Key Market Reports and Commentary for Monday 20/05/2013

M O N D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )
_____________________________________________________________________

KEY EVENTS TO WATCH FOR:
Monday, May 20, 2013
8:30 AM ET. April Chicago Fed National Activity Index

National Activity Index (previous -0.23)

3 Month Moving Average (previous -0.01)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

U.S. STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

The June NASDAQ 100 was slightly lower due to profit taking overnight as it
consolidates some of the rally off April’s low. 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 November’s low,
weekly resistance crossing at 3084.00 is the next upside target. Closes below
the 20-day moving average crossing at 2928.17 would confirm that a short-term
top has been posted. First resistance is last Friday’s high crossing at
3028.25. Second resistance is weekly resistance crossing at 3084.00. First
support is the 10-day moving average crossing at 2986.12. Second support is the
20-day moving average crossing at 2928.47.

The June S&P 500 was slightly lower overnight as it consolidates some of the
rally off April’s low. Stochastics and the RSI are overbought but remain
neutral to bullish signaling that sideways to higher prices are possible
near-term. If June extends this year’s rally, upside targets will be hard to
project with the index trading into uncharted territory. Closes below the
20-day moving average crossing at 1614.40 are needed to confirm that a
short-term top has been posted. First resistance is last Friday’s high crossing
at 1665.50. Second resistance will be hard to project with the index trading
into uncharted territory. First support is the 10-day moving average crossing
at 1641.03. Second support is the 20-day moving average crossing at 1614.40.

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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds was lower overnight as it extends last Friday’s decline.
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
month’s decline, the 75% retracement level of the March-May rally crossing at
142-24 is the next downside target. Closes above the 20-day moving average
crossing at 146-20 would confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 145-02. Second resistance
is the 20-day moving average crossing at 146-20. First support is the 62%
retracement level of the March-May rally crossing at 143-31. Second support is
the 75% retracement level of the March-May rally crossing at 142-24.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

June crude oil was lower overnight as it consolidates some of the rally off
last Wednesday’s low. Stochastics and the RSI are turning bullish signaling
that sideways to higher prices are possible near-term. If June renews the rally
off April’s low, April’s high crossing at 98.06 is the next upside target.
Closes below last Wednesday’s low crossing at 92.13 are needed to confirm that
a short-term top has been posted. First resistance is April’s high crossing at
98.06. Second resistance is February’s high crossing at 99.52. First support is
last Wednesday’s low crossing at 92.13. Second support is the reaction low
crossing at 90.11.

June heating oil was lower overnight as it consolidates some of the rally
off last Wednesday’s low. Stochastics and the RSI have turned bullish signaling
that sideways to higher prices are possible near-term. If June extends the
rally off April’s low, the 50% retracement level of the February-April decline
crossing at 297.99 is the next upside target. Closes below last Wednesday’s low
crossing at 281.93 would confirm that a short-term top has been posted. First
resistance is the 50% retracement level of the February-April decline crossing
at 297.99. Second resistance is the 62% retracement level of the
February-April-decline crossing at 304.15. First support is last Wednesday’s
low crossing at 281.93. Second support is the reaction low crossing at 275.97.

June unleaded gas was lower overnight as it consolidates some of the rally
off May’s low. Stochastics and the RSI are overbought but remain bullish
signaling that sideways to higher prices are possible near-term. If June
extends this month’s rally, the 50% retracement level of the February-May
decline crossing at 296.45 is the next upside target. Closes below the 20-day
moving average crossing at 282.84 would confirm that a short-term top has been
posted. First resistance is the 50% retracement level of the February-May
decline crossing at 296.45. Second resistance is the 62% retracement level of
the February-May decline crossing at 302.99. First support is the 20-day moving
average crossing at 282.84. Second support is May’s low crossing at 268.79.

June Henry natural gas was higher overnight and trading above the 20-day
moving average crossing at 4.097. Stochastics and the RSI have turned bullish
signaling that a low is in or is near. Closes above the 20-day moving average
crossing at 4.097 are needed to confirm that a short-term low has been posted
and would open the door for additional gains near-term. If June renews this
month’s decline, the 50% retracement level of the January-April-rally crossing
at 3.830 is the next downside target. First resistance is the 20-day moving
average crossing at 4.097. Second resistance is May’s high crossing at 4.444.
First support is the 50% retracement level of the January-April-rally crossing
at 3.830. Second support is the 62% retracement level of the
January-April-rally crossing at 3.684.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar was lower overnight as it consolidates some of the rally off
May’s low. 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 May’s low, the July 2012 high crossing at 85.29 is the
next upside target. Closes below the 20-day moving average crossing at 82.88
would confirm that a short-term top has been posted. First resistance is last
Friday’s high crossing at 84.51. Second resistance is the July 2012 high
crossing at 85.29. First support is the 10-day moving average crossing at
83.37. Second support is the 20-day moving average crossing at 82.88.

The June Euro was higher due to short covering overnight as it consolidates
some of May’s decline. 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 month’s decline, April’s low crossing at 127.51 is the next
downside target. Closes above the 20-day moving average crossing at 130.23 are
needed to confirm that a low has been posted. First resistance is the 20-day
moving average crossing at 130.23. Second resistance is the reaction high
crossing at 131.98. First support is last Friday’s low crossing at 127.98.
Second support is April’s low crossing at 127.51.

The June British Pound was slightly higher overnight as it consolidates some
of last Friday’s decline. 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 month’s decline, April’s low crossing at 1.5027
is the next downside target. Closes above the 20-day moving average crossing at
1.5391 would confirm that the short-term top has been posted. First resistance
is the 20-day moving average crossing at 1.5391. Second resistance is the 50%
retracement level of the January-March decline crossing at 1.5564. First
support is last Friday’s low crossing at 1.5154. Second support is April’s low
crossing at 1.5027.

The June Swiss Franc was higher due to short covering overnight as it
consolidates some of this month’s decline. This spring’s head and shoulder’s
top projects a decline, which could test last July’s low crossing at .10148.
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
month’s decline, last July’s low crossing at .10148 is the next downside
target. Closes above the 20-day moving average crossing at .10557 would confirm
that a low has been posted. First resistance is the 10-day moving average
crossing at .10449. Second resistance is the 20-day moving average crossing at
.10557. First support was last Friday’s low crossing at .10245. Second support
is last July’s low crossing at .10148.

The June Canadian Dollar was slightly higher due to short covering overnight
as it consolidates some of last Friday’s decline. Stochastics and the RSI
remain bearish signaling that sideways to lower prices are possible near-term.
If June extends this month’s decline, March’s low crossing at 96.46 is the next
downside target. Closes above the 20-day moving average crossing at 98.47 are
needed to confirm that a short-term low has been posted. First resistance is
the 20-day moving average crossing at 98.47. Second resistance is May’s high
crossing at 99.77. First support is last Friday’s low crossing at 96.73. Second
support is March’s low crossing at 96.46.

