Sector Analysis and Key Events for Wednesday

Key Market Reports and Commentary for Wednesday
INO.com  INO Morning Markets Report

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Summary
The Dow Future is trending higher 92 points to 31918. The US Dollar Index climbed 0.116 points to 92.074. Gold is lower 1.320 dollars to 1712.175. Silver is declining 0.1110 dollars to 25.6975. The Dow Industrials trended higher 30.30 points, at 31832.74, while the S&P 500 climbed 54.09 points, last seen at 3875.44. The Nasdaq Composite edged higher by 464.67 points to 13073.83. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
Coinbase IPO Raises Concern About Bitcoin Long-Term
Tuesday Mar 9th

Which Way Will The Fed Blow?
Monday Mar 8th

U.S. Crude Oil Production Steady In December
Sunday Mar 7th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Composite Idx (previous 794.5)

Composite Idx, W/W% (previous +0.5%)

Purchase Idx-SA (previous 269.7)

Purchase Idx-SA, W/W% (previous +1.8%)

Refinance Idx (previous 3850.4)

Refinance Idx, W/W% (previous +0.1%)

8:30 AM ET. February Real Earnings

8:30 AM ET. February CPI

CPI, M/M% (previous +0.3%)

Core CPI, M/M% (previous +0%)

Energy Idx, M/M% (previous +3.5%)

Food Idx, M/M% (previous +0.1%)

Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.8%)

CPI, Y/Y% (previous +1.4%)

Core Annual, Y/Y% (previous +1.4%)

10:00 AM ET. February Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl) (previous 484.605M)

Crude Oil Stocks, Net Chg (Bbl) (previous +21.563M)

Gasoline Stocks (Bbl) (previous 243.472M)

Gasoline Stocks, Net Chg (Bbl) (previous -13.624M)

Distillate Stocks (Bbl) (previous 142.996M)

Distillate Stocks, Net Chg (Bbl) (previous -9.719M)

Refinery Usage (previous 56.0%)

Total Prod Supplied (Bbl/day) (previous 18.759M)

Total Prod Supplied, Net Chg (Bbl/day) (previous +0.071M)

2:00 PM ET. February Monthly Treasury Statement of Receipts & Outlays of the U.S.

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

Jobless Claims (previous 745K)

Jobless Claims, Net Chg (previous +9K)

Continuing Claims (previous 4295000)

Continuing Claims, Net Chg (previous -124K)

8:30 PM ET. U.S. Weekly Export Sales

Corn (Metric Tons) (previous 154.5K)

Soybeans (Metric Tons) (previous 533.4K)

Wheat (Metric Tons) (previous 242.7K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. January Job Openings & Labor Turnover Survey

10:30 AM ET. EIA Weekly Natural Gas Storage Report

Working Gas In Storage (Cbf) (previous 1845B)

Working Gas In Storage, Net Chg (Cbf) (previous -98B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

N/A SEC Investor Advisory Committee Quarterly

8:30 AM ET. February PPI

PPI, M/M% (previous +1.3%)

Ex-Food & Energy PPI, M/M% (previous +1.2%)

Personal Consumption (previous +1.3%)

10:00 AM ET. 4th Quarter Quarterly Services

10:00 AM ET. March University of Michigan Survey of Consumers - preliminary

Mid-Mo Sentiment (previous 76.2)

Mid-Mo Expectations (previous 69.8)

Mid-Mo Current Idx (previous

8:30 AM ET. March Empire State Manufacturing Survey

Mfg Idx (previous 12.1)

Employment Idx (previous 12.1)

New Orders Idx (previous 10.8)

Prices Received (previous 23.4)

10:00 AM ET. January State Employment and Unemployment

4:00 PM ET. January Treasury International Capital

7:45 AM ET. Weekly Chain Store Sales Index

8:30 AM ET. February Advance Monthly Sales for Retail & Food Services

Overall Sales-SA, M/M% (previous +5.3%)

Sales, Ex-Auto, M/M% (previous +5.9%)

Sales, Ex-Auto & Gas, M/M% (previous +6.1%)

8:30 AM ET. February Import & Export Price Indexes

Import Prices (previous +1.4%)

