KEY EVENTS TO WATCH FOR:
Thursday, September 22, 2022
8:30 AM ET. 2nd Quarter International Transactions
Current Account (USD) (expected -260.8B; previous -291.42B)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 215K; previous 213K)
Jobless Claims, Net Chg (previous -5K)
Continuing Claims (previous 1403000)
Continuing Claims, Net Chg (previous +2K)
8:30 AM ET. U.S. Weekly Export Sales
10:00 AM ET. August Leading Indicators
Leading Index, M/M% (expected -0.2%; previous -0.4%)
Leading Index
Coincident Index, M/M% (previous +0.3%)
Lagging Index, M/M% (previous +0.4%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2771B)
Working Gas In Storage, Net Chg (Cbf) (previous +77B)
11:00 AM ET. Sept. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous -9)
6-Mo Exp Prod Idx (previous 22)
Mfg Composite Idx (expected 5; previous 3)
6-Mo Exp Composite Idx (previous 10)
12:00 PM ET. SEC Closed Meeting
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, September 23, 2022
9:45 AM ET. September US Flash Manufacturing PMI
PMI, Mfg (expected 51.2; previous 51.3)
9:45 AM ET. September US Flash Services PMI
PMI, Services (expected 45.3; previous 44.1)
Monday, September 26, 2022
8:30 AM ET. August CFNAI Chicago Fed National Activity Index
NAI (previous 0.27)
NAI, 3-mo Moving Avg (previous -0.09)
10:30 AM ET. September Texas Manufacturing Outlook Survey
Business Activity (previous -12.9)
Mfg Production Idx (previous 1.2)
Tuesday, September 27, 2022
8:30 AM ET. August Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +0%)
Dur Goods, Ex-Defense, M/M% (previous +1.2%)
Dur Goods, Ex-Transport, M/M% (previous +0.3%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.4%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.7%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +10.9%)
Latest Wk, Y/Y% (previous +10.5%)
9:00 AM ET. July U.S. Monthly House Price Index
9:00 AM ET. July S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +0.4%)
10-City Idx, Y/Y% (previous +17.4%)
20-City Idx, M/M% (previous +0.4%)
20-City Idx, Y/Y% (previous +18.6%)
National Idx, M/M% (previous +0.6%)
National Idx, Y/Y% (previous +18%)
10:00 AM ET. September Richmond Fed Business Activity Survey
Mfg Idx (previous -8)
Shipments Idx (previous -8)
10:00 AM ET. September Consumer Confidence Index
Cons Conf Idx (previous 103.2)
Expectation Idx
Present Situation Idx (previous 145.4)
10:00 AM ET. August New Residential Sales
New Home Sales (previous 511K)
New Home Sales, M/M% (previous -12.6%)
New Home Sales Months Supply (previous 10.9)
1:00 PM ET. August Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls)
Gasoline Stocks, Net Chg (Bbls)
Distillate Stocks, Net Chg (Bbls)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed sharply lower on Wednesday following the Fed's announcement to raise interest rates by 78 basis points. The low-range close sets the stage for a steady to lower opening when Thursday'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 the Dow extends the decline off August's high, June's low crossing at 29,653.29 is the next downside target. Closes above the 20-day moving average crossing at 31,594.38 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 31,594.38. Second resistance is the 50-day moving average crossing at 32,197.78. First support is today's low crossing at 30,181.99. Second support is June's low crossing at 29,653.29.
The December NASDAQ 100 close sharply lower on Wednesday as it extended the decline off last-Tuesday's high. Today's low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible. If December extends the decline off August's high, the 87% retracement level of the June-August rally crossing at 11,474.02 is the next downside target. Closes above the 20-day moving average crossing at 12,353.09 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 12,353.09. Second resistance is the 50-day moving average crossing at 12,708.17. First support is today's low crossing at 11,647.50. Second support is the 87% retracement level of the June-August rally crossing at 11,474.02.
The December S&P 500 closed sharply lower on Wednesday as it renewed the decline off August's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 December extends the decline off August's high, the 87% retracement level of the June-August rally crossing at 3744.72 is the next downside target. Closes above the 50-day moving average crossing at 4060.05 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4061.66. Second resistance is last-Tuesday's high crossing at 4175.00. First support is today's low crossing at 3792.00. Second support is the 75% retracement level of the June-August rally crossing at 3744.72.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
December T-bonds closed up 23-pts. at 130-18.