The June Japanese Yen was higher due to short covering overnight as it
consolidates some of this year’s decline. 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, monthly support
crossing at .9421 is the next downside target. Closes above the 20-day moving
average crossing at .10005 are needed to confirm that a low has been posted.
First resistance is the 10-day moving average crossing at .9863. Second
resistance is the 20-day moving average crossing at .10005. First support is
last Friday’s low crossing at .9680. Second support is monthly support crossing
at .9421.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

June gold was lower overnight as it extends this month’s decline. The
mid-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. If
June extends this month’s decline, April’s low crossing at 1321.50 is the next
downside target. Closes above the 20-day moving average crossing at 1436.00 are
needed to confirm that a short-term top has been posted. First resistance is
the 20-day moving average crossing at 1436.00. Second resistance is May’s high
crossing at 1487.20. First support is the overnight low crossing at 1336.30.
Second support is April’s low crossing at 1321.50.

July silver was lower overnight renewing this year’s decline. Stochastics
and the RSI are becoming oversold but remain neutral to bearish signaling that
sideways to lower prices are possible near-term. If July extends this month’s
decline, the 75% retracement level of the 2008-2011-rally crossing at 19.316 is
the next downside target. Closes above the 20-day moving average crossing at
23.443 are needed to confirm that a low has been posted First resistance is the
20-day moving average crossing at 23.443. Second resistance is the reaction
high crossing at 24.835. First support is the overnight low crossing at 22.250.
Second support is the 75% retracement level of the 2008-2011-rally crossing at
19.316.

July copper was lower overnight as it consolidates some of the rebound off
last Wednesday’s low. Stochastics and the RSI are turning neutral signaling
that sideways to higher prices are possible near-term. If July renews this
month’s rally, the 50% retracement level of this year’s decline crossing at
342.84 is the next upside target. Closes below the 20-day moving average
crossing at 325.65 are needed to confirm that a short-term top has been posted.
First resistance is the reaction high crossing at 339.90. Second resistance is
the 50% retracement level of this year’s decline crossing at 342.84. First
support is the 20-day moving average crossing at 325.64. Second support is
May’s low crossing at 304.25.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

July coffee closed lower on Friday as it extended this week’s decline. The
low-range close set the stage for a steady to lower opening on Monday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If July extends this week’s decline, April’s low crossing
at 13.27 is the next downside target. Closes above the 10-day moving average
crossing at 14.28 would confirm that a short-term low has been posted.

July cocoa closed higher due to short covering on Friday. The mid-range
close sets the stage for a steady opening on Monday. Stochastics and the RSI
are neutral to bearish signaling that sideways to lower prices are possible
near-term. If July extends this month’s decline, the 50% retracement level of
the March-May rally crossing at 22.41 is July’s next downside target. Closes
above the 20-day moving average crossing at 23.54 are needed to confirm that a
low has been posted.

July sugar closed higher due to short covering on Friday. The mid-range
close set the stage for a steady opening on Monday. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible. If July extends this year’s decline, the 87% retracement level of
the 2010-2011-rally crossing at 16.29 is the next downside target. Closes above
the 20-day moving average crossing at 17.39 are needed to confirm that a
short-term low has been posted.

July cotton closed higher on Friday and the high-range close sets the stage
for a steady to higher opening on Monday. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. Closes below
the 20-day moving average crossing at 85.96 would confirm that a short-term top
has been posted. If July extends the rally off April’s low, the reaction high
crossing at 91.58 is the next upside target.
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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

July corn was higher overnight as it continues to extend this month’s
trading range. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes below the reaction low
crossing at 6.25 would open the door for a test of April’s low crossing at
6.10. If July renews the rally off April’s low, the April 1st gap crossing at
6.76 is the next upside target. First resistance is the April 1st gap crossing
at 6.76. Second resistance is the August-March downtrend line crossing near
6.91 3/4. First support is the reaction low crossing at 6.25. Second support is
April’s low crossing at 6.10.

July wheat was fractionally lower overnight as it extends this month’s
decline. 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
bearish signaling that sideways to lower prices are possible near-term. If July
extends the decline off May’s high, April’s low crossing at 6.64 3/4 is the
next downside target. Closes above the 20-day moving average crossing at 7.05
3/4 would temper the near-term bearish outlook. First resistance is the 20-day
moving average crossing at 7.05 3/4. Second resistance is the reaction high
crossing at 7.27 3/4. First support is last Friday’s low crossing at 6.80 1/4.
Second support is April’s low crossing at 6.64 3/4.

July Kansas City Wheat closed down 6 1/4-cents at 7.37 1/4.

July Kansas City wheat closed lower on Friday as it extends the decline off
April’s high. The low-range close sets the stage for a steady to lower opening
on Monday. Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term. If July extends this month’s decline,
April’s low crossing at 7.16 1/2 is the next downside target. Closes above the
20-day moving average crossing at 7.61 would confirm that a low has been
posted. First resistance is the 20-day moving average crossing at 7.61. Second
resistance is April’s high crossing at 7.96 3/4. First support is last Friday’s
low crossing at 7.36 1/4. Second support is April’s low crossing at 7.16 1/2.

July Minneapolis wheat was fractionally higher overnight as it extends this
month’s trading range. The low-range close sets the stage for a steady to lower
opening when the day session begins to trade. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. Closes below the reaction low crossing at 8.02 would
confirm a downside breakout of this month’s trading range while opening the
door for additional weakness near-term. If July renews the rally off April’s
low, the 38% retracement level of the July-April decline crossing at 8.53 3/4
is the next upside target. First resistance is the reaction high crossing at
8.34 1/2. Second resistance is the 38% retracement level of the July-April
decline crossing at 8.53 3/4. First support is the reaction low crossing at
8.02. Second support is April’s low crossing at 7.60.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

July soybeans were higher overnight as they extend the rally off April’s
low. The mid-range close sets the stage for steady to higher opening when the
day session begins trading later this morning. Stochastics and the RSI are
overbought but remain bullish signaling that sideways to higher prices are
possible near-term. If July extends the rally off April’s low, March’s high
crossing at 14.63 1/2 is the next upside target. Closes below the 20-day moving
average crossing at 13.96 would confirm that a short-term top has been posted.
First resistance is March’s high crossing at 14.63 1/2. Second resistance is
the 50% retracement level of the September-November decline crossing at 14.68
1/2. First support is the 10-day moving average crossing at 14.15 1/4. Second
support is the 20-day moving average crossing at 13.96.

