above the 50-day moving average crossing at $3.7966 would confirm an upside breakout of July's trading range while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at $3.7966. Second resistance is the July 1st high crossing at $3.9461. First support is the July 6th low crossing at $3.2946. Second support is the 38% retracement level of the 2020-2022 rally crossing at 3.1874.
September unleaded gas was lower overnight as it extends July's trading range. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the July 11th high crossing at 3.3229 would mark a potential upside breakout of the aforementioned trading range while opening the door for a possible test of the 50-day moving average crossing at 3.4154. If September renews the decline off June's high, the 38% retracement level of the 2020-2022 rally crossing at 2.8073 is the next downside target. First resistance is the July 11th high crossing at $3.3229. Second resistance is the 50-day moving average crossing at 3.4154. First support is the July 21st low crossing at 2.8890. Second support is the 38% retracement level of the 2020-2022 rally crossing at 2.8073. Third support is the 50% retracement level of the 2020-2022 rally crossing at 2.4586.
September Henry natural gas was lower overnight as it consolidates some of the rally off July's low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish with additional weakness is possible near-term. Closes below the 50-day moving average crossing at 7.552 would signal that a short-term top has been posted. If September renews the rally off July's low, June's high crossing at 9.598 is the next upside target. First resistance is last-Tuesday's high crossing at 9.419. Second resistance is June's high crossing at 9.598. First support is the 50-day moving average crossing at 7.552. Second support is the 20-day moving average crossing at 7.217.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was lower overnight as it extends the decline off July's high. Overnight trading sets the stage for a lower opening when the day 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 September extends the decline off July's high, the 50-day moving average crossing at $104.765 is the next downside target. Closes above last-Wednesday's high crossing at $107.300 would signal that a short-term low has likely been posted. First resistance is last-Wednesday's high crossing at $107.300. Second resistance is the July 14th high crossing at $109.140. First support is the overnight low crossing at $105.180. Second support is the 50-day moving average crossing at $104.765.
The September Euro was steady to higher overnight and the high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 21st high crossing at $1.03200 would signal that a short-term low has been posted while opening the door for additional gains near-term. If September renews the decline off May's high, the December 2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. First resistance is the July 21st high crossing at $1.03200. Second resistance is the 50-day moving average crossing at $1.04762. First support is the July 14th low crossing at $1.00000. Second support is the December 2002 low on the monthly continuation chart crossing at $0.98540.
The September British Pound was higher overnight as it extends the rally off the July 14th low. Overnight trading sets the stage for a steady to higher opening when the day 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 1.2239 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 1.2014 would signal that a short-term top has likely been posted. If September renews this year's decline, the March-2020 low on the monthly continuation chart crossing at 1.1438 is the next downside target. First resistance is the 50-day moving average crossing at 1.2239. Second resistance is the 25% retracement level of the 2021-2022 decline crossing at 1.2385. First support is the July 14th low crossing at 1.1778. Second support is the March-2020 low on the monthly continuation chart crossing at 1.1438.
The September Swiss Franc was steady to higher overnight as it extends the rally off July's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off the July 14th low, the June 29th high crossing at 1.05910 is the next upside target. Closes below the 20-day moving average crossing at 1.03634 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 1.05840. Second resistance is June's high crossing at 1.05910. First support is the 20-day moving average crossing at 1.03634. Second support is the July 14th low crossing at 1.01650.
The September Canadian Dollar was higher overnight as it extends the rally off July's low. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 June 28th high crossing at $78.02 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $77.31 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $78.31. Second resistance is the 62% retracement level of the April-July decline crossing at 78.67. First support is the 20-day moving average crossing at $77.31. Second support is July's low crossing at $75.61.
The September Japanese Yen was higher overnight as it extends the rally off July's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have become overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 25% retracement level of this year's decline crossing at 0.076118 would open the door for a larger-degree rally into early-August. Closes below the 20-day moving average crossing at 0.073572 would temper the near-term friendly outlook. If September renews the decline off May's high, the August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. First resistance is the 25% retracement level of this year's decline crossing at 0.076118. Second resistance is the 38% retracement level of this year's decline crossing at 0.078281. First support is the 20-day moving average crossing at 0.073572. Second support is July's low crossing at 0.072085.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Decembergold was higher overnight as it extends the rally off July's low. Overnight trading sets the stage for a steady to higher opening when the day 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 December extends the aforementioned rally, the 50-day moving average crossing at $1815.20 is the next upside target. Closes above the 10-day moving average $1747.30 would signal that a short-term low has been posted. If December renews the decline off June's high, the March-2021 low on the monthly continuation chart crossing at $1673.30 is the next downside target. First resistance is the 50-day moving average $1815.20. Second is the 38% retracement level of the March-July decline crossing at $1846.60. First support is last-Wednesday's low crossing at $1727.00. Second support is July's low crossing at $1696.10.
September silver was higher overnight as it extends the rally off July's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 50-day moving average crossing at $20.579 is the next upside target. Closes below the 20-day moving average crossing at 19.016 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $20.579. Second resistance is the 38% retracement level of the March-July decline crossing at 21.575. First support is the 20-day moving average crossing at 19.016. Second support is the July 14th low crossing at $18.010.
