Wednesday, February 3, 2021

Sector Analysis and Key Events for Wednesday

INO.com  INO Morning Markets Report

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Summary
The Dow Future has retreated 15 points to 30592. The US Dollar Index fell 0.002 points to 91.195. Gold is lower 3.185 dollars to 1837.465. Silver has advanced 0.1230 dollars to 27.0225. The Dow Industrials edged higher by 475.57 points, at 30687.48, while the S&P 500 gained 52.45 points, last seen at 3826.31. The Nasdaq Composite moved higher by 209.39 points to 13612.78. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
The Fed's Role In GameStop
Tuesday Feb 2nd

The Rebels From Reddit Favor Silver
Monday Feb 1st

Can The Silver Bugs Alter The Macro?
Sunday Jan 31st

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Composite Idx (previous 907.6)

Composite Idx, W/W% (previous -4.1%)

Purchase Idx-SA (previous 334.2)

Purchase Idx-SA, W/W% (previous -4.0%)

Refinance Idx (previous 4261.5)

Refinance Idx, W/W% (previous -5.0%)

8:15 AM ET. January ADP National Employment Report

Private Sector Jobs, Net Chg (previous -123000)

8:30 AM ET. U.S. Department of the Treasury's quarterly refunding announcement

9:00 AM ET. U.S. Federal Reserve Banks' Small Business Credit Survey:

Report on Employer Firms

9:45 AM ET. January US Services PMI

PMI, Services (previous 54.8)

10:00 AM ET. January ISM Report On Business Services PMI

Non-Mfg Composite Idx (previous 57.2)

Non-Mfg Business Idx (previous 59.4)

Prices Idx (previous 64.8)

Employment Idx (previous 48.2)

New Orders Idx (previous 58.5)

10:00 AM ET. December Metropolitan Area Employment & Unemployment

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl) (previous 476.653M)

Crude Oil Stocks, Net Chg (Bbl) (previous -9.91M)

Gasoline Stocks (Bbl) (previous 247.686M)

Gasoline Stocks, Net Chg (Bbl) (previous +2.469M)

Distillate Stocks (Bbl) (previous 162.847M)

Distillate Stocks, Net Chg (Bbl) (previous -0.815M)

Refinery Usage (previous 81.7%)

Total Prod Supplied (Bbl/day) (previous 19.681M)

Total Prod Supplied, Net Chg (Bbl/day) (previous +0.039M)

11:00 AM ET. January Global Services PMI

PMI, Services (previous

7:30 AM ET. January Challenger Job-Cut Report

Job Cuts, M/M% (previous +19%)

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

Corn (Metric Tons) (previous 1850.3K)

Soybeans (Metric Tons) (previous 2030.4K)

Wheat (Metric Tons) (previous 596.5K)

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

Jobless Claims (previous 847K)

Jobless Claims, Net Chg (previous -67K)

Continuing Claims (previous 4771000)

Continuing Claims, Net Chg (previous -203K)

8:30 AM ET. 4th Quarter Preliminary Productivity & Costs

Non-Farm Productivity, Q/Q% (previous +4.9%)

Unit Labor Costs (previous -8.9%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. December Manufacturers' Shipments, Inventories & Orders (M3)

Total Orders, M/M% (previous +1.0%)

Orders, Ex-Defense, M/M% (previous +1.0%)

Orders, Ex-Transport, M/M% (previous +0.8%)

Durable Goods, M/M% (previous +0.9%)

Durable Goods, M/M% (previous +1.0%)

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

Working Gas In Storage (Cbf) (previous 2881B)

Working Gas In Storage, Net Chg (Cbf) (previous -128B)

12:00 PM ET. January Monthly U.S. Retail Chain Store Sales Index

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Money Stock

8:30 AM ET. January U.S. Employment Report

Non-Farm Payrolls (previous -140K)

Unemployment Rate (previous 6.7%)

Avg Hourly Earnings (USD) (previous 29.81)

Avg Hourly Earnings-Net Chg (USD) (previous +0.23)

Avg Hourly Earnings, M/M% (previous +0.78%)

