INO Evening Market Comments
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Started by tallpine - Dec. 7, 2017, 4:35 p.m.

KEY EVENTS TO WATCH FOR:



Friday, December 8, 2017 



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



                       Non-Farm Payrolls (expected +195K; previous +261K)



                       Unemployment Rate (expected 4.1%; previous 4.1%)



                       Avg Hourly Earnings (USD) (previous 26.53)



                       Avg Hourly Earnings-Net Chg (USD) (previous -0.01)



                       Avg Hourly Earnings, M/M% (expected +0.3%; previous -0.04%)



                       Avg Hourly Earnings, Y/Y% (previous +2.4%)



                       Overall Workweek (previous 34.4)



                       Overall Workweek Net Chg (previous +0)



                       Government Payrolls (previous +9K)



                       Private Payroll (previous +252K)



                       Participation Rate (previous 62.7%)



                       Non-Farm Payrolls Bench Net Chg



10:00 AM ET. December University of Michigan Survey of Consumers – preliminary



                       Mid-Mo Sentiment (expected 99.9; previous 97.8)



                       Mid-Mo Expectations (previous 87.6)



                       Mid-Mo Current Idx (previous 113.6)



10:00 AM ET. October Monthly Wholesale Trade



                       Inventories, M/M% (expected -0.4%; previous +0.3%)



  N/A              Suspension of U.S. federal debt limit expires



Monday, December 11, 2017  



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



10:00 AM ET. November Employment Trends Index



                       ETI (previous 135.57)



                       ETI, Y/Y% (previous +5.4%)



10:00 AM ET. ISM Semiannual Report On Business & Economic Forecast



11:00 AM ET. World Economic Situation and Prospects report



 The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""



The March NASDAQ 100 closed higher on Thursday driven by gains in the technology. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews this year's rally into record territory, upside targets will be hard to project. If December extends the decline off November's high, the 50-day moving average crossing at 6221.17 is the next downside target. First resistance is November's high crossing at 6446.50. Second resistance is unknown. First support is the 50-day moving average crossing at 6221.17. Second support is the reaction low crossing at 6024.00.  



The March S&P 500 closed higher due to short covering on Thursday.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2606.03 would confirm that a short-term top has been posted. If March renews this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 2664.40. Second resistance is unknown. First support is the 20-day moving average crossing at 2606.03. Second support is the 50-day moving average crossing at 2577.35. 



The Dow closed higher on Thursday due to industrials and materials sectors. Traders continue to focuse on progress on tax legislation and looked ahead to the monthly jobs report due Friday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below last Thursday's gap crossing at 23,959.76 would confirm that a short-term top has been posted. If the Dow renews this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 24,534.04. Second resistance is unknown. First support is last Thursday's gap crossing at 23,959.76. Second support is the November 29th gap crossing at 23,849.61.    



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



March T-bonds closed down 26/32's at 153-08.



March T-bonds closed sharply lower on Thursday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Friday's night 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 152-01 would confirm that a short-term top has been posted. If March extends the rally off October's low, September's high crossing at 156-14 is the next upside target. First resistance is Wednesday's high crossing at 154-18. Second resistance is September's high crossing at 156-14. First support is the reaction low crossing at 150-30. Second support is October's low crossing at 149-07.    



March T-notes closed down 70/32's at 124-120.



March T-notes closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night 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 124.224 would confirm that a low has been posted. Closes below October's low crossing at 123.270 would open the door for a possible test of weekly support crossing at 123.180. First resistance is the 50-day moving average crossing at 124.224. Second resistance is November's high crossing at 125.065. First support is November's low crossing at 123.295. Second support is October's low crossing at 123.270.   



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



January crude oil closed higher on Thursday as it consolidated some of Wednesday's sharp decline.The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends today's decline, the reaction low crossing at 55.00 is the next odwnside target. If January renews the rally off June's low, weekly resistance crossing at 60.00 is the next upside target. First resistance is November's high crossing at 57.05. Second resistance is weekly resistance crossing at 60.00. First support is the reaction low crossing at 55.00. Second support is the 38% retracement level of the June-November-rally crossing at 53.04. 



