Sector Analysis and Key Events for Thursday

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Summary
The Dow Future is up 21 points to 32377. The US Dollar Index moved lower 0.244 points to 91.579. Gold is declining 0.385 dollars to 1731.815. Silver has slid 0.0385 dollars to 26.1865. The Dow Industrials gained 464.28 points, at 32297.02, while the S&P 500 climbed 23.37 points, last seen at 3898.81. The Nasdaq Composite retreated 5.00 points to 13068.83. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
Options: Outperformance Despite Choppy Markets
Wednesday Mar 10th

Coinbase IPO Raises Concern About Bitcoin Long-Term
Tuesday Mar 9th

Which Way Will The Fed Blow?
Monday Mar 8th

Key Events for Thursday

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

Jobless Claims (previous 745K)

Jobless Claims, Net Chg (previous +9K)

Continuing Claims (previous 4295000)

Continuing Claims, Net Chg (previous -124K)

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

Corn (Metric Tons) (previous 154.5K)

Soybeans (Metric Tons) (previous 533.4K)

Wheat (Metric Tons) (previous 242.7K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

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

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

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

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

N/A SEC Investor Advisory Committee Quarterly

8:30 AM ET. February PPI

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

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

Personal Consumption (previous +1.3%)

10:00 AM ET. 4th Quarter Quarterly Services

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

Mid-Mo Sentiment (previous 76.2)

Mid-Mo Expectations (previous 69.8)

Mid-Mo Current Idx (previous

8:30 AM ET. March Empire State Manufacturing Survey

Mfg Idx (previous 12.1)

Employment Idx (previous 12.1)

New Orders Idx (previous 10.8)

Prices Received (previous 23.4)

10:00 AM ET. January State Employment and Unemployment

4:00 PM ET. January Treasury International Capital

7:45 AM ET. Weekly Chain Store Sales Index

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

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

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

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

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

Import Prices (previous +1.4%)

Non-Petroleum Prices (previous +0.9%)

Petroleum Prices (previous +8.3%)

8:55 AM ET. Johnson Redbook Retail Sales Index

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

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

Latest Wk, Y/Y%

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

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

Capacity Utilization % (previous 75.6%)

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

10:00 AM ET. March NAHB Housing Market Index

Housing Mkt Idx (previous 84)

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

Total Inventories (previous +0.6%)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks, Net Chg (Bbls)

Gasoline Stocks, Net Chg (Bbls)

Distillate Stocks, Net Chg (Bbls)

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



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 91.579 -0.244 -0.27%
Invesco DB US Dollar Index 24.7300 -0.0400 -0.16%
US Dollar/Canadian Dollar 1.257585 -0.003430 -0.27%
Euro/US Dollar 1.19603 +0.00327 +0.27%
JAPANESE YEN Mar 2021 0.009213 -0.000013 -0.14%
SWISS FRANC Mar 2021 1.0813 +0.0055 +0.51%
US Dollar/Hong Kong Dollar 7.75939 -0.00167 -0.02%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The June Dollar was lower overnight as it extends the decline off Tuesday's high. 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 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 $90.88 would signal that a short-term top has been posted. If June extends the rally off February's low, the 50% retracement level of the September-January-decline crossing at $93.43 is the next upside target. First resistance is the 38% retracement level of the 2020-2021-decline crossing at $92.42. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at $93.43. First support is the 10-day moving average crossing at $91.49. Second support is the 20-day moving average crossing at $90.92.

The June Euro was higher due to short covering overnight as it consolidated some of the decline off February'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 and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $120.80 would signal that a short-term low has been posted. If June extends the decline off February's high, the 38% retracement level of the 2020-2021-rally crossing at $117.85 is the next downside target. First resistance is the 10-day moving average crossing at $120.06. Second resistance is the 20-day moving average crossing at $120.80. First support is Tuesday's low crossing at $118.61. Second support is the 38% retracement level of the November-January-rally crossing at $117.85.

The June British Pound was higher overnight as it extends the rebound off last-Friday'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.3951 would confirm that a short-term low has been posted. If June resumes the decline off February's high, the 50-day moving average crossing at 1.3781 is the next downside target. First resistance is the 20-day moving average crossing at 1.3951. Second resistance is last-Thursday's high crossing at 1.4020. First support is the 50-day moving average crossing at 1.3781. Second support is February's low crossing at 1.3568.

