INO Evening Market Comments
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Started by tallpine - March 3, 2023, 4:16 p.m.

KEY EVENTS TO WATCH FOR:



Monday, March 6, 2023 



10:00 AM ET. January Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (previous +1.8%)

                       Orders, Ex-Defense, M/M% (previous +2.0%)

                       Orders, Ex-Transport, M/M% (previous -1.2%)

                       Durable Goods, M/M%

                       Durable Goods, M/M%


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



The Dow closed higher for the third-day in a row on Friday as it extended the rally off Wednesday'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 33,527.62 would signal that a short-term low has been posted. If the Dow resumes the decline off February's high, the 38% retracement level of the October-December rally crossing at 32,396.11 is the next downside target. First resistance is the 50-day moving average crossing at 33,527.62. Second resistance is February's high crossing at 34,331.47. First support is the 38% retracement level of the October-December rally crossing at 32,396.11. Second support is the 50% retracement level of the October-December rally crossing at 31,682.20. 



The March NASDAQ 100 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 oversold but are turning neutral to bullish signaling sideways to higher prices are possible. Closes above the 20-day moving average crossing at 12,344.25 would signal that a short-term low has been posted. If March renews the decline off February's high, the 50-day moving average crossing at 11,835.90 is the next downside target. First resistance is the 20-day moving average crossing at 12,344.25. Second resistance is the February 16th high crossing at 12,792.75. First support is the 50-day moving average crossing at 11,835.90. Second support is the 62% retracement level of the January-February rally crossing at 11,494.88.  



The March S&P 500 closed higher on Friday as it consolidated some of the decline off February'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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4067.80 would signal that a short-term low has been posted. If March resumes the decline off February's high, the January 19th low crossing at 3901.75 is the next downside target. First resistance isthe 20-day moving average crossing at 4067.80. Second resistance is the February 14th high crossing at 4186.50. First support is Thursday's low crossing at 3925.00. Second support is the January 19th low crossing at 3901.75.        



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



March T-bonds closed up 1-22/32's at 123-29. 



March T-bonds closed higher on Friday as it consolidated some of the decline off February'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 this month's decline, the 75% retracement level of the October-January rally crossing at 121-10 is the next downside target. Closes above the 20-day moving average crossing at 125-28 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 124-03. Second resistance is the 20-day moving average crossing at 125-28. First support is Thursday's low crossing at 121-27. Second support is the 75% retracement level of the October-January rally crossing at 121-10.



March T-notes closed up 195-pts. at 110.225.



March T-notes closed higher on Friday as it consolidated some of the decline off February'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 aforementioned decline, last-October's low crossing at 109.060 is the next downside target. Closes above the 20-day moving average crossing at 111.313 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 111.007. Second resistance is the 20-day moving average crossing at 111.313. First support is the 87% retracement level of the October-January rally crossing at 110.035. Second support is last-October's low crossing at 109.060.  



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



April crude oil closed higher on Friday as it extends the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Monday's day session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off last-Wednesday's low, February's high crossing at $80.78 is the next upside target. Closes below today's low crossing at $75.83 would signal that a short-term top has been posted. First resistance is February's high crossing at $80.78. Second resistance is January's high crossing at $82.89. First support is last-Wednesday's low crossing at $73.80. Second support is February's low crossing at $72.64. 



April heating oil closed higher on Friday as it extended the rally off the February 17th low. The high-range close sets the stage for a steady to higher opening when Monday's day trading session begins. 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 $2.9180 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at $2.7891 is the next downside target. First resistance is the 50-day moving average crossing at $2.9180. Second resistance is February's high crossing at $3.0487. First support is the 10-day moving average crossing at $2.7891. Second support is February's low crossing at $2.6350. 



April unleaded gas closed higher on Friday as it extended the rally off February'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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, January's high crossing at 2.8578 is the next upside target. Closes below today's low crossing at 2.6235 would signal that a short-term top has been posted. First resistance is today's high crossing at 2.7527. Second is January's high crossing at 2.8578. First support is last-Friday's low crossing at 2.5195. Second support is February's low crossing at 2.4671.  



April Henry natural gas closed higher on Friday's as it extends the rally off last-Wednesday 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 signal that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.062 would open the door for additional gains near-term. If April resumes the decline off November's high, the September-21st-2020 low on the monthly continuation chart crossing at 1.795 is the next downside target.First resistance is the 50-day moving average crossing at 3.062. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at 3.667 is the next upside target. First support is the 20-day moving average crossing at 2.566. Second support is last-Wednesday's low crossing at 2.113. 



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



The March Dollar closed lower on Friday as it extends this week's trading range. The low-range close sets the stage for a steady to lower opening when Monday's 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 renews this month's rally, the 38% retracement level of the September-February decline crossing at $105.942 is the next upside target. Closes below the 20-day moving average crossing at 103.997 would signal that a short-term top has been posted. First resistance is January's high crossing at $105.500. Second resistance is the 38% retracement level of the September-February decline crossing at $105.942. First support is the 20-day moving average crossing at 103.997. Second support is the 50-day moving average crossing at $103.199.  



