Sector Analysis and Key Events for Thursday

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Summary
The Dow Future is trending lower 74 points to 31480. The US Dollar Index edged lower 0.229 points to 90.722. Gold has slipped 0.715 dollars to 1781.985. Silver has eased 0.12155 dollars to 27.16550. The Dow Industrials moved higher by 90.27 points, at 31613.02, while the S&P 500 declined 1.26 points, last seen at 3931.33. The Nasdaq Composite moved lower 82.00 points to 13965.50. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
10 Essential Options Trading Rules
Wednesday Feb 17th

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Tuesday Feb 16th

Yellen Joins The Party
Monday Feb 15th

Key Events for Thursday

8:30 AM ET. February Philadelphia Fed Business Outlook Survey

Business Activity (expected 19.2; previous 26.5)

Prices Paid (previous 45.4)

Employment (previous 22.5)

New Orders (previous 30.0)

Prices Received (previous 36.6)

Delivery Times (previous 30.0)

Inventories (previous 12.6)

Shipments (previous 22.7)

8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits

Total Starts (expected 1.66M; previous 1.669M)

Housing Starts, M/M% (expected -0.5%; previous +5.8%)

Building Permits (expected 1.67M; previous 1.709M)

Building Permits, M/M% (expected -2.3%; previous +4.5%)

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

Jobless Claims (expected 770K; previous 793K)

Jobless Claims, Net Chg (previous -19K)

Continuing Claims (previous 4545000)

Continuing Claims, Net Chg (previous -145K)

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

Import Prices (expected +1.0%; previous +0.9%)

Non-Petroleum Prices (previous +0.4%)

Petroleum Prices (previous +9.1%)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

Working Gas In Storage (Cbf) (previous 2518B)

Working Gas In Storage, Net Chg (Cbf) (previous -171B)

11:00 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl) (previous 469.014M)

Crude Oil Stocks, Net Chg (Bbl) (previous -6.645M)

Gasoline Stocks (Bbl) (previous 256.412M)

Gasoline Stocks, Net Chg (Bbl) (previous +4.259M)

Distillate Stocks (Bbl) (previous 161.106M)

Distillate Stocks, Net Chg (Bbl) (previous -1.732M)

Refinery Usage (previous 83.0%)

Total Prod Supplied (Bbl/day) (previous 20.183M)

Total Prod Supplied, Net Chg (Bbl/day) (previous +1.655M)

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window

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

Corn (Metric Tons) (previous 460.9K)

Soybeans (Metric Tons) (previous 983.2K)

Wheat (Metric Tons) (previous 635.4K)

9:45 AM ET. February US Flash Manufacturing PMI

PMI, Mfg (expected 59.0; previous 59.1)

9:45 AM ET. February US Flash Services PMI

PMI, Services (expected 58.0; previous 57.5)

10:00 AM ET. January Existing Home Sales

Existing Sales (expected 6.66M; previous 6.76M)

Existing Sales, M/M% (expected -1.5%; previous +0.7%)

Unsold Homes Month's Supply (expected 1.9)

Median Price (USD) (expected 309800)

Median Home Price, Y/Y% (previous +12.9%)

10:00 AM ET. 4th Quarter Advance Quarterly Services

10:00 AM ET. 4th Quarter Quarterly Retail E-Commerce

8:30 AM ET. January CFNAI Chicago Fed National Activity Index

NAI (previous 0.52)

NAI, 3-mo Moving Avg (previous 0.61)

10:00 AM ET. January Leading Indicators

Leading Index, M/M% (previous +0.3%)

Leading Index (previous 109.5)

Coincident Index, M/M% (previous +0.3%)

Lagging Index, M/M% (previous +0.1%)

10:30 AM ET. February Texas Manufacturing Outlook Survey

Business Activity (previous 7.0)

Mfg Production Idx (previous 4.6)



