KEY EVENTS TO WATCH FOR:
Wednesday, March 8, 2023
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 188.5)
Composite Idx, W/W% (previous -5.7%)
Purchase Idx-SA (previous 138.8)
Purchase Idx-SA, W/W% (previous -5.6%)
Refinance Idx (previous 444)
Refinance Idx, W/W% (previous -5.5%)
8:15 AM ET. February ADP National Employment Report
Private Sector Jobs, Net Chg (previous +106000)
8:30 AM ET. January U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -67.42B)
Exports (USD) (previous 250.15B)
Exports, M/M% (previous -0.9%)
Imports (USD) (previous 317.57B)
Imports, M/M% (previous +1.3%)
10:00 AM ET. January Job Openings & Labor Turnover Survey
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 480.207M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.166M)
Gasoline Stocks (Bbl) (previous -1.192M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.874M)
Distillate Stocks (Bbl) (previous 122.114M)
Distillate Stocks, Net Chg (Bbl) (previous +0.179M)
Refinery Usage (previous 85.8%)
Total Prod Supplied (Bbl/day) (previous 20.413M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.195M)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
2:00 PM ET. U.S. Federal Reserve Beige Book
Thursday, March 9, 2023
730 AM ET. February Challenger Job-Cut Report
Job Cuts, M/M% (previous +136%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 190K)
Jobless Claims, Net Chg (previous -2K)
Continuing Claims (previous 1655000)
Continuing Claims, Net Chg (previous -5K)
8:30 AM ET. U.S. Weekly Export Sales
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2114B)
Working Gas In Storage, Net Chg (Cbf) (previous -81B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
N/A U.S. President Joe Biden announces FY'24 Budget
Friday, March 10, 2023
8:30 AM ET. February U.S. Employment Report
Non-Farm Payrolls (previous +517K)
Unemployment Rate (previous 3.4%)
Avg Hourly Earnings (USD) (previous 33.03)
Avg Hourly Earnings-Net Chg (USD) (previous +0.1)
Avg Hourly Earnings, M/M% (previous +0.30%)
Avg Hourly Earnings, Y/Y% (previous +4.43%)
Overall Workweek (previous 34.7)
Overall Workweek Net Chg (previous +0.3)
Government Payrolls (previous +74K)
Private Payroll (previous +443K)
Participation Rate (previous 62.4%)
Non-Farm Payrolls Bench Net Chg
2:00 PM ET. February Monthly Treasury Statement of Receipts and Outlays of the U.S. Government.
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed sharply lower on Tuesday in response to Fed Chairman Powell who stated that interest rates could go higher. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are poised to turn neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at 33,530.40 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 33,530.40. 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 lower on Tuesday due to hawkish comments from Fed Chairman Powell regarding further interest rate hikes. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible. If March extends the rally off last-Thursday's low, the February 16th high crossing at 12,792.75 is the next upside target. Closes below the 50-day moving average crossing at 11,875.41 would signal that a short-term top has been posted. First resistance is the February 16th high crossing at 12,792.75. Second resistance is February's high crossing at 12,949.75. First support is the 50-day moving average crossing at 11,875.41. Second support is the 50% retracement level of the January-February rally crossing at 11,773.24.
The March S&P 500 closed sharply lower on Tuesday as it consolidated some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 4056.31 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If March resumes the decline off February's high, the January 19th low crossing at 3901.75 is the next downside target. First resistance is the 20-day moving average crossing at 4056.31. Second resistance is the February 14th high crossing at 4186.50. First support is last-Thursday's low crossing at 3925.00. Second support is the January 19th low crossing at 3901.75.
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June T-bonds closed up 21/32's at 125-09.
June T-bonds closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. 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 126-15 would signal that a short-term low has been posted. If June resumes the decline off February's high, the 75% retracement level of the October-January rally crossing at 121-10 is the next downside target. First resistance is the 20-day moving average crossing at 126-15. Second resistance is the 50-day moving average crossing at 128-24. First support is last-Thursday's low crossing at 121-27. Second support is the 75% retracement level of the October-January rally crossing at 121-10.
June T-notes closed down 10-pts. at 111.005.