December T-bonds posted an inside day with a higher close on Wednesday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 December extends the decline off August's high, the December-2013 low on the monthly continuation chart crossing at 127-23 is the next downside target. Closes above the 20-day moving average crossing at 133-14 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 131-20. Second resistance is the 20-day moving average crossing at 133-14. First support is Tuesday's low crossing at 129-06. Second support is the December-2013 low on the monthly continuation chart crossing at 127-23.
December T-notes closed up 35-pts. at 113.305.
December T-notes closed higher on Wednesday due to short covering following the Fed's announced hike in interest rates by 75 basis points. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If December extends the decline off August's high, the 62% retracement level of the 2000-2020 crossing at 111.233 is the next downside target. Closes above the 20-day moving average crossing at 115.277 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 115.277. Second resistance is the 50-day moving average crossing at 117.309. First support is today's low crossing at 113.095. Second support is the 62% retracement level of the 2000-2020 crossing at 111.233.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
November crude oil closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November renews the decline off August's high, the 50% retracement level of the 2021-2022 rally crossing at $74.38 is the next downside target. Closes above the 50-day moving average crossing at $89.44 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 87.52. Second resistance is the 50-day moving average crossing at $89.44. First support is the September 8th lowcrossing at $80.89. Second support is the February 18th lowcrossing at $79.31.
November heating oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.4533 would signal that a short-term low has been posted. If November renews the decline off August's high, the 50% retracement level of the 2020-2022 rally crossing at 2.7293 is the next downside target. First resistance is the 50-day moving average crossing at 3.4533. Second resistance is the 20-day moving average crossing at 3.5094. First support is Monday's low crossing at 3.0925. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.7293.
November unleaded gas closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $2.5633 would signal that a short-term low has been posted. If November renews the decline off June's high, the 50% retracement level of the 2021-2022 rally crossing at 2.1346 is the next downside target. First resistance is the 20-day moving average crossing at 2.4475. Second resistance is the 50-day moving average crossing at $2.5687. First support is the September 8th low crossing at 2.2487. Second support is the 50% retracement level of the 2021-2022 rally crossing at 2.1346.
November Henry natural gas closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 November extends the decline off August's high, the 62% retracement level of the June-August rally crossing at 7.211 is the next downside target. Closes above the 20-day moving average crossing at 8.575 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 9.292. Second resistance is the August 29th high crossing at 9.726. First support is the 50% retracement level of the July-August rally crossing at 7.755. Second support is the 62% retracement level of the July-August rally crossing at 7.211.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The December Dollar closed sharply higher on Wednesday as it renewed this year's rally. The high-range close sets the stage for a steady to higher opening when Thursday's nights session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off August's low, monthly resistance crossing at $114.782 is the next upside target. Closes below the 50-day moving average crossing at $107.502 would confirm that a short-term top has been posted. First resistance is today's high crossing at $111.360. Second resistance is monthly resistance crossing at $114.782. First support is the 50-day moving average crossing at $107.502. Second support is August's low crossing at $104.150.
The December Euro closed lower on Wednesday as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year's decline, the 87% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $0.93211 is the next downside target. Closes above the 50-day moving average crossing at $1.01823 is needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at $1.01823. Second resistance is September's high crossing at 1.02650. First support is today's low crossing at $0.98775. Second support is the 87% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $0.93211.
The December British Pound posted a new low close for the year on Wednesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If December extends this year's decline, monthly support crossing at 1.1100 is the next downside target. Closes above last-Tuesday's high crossing at 1.1759 would signal that a short-term low has been posted. First resistance last-Tuesday's high crossing at 1.1759. Second resistance is the 50-day moving average crossing at 1.1876. First support is today's low crossing at 1.1258. Second support is monthly support crossing at 1.1100.
The December Swiss Franc closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 1.04127 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If December renews the rally off September's low, August's high crossing at 1.07550 is the next upside target. First resistance is last-Tuesday's high crossing at 1.06325. Second resistance is August's high crossing at 1.07550. First support is the 20-day moving average crossing at 1.04127. Second support is September's low crossing at 1.02210.