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 90.722 -0.229 -0.25%
Invesco DB US Dollar Index 24.505 +0.115 +0.47%
US Dollar/Canadian Dollar 1.267785 -0.002820 -0.22%
Euro/US Dollar 1.20710 +0.00336 +0.28%
JAPANESE YEN Mar 2021 0.009461 +0.000012 +0.13%
SWISS FRANC Mar 2021 1.1152 +0.0019 +0.17%
US Dollar/Hong Kong Dollar 7.752750 +0.000380 0.00%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The March Dollar was lower in overnight trading as it consolidates some of the rally off Tuesday's low. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, February's high crossing at $91.61 is the next upside target. If March resumes the decline off last-Friday's high, the January 21st low crossing at $90.03 is the next downside target. First resistance is Wednesday's high crossing at $91.05. Second resistance is February's high crossing at $91.61. First support is the January 21st low crossing at $90.03. Second support is January's low crossing at $89.16.

The March Euro was higher overnight as it consolidates some of the decline off Tuesday's high. 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 sideways to lower prices are possible near-term. If March extends this week's decline, February's low crossing at $119.60 is the next downside target. Closes above the 50-day moving average crossing at $121.68 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $121.68. Second resistance is the January 22 high crossing at $122.03. First support is February's low crossing at $119.60. Second support is the November 23rd low crossing at $118.33.

The March British Pound was higher overnight as it extends the rally off February's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 75% retracement level of the 2017-2020-decline crossing at 1.4156 is the next upside target. Closes below the 20-day moving average crossing at 1.3756 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 1.3953. Second resistance is the 75% retracement level of the 2017-2020-decline crossing at 1.4156. First support is the 20-day moving average crossing at 1.3756. Second support is the 50-day moving average crossing at 1.3614.

The March Swiss Franc was higher overnight as it consolidates some of the decline off Tuesday's high. 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 sideways to lower prices are possible near-term. If March extends the decline off Tuesday's high, February's low crossing at 1.1064 is the next downside target. Closes above the 50-day moving average crossing at 1.1267 are needed to confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the January 22nd high crossing at 1.1331. Second resistance is January's high crossing at 1.1441. First support is the overnight low crossing at 1.1122. Second support is February's low crossing at 1.1064.

The March Canadian Dollar was higher overnight. The high-range trade sets the stage for a steady to higher 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 50-day moving average crossing at $78.45 would signal that a short-term top has been posted. If March extends the rally off February's low, January's high crossing at $79.44 is the next upside target. First resistance is January's high crossing at $79.35. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $80.50. First support is the 50-day moving average crossing at $78.45. Second support is January's low crossing at $77.63.

The March Japanese Yen was higher due to short covering overnight as it consolidates some of the decline off January's high. 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 oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, last-August's low crossing at 0.0938 is the next downside target. Closes above the 20-day moving average crossing at 0.0955 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0955. Second resistance is the 50-day moving average crossing at 0.0961. First support is the 50% retracement level of the 2020-2021-rally crossing at 0.0942. Second support is last-August's low crossing at 0.0938.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Mar 2021 61.56 -0.16 -0.26%
NY HARBOR ULSD HEATING OIL Mar 2021 1.8541 +0.0019 +0.10%
NATURAL GAS Mar 2021 3.254 +0.016 +0.49%
RBOB GASOLINE Mar 2021 1.8211 +0.0009 +0.05%
Invesco DWA Energy Momentum ETF 24.0858 +0.0599 +0.25%
United States Gasoline 30.4201 +0.4001 +1.32%

ENERGIES

April crude oil was steady to slightly higher overnight as it tested the 87% retracement level of the 2018-2020-decline crossing at $62.48. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the October-2018 high crossing at $67.23 is the next upside target. Closes below the 20-day moving average crossing at $55.92 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the 2018-2020-decline crossing at $62.48. Second resistance is the October-2018 high crossing at $67.23. First support is the 10-day moving average crossing at $58.74. Second support is the 20-day moving average crossing at $55.92.