Avg Hourly Earnings, Y/Y% (previous +5.08%)

Overall Workweek (previous 34.7)

Overall Workweek Net Chg (previous -0.1)

Government Payrolls (previous -45K)

Private Payroll (previous -95K)

Participation Rate (previous 61.5%)

Non-Farm Payrolls Bench Net Chg

8:30 AM ET. December U.S. International Trade in Goods & Services

Trade Balance (USD) (previous -68.14B)

Exports (USD) (previous 184.2B)

Exports, M/M% (previous +1.2%)

Imports (USD) (previous 252.3B)

Imports, M/M% (previous +2.9%)

3:00 PM ET. December Consumer Credit

Consumer Credit Net Chg (USD) (previous +15.3B)



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 91.195 -0.002 -0.00%
Invesco DB US Dollar Index 24.5600 +0.0200 +0.08%
US Dollar/Canadian Dollar 1.278665 +0.000585 +0.05%
Euro/US Dollar 1.202050 -0.002275 -0.19%
JAPANESE YEN Feb 2021 0.009522 -0.000011 -0.12%
SWISS FRANC Mar 2021 1.1135 -0.0020 -0.18%
US Dollar/Hong Kong Dollar 7.75139 -0.00016 -0.00%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The March Dollar was higher in overnight trading as it extends the rally off January'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the November 30th reaction high crossing at $91.96 is the next upside target. Multiple closes below the 20-day moving average crossing at $90.37 would signal that a short-term top has been posted. First resistance is the November 30th high crossing at $91.96. Second resistance is the November 23rd high crossing at $92.73. First support is the 20-day moving average crossing at $90.46. Second support is the January 6th low crossing at $89.16.

The March Euro was lower overnight as it extends the decline off January'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 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 November 23rd low crossing at $118.33 is the next downside target. Closes above the 20-day moving average crossing at $121.61 would signal that a short-term low has been posted. First resistance is January's high crossing at $123.68. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $125.38. First support is the overnight low crossing at $120.17. Second support is the November 23rd low crossing at $118.33.

The March British Pound was steady to lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3529 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. First resistance is last-Wednesday's high crossing at 1.3762. Second resistance is the February-2019 high crossing at 1.3728. First support is the 50-day moving average crossing at 1.3529. Second support is the December 21st low crossing at 1.3200.

The March Swiss Franc was lower overnight as it extends the decline off January'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the head-and-shoulders top project a potential decline to 1.1013. Closes above the 20-day moving average crossing at 1.1267 would signal that a short-term low has been posted. 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 November 30th low crossing at 1.1036. Second support is the downside target of the head-and-shoulders top crossing at 1.1013.

The March Canadian Dollar was steady to slightly higher overnight. The mid-range 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. If March extends the decline off January's high, the December 21st low crossing at $77.21 is the next downside target. Closes above the 20-day moving average crossing at $78.55 would confirm that a short-term low has been posted. 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 last-Thursday's low crossing at $77.63. Second support is the December 21st low crossing at $77.21.

The March Japanese Yen was lower overnight as it extends the decline off January'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 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, November's low crossing at 0.0948 is the next downside target. Closes above the 50-day moving average crossing at 0.0964 are needed to confirm that a short-term low has been posted. First resistance is the January 21st high crossing at 0.0968. Second resistance is January's high crossing at 0.0975. First support is Tuesday's low crossing at 0.0951. Second support is the November's low crossing at 0.0948.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Mar 2021 55.21 +0.18 +0.33%
NY HARBOR ULSD HEATING OIL Mar 2021 1.6879 +0.0010 +0.06%
NATURAL GAS Mar 2021 2.848 +0.027 +0.96%
RBOB GASOLINE Mar 2021 1.6498 +0.0103 +0.63%
Invesco DWA Energy Momentum ETF 20.0071 -0.0003 -0.00%
United States Gasoline 27.8800 +0.4600 +1.68%

ENERGIES

May crude oil was steady to slightly higher overnight as it extends Tuesday's upside breakout to the topside of January's trading range as it resumes 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $57.46 is the next upside target. Closes below the January 22nd low crossing at $51.24 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $54.84. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $57.46. First support is the January 22nd low crossing at $51.24. Second support is the 50-day moving average crossing at $49.20.