July soybean meal was higher overnight as it extends the rally off April’s
low. The mid-range close sets the stage for a steady to higher opening when the
day session begins trading. Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. If July extends the rally off
April’s low, March’s high crossing at 436.20 is the next upside target. Closes
below the 20-day moving average crossing at 408.80 are needed to confirm that a
short-term top has been posted. First resistance is the overnight high crossing
at 428.70. Second resistance is March’s high crossing at 436.20. First support
is the 10-day moving average crossing at 413.50. Second support is the 20-day
moving average crossing at 408.80.

July soybean oil was lower overnight while extending this spring’s trading
range. The low-range close sets the stage for a steady to lower opening when
the day session begins trading. Stochastics and the RSI remain neutral to
bullish signaling that sideways to higher prices are possible near-term. Closes
above the reaction high crossing at 50.42 are needed to confirm that a low has
been posted. If July renews this year’s decline, the 50% retracement level of
the 2010-2011-rally crossing at 46.56 is the next downside target. First
resistance is the reaction high crossing at 50.42. Second resistance is March’s
high crossing at 51.24. First support is April’s low crossing at 48.08. Second
support is the 50% retracement level of the 2010-2011-rally crossing at 46.56.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

June hogs closed down $1.35 at $91.52.

June hogs posted a key reversal down on Friday. The low-range close sets the
stage for a steady to lower 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 June extends the rally off March’s
low, the 50% retracement level of the December-March decline crossing at 94.46
is the next upside target. Closes below the reaction low crossing at 90.00
would confirm that a short-term top has been posted. First resistance is
today’s high crossing at 93.60. Second resistance is the 50% retracement level
of the December-March decline crossing at 94.46. First support is the reaction
low crossing at 90.00. Second support is April’s low crossing at 88.22.

June cattle closed down $0.50 at 119.40.

June cattle closed lower on Friday renewing the decline off December’s high.
The mid-range close sets the stage for a steady opening when Monday’s night
session begins trading. Stochastics and the RSI are oversold but remain neutral
to bearish signaling that sideways to lower prices are possible. If June
extends this week’s decline, weekly support crossing at 115.44 is the next
downside target. Closes above the 20-day moving average crossing at 121.28
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 120.39. Second resistance is the 20-day
moving average crossing at 121.28. First support is today’s low crossing at
118.80. Second support is weekly support crossing at 115.44.

August feeder cattle closed down $1.75 at $143.37.

August Feeder cattle gapped down and closed lower on Friday thereby renewing
the decline off January’s high. The low-range close sets the stage for a steady
to lower opening when Monday’s night session begins trading. Stochastics and
the RSI are oversold but remain bearish signaling that sideways to lower prices
are possible near-term. If August extends this year’s decline, weekly support
crossing at 132.45 is the next downside target. Closes above the 20-day moving
average crossing at 147.55 would confirm that a low has been posted. First
resistance is the 20-day moving average crossing at 147.55. Second resistance
is the reaction high crossing at 152.17. First support is today’s low crossing
at 143.30. Second support is weekly support crossing at 132.45.

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T H A N K   Y O U
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Annunci

Key Market Reports and Commentary for Monday 22/04/2013

M O N D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

KEY EVENTS TO WATCH FOR:
Monday, April 22, 2013
8:30 AM ET. Mar Chicago Fed National Activity Index

National Activity Index (previous 0.44)

3 Month Moving Average (previous 0.09)

10:00 AM ET. Mar Existing Home Sales

Total Sales (previous 4.98M)

Percent Change (previous +0.8%)

Month’s Supply (previous 4.7)

Median Price (previous 173600)

Median Price – Yearly % Chg (previous +11.6%)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

U.S. STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

The June NASDAQ 100 was higher due to short covering overnight as it
rebounds off last Thursday’s low and at the same time extends the uptrend
channel, which began in November. Stochastics and the RSI are neutral to
bearish signaling that additional strength is needed before these two momentum
indicators turn bullish again. If June extends Thursday’s decline below channel
support crossing at 2744.42, February’s low crossing at 2683.50 is the next
downside target. Closes above the 10-day moving average crossing at 2803.22
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 2803.22. Second resistance is April’s high
crossing at 2858.50. First support is last Thursday’s low crossing at 2724.00.
Second support is February’s low crossing at 2683.50.

The June S&P 500 was higher due to short covering overnight as it
consolidates some of this month’s decline. Stochastics and the RSI are neutral
to bearish signaling that sideways to lower prices are possible near-term. If
June extends last week’s decline, the reaction low crossing at 1529.60 is the
next downside target. Closes above the 10-day moving average crossing at
1561.46 are needed to confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 1561.46. Second resistance
is April’s high crossing at 1592.50. First support is last Thursday’s low
crossing at 1531.00. Second support is the reaction low crossing at 1529.60.

______________________________

_______________________________________
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds was lower overnight as it consolidates some of the rally off
March’s low. Stochastics and the RSI are diverging but remain neutral to
bullish signaling that additional gains are possible near-term. If June extends
the rally off March’s low, December’s high crossing at 149-11 is the next
upside target. Closes below the 20-day moving average crossing at 146-11 would
confirm that a short-term top has been posted. First resistance is December’s
high crossing at 149-11. Second resistance is November’s high crossing at
149-23. First support is the 10-day moving average crossing at 147-14. Second
support is the 20-day moving average crossing at 146-11.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

May crude oil was higher due to short covering overnight as it consolidates
some of this month’s decline. Stochastics and the RSI are oversold but remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. If May extends this month’s decline, the 87% retracement level of
the June-September 2011 rally crossing at 83.55 is the next downside target.
Closes above the 20-day moving average crossing at 92.75 are needed to confirm
that a short-term low has been posted. First resistance is the 10-day moving
average crossing at 90.21. Second resistance is the 20-day moving average
crossing at 92.75. First support is last Thursday’s low crossing at 85.61.
Second support is the 87% retracement level of the June-September 2011 rally
crossing at 83.55.

May heating oil was higher due to short covering overnight as it
consolidates some of the 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. If May extends the decline off February’s high,
the 87% retracement level of the June-February rally crossing at 267.10 is the
next downside target. Closes above the 20-day moving average crossing at 292.43
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 284.36. Second resistance is the 20-day
moving average crossing at 292.43. First support is last Thursday’s low
crossing at 272.55. Second support is the 87% retracement level of the
June-February rally crossing at 267.10.

May unleaded gas was higher due to short covering overnight as it
consolidates some of the decline off February’s high. Stochastics and the RSI
are oversold but remain neutral to bearish signaling that additional weakness
is possible near-term. If May extends the decline off February’s high, the 75%
retracement level of the June-February rally crossing at 260.76 is the next
downside target. Closes above the 20-day moving average crossing at 290.70 are
needed to confirm that a short-term low has been posted. First resistance is
the 10-day moving average crossing at 280.34. Second resistance is the 20-day
moving average crossing at 290.70. First support is last Thursday’s low
crossing at 270.25. Second support is the 75% retracement level of the
June-February rally crossing at 260.76.

