KEY EVENTS TO WATCH FOR:
Monday, January 30, 2023
10:30 AM ET. January Texas Manufacturing Outlook Survey
Business Activity (previous -18.8)
Mfg Production Idx (previous 9.7)
Tuesday, January 31, 2023
8:30 AM ET. 4th Quarter Employment Cost Index
ECI, Q/Q% (previous +1.2%)
ECI, Y/Y% (previous +5.0%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, Y/Y% (previous +5.0%)
Latest Wk, Y/Y% (previous +4.6%)
9:00 AM ET. November U.S. Monthly House Price Index
9:00 AM ET. November S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous -0.7%)
10-City Idx, Y/Y% (previous +8.0%)
20-City Idx, M/M% (previous -0.8%)
20-City Idx, Y/Y% (previous +8.6%)
National Idx, M/M% (previous -0.5%)
National Idx, Y/Y% (previous +9.2%)
9:45 AM ET. January Chicago Business Barometer - ISM-Chicago Business Survey -
Chicago PMI
PMI-Adj (previous 44.9)
10:00 AM ET. January Consumer Confidence Index
Cons Conf Idx (previous 108.3)
Expectation Idx
Present Situation Idx (previous 147.2)
10:00 AM ET. 4th Quarter U.S. Housing Vacancies
3:00 PM ET. December Agricultural Prices
Farm Prices, M/M% (previous +4.5%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +3.4M)
Gasoline Stocks, Net Chg (Bbls) (previous +0.6M)
Distillate Stocks, Net Chg (Bbls) (previous -1.9M)
N/A U.S. Federal Open Market Committee meeting
Wednesday, February 1, 2023
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 255.3)
Composite Idx, W/W% (previous +7.0%)
Purchase Idx-SA (previous 205.4)
Purchase Idx-SA, W/W% (previous +3.4%)
Refinance Idx (previous 502.3)
Refinance Idx, W/W% (previous +14.6%)
8:15 AM ET. January ADP National Employment Report
Private Sector Jobs, Net Chg (previous +235000)
8:30 AM ET. U.S. Department of the Treasury's quarterly refundingannouncement
9:45 AM ET. January US Manufacturing PMI
PMI, Mfg (previous 46.2)
10:00 AM ET. January ISM Report On Business Manufacturing PMI
Manufacturing PMI (previous 48.4)
Prices Idx (previous 39.4)
Employment Idx (previous 51.4)
Inventories (previous 51.8)
New Orders Idx (previous 45.2)
Production Idx (previous 48.5)
10:00 AM ET. December Construction Spending - Construction Put in Place
New Construction (previous +0.2%)
Residential Construction
10:00 AM ET. December Metropolitan Area Employment & Unemployment
10:00 AM ET. December Job Openings & Labor Turnover Survey
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 448.548M)
Crude Oil Stocks, Net Chg (Bbl) (previous +0.533M)
Gasoline Stocks (Bbl) (previous 232.022M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.763M)
Distillate Stocks (Bbl) (previous 115.27M)
Distillate Stocks, Net Chg (Bbl) (previous -0.507M)
Refinery Usage (previous 86.1%)
Total Prod Supplied (Bbl/day) (previous 19.447M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.867M)
11:00 AM ET. January Global Manufacturing PMI
PMI, Mfg (previous 48.6)
2:00 PM ET. U.S. interest rate decision
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 4.50)
Fed Funds Rate-Range Low (previous 4.25)
FOMC Vote For Action (previous 12)
FOMC Vote Against Action (previous 0)
Discount Rate (previous 4.50)
Discount Rate Change (Pts) (previous +0.50)
Discount Rate-Range High
Discount Rate-Range Low
4:00 PM ET. January Domestic Auto Industry Sales
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher for the sixth-day in a row on Friday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off last-Friday's low, January's high crossing at 34,342.32 is the next upside target. If the Dow renews the decline off January's high, the December 22nd low crossing at 32,573.43 is the next downside target. First resistance is January's high crossing at 34,342.32. Second resistance is the December 13th high crossing at 34,712.28. First support is the January 5th low crossing at 32,812.33. Second support is the December 22nd low crossing at 32,573.43.
The March NASDAQ 100 closed higher on Friday as it extended the rally off January's low. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. If March extends the rally off January's low, the 62% retracement level of the August-October decline crossing at 12,624.66 is the next upside target. Closes below the 20-day moving average crossing at 11,462.65 would signal that a short-term top has been posted. First resistance is today's high crossing at 12,278.75. Second resistance is the 62% retracement level of the August-October decline crossing at 12,624.66. First support is the 50-day moving average crossing at 11,574.57. Second support is the 20-day moving average crossing at 11,462.77.