Non-Petroleum Prices (previous +0.9%)

Petroleum Prices (previous +8.3%)

8:55 AM ET. Johnson Redbook Retail Sales Index

Ret Sales Mo-to-Date, M/M%

Ret Sales Mo-to-Date, Y/Y%

Latest Wk, Y/Y%

9:15 AM ET. February Industrial Production & Capacity Utilization

Industrial Production, M/M% (previous +0.9%)

Capacity Utilization % (previous 75.6%)

Capacity Utilization, Net Chg (Pts) (previous +0.7)

10:00 AM ET. March NAHB Housing Market Index

Housing Mkt Idx (previous 84)

10:00 AM ET. January Manufacturing & Trade: Inventories & Sales

Total Inventories (previous +0.6%)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks, Net Chg (Bbls)

Gasoline Stocks, Net Chg (Bbls)

Distillate Stocks, Net Chg (Bbls)

N/A U.S. Federal Open Market Committee meeting



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 92.074 +0.116 +0.13%
Invesco DB US Dollar Index 24.78 -0.13 -0.52%
US Dollar/Canadian Dollar 1.264475 -0.002090 -0.17%
Euro/US Dollar 1.18951 +0.00153 +0.13%
JAPANESE YEN Mar 2021 0.009192 -0.000024 -0.26%
SWISS FRANC Mar 2021 1.0744 -0.0036 -0.33%
US Dollar/Hong Kong Dollar 7.76285 -0.00003 -0.00%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The June Dollar was higher overnight as it consolidates some of Tuesday's decline. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 50% retracement level of the September-January-decline crossing at $93.43 is the next upside target. Closes below the 20-day moving average crossing at $90.88 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2020-2021-decline crossing at $92.42. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at $93.43. First support is the 10-day moving average crossing at $91.39. Second support is the 20-day moving average crossing at $90.88.

The June Euro was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 38% retracement level of the 2020-2021-rally crossing at $117.85 is the next downside target. Closes above the 20-day moving average crossing at $120.87 are needed to signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $120.25. Second resistance is the 20-day moving average crossing at $120.87. First support is Tuesday's low crossing at $118.61. Second support is the 38% retracement level of the November-January-rally crossing at $117.85.

The June British Pound was lower overnight as it consolidates some of Tuesday's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 50-day moving average crossing at 1.3770 is the next downside target. Closes above the 20-day moving average crossing at 1.3942 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3942. Second resistance is last-Thursday's high crossing at 1.4020. First support is the 50-day moving average crossing at 1.3770. Second support is February's low crossing at 1.3568.

The June Swiss Franc was lower in overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are 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, the 75% retracement level of the 2020-2021-rally crossing at 1.0586 is the next downside target. Closes above the 10-day moving average crossing at 1.0879 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0879. Second resistance is the 20-day moving average crossing at 1.1035. First support is Tuesday's low crossing at 1.0695. Second support is the 75% retracement level of the 2020-2021-rally crossing at 1.0586.

The June Canadian Dollar was lower overnight as it extends the trading range of the past two-weeks. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If June resumes the rally off February's low, the 87% retracement level of the 2018-2020-decline crossing at $80.52 is the next upside target. Closes below the February 26th low crossing at $78.42 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. First resistance is February's high crossing at $80.21. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $80.52. First support is the February 26th low crossing at $78.42. Second support is January's low crossing at $77.65.

The June Japanese Yen is working on an inside day as it traded lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are 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, the March-2020 low crossing at 0.0911 is the next downside target. Closes above the 20-day moving average crossing at 0.0940 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0931. Second resistance is the 20-day moving average crossing at 0.0940. First support is Tuesday's low crossing at 0.0916. Second support is the March-2020 low crossing at 0.0911.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Apr 2021 64.44 +0.62 +0.97%
NY HARBOR ULSD HEATING OIL Apr 2021 1.9114 +0.0132 +0.70%
NATURAL GAS Apr 2021 2.637 -0.013 -0.49%
RBOB GASOLINE Apr 2021 2.0533 +0.0109 +0.53%
Invesco DWA Energy Momentum ETF 26.5349 -0.8425 -3.18%
United States Gasoline 32.78 +0.03 +0.09%

ENERGIES

April crude oil was slightly higher in late-overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Wednesday's low crossing at $59.24 are needed to confirm that a short-term top has been posted. If April extends the rally off November's low, the October-2018 high on the monthly continuation chart crossing at $76.90 is the next upside target. First resistance is Monday's high crossing at $67.98. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90. First support is last-Wednesday's low crossing at $59.24. Second support is the February 12th low crossing at $57.31.