May Henry natural gas was lower due to profit taking overnight as it
consolidated some of the rally off January’s low. Stochastics and the RSI are
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,
weekly resistance crossing at 4.602 is the next upside target. Closes below the
20-day moving average crossing at 4.106 would confirm that a short-term top has
been posted. First resistance is last Thursday’s high crossing at 4.4290.
Second resistance is weekly resistance crossing at 4.602. First support is the
10-day moving average crossing at 4.211. Second support is the 20-day moving
average crossing at 4.106.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar was higher overnight as it extends last week’s breakout
above the 20-day moving average crossing at 82.75. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If
June extends the rally off last week’s low, this month’s high crossing at 83.66
is the next upside target. Closes below the 10-day moving average crossing at
82.53 would confirm that a short-term low has been posted while opening the
door for additional gains near-term. First resistance is the overnight high
crossing at 82.97. Second resistance is this month’s high crossing at 83.66.
First support is last Tuesday’s low crossing at 81.78. Second support is the
50% retracement level of the February-April rally crossing at 81.38.

The June Euro was lower overnight and is poised to extend last Wednesday’s
decline. Stochastics and the RSI are bearish signaling that a short-term top
might be in or is near. Closes below the 20-day moving average crossing at
129.82 would confirm that a short-term top has been posted. If June renews the
rally off this month’s low, the 50% retracement level of the February-April
decline crossing at 132.44 is the next upside target. First resistance is the
50% retracement level of the February-April decline crossing at 132.43. Second
resistance is the 62% retracement level of the February-April decline crossing
at 133.58. First support is the 20-day moving average crossing at 129.82.
Second support is this month’s low crossing at 127.51.

The June British Pound was slightly higher due to short covering overnight
as it consolidates some of last Friday’s decline. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible near-term. If June
extends last Friday’s decline, the reaction low crossing at 1.5027 is June’s
next downside target. If June renews the rally off March’s low, the 50%
retracement level of the January-March decline crossing at 1.5564 is the next
upside target. First resistance is the 38% retracement level of the
January-March decline crossing at 1.5388. Second resistance is the 50%
retracement level of the January-March decline crossing at 1.5564. First
support is the March-April uptrend line crossing near 1.5180. Second support is
the reaction low crossing at 1.5027.

The June Swiss Franc was lower overnight as it extends the decline off last
week’s high. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible near-term. Closes below the 20-day moving average
crossing at .10669 would confirm that a short-term top has been posted. If June
renews the rally off March’s low, the 75% retracement level of the
February-March decline crossing at .10912 is the next upside target. First
resistance is the 75% retracement level of the February-March decline crossing
at .10912. Second resistance is the 87% retracement level of the February-March
decline crossing at .10987. First support is the overnight low crossing at
.10702. Second support is the 20-day moving average crossing at .10669.

The June Canadian Dollar was higher in quiet trading overnight. Stochastics
and the RSI remain neutral to bearish signaling that sideways to lower prices
are possible near-term. If June extends last week’s decline, March’s low
crossing at 96.46 is the next downside target. Closes above the 20-day moving
average crossing at 98.02 would confirm that a short-term low has been posted.
First resistance is the 20-day moving average crossing at 98.02. Second
resistance is this month’s high crossing at 99.02. First support is last
Wednesday’s low crossing at 96.90. Second support is March’s low crossing at
96.46.

The June Japanese Yen was lower overnight as it extends last week’s decline.
Stochastics and the RSI have turned bearish signaling that sideways to lower
prices are possible near-term. If June renews this year’s decline, monthly
support crossing at .9867 is the next downside target. Closes above the 20-day
moving average crossing at .10334 would confirm that a low has been posted.
First resistance is the 20-day moving average crossing at .10334. Second
resistance is this month’s high crossing at .10809. First support is April’s
low crossing at .10008. Second support is monthly support crossing at .9867.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

June gold was higher overnight as it extends last week’s rebound off the 50%
retracement level of the 2008-2011-rally crossing at 1374.60. The high-range
close sets the stage for a steady to higher opening when the day session begins
trading. Stochastics and the RSI are diverging and are turning bullish hinting
that a short-term low might be in or is near. Closes above the 20-day moving
average crossing at 1520.00 are needed to confirm that a short-term top has
been posted. If April renews this month’s decline, monthly support crossing at
1285.60 is the next downside target. First resistance is the 10-day moving
average crossing at 1456.20. Second resistance is the 20-day moving average
crossing at 1520.00. First support is last Tuesday’s low crossing at 1321.50.
Second support is monthly support crossing at 1285.60.

May silver was higher overnight as it extends last week’s trading range.
Stochastics and the RSI are diverging but remain neutral to bearish signaling
that additional weakness is possible near-term. If May extends the
aforementioned decline, monthly support crossing at 18.756 is the next downside
target. Closes above the 20-day moving average crossing at 26.357 are needed to
confirm that a short-term low has been posted. First resistance is the 10-day
moving average crossing at 24.960. Second resistance is the 20-day moving
average crossing at 26.357. First support is last Tuesday’s low crossing at
22.000. Second support is monthly support crossing at 18.756.

May copper was lower overnight as it extends the decline off February’s
high. The mid-range close sets the stage for a steady to lower opening when the
day session begins trading. Stochastics and the RSI remain neutral to bearish
signaling that additional weakness is possible near-term. If May extends the
decline off February’s high, weekly support crossing at 299.40 is the next
downside target. Closes above the 20-day moving average crossing at 333.88 are
needed to confirm that a short-term low has been posted. First resistance is
the 10-day moving average crossing at 328.91. Second resistance is the 20-day
moving average crossing at 333.88. First support is last Thursday’s low
crossing at 306.00. Second support is weekly support crossing at 299.40.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

May coffee posted a key reversal up on Friday. The high-range close set the
stage for a steady to higher opening on Monday. Stochastics and the RSI are
turning bullish signaling that sideways to higher prices are possible
near-term. Closes above the 20-day moving average crossing at 14.55 would
confirm that a short-term low has been posted. Closes below today’s low would
open the door for a possible test of weekly support crossing 128.25.

May cocoa closed higher on Friday extending the rally off March’s low. The
low-range close sets the stage for a steady to lower 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 May extends the rally
off March’s low, the 50% retracement level of September-March decline crossing
at 23.76 is May’s next upside target. Closes below the 20-day moving average
crossing at 22.05 would confirm that a short-term low has been posted.

May sugar posted a key reversal up and closed higher on Friday. The
high-range close set the stage for a steady to higher opening on Monday.
However, stochastics and the RSI are turning neutral to bearish signaling that
sideways to lower prices are possible near-term. If May extends this week’s
decline, this month’s low crossing at 17.47 is the next downside target. If May
renews the rally off this month’s low, the reaction high crossing at 18.49 is
the next upside target.