June T-notes closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 June extends the decline off January's high, last-October's low crossing at 109.215 is the next downside target. Closes above the 20-day moving average crossing at 112.042 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 111.092. Second resistance is the 20-day moving average crossing at 112.042. First support is the 87% retracement level of the October-January rally crossing at 110.198. Second support is last-October's low crossing at 109.215.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
April crude oil posted a huge key reversal down on Tuesday and closed sharply lower hinting that today's high might have posted a double top with February's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $75.83 would signal that a short-term top has been posted. If April extends the rally off the February 22nd low, January's high crossing at $82.89 is the next upside target. First resistance is today's high crossing at $80.94. Second resistance is January's high crossing at $82.89. First support is the February 22ndlow crossing at $73.80. Second support is February's low crossing at $72.64.
April heating oil closed lower on Tuesday as it consolidated some of the rally off the February 17th low. The low-range close sets the stage for a steady to lower opening when Wednesday's day trading session begins. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at $2.8101 signals that additional weakness is possible near-term. Closes above the 50-day moving average crossing at $2.9158 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at $2.9158. Second resistance is February's high crossing at $3.0487. First support is today's low crossing at $2.7742. Second support is February's low crossing at $2.6350.
April unleaded gas posted a huge key reversal down on Tuesday and closed sharply lower on Tuesday as it consolidated some of the rally off February's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 February's low, January's high crossing at 2.8578 is the next upside target. Closes below last-Friday's low crossing at 2.6235 would signal that a short-term top has been posted. First resistance is today's high crossing at 2.8122. Second resistance is January's high crossing at 2.8578. First support is last-Friday's low crossing at 2.6235. Second support is the February 24th low crossing at 2.5195.
April Henry natural gas closed higher on Tuesday's. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signal that sideways to lower prices are possible 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. Closes above the 50-day moving average crossing at 2.984 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 2.984. 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 2.577. Second support is February's low crossing at 2.113.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed sharply higher on Tuesday as it renewed the rally off February's low. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. 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, 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 104.745 would signal that a short-term top has been posted. First resistance is today's high crossing at $105.635. 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 104.153. Second support is the 50-day moving average crossing at $103.234.
The March Euro closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off February's high, 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 $1.07506 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.07506. Second resistance is the February 14th high crossing at $1.08245. 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 sharply lower on Tuesday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off January's high, the 38% retracement level of the September-December-2022 rally crossing at 1.1693 is the next downside target. Closes above the 50-day moving average crossing at 1.2145 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.2145. Second resistance is the February 14th high crossing at 1.2277. First support is today's low crossing at 1.1822. Second support is the 38% retracement level of the September-December-2022 rally crossing at 1.1693.
The March Swiss Franc closed sharply lower on Tuesday and the low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower trading is possible near-term. If March extends the aforementioned decline, the 50% retracement level of the November-February rally crossing at 1.05461 the next downside target. Closes above the 20-day moving average crossing at 1.07719 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.07719. Second resistance is the 50-day moving average crossing at 1.08415. First support is last-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 sharply lower on Tuesday as it renewed the decline off February's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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, the November-2022 low crossing at 72.58 is the next downside target. Closes above the 50-day moving average crossing at 74.27 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 74.27. Second resistance is the February 14thhigh crossing at 75.35. First support is the November-2022 low crossing at 72.58. Second support is the October-2022 low crossing at 71.70.
The March Japanese Yen closed sharply lower on Tuesday as it has renewed the decline off January's high and closed below the 50% retracement level of the October-January rally crossing at 0.073141. The low-range close sets the stage for a steady to lower opening when Wednesday’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 0.074598 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.074598. Second resistance is the 50-day moving average crossing at 0.076040. 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 sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at 1880.20 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1880.20. 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 sharply lower on Tuesday as it has renewed the decline off February's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 21.590 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 21.590. Second resistance is the February 9th high crossing at 22.810. First support is today's low crossing at 20.105. Second support is the 75% retracement level of the September-February rally crossing at 19.499.
May copper closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. If May renews the rally off February's low, the February 21st high crossing at 4.2130 is the next upside target. First resistance is the February 21st 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 down $0.02 3/4-cents at $6.34 1/4.
May corn closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 resumes 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 $6.43 3/4. Second resistance is the 20-day moving average crossing at $6.60. First support is last-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 up $0.02 3/4-cents at $6.98.