The March Euro 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.07533 would signal that a short-term low has been posted. If March renews this month's decline, the 38% retracement level of the September-February rally crossing at $1.05262 is the next downside target. Closes above the 50-day moving average crossing at $1.07533 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.06836. Second resistance is the 50-day moving average crossing at $1.07533. First support is the 38% retracement level of the September-February rally crossing at $1.05262. Second support the 50% retracement level of the September-February rally crossing at $1.03601. 



The March British Pound closed higher on Friday as it extends February'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 signaling sideways trading is possible near-term. If March renews February's decline, January's low crossing at 1.1861 is the next downside target. Closes above the 50-day moving average crossing at 1.2154 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.2154. Second resistance is the February 14th high crossing at 1.2277. First support is the February 17th low crossing at 1.1920. Second support is January's low crossing at 1.1861. 

 

The March Swiss Franc 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 oversold but remain neutral to bearish signaling that sideways to lower trading is possible near-term. If March extends the decline off February's high, the 50% retracement level of the November-February rally crossing at 1.05461 is the next downside target. Closes above the 50-day moving average crossing at 1.08503 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.07090. Second resistance is the 20-day moving average crossing at 1.07868. First support is Thursday's low crossing at 1.06025. Second support is the 50% retracement level of the November-February rally crossing at 1.05461. 



The March Canadian Dollar closed slightly higher on Friday as it extended this week's trading range. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, January's low crossing at 73.10 is the next downside target. Closes above the 50-day moving average crossing at 74.29 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 74.29. Second resistance is the February 14thhigh crossing at 75.35. First support is last-Friday's low crossing at 73.18. Second support is January's low crossing at 73.10.



The March Japanese Yen closed higher on Friday as it extends this week's trading range above the 50% retracement level of the October-January rally crossing at 0.073141. 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 aforementioned decline, the 62% retracement level of the October-January rally crossing at 0.071710 is the next downside target. Closes above the 20-day moving average crossing at 0.074898 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.073877. Second resistance is the 20-day moving average crossing at 0.074896. First support is the 50% retracement level of the October-January rally crossing at 0.073136. Second support is the 62% retracement level of the October-January rally crossing at 0.071710.    



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



April gold closed higher on Friday and above the 20-day moving average crossing at 1854.90 signaling that a short-term low has been posted. 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 April extends the rally off Tuesday's low, the 50-day moving average crossing at 1880.50 is the next upside target. If April renews the decline off February's high, the 62% retracement level of the November-February rally crossing at 1772.80 is the next downside target. First resistance is the 50-day moving average crossing at 1880.50. Second resistance is the February 9th high crossing at $1902.30. First support is the 50% retracement level of the November-February rally crossing at $1811.60. Second support is the 62% retracement level of the November-February rally crossing at 1772.80.



May silver closed higher on Friday as it consolidated some of the decline off February'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 21.783 would signal that a short-term low has been posted. If May resumes the decline off February's high, the 75% retracement level of the September-February rally crossing at 19.499 is the next downside target. First resistance is the 20-day moving average crossing at 21.783. Second resistance is the February 9th high crossing at 22.810. First support is the 62% retracement level of the September-February rally crossing at 20.458. Second support is the 75% retracement level of the September-February rally crossing at 19.499. 



May copper posted an inside day with a slightly higher close on Friday. The low-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 bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, last-Tuesday's high crossing at 4.2130 is the next upside target. If May renews the decline off February's high, the 50% retracement level of the September-January rally crossing at 3.7966 is the next downside target. First resistance is last-Tuesday's high crossing at 4.2130. Second resistance is the January 18th high crossing at 4.3590. First support is the 38% retracement level of the September-January rally crossing at 3.9297. Second support is is the 50% retracement level of the September-January rally crossing at 3.7966.



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



May Corn closed up $0.06-cents at $6.39 3/4. 



May corn closed higher on Friday as it extended the short covering rally off Wednesday'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above broken support crossing at $6.48 1/4 would signal that a short-term low has been posted. If May extends the decline off February's low, the August 18th low crossing at $6.15 1/4 is the next downside target. First resistance is the 10-day moving average crossing at $6.52 1/4. Second resistance is the 20-day moving average crossing at $6.64 1/4. First support is Wednesday's low crossing at $6.22 1/4. Second support is the August 18th low crossing at $6.15 1/4. 



May wheat closed down $0.04-cents at $7.08 3/4.  



May wheat closed lower on Friday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the September-2021 low crossing at $6.81 3/4 is the next downside target. Closes above the 50-day moving average crossing at $7.58 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.30 3/4. Second resistance is the 50-day moving average crossing at $7.58 1/2. First support is Wednesday's low crossing at $7.01 3/4. Second support is the September-2021 low crossing at $6.81 3/4. 



May Kansas City Wheat closed down $0.09 3/4-cents at $8.16 1/4.