May cotton closed unchanged on Friday and the low-range close sets the stage
for a steady to lower opening on Monday. 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 March’s high, the 50%
retracement level of the November-March rally crossing at 82.52 is the next
downside target. Closes above the 20-day moving average crossing at 86.22 are
needed to confirm that a short-term low has been posted.
——————————

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

May corn was lower overnight as it extends the trading range of the past
eight days. Stochastics and the RSI remain neutral to bullish hinting that a
short-term low might be in or is near. Closes above the reaction high crossing
at 6.66 3/4 are needed to temper the near-term bearish outlook. However, it
will take closes above the April 1st gap crossing at 6.95 1/2 to confirm that a
low has been posted. If May renews this month’s decline, the 75% retracement
level of the 2012 rally crossing at 5.99 3/4 is the next downside target. First
resistance is the reaction high crossing at 6.66 3/4. Second resistance is
April 1st gap crossing at 6.95 1/2. First support is the reaction low crossing
at 6.26 1/2. Second support is the 75% retracement level of the 2012 rally
crossing at 5.99 3/4.

May wheat was lower overnight as it extended the trading range of the past
three weeks. The mid-range close sets the stage for a steady to lower opening
when the day session begins trading. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. If May renews
the rally off this month’s low, March’s high crossing at 7.41 3/4 is the next
upside target. If May renews the decline off November’s high, last May’s low
crossing at 6.65 is the next downside target. First resistance is the reaction
high crossing at 7.16. Second resistance is March’s high crossing at 7.41 3/4.
First support is the reaction low crossing at 6.59 3/4. Second support is last
May’s low crossing at 6.65.

May Kansas City Wheat closed up 2 1/4-cents at 7.46.

May Kansas City wheat closed higher on Friday and the high-range close sets
the stage for a steady to higher opening on Monday. Stochastics and the RSI
remain bullish signaling that sideways to higher prices are possible near-term.
If May renews the rally off April’s low, March’s high crossing at 7.76 3/4 is
the next upside target. If May renews this winter’s decline, last May’s low
crossing at 6.75 is the next downside target. First resistance is last Friday’s
high crossing at 7.53 1/2. Second resistance is March’s high crossing at 7.76
3/4. First support is the reaction low crossing at 7.18 1/2. Second support is
this month’s low crossing at 7.09 3/4.

May Minneapolis wheat was lower overnight as it consolidates some of this
month’s rally. The low-range close sets the stage for a steady to lower opening
when the day session begins to trade. Stochastics and the RSI are overbought
but remain bullish signaling that sideways to higher prices are possible
near-term. If May extends this month’s rally, the 38% retracement level of the
July-April decline crossing at 8.60 is the next upside target. Closes below the
20-day moving average crossing at 7.98 3/4 would confirm that a short-term top
has been posted. First resistance is the 25% retracement level of the
July-April decline crossing at 8.26. Second resistance is the 38% retracement
level of the July-April decline crossing at 8.60. First support is the 20-day
moving average crossing at 7.98 3/4. Second support is April’s low crossing at
7.61 1/4.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

May soybeans were lower overnight as it consolidates some of the rally off
this month’s low. The high-range close sets the stage for steady to lower
opening when the day session begins trading later this morning. Stochastics and
the RSI remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If May extends the rally off this month’s low, the reaction
high crossing at 14.59 3/4 is the next upside target. Closes below the 20-day
moving average crossing at 14.06 3/4 would confirm that a short-term low has
been posted. First resistance is last Thursday’s high crossing at 14.41 1/2.
Second resistance is the late-March high crossing at 14.59 3/4. First support
is the 20-day moving average crossing at 14.06 3/4. Second support is this
month’s low crossing at 13.54 1/2.

May soybean meal was steady overnight but remains poised to extend the rally
off this month’s low. The high-range close sets the stage for a steady to
higher opening when the day session begins trading. Stochastics and the RSI
remain bullish signaling that sideways to higher prices are possible near-term.
If May extends last week’s rally the reaction high crossing at 427.00 is the
next upside target. Closes below the 10-day moving average crossing at 402.00
would confirm that a short-term top has been posted. First resistance is last
Thursday’s high crossing at 417.20. Second resistance is the late-March high
crossing at 427.00. First support is the 20-day moving average crossing at
403.30. Second support is the 10-day moving average crossing at 402.00.

May soybean oil was lower overnight as it extends the trading range of the
past two months. 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 bullish signaling that sideways to higher prices are possible
near-term. If May renews last week’s decline, November’s low crossing at 47.85
is the next downside target. Closes above the 20-day moving average crossing at
49.55 would confirm that a low has been posted. First resistance is the 20-day
moving average crossing at 49.55. Second resistance is the reaction high
crossing at 50.23. First support is last Tuesday’s low crossing at 48.00.
Second support is November’s low crossing at 47.85.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

June hogs closed down $0.40 at $90.20.

June hogs closed lower on Friday as it consolidated some of this week’s
rally. The high-range close sets the stage for a steady to higher opening when
Monday’s night session begins trading. Stochastics and the RSI have turned
bullish signaling that sideways to higher prices are possible near-term. If
June extends this week’s rally, this month’s high crossing at 92.70 is the next
upside target. Closes below Monday’s low crossing at 88.22 would confirm that a
short-term top has been posted. First resistance is Thursday’s high crossing at
91.00. Second resistance is this month’s high crossing at 92.70. First support
is Monday’s low crossing at 88.22. Second support is March’s low crossing at
87.20.

June cattle closed down $0.07 at 121.30.

June cattle closed lower on Friday as it consolidated some of this week’s
rally. 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 bullish
signaling that sideways to higher prices are possible near-term. If June
extends this week’s rally, this month’s high crossing at 124.50 is the next
upside target. If June cattle resume this year’s decline, weekly support
crossing at 118.95 is the next downside target. First resistance is Thursday’s
high crossing at 122.00. Second resistance is this month’s high crossing at
124.50. First support is Monday’s low crossing at 119.40. Second support is
weekly support crossing at 118.95.

May feeder cattle closed down $0.85 at $139.20.

May Feeder cattle gapped down and closed lower on Friday, spiking below
March’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
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. Closes below March’s low crossing at 138.90 would open
the door for additional weakness near-term. Closes above the 20-day moving
average crossing at 142.72 would confirm that a short-term low has been posted.
First resistance is the 20-day moving average crossing at 142.72. Second
resistance is gap resistance crossing at 144.50. First support is today’s low
crossing at 138.80. Second support is weekly support crossing at 133.10.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Copyright 2012 INO.com. All Rights Reserved.