April heating oil was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $184.43 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If April resumes the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $200.04 is the next upside target. First resistance is Monday's high crossing at $198.68. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 20-day moving average crossing at $184.43. Second support is the February 12th low crossing at $171.81.

April unleaded gas was lower overnight as it consolidates some of the rally off November's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $193.62 would confirm that a short-term top has been posted. If April extends the rally off November's low, the October 8th 2018 high crossing at $221.41 is the next upside target. First resistance is Monday's high crossing at $211.19. Second resistance is the October 8th 2018 high crossing at $221.41. First support is the 20-day moving average crossing at $193.63. Second support is the February 12th low crossing at $175.76.

April Henry natural gas was lower overnight as it extends the decline off February's high. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the 62% retracement level of the December-February-rally crossing at 2.596 is the next downside target. Closes above the 20-day moving average crossing at 2.828 would signal that a short-term low has been posted. First resistance resistance is the 10-day moving average crossing at 2.740. Second resistance is the 20-day moving average crossing at 2.828. First support is the 62% retracement level of the December-February-rally crossing at 2.596. Second support is the 75% retracement level of the December-February rally crossing at 2.496.



 
Food Snapshot
Symbol Last Change %
COFFEE MARCH 2021 129.55 +0.50 +0.39%
SUGAR #11 WORLD MAY 2021 15.99 +0.09 +0.57%
SUGAR #16 MAY 2021 29.94 0.00 0.00%
ORANGE JUICE - A MARCH 2021 112.35 +1.90 +1.72%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 50.9600 -0.7234 -1.44%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 45.50 -0.29 -0.64%

FOOD & FIBER

May coffee posted a key reversal up 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 that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 12.84 would open the door for a possible test of February's low crossing at 12.21. If Closes above the 10-day moving average crossing at 13.39 would signal that a short-term low has been posted.

May cocoa closed higher on Tuesday as it consolidated some of the decline off last-Wednesday'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 that sideways to lower prices are possible near-term. If May extends the decline off last-Wednesday's high, the 50-day moving average crossing at 24.94 is the next downside target. Closes above the 10-day moving average crossing at 25.96 would temper the near-term bearish outlook.

May sugar closed lower on Tuesday as it extends the decline off February's high. The low-range close set 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. If May extends the decline off February's high, the 50-day moving average crossing at 15.56 is the next downside target. Closes above the 10-day moving average crossing at 16.40 would temper the near-term bearish outlook.

May cotton closed limit down on Tuesday following today's bearish WASDE report. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes above the 50-day moving average crossing at 84.60 would open the door for a possible test of February's low crossing at 81.06 is the next downside target. Closes above the 20-day moving average crossing at 89.35 would signal that a short-term low has been posted.



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Grains Snapshot
Symbol Last Change %
CORN Mar 2021 552.25 -9.75 -1.73%
OATS Mar 2021 389.25 +0.25 +0.06%
WHEAT Mar 2021 645.00 -5.75 -0.88%
Teucrium Corn Fund ETV 17.33 +0.03 +0.17%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 60.070 +0.555 +0.93%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.825 -0.080 -2.09%
SOYBEANS Mar 2021 1431.00 -12.50 -0.87%
SOYBEAN (MINI) Mar 2021 1441.25 +3.25 +0.22%
SOYBEAN MEAL Mar 2021 414.5 -4.6 -1.10%
Teucrium Soybean Fund ETV 21.6099 +0.0999 +0.46%

GRAINS

May corn was lower overnight as it extends the trading range of the past six-weeks. The low-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the February 11th low crossing at $5.23 1/4 is the next downside target. If May renews the rally off February's low, February's high crossing at $5.72 is the next upside target. First resistance is February's high crossing at $5.72. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36. First support is the February 11th low crossing at $5.23 1/4. Second support is the the 25% retracement level of the August-February-rally crossing at $5.14.

May wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, February's low crossing at $6.28 1/2 is the next downside target. Closes above the 10-day moving average crossing at $6.56 1/4 would signal that a short-term low has been posted. First resistance is February's high crossing at $6.88 1/2. Second resistance is January's high crossing at $6.93. First support is February's low crossing at $6.28 1/2. Second support is January's low crossing at $6.26.

May Kansas City wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below February's low crossing at $6.08 1/4 would confirm a downside breakout of the January-March-trading range. Closes above the 20-day moving average crossing at $6.32 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.32 3/4. Second resistance is February's high crossing at $6.64. First support is Monday's low crossing at $6.13. Second support is February's low crossing at $6.08 1/4.

May Minneapolis wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the 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 $6.33 1/4 would open the door for a larger-degree decline near-term. If May resumes the rally off February's low, January's high crossing at $6.62 is the next upside target. First resistance is February's high crossing at $6.58 3/4. Second resistance is January's high crossing at $6.62. First support is the 50-day moving average crossing at $6.33 1/4. Second support is the January 25th low crossing at $6.15.

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

May soybeans was sharply lower due to profit taking overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging 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 $14.00 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If May extends the rally off last-August's low, psychological resistance crossing at $15.00 is the next upside target. First resistance is Monday's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the 20-day moving average crossing at $14.00. Second support is the 50-day moving average crossing at $13.75 1/4.

May soybean meal was lower overnight trading and is challenging the lower boundary of the trading range of the past seven-weeks crossing at $413.40. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the January 25th low crossing at $413.40 would mark a downside breakout of the aforementioned trading range while opening the door for a possible test of the 38% retracement level of August-January rally crossing at $396.90. Closes above the 50-day moving average crossing at $429.00 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $429.00. Second resistance is the February 9th high crossing at $442.10. First support is February's low crossing at $413.40. Second support is the 38% retracement level of the August-January rally crossing at $396.90.

May soybean oil was lower due to profit taking overnight as it consolidates some of its recent gains. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, the September-2012 high on the monthly continuation chart crossing at 58.14 is the next upside target. Closes below the 20-day moving average crossing at 48.85 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 53.72. Second resistance is the September-2012 high on the monthly continuation chart crossing at 58.14. First support is the 10-day moving average crossing at 51.01. Second support is the 20-day moving average crossing at 48.85.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 31832.74 +30.30 +0.10%
NASDAQ Composite 13073.83 +464.67 +3.55%
S&P 500 3875.44 +54.09 +1.40%
SPDR S&P 500 387.0450 +5.3250 +1.38%
iShares Russell 2000 ETF 223.16 +4.42 +1.98%

U.S. STOCK INDEXES

The June NASDAQ 100 was lower overnight as it consolidates some of Tuesday's rally. The low-range trade sets the stage for a steady to lower opening when the 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 13,151.42 would signal that a short-term low has been posted. If June extends the decline off February's high, the 25% retracement level of the March-February-rally crossing at 12,146.81 is the next downside target. First resistance is the 10-day moving average crossing at 12,757.30. Second resistance is the 50-day moving average crossing at 13,127.77. First support is last-Friday's low crossing at 12,200.00. Second support is the 25% retracement level of the March-February-rally crossing at 12,146.81.

The June S&P 500 was lower in overnight trading as it consolidates some of the rally off last-Thursday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3863.47 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, February's low crossing at 3648.00 is the next downside target. First resistance is the 20-day moving average crossing at 3863.47. Second resistance is February's high crossing at 3947.75. First support is last-Thursday's low crossing at 3710.50. Second support is February's low crossing at 3648.00.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Mar 2021 159.03125 -0.50000 -0.31%
iShares Floating Rate Bond ETF 50.757 -0.013 -0.03%
5 YEAR T-NOTES Mar 2021 124.273438 -0.007813 -0.01%
ULTRA T-BONDS Mar 2021 188.25000 -1.43750 -0.76%
Invesco Senior Loan Portf 22.18 0.00 0.00%

INTEREST RATES

June T-bonds were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 160-13 would signal that a short-term low has been posted. If June extends the decline off September's high, monthly support crossing at 155-05 is the next downside target. First resistance is the 10-day moving average crossing at 158-03. Second resistance is the 20-day moving average crossing at 160-13. First support is last-Friday's low crossing at 155-27. Second support is long-term support on the monthly continuation chart crossing at 155-05.