May Kansas City wheat closed lower on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. If May renews the decline off February's high, January's low crossing at $8.00 1/4 is the next downside target. Closes above the 20-day moving average crossing at $8.63 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.54 1/4. Second resistance is the 20-day moving average crossing at $8.63. First support is the January 23rd low crossing at $8.06 3/4. Second support is January's low crossing at $8.00 1/4.



May Minneapolis wheat closed down $0.03 1/2-cents crossing at $8.72 3/4.



March Minneapolis wheat closed lower on Friday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the January-2022-low crossing at $8.42 1/2 is the next downside target. Closes above the 50-day moving average crossing at $9.05 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.05 1/2. Second resistance is February's high crossing at $9.28 1/2. First support is Wednesday's low crossing at $8.60 1/4. Second support is the January-2022-low crossing at $8.42 1/2. 

       

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



May soybeans closed up $0.09 1/2-cents at $15.18 3/4.



May soybeans closed higher on Friday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Monday's day trade begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $15.18 3/4 would signal that a short-term low has been posted while opening the door for additional short-term gains. If May resumes the aforementioned decline, the 38% retracement level of the 2022-2023 rally crossing at $14.53 3/4 is the next downside target. First resistance is today's high crossing at $15.25. Second resistance is February's high crossing at $15.49 3/4. First support is the January 25th low crossing at $14.76. Second support is the 38% retracement level of the 2022-2023 rally crossing at $14.53 3/4.  



May soybean meal closed up $9.00 at $481.30. 



May soybean meal closed higher on Friday as it consolidated some of Tuesday's sharp decline. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off January's low, psychological resistance crossing at $500.00 is the next upside target. If May renews Tuesday's sharp decline, the 50-day moving average crossing at $464.40. First resistance is February's high crossing at $488.60. Second resistance is psychological resistance crossing at $500.00. First support is the 50-day moving average crossing at $464.40. Second support is the January 23rd low crossing at $441.40.



May soybean oil closed down 71-pts. At 61.19. 



May soybean oil closed lower on Friday as it consolidated some of the rally off Tuesday'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 62.03 would signal that a short-term low has been posted while opening the door for additional gains near-term. If May renews the decline off February's high, February's low crossing at 58.43 is the next downside target. First resistance is the 50-day moving average crossing at 62.03. Second resistance is February's high crossing at 63.83. First support is February's low crossing at 58.43. Second support is the 75% retracement of the July-November-2022 crossing at 58.36. 

 

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



April hogs closed up $0.65 at $84.50. 



April hogs 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 bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, February's low crossing at $81.28 is the next downside target. Closes above the 50-day moving average crossing at $87.93 would confirm that a shorty-term low has been posted. First resistance is the 10-day moving average crossing at $85.64. Second resistance is the 50-day moving average crossing at $87.93. First support is today's low crossing at $83.53. Second support is February's low crossing at $81.28.   



April cattle closed up $1.43 at $165.53. 



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 extends Thursday's decline, the 50-day moving average crossing at $162.63 is the next downside target. If April resumes the rally off January's low, the November-2014 on the monthly continuation chart crossing at $171.65 is the next upside target. First resistance is February's high crossing at $166.40. Second resistance is the November-2014 on the monthly continuation chart crossing at $171.65. First support is the 50-day moving average crossing at $162.63. Second support is the January 27th low crossing at $160.20.    



May Feeder cattle closed up $2.15 at $200.98. 



May Feeder cattle 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 when Monday's 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 May extends the rally off January's low, the 75% retracement level of the 2014-2020 decline on the monthly continuation chart crossing at $210.28 is the next upside target. Closes below the 20-day moving average crossing at $196.32 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $201.33. Second resistance is the 75% retracement level of the 2014-2020 decline on the monthly continuation chart crossing at $210.28. First support is the 10-day moving average crossing at $197.78. Second support is the 20-day moving average crossing at $196.32.       



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



May coffee closed lower on Friday and below the 20-day moving average crossing at $18.15 as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50-day moving average crossing at $17.07 is the next downside target. If May renews the rally off January's low, the 50% retracement level of the August-January decline crossing at $19.54 is the next upside target. First resistance is the 50% retracement level of the 2022-2023 decline crossing at $19.54. Second resistance is the 62% retracement level of the 2022-2023 decline crossing at $20.78. First support is the 50-day moving average crossing at $17.07. Second support is the January 20th low crossing at $15.29. 



May cocoa closed lower on Friday as it consolidates some of this year's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 27.13 would confirm that a short-term top has been posted. If May extends this year's rally, weekly resistance crossing at 29.98 is the next upside target.                        



May sugar closed sharply higher on Friday as it extended the rally off October's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, weekly resistance crossing at 21.89 is the next upside target. Closes below the 20-day moving average crossing at 20.00 would signal that a short-term top has been posted.        



May cotton closed higher on Friday leaving yesterday's key reversal down unconfirmed. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's high, January's high crossing at 89.31 is the next upside target. If May renews the decline off January's high, December's low crossing at 78.80 is the next downside target.         

Comments
By metmike - March 3, 2023, 11:57 p.m.
Like Reply

Thanks much tallpine!


NG took off like a rocket today.