Key Market Reports and Commentary for Monday 25/02/2013

M O N D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

KEY EVENTS TO WATCH FOR:
Monday, February 25, 2013
8:30 AM ET. Jan Chicago Fed National Activity Index

National Activity Index (previous 0.02)

3 Month Moving Average (previous -0.11)

10:30 AM ET. Feb Texas Manufacturing Outlook Survey

Business Activity Index (previous 5.5)

Manufacturing Production Index (previous 12.9)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

The March NASDAQ 100 closed higher due to short covering on Friday as it
consolidated some of this week’s decline. 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 bearish signaling that sideways to lower prices are
possible near-term. If March extends this week’s decline, the January 2nd gap
crossing at 2665.00 is the next downside target. Closes above the 10-day moving
average crossing at 2756.37 would confirm that a short-term low has been
posted. First resistance is the 10-day moving average crossing at 2756.37.
Second resistance is Wednesday’s high crossing at 2786.50. First support is
Thursday’s low crossing at 2699.50. Second support is the January 2nd gap
crossing at 2665.00.

The March S&P 500 closed higher due to short covering on Friday as it
consolidates some of this week’s decline. 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 bearish signaling that sideways to lower prices are
possible near-term. If March extends this week’s decline, the reaction low
crossing at 1490.50 is the next downside target. If March renews the rally off
November’s low, weekly resistance crossing at 1587.50 is the next upside
target. First resistance is Wednesday’s high crossing at 1530.00. Second
resistance is weekly resistance crossing at 1587.50. First support is the
reaction low crossing at 1490.50. Second support is the 25% retracement level
of the November-February rally crossing at 1482.65.

The Dow closed higher on Friday as it consolidated some of the decline of
the past two-days. The high-range close sets the stage for a steady to higher
opening on Monday. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. Closes below the reaction low crossing
at 13,852 are needed to confirm that a short-term top has been posted. If the
Dow renews the rally off November’s low, the 2007 high crossing at 14,198 is
the next upside target. First resistance is Wednesday’s high crossing at
14,058. Second resistance is monthly resistance crossing at 14,198. First
support is the reaction low crossing at 13,852. Second support is the 25%
retracement level of the November-February rally crossing at 13,666.

______________________________

_______________________________________
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

March T-bonds closed up 4/32’s at 143-31.

March T-bonds closed higher on Friday while extending the trading range of
the past three-weeks. The high-range close sets the stage for a steady to
higher opening on Monday. Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. Closes above the reaction
high crossing at 144-13 are needed to confirm an upside breakout of the
aforementioned trading range. If March renews this winter’s decline, weekly
support crossing at 139-14 is the next downside target. First resistance is
today’s high crossing at 144-07. Second resistance is the reaction high
crossing at 144-13. First support is the reaction low crossing at 142-05.
Second support is weekly support crossing at 139-14.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

April crude oil closed higher due to short covering on Friday as it rebounds
off the 50% retracement level of the November-February rally crossing at 92.56.
The high-range close sets the stage for a steady to higher opening when
Monday’s night session begins. Stochastics and the RSI are bearish signaling
that sideways to lower prices are possible near-term. If April extends this
week’s decline, the 62% retracement level of the November-February rally
crossing at 91.11 is the next downside target. Closes above the 20-day moving
average crossing at 96.75 would confirm that a low has been posted. First
resistance is the 20-day moving average crossing at 96.75. Second resistance is
this month’s high crossing at 98.24. First support is the 50% retracement level
of the November-February rally crossing at 92.56. Second support is the 62%
retracement level of the November-February rally crossing at 91.11.

March heating oil closed higher due to short covering on Friday
consolidating some of this month’s decline. The mid-range close sets the stage
for a steady opening when Monday’s night session begins trading. Stochastics
and the RSI are bearish signaling that sideways to lower prices are possible
near-term. If March extends the decline off this month’s high, the 50%
retracement level of the December-February crossing at 307.96 is the next
downside target. Closes above the 10-day moving average crossing at 318.97
would confirm that a short-term low has been posted. First resistance is the
20-day moving average crossing at 316.09. Second resistance is the 10-day
moving average crossing at 318.97. First support is Thursday’s low crossing at
308.86. Second support is the 50% retracement level of the December-February
crossing at 307.96.

March unleaded gas closed higher due to short covering on Friday as it
consolidated some of this week’s decline. 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 bearish hinting that a short-term top might be in
or is near. Closes below the 20-day moving average crossing at 303.63 would
confirm that a short-term top has been posted. If March renews this winter’s
rally, weekly resistance crossing at 321.83 is the next upside target. First
resistance is Tuesday’s high crossing at 316.91. Second resistance is weekly
resistance crossing at 321.83. First support is the 20-day moving average
crossing at 303.63. Second support is the 25% retracement level of the
June-February rally crossing at 293.53.

March Henry natural gas closed higher on Friday and the high-range close
sets the stage for a steady to higher opening on Monday. Stochastics and the
RSI are bullish signaling that a low might be in or is near. Closes above the
20-day moving average crossing at 3.295 are needed to confirm that a short-term
low has been posted. If March renews the decline off January’s high, January’s
low crossing at 3.100 is the next downside target. First resistance is the
20-day moving average crossing at 3.295. Second resistance is the reaction high
crossing at 3.459. First support is last Friday’s low crossing at 3.125. Second
support is January’s low crossing at 3.100.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The March Dollar closed higher on Friday as it extends this month’s rally.
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 this
month’s rally, the 50% retracement level of the July-February decline crossing
at 81.91 is the next upside target. Closes below the 20-day moving average
crossing at 80.19 would confirm that a short-term top has been posted. First
resistance is today’s high crossing at 81.70. Second resistance is the 50%
retracement level of the July-February decline crossing at 81.91. First support
is the 10-day moving average crossing at 80.72. Second support is the 20-day
moving average crossing at 80.19.

The March Euro closed higher due to short covering on Friday as it
consolidates some of this month’s decline. The mid-range close sets the stage
for a steady to lower opening on Tuesday. 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 62% retracement
level of the November-February rally crossing at 130.77 is the next downside
target. Closes above the 20-day moving average crossing at 134.33 would temper
the near-term bearish outlook. First resistance is the 10-day moving average
crossing at 133.39. Second resistance is the 20-day moving average crossing at
134.33. First support is today’s low crossing at 131.47. Second support is the
62% retracement level of the November-February rally crossing at 130.77.

The March British Pound closed unchanged on Friday as it consolidates some
of this winter’s decline. The low-range close sets the stage for a steady to
lower opening when Monday’s night session begins trading. Stochastics and the
RSI are oversold but remain neutral to bearish signaling that sideways to lower
prices are possible near-term. If March extends this year’s decline, weekly
support crossing at 1.4857 is the next downside target. Closes above the 20-day
moving average crossing at 1.5608 are needed to confirm that a short-term low
has been posted. First resistance is the 10-day moving average crossing at
1.5477. Second resistance is the 20-day moving average crossing at 1.5608.
First support is Thursday’s low crossing at 1.5124. Second support is weekly
support crossing at 1.4857.