May wheat closed higher on Tuesday as it consolidates some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 $7.55 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.16. Second resistance is the 50-day moving average crossing at $7.55 3/4. First support is today's low crossing at $6.89 1/2. Second support is the September-2021 low crossing at $6.81 3/4.
May Kansas City Wheat closed up $0.01 1/2-cents at $7.99 1/4.
May Kansas City wheat closed higher on Tuesday as it consolidated some of decline off February's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. If May extends the decline off February's high, the February 2nd 2022 low crossing at $7.84 is the next downside target. Closes above the 20-day moving average crossing at $8.56 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $8.24 1/2. Second resistance is the 50-day moving average crossing at $8.52 1/4. First support is today's low crossing at $7.94. Second support is the February 2nd 2022 low crossing at $7.84.
May Minneapolis wheat closed down $0.10-cents crossing at $8.52 3/4.
March Minneapolis wheat closed lower on Tuesday as it renews the decline off last-October's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $9.03 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.03 1/4. Second resistance is February's high crossing at $9.28 1/2. First support is today's low crossing at $8.51. 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 down $0.13 1/2-cents at $15.15 1/2.
May soybeans posted an inside day with a lower close on Tuesday as it consolidates some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day trade begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, February's high crossing at $15.49 3/4 is the next upside target. Closes below last-Friday's low crossing at $15.07 1/4 would temper the near-term bullish outlook. First resistance is Monday's high crossing at $15.38 1/2. Second resistance is February's high crossing at $15.49 3/4. First support is last-Tuesday's low crossing at $14.77 3/4. Second support is the January 5th low crossing at $14.72.
May soybean meal closed down $5.60 at $487.80.
May soybean meal closed lower on Tuesday as it consolidated some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January's low, psychological resistance crossing at $500.00 is the next upside target. Closes below the 20-day moving average crossing at $478.00 would signal that a short-term top has been posted. First resistance is today's high crossing at $498.00. Second resistance is psychological resistance crossing at $500.00. First support is the 20-day moving average crossing at $478.00. Second support is the 50-day moving average crossing at $466.20.
May soybean oil closed down 179-pts. At 58.66.
May soybean oil closed sharply lower on Tuesday as it renewed the decline off February's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to higher prices are possible near-term. If May renews the decline off February's high, the 87% retracement level of the July-November-2022 rally crossing at 56.36 is the next downside target. Closes above the 50-day moving average crossing at 61.86 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at 61.86. Second resistance is February's high crossing at 63.83. First support is December's low crossing at 58.22. Second support is the 87% retracement of the July-November-2022 crossing at 56.36.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $1.33 at $84.80.
April hogs closed higher on Wednesday 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 Wednesday'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 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 $87.55 would confirm that a shorty-term low has been posted. First resistance is the 20-day moving average crossing at $85.23. Second resistance is the 50-day moving average crossing at $87.55. First support is today's low crossing at $83.20. Second support is February's low crossing at $81.28.
April cattle closed down $0.28 at $165.83.
April cattle posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, the November-2014 on the monthly continuation chart crossing at $171.65 is the next upside target. Closes below last-Thursday's low crossing at $163.85 would confirm a short-term top has been posted while opening the door for a test of the 50-day moving average crossing at $162.85. First resistance is Monday's high crossing at $166.68. 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 $162.85. Second support is the January 27th low crossing at $160.20.
May Feeder cattle closed up $1.00 at $204.25.
May Feeder cattle closed higher for the third-day in a row on Tuesday as it extends the rally off January's low to a new contract high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 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 $197.18 would signal that a short-term top has been posted. First resistance is today's high crossing at $204.25. 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 $199.60. Second support is the 20-day moving average crossing at $197.18.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed higher on Tuesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 $17.12 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 $17.12. Second support is the January 20th low crossing at $15.29.
May cocoa closed lower on Tuesday as it extended the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 27.28 would confirm that a short-term top has been posted. If May renews this year's rally, weekly resistance crossing at 29.98 is the next upside target.
May sugar closed higher on Tuesday as it extends the rally off last-October's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, weekly resistance crossing at 21.89 is the next upside target. Closes below the 20-day moving average crossing at 20.12 would signal that a short-term top has been posted.
May cotton closed lower on Tuesday as it extends the November-February trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off January's high, December's low crossing at 78.80 is the next downside target. If May extends the rally off February's low, January's high crossing at 89.31 is the next upside target.
Thanks tallpine!