April heating oil was higher overnight as it extends the rally off November's low. The low-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 signals that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $200.04 is the next upside target. Closes below the 20-day moving average crossing at $168.75 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $185.04. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 10-day moving average crossing at $176.01. Second support is the 20-day moving average crossing at $168.75.

April unleaded gas was slightly higher overnight as it extended Wednesday's rally above the 75% retracement level of the 2018-2020-decline crossing at $188.13. The low-range overnight trade sets the stage for a steady to slightly 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 April extends the rally off November's low, the 87% retracement level of the 2018-2020-decline crossing at $204.11 is the next upside target. Closes below the 20-day moving average crossing at $174.31 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $192.47. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $204.11. First support is the 10-day moving average crossing at $180.99. Second support is the 20-day moving average crossing at $174.31.

April Henry natural gas was higher overnight as it extends the rally off December's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off December's low, the October-2020 high on the weekly continuation chart crossing at 3.396 is the next upside target. Closes below the 20-day moving average crossing at 2.790 would signal that a short-term top has been posted. First resistance resistance is the overnight high crossing at 3.060. Second resistance is the October-2020 high on the weekly continuation chart crossing at 3.396. First support is the 10-day moving average crossing at 2.906. Second support is the 20-day moving average crossing at 2.790.



 
Food Snapshot
Symbol Last Change %
COFFEE MARCH 2021 125.30 +0.95 +0.76%
SUGAR #11 WORLD MARCH 2021 17.04 +0.08 +0.47%
SUGAR #16 SEPTEMBER 2021 29.65 +0.20 +0.68%
ORANGE JUICE - A MARCH 2021 111.50 -2.35 -2.06%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 50.3127 +0.6227 +1.23%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 45.56 +0.23 +0.50%

FOOD & FIBER

May coffee closed higher on Wednesday as it extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, February's high crossing at 12.93 is the next upside target. If May renews the decline off January's high, January's low crossing at 12.09 is the next downside target.

May cocoa closed lower on Wednesday marking a downside breakout of the December-February trading range. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Today's breakout and close below the December 22nd low crossing at 24.09 mark a downside breakout of the aforementioned trading range and the resumption of the decline off November's high. If May extends today's decline, the November 12th low crossing at 23.27 is the next downside target. Closes above the 50-day moving average crossing at 24.83 would signal that a short-term low has been posted.

May sugar closed higher on Wednesday and posted a new contract high. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-April's low, weekly resistance crossing at 17.23 is the next upside target. Closes below the 20-day moving average crossing at 15.43 would signal that a short-term top has been posted.

March cotton closed higher on Wednesday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off April's low, the July-2018 high on the weekly continuation chart crossing at 89.98 is the next upside target. Closes below the 20-day moving average crossing at 83.30 would signal that a short-term top has been posted.



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Grains Snapshot
Symbol Last Change %
CORN Mar 2021 549.75 -2.75 -0.50%
OATS Mar 2021 351.00 -1.75 -0.50%
WHEAT Mar 2021 646.75 +2.75 +0.43%
Teucrium Corn Fund ETV 17.1127 +0.0427 +0.25%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 59.3141 +1.0441 +1.77%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 4.1000 -0.0900 -2.20%
SOYBEANS Mar 2021 1378.25 -4.50 -0.33%
SOYBEAN (MINI) Mar 2021 1379.50 -4.25 -0.31%
SOYBEAN MEAL Mar 2021 430.4 -1.2 -0.28%
Teucrium Soybean Fund ETV 20.66 -0.01 -0.05%

GRAINS

March corn was steady to lower overnight as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off February's high, the 25% retracement level of the August-February-rally crossing at $5.13 1/2 is the next downside target. If March resumes the rally off April's low, the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36 is the next upside target. First resistance is February's high crossing at $5.74 1/4. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36. First support is last-Thursday's low crossing at $5.24 3/4. Second support is the the 25% retracement level of the August-February-rally crossing at $5.13 1/2.