The March Swiss Franc closed higher due to short covering on Friday as it
consolidated some of this month’s decline. The mid-range close sets the stage
for a steady opening when Monday’s night session begins trading. Stochastics
and the RSI are oversold but remain neutral to bearish signaling that sideways
to lower prices are possible near-term. If March extends this month’s decline,
January’s low crossing at .10657 is the next downside target. Closes above the
20-day moving average crossing at .10888 would confirm that a short-term low
has been posted. First resistance is the 20-day moving average crossing at
.10888. Second resistance is this month’s high crossing at .11090. First
support is Thursday’s low crossing at .10716. Second support is January’s low
crossing at .10657.

The March Canadian Dollar closed lower on Friday extending the decline off
January’s high. The mid-range close sets the stage for a steady to lower
opening when Monday’s night session begins trading. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. If March extends the decline off January’s high, the
75% retracement level of the 2011-2012-rally crossing at 97.31 is the next
downside target. Closes above the 20-day moving average crossing at 99.45 would
confirm that a short-term low has been posted. First resistance is the 10-day
moving average crossing at 99.00. Second resistance is the 20-day moving
average crossing at 99.45. First support is today’s low crossing at 97.45.
Second support is the 75% retracement level of the 2011-2012-rally crossing at
97.31.

The March Japanese Yen closed lower on Friday as it extends this month’s
trading range. The low-range close sets the stage for a steady to lower opening
when Monday’s night session begins trading. Stochastics and the RSI are bullish
hinting that a short-term low might be in or is near. Closes above the reaction
high crossing at .10854 are needed to confirm that a short-term top has been
posted. If March renews the decline off September’s high, monthly support
crossing at .10532 is the next downside target. First resistance is the 20-day
moving average crossing at .10791. Second resistance is the reaction high
crossing at .10854. First support is last Monday’s low crossing at .10588.
Second support is monthly support crossing at .10532.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

April gold closed slightly lower on Friday extending the decline off last
October’s high. The low-range close sets the stage for a steady to lower
opening when Monday’s night session begins trading. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. If April extends the decline off last October’s high,
last May’s low crossing at 1538.70 is the next downside target. Closes above
the 20-day moving average crossing at 1644.10 would confirm that a short-term
low has been posted. First resistance is the 10-day moving average crossing at
1619.10. Second resistance is the 20-day moving average crossing at 1644.10.
First support is Thursday’s low crossing at 1554.30. Second support is last
May’s low crossing at 1538.70.

May silver closed lower on Friday as it extended this month’s decline. The
low-range close set the stage for a steady to lower opening when Monday’s night
session begins trading. Stochastics and the RSI are oversold but remain neutral
to bearish signaling that sideways to lower prices are possible near-term. If
May extends this month’s decline, the 87% retracement level of the June-October
rally crossing at 27.529 is the next downside target. Closes above the 20-day
moving average crossing at 30.818 would confirm that a short-term low has been
posted. First resistance is the 10-day moving average crossing at 30.025.
Second resistance is the 20-day moving average crossing at 30.818. First
support is Wednesday’s low crossing at 28.315. Second support is the 87%
retracement level of the June-October rally crossing at 27.529.

May copper closed lower for the fourth day in a row on Friday as it extended
this month’s decline. The low-range close sets the stage for a steady to lower
opening when Monday’s night session begins trading. Stochastics and the RSI are
oversold but remain bearish signaling that sideways to lower prices are
possible near-term. If May extends this week’s decline, December’s low crossing
at 353.40 is the next downside target. Closes above the 20-day moving average
crossing at 371.85 are needed to confirm that a short-term low has been posted.
First resistance is the 20-day moving average crossing at 371.85. Second
resistance is this month’s high crossing at 380.30. First support is today’s
low crossing at 354.20. Second support is December’s low crossing at 353.40.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

March coffee gapped up and closed higher on Friday and above the 20-day
moving average crossing at 14.29 confirming that a short-term low has been
posted. The mid-range close set the stage for a steady opening on Monday.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If March renews the decline off January’s high, weekly
support crossing at 13.20 is the next downside target.

March cocoa closed higher on Friday. The low-range close sets the stage for
a steady to lower opening on Monday. Stochastics and the RSI are oversold and
are turning bullish hinting that a low might be in or is near. Closes above the
20-day moving average crossing at 21.78 would confirm that a short-term low has
been posted. If March renews the decline off September’s high, last June’s low
crossing at 20.65 is the next downside target.

March sugar closed higher on Friday. The high-range close set the stage for
a steady to higher opening on Monday. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. Closes above
the 20-day moving average crossing at 18.36 would confirm that a short-term low
has been posted. If March extends this year’s decline, the 75% retracement
level of the 2010-2011 rally crossing at 17.38 is the next downside target.

March cotton closed slightly higher on Friday. The low-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 renews this winter’s rally, the 62% retracement level of
the 2012-decline crossing at 86.50 is the next upside target. Closes below the
reaction low crossing at 80.05 would confirm that a top has been posted.
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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

March Corn closed down a 1/2-cents at 6.90 1/4.

March corn closed fractionally lower on Friday extending the trading range
of the past seven-days. Sluggish demand with only 14.2 million bushels in net
export sales and expiration of March corn options limited early-session rallies
today. Yesterday’s decline was triggered by USDA’s updated statistical forecast
for 2013 crops, which predicted a record 14.53 billion bushel crop and a
decline in average cash prices to $4.80. More details were released this
morning at the agency’s annual Outlook Forum, with projected carryout swelling
to 2.177 billion bushels. As someone who has followed the grain market for over
thirty years it is amazing that the trade has once again bought into the idea
of a record corn crop with planting season just beginning in Texas and
continued drought conditions still existing across much of the corn belt west
of the Mississippi. If seems as though each year traders are willing to call
for a record crop earlier and earlier in the season. Given there track record
over the past five years, you would think that they would be somewhat cautious
about jumping on the record crop band wagon this early in the year.
Nevertheless, it would appear that the combination of sluggish export demand,
declining ethanol output and the latest USDA prediction for a record corn crop
this year will likely keep the corn market on the defensive near-term. The
low-range close sets the stage for a steady to lower opening when Monday’s
night session begins trading. Stochastics and the RSI are oversold but remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. If March renews this month’s decline, the reaction low crossing at
6.86 1/4 is the next downside target. Closes above the 20-day moving average
crossing at 7.13 1/4 are needed to confirm that a short-term low has been
posted. First resistance is the 10-day moving average crossing at 6.97 1/4.
Second resistance is the 20-day moving average crossing at 7.13 1/4. First
support is last Wednesday’s low crossing at 6.87 1/4. Second support is the
reaction low crossing at 6.86 1/4.