September copper was steady to higher overnight as it extends the rally off July's low. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 50-day moving average crossing at 3.8499 is the next upside target. Closes below the 20-day moving average crossing at 3.3906 would signal that a short-term top has been posted. First resistance is the July 7th high crossing at 3.5800. Second resistance is the 50-day moving average crossing at 3.8499. First support is the July 15th low crossing at 3.1315. Second support is the 75% retracement level of the 2020-2022 rally crossing at 2.8770.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was lower overnight as it consolidates some of the rally off July's low. Overnight trading sets the stage for a lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off July's low, the 50-day moving average crossing at $6.59 1/2 is the next upside target. Closes below last-Tuesday's gap crossing at $5.84 1/4 would temper the near-term friendly outlook. First resistance is last-Friday's high crossing at $6.36 1/2. Second resistance is the 50-day moving average crossing at $6.59 1/2. First support is last-Tuesday's gap crossing at $5.84 1/4. Second support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4.
September wheat was lower overnight as it consolidates some of the rally off the July 22nd low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 20th high crossing at $8.43 1/2 would signal that a short-term low has been posted. If September renews the decline off May's high, the 75% retracement level of the January-May high crossing at $7.23 is the next downside target. First resistance is the July 22nd high crossing at $8.43 1/2. Second resistance is the July 11th high crossing at $9.40 1/4. First support is the July 22nd low crossing at $7.54. Second support is the 75% retracement level of the January-May high crossing at $7.23.
September Kansas City wheat was lower overnight and sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at $9.15 1/4 would confirm that a short-term low has been posted. If September renews the decline off May's high, February's low crossing at $7.64 1/2 the next downside target. First resistance is the July 11th high crossing at $9.98 1/4. Second resistance is the 50-day moving average crossing at $10.24 1/2. First support is the 62% retracement level of the January-May rally crossing at $8.32 3/4. Second support is the February's low crossing at $7.64 1/2.
September Minneapolis wheat was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 20th high crossing at $9.56 would signal that a short-term low has been posted while opening the door for additional gains near-term. If September renews the decline of May's high, the 75% retracement level of the January-May rally crossing at $8.12 3/4 is the next downside target. First resistance is the July 20th high crossing at $9.56. Second resistance is the July 11th high crossing at $10.44 1/2. First support is the July 22nd low crossing at $8.69 1/4. Second support is the 75% retracement level of the January-May high crossing at $8.12 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans was lower overnight as it consolidates some of the rally off July's low. Overnight trading sets the stage for a lower opening when the day 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 November extends the rally off July's low, the June 30th high crossing at $15.07 3/4 is the next upside target. Closes below the 20-day moving average crossing at $13.68 1/4 would temper the near-term friendly outlook. First resistance is the June 30th high crossing at $15.07 3/4. Second resistance is the June 17th high crossing at $15.563/4. First support is the 20-day moving average crossing at $13.68 1/4. Second support is July's low crossing at $12.88 1/2.
December soybean meal was lower overnight as it consolidates some of the rally off the July 22nd low. The low-range trade overnight sets the stage for a lower opening when the day 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 $398.90 would temper the near-term bullish outlook. If December extends the aforementioned rally, March's high crossing at $436.80 is the next upside target. First resistance is last-Friday's high crossing at $431.70. Second resistance is March's high crossing at $436.80. First support is the 20-day moving average crossing at $398.90. Second support is the July 22nd low crossing at $380.80.
December soybean oil was lower overnight as it consolidates some of the rally off July's low. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 December extends the aforementioned rally, the 50-day moving average crossing at 67.19 is the next upside target. Closes below the 20-day moving average crossing at 59.19 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 67.19. Second resistance is the June 29th high crossing at 67.76. First support is the 20-day moving average crossing at 59.19. Second support is the July 14th low crossing at 54.42.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
October hogs closed up $0.90 at $97.23.
October hogs closed higher on Friday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, April's high crossing at $100.38 is the next upside target. Closes below the 20-day moving average crossing at $93.89 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $97.88. Second resistance is April's high crossing at $100.38. First support is the 20-day moving average crossing at $93.89. Second support is Tuesday's low crossing at $92.43.
October cattle closed up $0.40 at $142.23
October cattle closed higher on Friday as it consolidated some of the decline off Monday's high. The mid-range close sets the stage for a steady to higher opening on Monday. 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 $140.93 would confirm that a short-term top has been posted. If October extends the rally off June's low, May's high crossing at $145.10 is the next upside target. First resistance is May's high crossing at $145.10. Second resistance is the top of the April 25th gap crossing at $145.98. First support is the July 15th low crossing at $139.30. Second support is July's low crossing at $138.03.
September Feeder cattle closed up $1.00 at $183.73.
September Feeder cattle posted a key reversal up on Friday as it consolidated some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Close below last-Monday's low crossing at $178.10 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September renews this month's rally, February's high crossing at $188.25 is the next upside target. First resistance is last-Friday's high crossing at $184.90. Second resistance is February's high crossing at $188.25. First support is last-Monday's low crossing at $178.10. Second support is the 50-day moving average crossing at $176.02.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed lower on Friday as it consolidates some of the rally off July's low. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible. Closes above the 50-day moving average crossing at $22.19 would open the door for additional gains near-term. Closes below Monday's low crossing at $20.42 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $22.19. Second resistance is July's high crossing at $22.90. First support is Monday's low crossing at $20.42. Second support is July's low crossing at $19.60.
September cocoa closed slightly higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below Monday's low crossing at 22.85 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 24.03 would open the door for additional gains near-term.
October sugar closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this month's decline, the 38% retracement level of the 2020-2022 rally crossing at 16.88 is the next downside target. Closes above the 20-day moving average crossing at 18.35 would signal that a short-term low has been posted.
December cotton closed higher on Friday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the June 30th high crossing at 99.49 is the next upside target. If December renews the decline off May's high, the 75% retracement level of the 2020-2022 rally crossing at 74.58 is the next downside target.
Thanks tallpine!
Weather turned much LESS bullish over the weekend and continued that way overnight.
WCB weather is still bullish but east of there is actually bearish.