March wheat was slightly higher overnight. The mid-range close sets the stage for a steady to higher 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. Closes above Wednesday's high crossing at $6.61 1/4 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $6.35 1/2 would open the door for additional weakness near-term. First resistance is Wednesday's high crossing at $6.61 1/4. Second resistance is February's high crossing at $6.71. First support is the 50-day moving average crossing at $6.35 1/2. Second support is the January 25th low crossing at $6.24 1/4.

March Kansas City wheat was higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $6.44 are needed to confirm that a short-term low has been posted. If March renews the decline off last-Tuesday's high, the 50-day moving average crossing at $6.05 is the next downside target. First resistance is January's high crossing at $6.60. Second resistance is the December-2014 high crossing at $7.05 3/4. First support is February's low crossing at $6.04 1/2. Second support is the January 8th low crossing at $5.87 1/4.

March Minneapolis wheat was higher overnight as it extends the symmetrical triangle, which has formed over the past two months. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $6.38 would signal an upside breakout of the symmetrical triangle thereby opening the door for a possible test of January's high crossing at $6.53 1/2. If March resumes the decline off January's high, the 50-day moving average crossing at $6.02 1/2 is the next downside target. First resistance is last-Tuesday's high crossing at $6.38. Second resistance is January's high crossing at $6.53 1/2. First support is February's low crossing at crossing at $6.05. Second support is the 50-day moving average crossing at $6.05.

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

March soybeans were steady to lower overnight as they extend the trading range of the past four-weeks. 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 March resumes the rally off January's low, January's high crossing at $14.36 1/2 is the next upside target. If March renews the decline off January's high, the 50-day moving average crossing at $13.17 1/2 is the next downside target. First resistance is last-Tuesday's high crossing at $14.09 1/2. Second resistance is January's high crossing at $14.36 1/2. First support is the 50-day moving average crossing at $13.17 1/2. Second support is the January 25th low crossing at $12.98.

March soybean meal was steady to lower overnight trading as it extends the trading range of the past four-weeks. 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. Closes above last-Tuesday's high crossing at $443.70 would mark an upside breakout of the aforementioned trading range. Closes below the 50-day moving average crossing at $424.10 would open the door for a possible test of the 38% retracement level of August-January rally crossing at $4.01.60. First resistance is last-Tuesday's high crossing at $443.70. Second resistance is January's high crossing at $471.40. First support is the 50-day moving average crossing at $424.10. Second support is the 38% retracement level of the August-January rally crossing at $401.40.

March soybean oil was 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 44.99 would signal that a short-term top has been posted. If March extends the rally off October's low, the 50% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 47.97 is the next upside target. First resistance is Wednesday's high crossing at 47.64. Second resistance is the 50% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 47.97. First support is the 20-day moving average crossing at 44.99. Second support is the 50-day moving average crossing at 42.52.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 31613.02 +90.27 +0.29%
NASDAQ Composite 13965.50 -82.00 -0.59%
S&P 500 3931.33 -1.26 -0.03%
SPDR S&P 500 392.40 +0.10 +0.03%
iShares Russell 2000 ETF 224.07 -1.76 -0.79%

U.S. STOCK INDEXES

The March NASDAQ 100 was lower overnight due to a jump in interest rates. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 13,487.00 would signal that a short-term top has been posted. If March extends this winter's rally into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 13,900.50. Second resistance is unknown. First support is the 20-day moving average crossing at 13,487.00. Second support is the 50-day moving average crossing at 13,048.25.

The March S&P 500 was steady to lower overnight as it consolidates some of this winter's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3853.94 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 3959.25. Second resistance is unknown. First support is the 20-day moving average crossing at 3853.94. Second support is the 50-day moving average crossing at 3777.54.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Mar 2021 164.31250 -0.65625 -0.40%
iShares Floating Rate Bond ETF 50.791 +0.004 +0.01%
5 YEAR T-NOTES Mar 2021 125.421875 -0.046875 -0.04%
ULTRA T-BONDS Mar 2021 196.09375 -1.46875 -0.74%
Invesco Senior Loan Portf 22.39 +0.01 +0.04%

INTEREST RATES

March T-bonds were higher in late-overnight trading as they consolidate some of this month's decline. 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 March extends the decline off August's high, a test of the 62% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 157-20 is the next downside target. Closes above the 20-day moving average crossing at 167-17 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 167-17. Second resistance is the 50-day moving average crossing at 169-26. First support is Wednesday's low crossing at 163-17. Second support is the 62% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 157-20.