March wheat closed down 6 1/4-cents at 7.15.

March wheat closed lower on Friday extending yesterday’s close below the 75%
retracement level of 2012’s rally crossing at 7.25 3/4. This week’s winter
snowstorm has brought some moisture relief to parts of the plains, which has
helped to pull prices to their lowest levels since last-June. This morning’s
export sales report showed net wheat sales of 25.7 million bushels. The
low-range close sets the stage for a steady to lower opening when Monday’s
night session begins trading. Stochastics and the RSI are oversold and remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. If March extends this month’s decline, the 87% retracement level of
2012’s rally crossing at 6.88 3/4 is the next downside target. Closes above the
20-day moving average crossing at 7.52 1/2 are needed to confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 7.52 1/2. Second resistance is the reaction high crossing at 7.70
3/4. First support is today’s low crossing at 7.13 1/2. Second support is the
87% retracement level of 2012’s rally crossing at 6.88 3/4.

March Kansas City Wheat closed down 7 1/2-cents at 7.49 3/4.

March Kansas City wheat closed lower on Friday extending the decline off
November’s high. The low-range close sets the stage for a steady to lower
opening on Monday. 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 January’s high, the 75% retracement level of
2012’s rally crossing at 7.38 3/4 is the next downside target. Closes above the
20-day moving average crossing at 7.99 are needed to confirm that a short-term
low has been posted. First resistance is the 10-day moving average crossing at
7.75 1/4. Second resistance is the 20-day moving average crossing at 7.99.
First support is today’s low crossing at 7.49 3/4. Second support is the 75%
retracement level of 2012’s rally crossing at 7.38 3/4.

March Minneapolis wheat closed down 3 3/4-cents at 8.02 3/4.

March Minneapolis wheat closed lower on Friday as it extends this winter’s
decline. The low-range close sets the stage for a steady to lower opening when
Monday’s night session begins to trade. Stochastics and the RSI are neutral to
bearish signaling that sideways to lower prices are possible near-term. If
March extends this month’s decline, the 87% retracement level of 2012’s rally
crossing at 7.79 is the next downside target. Closes above the 20-day moving
average crossing at 8.37 would confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 8.18 3/4. Second
resistance is the 20-day moving average crossing at 8.37. First support is
today’s low crossing at 8.01 3/4. Second support is the 87% retracement level
of 2012’s rally crossing at 7.79.

SOYBEAN COMPLEX

March soybeans closed down 26 1/2-cents at 14.61 1/4.

March soybeans posted a key reversal down on Friday. March soybeans surged
above $15 to 16-week highs overnight on news that China has been switching
purchases from Brazil back to the U.S. due to delays shipping the soybeans at
Brazilian ports. Harvest delays from heavy rains in the center-west of the
country have exacerbated the usual congestion, with backlogs running 30 to 45
days. Port workers are also staging a six-hour strike today, further
complicating the outlook. However, this morning’s export sales report showed a
net reduction of 4.4 million bushels in sales thereby trigging today’s sell
off. The low-range close sets the stage for a steady to lower opening when
Monday’s night session begins trading. Stochastics and the RSI are diverging
but remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If March extends this week’s rally, November’s high
crossing at 15.45 is the next upside target. Closes below the 10-day moving
average crossing at 14.47 1/4 would temper the near-term friendly outlook.
First resistance is today’s high crossing at 15.16 1/2. Second resistance is
November’s high crossing at 15.45. First support is the 10-day moving average
crossing at 14.47 1/2. Second support is last Wednesday’s low crossing at 14.04
1/2.

March soybean meal closed down $10.40 at $426.90.

March soybean meal posted a key reversal down on Friday as it consolidated
some of this week’s rally. The low-range close sets the stage for a steady to
lower opening when Monday’s night session begins trading. Stochastics and the
RSI are diverging but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If March extends this week’s rally,
December’s high crossing at 457.90 is the next upside target. Closes below the
10-day moving average crossing at 419.30 would temper the near-term friendly
outlook. First resistance is today’s high crossing at 445.00. Second resistance
is December’s high crossing at 457.90. First support is the 10-day moving
average crossing at 419.30. Second support is last Thursday’s low crossing at
402.70.

March soybean oil closed down 96-pts. at 50.35.

March soybean closed sharply lower on Friday renewing this month’s decline.
The low-range close sets the stage for a steady to lower opening when Monday’s
night session begins trading. Stochastics and the RSI are turning bearish again
signaling that sideways to lower prices are possible near-term. If March
extends today’s decline, January’s low crossing at 49.12 is the next downside
target. Closes above the 20-day moving average crossing at 51.97 would temper
the near-term bearish outlook. First resistance is Wednesday’s high crossing at
52.79. Second resistance is this month’s high crossing at 53.57. First support
is today’s low crossing at 50.30. Second support is January’s low crossing at
49.12.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

April hogs closed down $0.72 at $81.65.

April hogs closed lower on Friday extending the decline off November’s high.
The low-range close sets the stage for a steady to lower opening when Monday’s
night session begins trading. Stochastics and the RSI are oversold but remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. If April extends this month’s decline, the 87% retracement level of
the May-November rally crossing at 81.14 is the next downside target. Closes
above the 20-day moving average crossing at 86.33 are needed to confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 84.29. Second resistance is the 20-day moving average crossing at
86.33. First support is today’s low crossing at 81.60. Second resistance is the
87% retracement level of the May-November rally crossing at 81.14.

April cattle closed up $0.40 at 128.22.

April cattle closed higher due to short covering on Friday. The mid-range
close sets the stage for a steady opening when Monday’s night session begins
trading. Stochastics and the RSI are bearish signaling that sideways to lower
prices are possible near-term. If April extends this year’s decline, last
April’s low crossing at 125.90 is the next downside target. Closes above the
20-day moving average crossing at 130.82 are needed to confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 130.82. Second resistance is the reaction high crossing at 133.65.
First support is Wednesday’s low crossing at 127.50. Second support is last
April’s low crossing at 125.90.

March feeder cattle closed up $0.55 at $141.25.

March Feeder cattle closed higher due to short covering on Friday. The
mid-range close sets the stage for a steady opening when Monday’s night session
begins trading. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible near-term. If March renews this year’s decline,
weekly support crossing at 138.48 is the next downside target. Closes above the
20-day moving average crossing at 145.64 are needed to confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 142.63. Second resistance is the 20-day moving average crossing at
145.64. First support is last Thursday’s low crossing at 139.50. Second support
is weekly support crossing at 138.48.

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