The March S&P 500 closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Monday's 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 March extends the rally off December's low, the 75% retracement level of the August-October decline crossing at 4154.88 is the next upside target. Closes below the 20-day moving average crossing at 3960.11 would signal that a short-term top has been posted. First resistance is today's high crossing at 4103.25. Second resistance is the 75% retracement level of the August-October decline crossing at 4154.88. First support is the 20-day moving average crossing at 3960.11. Second support is the December 22nd low crossing at 3788.50.
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March T-bonds closed down 9-pts. at 130-04.
March T-bonds closed lower on Friday. The high-range close sets the stage for a steady to slightly lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 128-21 would signal that a short-term top has been posted. If March resumes the rally off December's low, the 62% retracement level of the August-October decline crossing at 133-30 is the next upside target. First resistance is last-Thursday's high crossing at 132-31. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 133-30. First support is the 20-day moving average crossing at 129-08. Second support is the 50-day moving average crossing at 128-21.
March T-notes closed down 80-pts. at 114.195.
March T-notes closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 113.299 would signal that a short-term top has been posted. If December renews the rally off December's low, the 62% retracement level of the August-October-2022 decline crossing at 116.235 is the next upside target. First resistance is last-Thursday's high crossing at 116.080. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 116.235. First support is the 20-day moving average crossing at 114.104. Second support is the 50-day moving average crossing at 113.299.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
March crude oil posted a key reversal down and it closed lower on Friday 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 Monday's day session begins. 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 50-day moving average crossing at $78.00 would signal that a short-term top has been posted. If March renews the rally off January's low, December's high crossing at $83.14 is the next upside target. First resistance is December's high crossing at $83.14. Second resistance is the November 14th high crossing at $87.00. First support is the 50-day moving average crossing at $78.00. Second support is the January 5thlow crossing at $72.74.
March heating oil closed lower on Friday as it extended the decline off Tuesday's high. The low-range close sets the stage for a steady to lower opening when Monday's day trading session begins. 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 $3.1435 would signal that a short-term top has been posted. If March renews the rally off the January 5th low, October's high crossing at $3.4793 is the next upside target. First resistance is Tuesday's high crossing at $3.4664. Second resistance is October's high crossing at $3.4793. First support is the 20-day moving average crossing at $3.1435. Second support is the 50-day moving average crossing at $3.0880.
March unleaded gas closed lower on Friday confirming Wednesday's key reversal down. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2.4798 would signal that a short-term top has been posted. If March renews the rally off December's low, the 75% retracement level of 2022's decline crossing at $2.7856 is the next upside target. First resistance is Wednesday's high crossing at $2.7186. Second resistance is the 75% retracement level of 2022's decline crossing at $2.7856. First support is the 20-day moving average crossing at 2.4798. Second support is the 50-day moving average crossing at $2.3619.
March Henry natural gas closed slightly higher on Friday as it consolidated some of the decline off September's high. The high-range close sets the stage for a steady to higher opening when Monday's 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 March extends the decline off November's high, the March-2020 low crossing at 2.473 is the next downside target. Closes above the 20-day moving average crossing at 3.333 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.333. Second resistance is the December 27th high crossing at 4.674. First support is Thursday's low crossing at 2.680. Second support is the March-2020 low crossing at 2.473.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed slightly higher on Friday as it extends a three-week old trading range above the 75% retracement level of the January-September rally crossing at $101.331. The mid-range close sets the stage for a steady to higher opening when Monday'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 March extends the decline off September's high, the 87% retracement level of the January-September rally crossing at $99.229 is the next downside target. Closes above the 20-day moving average crossing at $102.540 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $102.540. Second resistance is the 50-day moving average crossing at $103.934. First support is the 75% retracement level of the January-September rally crossing at $101.331. Second support is the 87% retracement level of the January-September rally crossing at $99.229.
The March Euro closed slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's 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 March extends the rally off September's low,the March 31st -2022 high crossing at $1.09680 is the next upside target. Closes below the 20-day moving average crossing at 1.08101 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $1.09625. Second resistance is the March 31st -2022 high crossing at $1.09680. First support is the 20-day moving average crossing at 1.08101. Second support is the 50-day moving average crossing at $1.06680.
The March British Pound closed slightly lower on Friday as it extends the trading range of the past seven-days. The mid-range close sets the stage for a steady opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off January's low, the 62% retracement level of the 2021-2022 decline crossing at 1.2764 is the next upside target. Closes below the 50-day moving average crossing at 1.2173 would signal that a short-term top has been posted while opening the door for a possible test of the January 6th low crossing at 1.1867. First resistance is Monday's high crossing at 1.2462. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.2764. First support is the 20-day moving average crossing at 1.2240. Second support is the 50-day moving average crossing at 1.2173.