March T-notes were higher due to short covering overnight as they consolidate some of this month's decline. The low-range overnight trade sets the stage for a steady to slightly higher 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 March extends the decline off the January 27th high, the 25% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 134.305 is the next downside target. Closes above the 20-day moving average crossing at 136.256 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 136.256. Second resistance is the 50-day moving average crossing at 137.074. First support is Wednesday's low crossing at 135.150. Second support is the 25% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 134.305.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Mar 2021 138.425 -2.925 -2.12%
LEAN HOGS Apr 2021 84.900 -1.400 -1.65%
LIVE CATTLE Feb 2021 115.300 -0.550 -0.48%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 37.22 -0.49 -1.32%

LIVESTOCK

April hogs closed down $1.28 at $84.90.

April hogs closed lower due to profit taking on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, 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 $79.09 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $85.25. 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 10-day moving average crossing at $82.22. Second support is the 20-day moving average crossing at $79.09.

April cattle closed up $1.65 at $124.15

April cattle closed lower due to profit taking on Wednesday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. If April extends the rally off October's low, the December-2019 high on the monthly continuation chart crossing at $127.90 is the next upside target. Closes below the 20-day moving average crossing at $122.89 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $126.70. Second resistance is the December-2019 high crossing at $127.90. First support is the 20-day moving average crossing at $122.89. Second support is the 50-day moving average crossing at $119.87.

April Feeder cattle closed down $1.85 at $142.75.

April Feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, January's high crossing at $147.00 is the next upside target. Closes below the 50-day moving average crossing at $141.70 would signal that a short-term top has been posted. First resistance is January's high crossing at $147.00. Second resistance is the August-2020 high on the weekly continuation chart crossing at $148.40. First support is February's low crossing at $140.05. Second support is January's low crossing at $135.03.



 
Metals Snapshot
Symbol Last Change %
GOLD Feb 2021 1781.5 +10.5 +0.59%
SPDR Gold Trust 166.32 -1.92 -1.15%
SILVER Feb 2021 27.314 -0.450 -1.66%
PALLADIUM Mar 2021 2367.5 -7.5 -0.32%
Direxion Daily Gold Miners Index Bear 2X Shares 22.16 +1.09 +4.92%
Invesco DB Precious Metals Fund 50.0550 -0.4950 -0.99%

PRECIOUS METALS

April gold was higher due to short covering overnight as it consolidates some of the decline off January's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, the 50% retracement level of the 2019-2020-rally crossing at $1725.30. is the next downside target. Closes above the 20-day moving average crossing at $1831.90 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1831.90. Second resistance is 50-day moving average crossing at $1858.20. First support is Wednesday's low crossing at $1767.90. Second support is the 50% retracement level of the 2019-2020-rally crossing at $1725.30.

March silver was lower overnight as it extends the trading range of the past seven-days. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $26.081 would confirm that a top has been posted. If March extends the rally off February's low, February's high crossing at $30.350 is the next upside target. First resistance is the January 5th high crossing at $28.105. Second resistance is February's high crossing at $30.350. First support is the 20-day moving average crossing at $26.746. Second support is the 50-day moving average crossing at $26.081.

March copper was sharply higher overnight it extends the rally off February's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 75% retracement level of the 2011-2016-decline on the monthly continuation chart crossing at 3.9710 is the next upside target. Closes below the 50-day moving average crossing at 3.6155 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3.9310. Second resistance is the 75% retracement level of the 2011-2016-decline on the monthly continuation chart crossing at 3.9710. First support is the 10-day moving average crossing at 3.7475. Second support is the 20-day moving average crossing at 3.6663.



 
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