The December Canadian Dollar closed lower on Wednesday following yesterday's key reversal down as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 December extends the decline off August's high, the 62% retracement level of the 2020-2021 rally crossing at 74.06 is the next downside target. Closes above the 20-day moving average crossing at 76.09 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 76.09. Second resistance is last-Tuesday's high crossing at 77.18. First support is today's low crossing at 74.36. Second support is the 62% retracement level of the 2020-2021 rally crossing at 74.06.
The December Japanese Yen closed slightly lower on Wednesday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this year's decline, is long-term support crossing at 0.065720 is the next downside target. Closes above the 20-day moving average crossing at 0.071439 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.071439. Second resistance is the 50-day moving average crossing at 0.73400. First support is last-Tuesday's low crossing at 0.069485. Second support is long-term support crossing at 0.065720.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
December gold closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 December extends the decline off August's high, monthly support crossing at $1610.30 is the next downside target. Closes above the 50-day moving average crossing at $1748.00 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1748.00. Second resistance August's high crossing at $1824.60. First support is today's low crossing at $1661.30. Second support is monthly support crossing at $1610.30.
December silver closed higher on Wednesday 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 Thursday'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 December renews the rally off September's low, the August high crossing at 21.020 is the next upside target. Closes below the 20-day moving average crossing at 18.824 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at 20.005. Second resistance is August's high crossing at 21.020. First support is the 20-day moving average crossing at 18.824. Second support is the September 1st low crossing at 17.320.
December copper closed lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August's high, July's low crossing at 3.1315 is the next downside target. If December renews the rally off last-Tuesday's low, the 38% retracement level of the March-July decline crossing at 3.8395 is the next upside target. First resistance is the 38% retracement level of the March-July decline crossing at 3.8395. Second resistance is the 50% retracement level of the March-July decline crossing at 4.0590. First support the September 6th low crossing at 3.3610. Second support is July's low crossing at 3.1315.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed down $0.06 1/2-cents at $6.85 1/2.
December corn closed lower on Wednesday due to profit taking after failing to clear psychological resistance crossing at $7.00. The low-range close sets the stage for a steady to lower opening when Thursday'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 December renews the rally off July's low, the 75% retracement level of the May-July decline crossing at $7.15 is the next upside target. Closes below last-Friday's low crossing at $6.67 1/2 would signal that a short-term top has been posted. First resistance is psychological resistance crossing at $7.00. Second resistance is the 75% retracement level of the May-July decline crossing at $7.15. First support is last-Friday's low crossing at $6.67 1/2. Second support is the 50-day moving average crossing at $6.35 1/4.
December wheat closed up $0.10-cents at $9.03 3/4.
December wheat closed higher on Wednesday as it extends yesterday's breakout above the upper boundary of the July-September trading range. The mid-range close sets the stage for a steady to higher opening when Thursday's night session 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 August's low, the 38% retracement level of the May-August decline crossing at $9.49 1/4. Closes below the 50-day moving average crossing at $8.19 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $9.19 1/2. Second resistance is the 38% retracement level of the May-August decline crossing at $9.49 1/4. First support is the 50-day moving average crossing at $8.19 1/4. Second support is the September 1st low crossing at $7.91 1/4.
December Kansas City Wheat closed up $0.04-cents at $9.67.
December Kansas City wheat closed higher on Wednesday as it extends the rally off August's low. The mid-range close sets the stage for a steady to higher opening when Thursday'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 December extends the rally off August's low, the July 11th high crossing at $10.10 is the next upside target. Closes below the 50-day moving average crossing at $8.83 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $9.82. Second resistance is the July 11th high crossing at $10.10. First support is September's low crossing at $8.65. Second support is August's low crossing at $8.08 1/2.
December Minneapolis wheat closed up $0.05-cents at $9.64 1/4.
December Minneapolis wheat closed higher on Wednesday as it extends the July-September trading range. The high-range close sets the stage for a steady to higher opening when Thursday'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. Closes above the July 20th high crossing at $9.67 would mark an upside breakout of the July-September trading range and would open the door for additional gains near-term. Closes below the September 7th low crossing at $8.80 would confirm that a short-term top has been posted. First resistance is the July 20th high crossing at $9.67. Second resistance is the July 11th high crossing at $10.56 1/4. First support is September's low crossing at $8.80. Second support is August's low crossing at $8.61 3/4. Third support is the 75% retracement level of the January-May rally crossing at $8.29 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed down $0.17 1/2-cents at $14.61 1/4.