June T-notes were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this year's decline the is the next downside target. Closes above the 20-day moving average crossing at 133.231 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 132.197. Second resistance is the 20-day moving average crossing at 133.231. First support is last-Friday's low crossing at 131.236. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Mar 2021 137.150 +1.650 +1.20%
LEAN HOGS Apr 2021 88.350 +1.025 +1.16%
LIVE CATTLE Apr 2021 119.650 +0.425 +0.35%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 36.6750 +0.0587 +0.16%

LIVESTOCK

April hogs closed up $1.05 at $88.35.

April hogs closed higher on Tuesday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off November's low, the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25 is the next upside target. Closes below the 20-day moving average crossing at $86.06 would signal that a short-term top has been posted. First resistance is February's high crossing at $90.68. Second resistance is the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25. First support is the 20-day moving average crossing at $86.06. Second support is the February 18th low crossing at $83.62.

April cattle closed up $0.3 at $119.65

April cattle 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If April extends the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. Closes above the 20-day moving average crossing at $122.70 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $122.70. Second resistance is February's high crossing at $126.70. First support is last-Thursday's low crossing at $118.50. Second support is the 50% retracement level of the October-February-rally crossing at $117.72.

April Feeder cattle closed up $2.40 at $142.08.

April Feeder cattle closed sharply higher on Tuesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 142.38 would confirm that a short-term low has been posted. If April resumes the decline off January's high, January's low crossing at $135.03 is the next downside target. First resistance is the 20-day moving average crossing at 142.38. Second resistance is February's high crossing at $145.80. First support last-Friday's low crossing at $137.22. Second support is January's low crossing at $135.03.



 
Metals Snapshot
Symbol Last Change %
GOLD Mar 2021 1713.1 -1.5 -0.09%
SPDR Gold Trust 160.8300 +3.3400 +2.08%
SILVER Mar 2021 25.840 -0.125 -0.48%
PALLADIUM Jun 2021 2286.0 -6.5 -0.28%
Direxion Daily Gold Miners Index Bear 2X Shares 22.89 -1.42 -6.20%
Invesco DB Precious Metals Fund 48.3105 +1.2070 +2.50%

PRECIOUS METALS

April gold was lower overnight as it consolidates some of Tuesday's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short covering rebound is possible near-term. Closes above the 20-day moving average crossing at $1760.50 would signal that a short-term low has been posted. If April extends the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70. is the next downside target. First resistance is the 10-day moving average crossing at $1718.00. Second resistance is 20-day moving average crossing at $1760.50. First support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70. Second support is the 75% retracement level of the 2019-2020-rally crossing at $1533.30.

May silver was lower overnight as it consolidates some of the rebound off last-Friday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $26.828 would signal that a short-term low has been posted. If May extends the decline off January's high, the 75% retracement level of the November-February-rally crossing at $24.059 is the next downside target. First resistance is the 20-day moving average crossing at $26.828. Second resistance is the February 23rd high crossing at $28.470. First support is the 62% retracement level of the November-February-rally crossing at $25.111. Second support is the 75% retracement level of the November-February-rally crossing at $24.059.

May copper was higher in overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at 3.8490 would confirm that a short-term top has been posted. If May renews the rally off October's low, the August-2011 high on the monthly continuation chart crossing at 4.5400 is the next upside target. First resistance is February's high crossing at 4.3755. Second resistance is the August-2011 high on the monthly continuation chart crossing at 4.5400. First support is last-Thursday's low crossing at 3.8490. Second support is the 50-day moving average crossing at 3.7785.



 
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