The June Swiss Franc was higher overnight as it extends the short covering rebound off Tuesday'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 1.0857 are needed to confirm that a short-term low has been posted. If June extends the decline off January's high, the 75% retracement level of the 2020-2021-rally crossing at 1.0586 is the next downside target. First resistance is the 10-day moving average crossing at 1.0857. Second resistance is the 20-day moving average crossing at 1.1014. First support is Tuesday's low crossing at 1.0695. Second support is the 75% retracement level of the 2020-2021-rally crossing at 1.0586.

The June Canadian Dollar was higher overnight as it extends the rebound off the February 26th low crossing at $78.42. The high-range trade 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. If June resumes the rally off February's low, the 87% retracement level of the 2018-2020-decline crossing at $80.52 is the next upside target. Closes below the February 26th low crossing at $78.42 would confirm a downside breakout of the March's trading range while opening the door for additional weakness near-term. First resistance is February's high crossing at $80.21. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $80.52. First support is the February 26th low crossing at $78.42. Second support is January's low crossing at $77.65.

The June Japanese Yen was lower overnight as it consolidates above the 87% retracement level of the 2020-2021-decline crossing at 0.0920. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the March-2020 low crossing at 0.0911 is the next downside target. Closes above the 20-day moving average crossing at 0.0939 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0929. Second resistance is the 20-day moving average crossing at 0.0939. First support is Tuesday's low crossing at 0.0916. Second support is the March-2020 low crossing at 0.0911.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Apr 2021 65.19 +0.50 +0.77%
NY HARBOR ULSD HEATING OIL Apr 2021 1.9247 +0.0085 +0.44%
NATURAL GAS Apr 2021 2.696 +0.008 +0.30%
RBOB GASOLINE Apr 2021 2.0935 +0.0138 +0.66%
Invesco DWA Energy Momentum ETF 27.7590 +1.2241 +4.41%
United States Gasoline 33.48 +0.68 +2.03%

ENERGIES

April crude oil was higher in late-overnight trading. The mid-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 bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the October-2018 high on the monthly continuation chart crossing at $76.90 is the next upside target. Closes below last-Wednesday's low crossing at $59.24 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at $67.98. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90. First support is last-Wednesday's low crossing at $59.24. Second support is the February 12th low crossing at $57.31.

April heating oil was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $185.36 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If April resumes the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $200.04 is the next upside target. First resistance is Monday's high crossing at $198.68. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 20-day moving average crossing at $185.36. Second support is the February 12th low crossing at $171.81.

April unleaded gas was higher overnight and is poised to resume the rally off November'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 November's low, the October 8th 2018 high crossing at $221.41 is the next upside target. Closes below the 20-day moving average crossing at $195.35 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $211.19. Second resistance is the October 8th 2018 high crossing at $221.41. First support is the 20-day moving average crossing at $195.35. Second support is the February 12th low crossing at $175.76.

April Henry natural gas was higher overnight as it consolidates some of the decline off February'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 February's high, the 62% retracement level of the December-February-rally crossing at 2.596 is the next downside target. Closes above the 20-day moving average crossing at 2.821 would signal that a short-term low has been posted. First resistance resistance is the 10-day moving average crossing at 2.737. Second resistance is the 20-day moving average crossing at 2.821. First support is the 62% retracement level of the December-February-rally crossing at 2.596. Second support is the 75% retracement level of the December-February rally crossing at 2.496.



 
Food Snapshot
Symbol Last Change %
COFFEE MARCH 2021 131.90 +2.55 +1.97%
SUGAR #11 WORLD MAY 2021 16.11 +0.15 +0.94%
SUGAR #16 MAY 2021 30.10 +0.15 +0.50%
ORANGE JUICE - A MARCH 2021 112.5 +1.0 +0.90%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 50.38 +0.22 +0.44%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 45.50 -0.29 -0.64%

FOOD & FIBER

May coffee closed higher on Wednesday following yesterday's key reversal up as it consolidated some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 12.84 would open the door for a possible test of February's low crossing at 12.21. If Closes above the 10-day moving average crossing at 13.32 would signal that a short-term low has been posted.

May cocoa closed higher on Wednesday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 25.96 would temper the near-term bearish outlook. If May extends the decline off last-Wednesday's high, the 50-day moving average crossing at 24.96 is the next downside target.

May sugar posted an inside day with a slightly higher close on Wednesday. The low-range close set 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. If May extends the decline off February's high, the 50-day moving average crossing at 15.60 is the next downside target. Closes above the 20-day moving average crossing at 16.36 would temper the near-term bearish outlook.

May cotton closed higher on Wednesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes above the 50-day moving average crossing at 84.77 would open the door for a possible test of February's low crossing at 81.06 is the next downside target. Closes above the 20-day moving average crossing at 89.20 would signal that a short-term low has been posted.