May heating oil was steady to slightly higher overnight as it extends 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 signals that sideways to higher prices are possible near-term. If May extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $168.44 is the next upside target. Closes below the January 22nd low crossing at $155.65 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $167.58. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $168.44. First support is the January 22nd low crossing at $155.65. Second support is the 50-day moving average crossing at $150.30.

May unleaded gas was higher overnight as it extends 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 May extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $188.87 is the next upside target. Closes below the 20-day moving average crossing at $165.84 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $174.32. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $188.87. First support is the 20-day moving average crossing at $165.84. Second support is the 50-day moving average crossing at $154.04.

May Henry natural gas was higher overnight as it rebounds from Tuesday's late-day sell off. 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 bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, November's high crossing at 3.011 is the next upside target. Closes below Monday's gap crossing at 2.740 would signal that a short-term top has been posted. First resistance resistance is Tuesday's high crossing at 2.937. Second resistance is November's high crossing at 3.011. First support is last-Friday's low crossing at 2.615. Second support is the January 22nd low crossing at 2.527.

CURRENCIES




 
Food Snapshot
Symbol Last Change %
COFFEE MARCH 2021 124.60 +1.20 +0.97%
SUGAR #11 WORLD MARCH 2021 16.24 -0.05 -0.31%
SUGAR #16 MARCH 2021 28.75 -0.15 -0.52%
ORANGE JUICE - A MARCH 2021 106.20 -1.90 -1.76%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 49.21 +0.81 +1.67%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 43.96 +0.43 +0.97%

FOOD & FIBER

March coffee closed lower on Tuesday 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 Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 12.21 would confirm that a short-term top has been posted. If March renews the rally off November's low, September's high crossing at 13.57 is the next upside target.

March cocoa closed higher on Tuesday as it extended the trading range of the December-February trading range. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the January 4th high crossing at 26.61 would signal that a short-term low has been posted. If March renews the decline off November's high, the November 16th gap crossing at 23.95.

March sugar closed higher on Tuesday. The mid-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, weekly resistance crossing at 17.23 is the next upside target. If March extends the decline off January's high, the 50-day moving average crossing at 15.25 is the next downside target.

March cotton closed higher on Tuesday as it extends the trading range of the past three-days. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, January's low crossing at 78.65 is the next downside target. If March renews the rally off April's low, monthly resistance crossing at 84.47 is the next upside target.



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Grains Snapshot
Symbol Last Change %
CORN Mar 2021 539.00 -3.75 -0.69%
OATS Mar 2021 344.25 -2.25 -0.65%
WHEAT Mar 2021 634.75 -10.00 -1.55%
Teucrium Corn Fund ETV 16.810 -0.150 -0.88%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 58.1059 -0.6759 -1.15%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 4.0011 +0.0011 +0.03%
SOYBEANS Mar 2021 1348.75 -5.25 -0.39%
SOYBEAN (MINI) Mar 2021 1348.875 -1.375 -0.10%
SOYBEAN MEAL Mar 2021 428.2 +0.6 +0.14%
Teucrium Soybean Fund ETV 20.1100 -0.1500 -0.74%

GRAINS

March corn was lower overnight due to profit taking as it consolidates some of this winter's rally. The low-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $4.92 1/2 would confirm that a short-term top has been posted. If March extends the rally off April's low, the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4 is the next upside target. First resistance is Monday's high crossing at $5.55 3/4. Second resistance is the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4. First support is last-Monday's low crossing at $4.92 1/2. Second support is the 50-day moving average crossing at $4.72 1/4.

March wheat was lower overnight as it extends this week's decline. The low-range close sets the stage for a steady to fractionally higher opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $6.25 1/2 would confirm that a short-term top has been posted. If March renews the rally off Monday's low, January's high crossing at $6.93 is the next upside target. First resistance is January's high crossing at $6.93. Second resistance is the 62% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $7.34 1/4. First support is the 50-day moving average crossing at $6.25 1/2. Second support is the December 28th low crossing at $6.07.

March Kansas City wheat was lower overnight as it extends this week'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $6.05 1/2 would confirm that a short-term top has been posted. If March renews the rally off Monday's low, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside 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 last-Monday's low crossing at $6.05 1/2. Second support is the 50-day moving average crossing at $5.90 1/2.

March Minneapolis wheat was lower overnight and is poised to breakout to the downside of a large symmetrical triangle. 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 last-Monday's low crossing at $6.05 would confirm that a short-term top has been posted. If March renews the rally off December's low, the November-2017 high on the monthly continuation chart crossing at $6.58 is the next upside target. First resistance is January's high crossing at $6.53 1/2. Second resistance is the November-2017 high on the monthly continuation chart crossing at $6.58. First support is last-Monday's low crossing at crossing at $6.05. Second support is January's low crossing at $5.93 1/4.

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

March soybeans were lower overnight as it continues to struggle for near-term direction. 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 March renews the decline off January's high, the 25% retracement level of the April-January rally crossing at $12.83 1/2 is the next downside target. Closes above last-Wednesday's high crossing at $13.94 3/4 would confirm that a short-term low has been posted while opening the door for a test of January's high crossing at $14.36 1/2. First resistance is last-Wednesday's high crossing at $13.94 3/4. Second resistance is January's high crossing at $14.36 1/2. First support is last-Monday's low crossing at $12.98. Second support is the 25% retracement level of the March-January rally crossing at $12.83 1/2.

March soybean meal was steady to slightly lower overnight as it extends the trading range of the past two-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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews this month's decline the 50-day moving average crossing at $415.80 is the next downside target. Closes above the 20-day moving average crossing at $440.40 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $440.40. Second resistance is January's high crossing at $471.40. First support is the 50-day moving average crossing at $415.80. Second support is the 38% retracement level of the August-January rally crossing at $401.40.

March soybean oil was lower overnight due to profit taking as it consolidated some of its recent gains. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 43.37 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 last-Friday's high crossing at 45.58. Second resistance is the 50% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 47.97. First support is January's low crossing at 41.01. Second support is the 50-day moving average crossing at 40.84.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 30687.48 +475.57 +1.57%
NASDAQ Composite 13612.78 +209.39 +1.56%
S&P 500 3826.31 +52.45 +1.39%
SPDR S&P 500 381.6200 +5.3900 +1.43%
iShares Russell 2000 ETF 213.57 +2.96 +1.41%

U.S. STOCK INDEXES

The March NASDAQ 100 was modestly higher overnight were inspired by stimulus progress and strong earnings reports led by the technology sector with stellar results from Google parent Alphabet and Amazon. The mid-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. March is poised to renew this winter's rally into uncharted territory. Closes below the 50-day moving average crossing at 12,766.90 would open the door for a larger-degree decline into early-February. First resistance is January's high crossing at 13,599.75. Second resistance is unknown. First support is the 50-day moving average crossing at 12,766.90. Second support is January's low crossing at 12,491.25.

The March S&P 500 was higher overnight as it extends this week's rally. 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. Closes above January's high crossing at 3859.75 would renew the long-term rally into uncharted territory. Closes below the 50-day moving average crossing at 3721.48 would confirm that a short-term top has been posted while opening the door for a possible test of December's low crossing at 3636.00. First resistance is January's high crossing at 3859.75. Second resistance is unknown. First support is the 50-day moving average crossing at 3721.48. Second support is December's low crossing at 3636.00.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Mar 2021 168.12500 -0.43750 -0.26%
iShares Floating Rate Bond ETF 50.767 -0.023 -0.05%
5 YEAR T-NOTES Mar 2021 125.835938 -0.054688 -0.04%
ULTRA T-BONDS Mar 2021 203.34375 -0.90625 -0.44%
Invesco Senior Loan Portf 22.315 +0.035 +0.16%

INTEREST RATES

March T-bonds were lower overnight as it extends the decline off last-Thursday'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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Thursday's high, January's low crossing at 167-11 is the next downside target. If March renews the rally off January's low, the 50-day moving average crossing at 171-17 is the next upside target. First resistance is the 50-day moving average crossing at 171-17. Second resistance is January's high crossing at 173-11. First support is January's low crossing at 167-11. Second support is the 50% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 164-04.

March T-notes were lower overnight as they extend the decline off last-Wednesday's high. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 136.311 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. Closes above the 50-day moving average crossing at 137.165 would open the door for a possible test of January's high crossing at 138.055. First resistance is the 50-day moving average crossing at 137.165. Second resistance is January's high crossing at 138.055. First support is January's low crossing at 136.010. Second support is monthly support crossing at 134.298.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Mar 2021 139.275 +1.500 +1.08%
LEAN HOGS Feb 2021 71.650 +1.950 +2.72%
LIVE CATTLE Feb 2021 116.000 +1.275 +1.10%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 35.7650 +0.5674 +1.61%

LIVESTOCK

April hogs closed up $2.58 at $78.07.

April hogs closed sharply higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, the July-2019 high on the weekly continuation chart crossing at $81.98 is the next upside target. Closes below the 20-day moving average crossing at 74.44 would signal that a short-term top has been posted. First resistance is today's high crossing at 78.23. Second resistance is the July-2019 high on the weekly continuation chart crossing at $81.98. First support is the 20-day moving average crossing at $74.44. Second support is the 50-day moving average crossing at $71.85.

April cattle closed up $0.83 at $122.53

April cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at $120.19 would signal that a short-term top has been posted. If April extends the rally off October's low, the January-2020 high crossing at $124.50 is the next upside target. First resistance is last-Friday's high crossing at $123.90. Second resistance is the January-2020 high crossing at $124.50. First support is the 10-day moving average crossing at $121.88. Second support is the 20-day moving average crossing at $120.19.

March Feeder cattle closed up $1.18 at $142.25.

March Feeder cattle closed higher on Tuesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, January's low crossing at $132.68 is the next downside target. If March renews this month's rally, the August-2020 high crossing at $145.30 is the next upside target. First resistance is last-Monday's high crossing at $144.85. Second resistance is the August-2020 high crossing at $145.30. First support is Monday's low crossing at $136.80. Second support is January's low crossing at $132.68.



 
Metals Snapshot
Symbol Last Change %
GOLD Feb 2021 1836.8 +3.7 +0.20%
SPDR Gold Trust 172.14 -2.09 -1.20%
SILVER Feb 2021 26.870 +0.225 +0.84%
PALLADIUM Mar 2021 2242.5 +6.0 +0.27%
Direxion Daily Gold Miners Index Bear 2X Shares 20.59 +1.13 +5.81%
Invesco DB Precious Metals Fund 51.04 -1.57 -2.98%

PRECIOUS METALS

April gold was steady to modestly higher overnight as it extends January's trading range. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews the decline off January's high, November's low crossing at $1771.30 is the next downside target. Closes above last-Friday's high crossing at $1878.90 would confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at $1878.90. Second resistance is January's high crossing at $1966.80. First support is January's low crossing at $1804.70. Second support is November's low crossing at $1771.30.

March silver was slightly higher overnight following Tuesday's sharp sell off. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $25.400 would confirm that a top has been posted. Closes above the July 7th high crossing at $30.365 would open the door into uncharted territory. First resistance is the July 7th high crossing at $30.365. Second resistance is monthly resistance on the continuation chart crossing at $30.727. First support is the 20-day moving average crossing at $26.102. Second support is the January 27th low crossing at $24.715.

March copper was steady to slightly higher overnight while extending the December-February trading range. 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. Closes below December's low crossing at 3.4390 would confirm a downside breakout of the aforementioned trading range has been posted. If March renews the rally off October's low, the February-2013 high on the monthly continuation chart crossing at 3.7925 is the next upside target. First resistance is the January 8th high crossing at 3.7340. Second resistance is the February-2013 high on the monthly chart crossing at 3.7925. First support is last-Thursday's low crossing at 3.4910. Second support is December's low crossing at 3.4390.



 
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