The March Swiss Franc closed slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, the 75% retracement level of the 2018-2022 decline crossing at 1.10351 is the next upside target. Closes below the 50-day moving average crossing at 1.08201 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. Second resistance is the 75% retracement level of the 2018-2022 decline crossing at 1.10351. First support is the 50-day moving average crossing at 1.08201. Second support is the January 6th low crossing at 1.06915.
The March Canadian Dollar closed higher on Friday as it broke out to the topside of this month's trading range, which crossed at 75.10. The high-range close sets the stage for a steady to higher opening when Monday's 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 March extends the rally off January's low, November's high crossing at 75.71 is the next upside target. Closes below last-Thursday's low crossing at 73.40 would confirm that a short-term top has been posted. First resistance is today's high crossing at 75.21. Second resistance is November's high crossing at 75.71. First support is last-Thursday low crossing at 73.40. Second support is the December 16th low crossing at 73.04.
The March Japanese Yen posted an inside day with a higher close on Friday. The mid-range close sets the stage for a steady to higher opening when Monday’s day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.077191 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off October's low, the May 24th -2021 high crossing at 0.080525 is the next upside target. First resistance is the January 17th high crossing at 0.079190. Second resistance is the May 24th -2021 high crossing at 0.080525. First support is the 20-day moving average crossing at 0.077191. Second support is the January 6th low crossing at 0.074830.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed slightly lower on Friday as it consolidates some of the rally off November's low. The high-range close sets the stage for a steady to slightly higher opening when Monday's 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 April extends the rally off November's low, the 75% retracement level of the March-October decline crossing at $1978.50 is the next upside target. Closes below the 20-day moving average crossing at $1909.30 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Thursday's high crossing at $1966.50. Second resistance is the 75% retracement level of the March-October decline crossing at $1978.50. First support is the 20-day moving average crossing at $1909.30. Second support is the 50-day moving average crossing at $1848.00.
March silver closed lower on Friday while extending the December-January trading range. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, the 87% retracement level of the March-August decline crossing at 25.995 is the next upside target. Closes below the 50-day moving average crossing at 23.189 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. First resistance is the 75% retracement level of the March-September decline crossing at 24.779. Second resistance is the 87% retracement level of the March-August decline crossing at 25.938. First support is the 50-day moving average crossing at 23.189. Second support is the December 6th low crossing at 22.190.
March copper closed lower on Friday while extending the trading range of the past two-weeks. The mid-range close sets the stage for a steady opening when Monday's 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 March extends the rally off September's low, the 75% retracement level of the March-July decline crossing at 4.4773 is the next upside target. Closes below the 20-day moving average crossing at 4.0689 would signal that a short-term top has been posted. First resistance is the January 18th high crossing at 4.3550. Second resistance is the 75% retracement level of the March-July decline crossing at 4.4773. First support is the 20-day moving average crossing at 4.0869. Second support is the 50-day moving average crossing at 3.8938.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.00 1/2-cent at $6.83.
March corn closed fractionally higher on Friday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews this month's rally, the 75% retracement level of the October-December decline crossing at $6.92 1/2 is the next upside target. Closes below the 50-day moving average crossing at $6.63 1/4 would confirm that a short-term top has been posted. First resistance is the January 18th high crossing at $6.88 3/4. Second resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. First support is the 50-day moving average crossing at $6.63 1/4. Second support is January's low crossing at $6.48 1/4.
March wheat closed down $0.02 1/2-cents at $7.50.
March wheat posted an inside day with a lower close on Monday. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes and above the 50-day moving average crossing at $7.64 3/4 would signal that a short-term low has been posted. If March renews this month's decline, the September 6th 2021 low crossing at $6.93 1/2 is the next downside target. First resistance is the 50-day moving average crossing at $7.64 3/4. Second resistance is the December 30th high crossing at $7.99. First support is Monday's low crossing at $7.12 1/2. Second support is the September 6th 2021 low crossing at $6.93 1/2.
March Kansas City Wheat closed up $0.04 1/2-cents at $8.69 1/4.
March Kansas City wheat closed higher on Friday and above the 50-day moving average crossing at $8.67 1/4 as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at $8.65 1/2 opens the door for a possible test of the December 27th high crossing at $8.94 3/4. If March renews the decline off December's high, the January 10th 2022 low crossing at $7.68 3/4 is the next downside target. First resistance is today's high crossing at $8.73. Second resistance is the December 27 high crossing at $8.94 3/4. First support is the January 23rd low crossing at $8.11. Second support is the January 10th low crossing at $8.03 1/4.