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Grains Snapshot
Symbol Last Change %
CORN Mar 2021 550.5 +3.0 +0.55%
OATS Mar 2021 381.75 +0.25 +0.06%
WHEAT Mar 2021 650.75 +1.25 +0.19%
Teucrium Corn Fund ETV 17.005 -0.315 -1.85%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 58.614 -1.256 -2.14%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.910 +0.085 +2.15%
SOYBEANS Mar 2021 1413.50 +2.25 +0.16%
SOYBEAN (MINI) Mar 2021 1411.50 +3.25 +0.22%
SOYBEAN MEAL Mar 2021 410.1 0.0 0.00%
Teucrium Soybean Fund ETV 21.1548 -0.4352 -2.06%

GRAINS

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

May wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, February's low crossing at $6.28 1/2 is the next downside target. Closes above the 20-day moving average crossing at $6.57 1/2 would signal that a short-term low has been posted. First resistance is February's high crossing at $6.88 1/2. Second resistance is January's high crossing at $6.93. First support is February's low crossing at $6.28 1/2. Second support is January's low crossing at $6.26.

May Kansas City wheat was lower overnight as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below February's low crossing at $6.08 1/4 would confirm a downside breakout of the January-March-trading range. Closes above the 20-day moving average crossing at $6.32 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.32 1/4. Second resistance is February's high crossing at $6.64. First support is February's low crossing at $6.08 1/4. Second support is the 38% retracement level of the August-March-rally crossing at $5.79.

May Minneapolis wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $6.34 1/4 would open the door for a larger-degree decline near-term. If May resumes the rally off February's low, January's high crossing at $6.62 is the next upside target. First resistance is February's high crossing at $6.58 3/4. Second resistance is January's high crossing at $6.62. First support is the 50-day moving average crossing at $6.34 1/4. Second support is the 38% retracement level of the December-January-rally crossing at $6.19 3/4.

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

May soybeans was steady to slightly higher overnight as it tries to consolidate some of Wednesday's sharp decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $14.02 1/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If May extends the rally off last-August's low, psychological resistance crossing at $15.00 is the next upside target. First resistance is Monday's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the 20-day moving average crossing at $14.02 1/4. Second support is the 50-day moving average crossing at $13.78.

May soybean meal was steady to lower overnight as it extends Wednesday's decline, which marked a downside breakout of the lower boundary of the trading range of the past seven-weeks crossing at $413.40. 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 sideways to lower prices are possible near-term. If May extends the aforementioned decline, the 38% retracement level of August-January rally crossing at $396.90 is the next downside target. Closes above the 50-day moving average crossing at $428.90 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $428.90. Second resistance is the February 9th high crossing at $442.10. First support is the overnight low crossing at $405.00. Second support is the 38% retracement level of the August-January rally crossing at $396.90.

May soybean oil was higher overnight as it extends the rally off last-April'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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, the September-2012 high on the monthly continuation chart crossing at 58.14 is the next upside target. Closes below the 20-day moving average crossing at 49.30 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 53.84. Second resistance is the September-2012 high on the monthly continuation chart crossing at 58.14. First support is the 10-day moving average crossing at 51.44. Second support is the 20-day moving average crossing at 49.30.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 32297.02 +464.28 +1.44%
NASDAQ Composite 13068.83 -5.00 -0.04%
S&P 500 3898.81 +23.37 +0.60%
SPDR S&P 500 389.4000 +2.2300 +0.57%
iShares Russell 2000 ETF 227.14 +3.80 +1.67%

U.S. STOCK INDEXES

The June NASDAQ 100 was higher overnight as it extends the rally off last-Friday's low. The high-range trade 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 the 50-day moving average crossing at 13,131.63 would signal that a short-term low has been posted. If June renews the decline off February's high, the 25% retracement level of the March-February-rally crossing at 12,146.81 is the next downside target. First resistance is the 50-day moving average crossing at 13,131.63. Second resistance is the February 25th high crossing at 13,337.50. First support is last-Friday's low crossing at 12,200.00. Second support is the 25% retracement level of the March-February-rally crossing at 12,146.81.

The June S&P 500 was higher overnight as it extends the rally off last-Thursday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Thursday's low, February's high crossing at 3947.75 is the next upside target. Closes below the 50-day moving average crossing at 3820.40 are needed to confirm that a short-term top has been posted. First resistance is the February 25th high crossing at 3924.50. Second resistance is February's high crossing at 3947.75. First support is last-Thursday's low crossing at 3710.50. Second support is February's low crossing at 3648.00.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Mar 2021 159.78125 +0.18750 +0.12%
iShares Floating Rate Bond ETF 50.753 -0.004 -0.01%
5 YEAR T-NOTES Mar 2021 124.492188 +0.085938 +0.07%
ULTRA T-BONDS Mar 2021 189.8125 +0.0625 +0.03%
Invesco Senior Loan Portf 22.235 +0.045 +0.20%

INTEREST RATES

June T-bonds were higher overnight as it extends the short covering rebound off last-Friday's low. The mid-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 bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 160-03 would signal that a short-term low has been posted. If June extends the decline off September's high, monthly support crossing at 155-05 is the next downside target. First resistance is the 20-day moving average crossing at 160-03. Second resistance is the 50-day moving average crossing at 164-22. First support is last-Friday's low crossing at 155-27. Second support is long-term support on the monthly continuation chart crossing at 155-05.

June T-notes were higher overnight as it extends the rebound off last-Friday's low. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 133.188 are needed to confirm that a short-term low has been posted. If June extends this year's decline the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. First resistance is the 20-day moving average crossing at 133.189. Second resistance is the February 24th high crossing at 134.200. First support is last-Friday's low crossing at 131.236. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Mar 2021 136.20 -1.10 -0.81%
LEAN HOGS Apr 2021 88.775 +0.550 +0.62%
LIVE CATTLE Apr 2021 118.775 -0.875 -0.74%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 36.6499 -0.1201 -0.33%

LIVESTOCK

April hogs closed up $0.43 at $88.78.

April hogs closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off November's low, the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25 is the next upside target. Closes below the 20-day moving average crossing at $86.48 would signal that a short-term top has been posted. First resistance is February's high crossing at $90.68. Second resistance is the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25. First support is the 20-day moving average crossing at $86.48. Second support is the February 18th low crossing at $83.62.

April cattle closed down $0.88 at $118.78

April cattle closed lower on Wednesday as it extends the trading range of the past two-weeks. 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. If April extends the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. Closes above the 20-day moving average crossing at $121.45 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $121.45. Second resistance is February's high crossing at $126.70. First support is last-Thursday's low crossing at $118.50. Second support is the 50% retracement level of the October-February-rally crossing at $117.72.

April Feeder cattle closed down $0.35 at $141.72.

April Feeder cattle closed lower on Wednesday as it consolidated some of the rally off last-Friday's low. The mid-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. Closes above the 20-day moving average crossing at 142.31 would confirm that a short-term low has been posted. If April resumes the decline off January's high, January's low crossing at $135.03 is the next downside target. First resistance is the 20-day moving average crossing at 142.31. Second resistance is February's high crossing at $145.80. First support last-Friday's low crossing at $137.22. Second support is January's low crossing at $135.03.



 
Metals Snapshot
Symbol Last Change %
GOLD Mar 2021 1733.1 +10.2 +0.59%
SPDR Gold Trust 161.70 +0.86 +0.53%
SILVER Mar 2021 26.320 +0.040 +0.15%
PALLADIUM Jun 2021 2326.5 +28.0 +1.22%
Direxion Daily Gold Miners Index Bear 2X Shares 22.68 -0.21 -0.93%
Invesco DB Precious Metals Fund 48.4650 +0.2642 +0.54%

PRECIOUS METALS

April gold was higher overnight as it extends the rally off Monday's low. The mid-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1755.50 would signal that a short-term low has been posted. If April extends the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70. is the next downside target. First resistance is the 20-day moving average crossing at $1755.50. Second resistance is 50-day moving average crossing at $1819.50. First support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70. Second support is the 75% retracement level of the 2019-2020-rally crossing at $1533.30.

May silver was higher overnight as it extends the rebound off last-Friday's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $26.806 would signal that a short-term low has been posted. If May resumes the decline off January's high, the 75% retracement level of the November-February-rally crossing at $24.059 is the next downside target. First resistance is the 20-day moving average crossing at $26.806. Second resistance is the February 23rd high crossing at $28.470. First support is the 62% retracement level of the November-February-rally crossing at $25.111. Second support is the 75% retracement level of the November-February-rally crossing at $24.059.

May copper was higher in overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at 3.8490 would confirm that a short-term top has been posted. If May renews the rally off October's low, the August-2011 high on the monthly continuation chart crossing at 4.5400 is the next upside target. First resistance is February's high crossing at 4.3755. Second resistance is the August-2011 high on the monthly continuation chart crossing at 4.5400. First support is last-Thursday's low crossing at 3.8490. Second support is the 50-day moving average crossing at 3.7891.



 
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