November soybeans closed lower on Wednesday ending the rebound off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November renews the rally off the September 8th low, the 75% retracement level of the June-July decline crossing at $15.12 is the next upside target. Closes below the 20-day moving average crossing at $14.38 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the June-July decline crossing at $15.12. Second resistance is the 87% retracement level of the June-July decline crossing at $15.47 3/4. First support is the 20-day moving average crossing at $14.38. Second support is the September 8th low crossing at $13.73.
December soybean meal closed down $0.60 at $438.80.
December soybean meal closed slightly lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 December extends the rally off July's low, long-term resistance on the monthly continuation chart crossing at $457.00 is the next upside target. Closes below the 20-day moving average crossing at $422.20 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $442.70. Second resistance is long-term resistance on the monthly continuation chart crossing at $457.00. First support is the 20-day moving average crossing at $422.20. Second support the 50-day moving average crossing at $411.90.
December soybean oil closed down 91-pts. at 65.00.
December soybean oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December resumes the rally off July's low, the 62% retracement level of the June-July decline crossing at 69.82 is the next upside target. Closes below the 50-day moving average crossing at 63.53 would temper the near-term friendly outlook. First resistance is the August 12th high crossing at 68.16. Second resistance is the 62% retracement level of the June-July decline crossing at 69.82. First support is September's low crossing at 61.24. Second support is the July 22nd low crossing at 55.53.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
December hogs closed down $1.63 at $86.55.
December hogs closed sharply lower on Wednesday as it consolidates some of the rally off September's low. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $84.67 would signal that a short-term top has been posted. If December extends the rally off September's low, August's high crossing at $91.35 is the next upside target. First resistance is Tuesday's high crossing at $89.08. Second resistance is August's high crossing at $91.35. First support is the 50-day moving average crossing at $86.18. Second support is the 20-day moving average crossing at $84.67.
December cattle closed down $0.33 at $150.75.
December cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $149.44 would confirm that a double top with August's high has been posted. If December extends the rally off August's low, April's high crossing at $152.38 is the next upside target. First resistance is Tuesday's high crossing at $152.23. Second resistance is April's high crossing at $152.38. First support is the 20-day moving average crossing at $150.17. Second support is the 50-day moving average crossing at $149.44.
November Feeder cattle closed down $1.03 at $180.25.
November Feeder cattle closed lower on Wednesday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off August's high, the July low crossing at $178.83 is the next downside target. Closes above the 50-day moving average crossing at $186.01 would signal that a short-term low has been posted. First resistance is the September 6th high crossing at $187.83. Second resistance is August's high crossing at $191.43. First support is July's low crossing at $178.83. Second support is the June 13th low crossing at $175.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed lower on Wednesday ending a two-day rebound. The low-range close sets the stage for a steady to lower opening on Thursday. 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 $22.74 would signal that a short-term low has been posted. If December renews the decline off August's high, the August 19th low crossing at 20.95 is the next downside target. First resistance is the 20-day moving average crossing at $22.74. Second resistance is August's high crossing at $24.30. First support is the August 19th low crossing at $20.95. Second support is August's low crossing at 20.28.
December cocoa closed slightly lower on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral signaling sideways trading is possible near-term. Closes above Monday's high crossing at 23.95 would signal that a short-term low has been posted. If December renewed the decline off August's high, the July 14th low crossing at 22.80 is the next downside target.
March sugar closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. Closes above the August 30h high crossing at 18.34 would signal that a short-term low has been posted. If March extends this summer's decline, the 38% retracement level of the 2020-2022 rally crossing at 17.11 is the next downside target.
December cotton closed sharply higher on Wednesday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 75% retracement level of the July-August rally crossing at 91.91 is the next downside target. Closes above the 20-day moving average crossing at 105.67 would signal that a low has been posted.
Thanks a million tallpine!
Cotton was on fire today because of next weeks potential hurricane: