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SPY: Is a Correction on the Horizon?
7 days ago
Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals
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March coffee closed slightly lower on Wednesday. The high-range close sets the stage for a steady to slightly lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, the 38% retracement level of the 2022-2023 decline crossing at 18.35 is the next upside target. Closes below last-Monday's low crossing at $16.53 would signal that a short-term top has been posted. First resistance is November's high crossing at 17.64. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at 18.38. First support is last-Monday's low crossing at $16.53. Second support is the 50-day moving average crossing at $16.08.
March cocoa closed higher on Wednesday as it extends the rally into uncharted territory. 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. With cocoa trading in uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 40.27 would signal that a short-term top has been posted.
March sugar closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 25% retracement level of the June-November rally crossing at 26.62 is the next downside target. If March renews the rally off October's low, monthly resistance on the continuation chart crossing at 29.36 is the next upside target.
March cotton closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends Monday's decline, November's low crossing at 77.66 is the next downside target. Closes above the November 17th crossing at 81.87 would signal that a short-term low has been posted. First resistance is the November 17th high crossing at 81.87. Second resistance is the 50-day moving average crossing at 84.34. First support is November's low crossing at 77.66. Second support is the June 26th low crossing at 77.01.