March Minneapolis wheat closed up $0.03 1/2-cents crossing at $9.21 1/2.
March Minneapolis wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's 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 50-day moving average crossing at $9.22 would signal that a short-term low has been posted while opening the door for additional short-term gains. If March renews the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $9.22. Second resistance is the January 30th high crossing at $9.40. First support is Monday's low crossing at $8.85. Second support is August's low crossing at $8.75 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed down $0.14-cents at $15.09 1/2.
March soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's day trade begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews this month's rally. last-June's high crossing at $15.72 1/4 is the next upside target. If March renews the decline off last-Wednesday's high, January's low crossing at $14.65 is the next downside target. First resistance is last-Wednesday's high crossing at $15.48 1/2. Second resistance is last-June's high crossing at $15.72 1/4. First support is the 50-day moving average crossing at $14.80 3/4. Second support is January's low crossing at $14.65.
March soybean meal closed down $3.60 at $473.50.
March soybean meal closed lower on Friday as it consolidated some of the rally off Monday's low. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off Monday's low, the January 18th high crossing at $487.00 is the next upside target. If March renews the decline off the January 18th high, the 25% retracement level of the 2021-2023-rally crossing at $446.10 is the next downside target. First resistance is the January 18th high crossing at $487.00. Second resistance is the August 29th high on the monthly continuation chart crossing at $488.40 is the next upside target. First support is Monday's low crossing at $452.80. Second support is the 25% retracement level of the 2021-2023 rally crossing at $446.10.
March soybean oil closed down 3-pts. At 60.76.
March soybean oil closed slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's 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 March extends the decline off the December 27th high, December's low crossing at 58.50 is the next downside target. Closes above the 20-day moving a crossing at 62.73 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 62.73. Second resistance is the 50-day moving average crossing at 64.53. First support is today's low crossing at 59.90. Second support is December's low crossing at 58.50.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $0.43 at $86.58.
April hogs closed lower on Friday leaving yesterday's key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April resumes the aforementioned decline, October's low crossing at $82.63 is the next downside target. Closes above the 20-day moving average crossing at $88.81 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $88.81. Second resistance is the 50-day moving average crossing at $91.63. First support is Thursday's low crossing at $83.70. Second support is October's low crossing at $82.63.
April cattle closed up $0.40 at $160.93.
April cattle closed higher on Friday. The high-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. If April renews the decline off January's high, the 25% retracement level of the 2021-2022 rally crossing at $157.57 is the next downside target. If April extends the rally off January's low, December's high crossing at $162.75 is the next upside target. First resistance is Wednesday's high crossing at $161.78. Second resistance is December's high crossing at $162.75. First support is the 50-day moving average crossing at $160.06. Second support is the January 19th low crossing at $158.55.
March Feeder cattle closed up $0.73 at $183.57.
March Feeder cattle closed higher on Friday as it extends this week's trading range. The high-range close sets the stage for a steady to higher opening when Monday's 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 20-day moving average crossing at $184.24 would signal that a short-term low has been posted while opening the door for additional short-term gains. If March renews the decline off January's high, the October 14th low crossing at $176.28 is the next downside target. First resistance is the 50-day moving average crossing at $184.16. Second resistance is the 20-day moving average crossing at $184.24. First support is last-Thursday's low crossing at $179.18. Second support is the October 14th low crossing at $176.28.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Friday as it extends the rally off January's low. The high-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 sideways to higher prices are possible near-term. If March extends the rally off January's low, December's high crossing at $17.50 is the next upside target. Closes below the 20-day moving average crossing at $15.87 would signal that a short-term top has been posted. First resistance is today's high crossing at $17.02. Second resistance is December's high crossing at $17.50. First support is the 20-day moving average crossing at $15.87. Second support is the January 11th low crossing at $14.21.
March cocoa closed slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the January 17th high crossing at 26.75 is the next upside target. Closes below the 50-day moving average crossing at 25.51 would signal that a short-term top has been posted.
March sugar closed higher on Friday as it extends the rally off January's low. The high-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 March extends the rally off January's low, December's high crossing at 21.18 is the next upside target. Closes below the 20-day moving average crossing at 19.82 would signal that a short-term top has been posted.
March cotton closed lower on Friday as it extends the November-January trading range. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March resumes the rally off October's low, the 50% retracement level of the August-October decline crossing at 93.31 is the next upside target. Closes below the 50-day moving average crossing at 83.70 would signal that a short-term top has been posted.
Thanks a bunch tallpine!
How much rain will Argentina get from the current system.........been hitting some dry spots!
I'll try to find a good source for timely rain measurements.
https://www.accuweather.com/en/ar/buenos-aires/7894/weather-radar/7894