January heating oil closed higher on Thursday as it rebounded off support marked by the 50-day moving average crossing at 186.13. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 186.13 would open the door for additional weakness near-term. If January renews the rally off October's low, the 50% retracement level of the 2014-2016-decline crossing at 198.69 is the next upside target. First resistance is November's high crossing at 196.52. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 198.69. First support is the 50-day moving average crossing at 186.13. Second support is November's low crossing at 185.45.   



January unleaded gas closed higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, the 38% retracement level of the June-November-rally crossing at 160.49 is the next downside target. Closes above the 20-day moving average crossing at 174.31 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 179.40. Second resistance is November's high crossing at 181.51. First support is Wednesday's low crossing at 166.00. Second support is the 38% retracement level of the June-November-rally crossing at 160.49.   



January Henry natural gas closed sharply lower on Thursday as U.S. supplies increase. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, the January-2016-low crossing at 2.720 is the next downside target. Closes above the 50-day moving average crossing at 3.154 would open the door for a possible test of November's high crossing at 3.321. First resistance is the 10-day moving average crossing at 2.990. Second resistance is the 20-day moving average crossing at 3.090. First support is today's low crossing at 2.747. Second support is the January-2016-low crossing at 2.720. 



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The March Dollar closed higher on Thursday and above the 50-day moving average crossing at 93.36 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the reaction high crossing at 93.75 is the next upside target. Closes below the 10-day moving average crossing at 92.81 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 93.75. Second resistance is November's high crossing at 95.07. First support is the 62% retracement level of the September-November-rally crossing at 92.23. Second support is the 75% retracement level of the September-November-rally crossing at 91.69.



The March Euro closed lower on Thursday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday's night 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 118.55 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 November's low, the reaction high crossing at 121.49 is the next upside target. First resistance is the reaction high crossing at 121.49. Second resistance is September high crossing at 122.11. First support is the 50-day moving average crossing at 118.55. Second support is the reaction low crossing at 117.99.     



The March British Pound posted a key reversal up on Thursday ending the correction off last week's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.3361 would confirm that a short-term top has been posted. If March renews the rally off November's low, September's high crossing at 1.3695 is the next upside target. First resistance is November's high crossing at 1.3598. Second resistance is September's high crossing at 1.3695. First support is the 20-day moving average crossing at 1.3361. Second support is November's low crossing at 1.3098.     



The March Swiss Franc closed lower on Thursday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the reaction low crossing at 1.0144 is the next downside target. If March renews the rally off November's low, the reaction high crossing at 1.0396 is the next upside target. First resistance is December's high crossing at 1.0352. Second resistance is October's high crossing at 1.0415. First support is today's low crossing at 1.0134. Second support is October's low crossing at 1.0064. 



The March Canadian Dollar closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below October's low crossing at 77.54 would open the door for a test of the 62% retracement level of the May-September rally crossing at 75.42. Closes above the 50-day moving average crossing at 78.97 would renew the rally off October's low. First resistance is the 50-day moving average crossing at 78.97. Second resistance is October's high crossing at 80.42. First support is October's low crossing at 77.54. Second support is the July's low crossing at 77.16. 



The March Japanese Yen closed lower on Thursday as it renewed the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday’s night 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 aforementioned decline, the reaction low crossing at 0.8842 is the next downside target. If March renews the rally off November's low, the 62% retracement level of the September-November-decline crossing at 0.9141 is the next downside target. First resistance is the 50% retracement level of the September-November-decline crossing at 0.9072. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9141. First support is the reaction low crossing at 0.8842. Second support is November's low crossing at 0.8782.  



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



February gold closed sharply lower on Thursday as it extends the decline off November's high. Today's sell off came as the market is optimistic that a deal will be reached this week to avert a government shutdown and that a stimulative tax reform bill will reach the president’s desk by year-end. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower price are possible near-term. If February extends the decline off November's high, the 87% retracement level of the July-September-rally crossing at 1233.90 is the next downside target. First resistance is the 50-day moving average crossing at 1284.80. Second resistance is November's high crossing at 1303.40. First support is today's low crossing at 1245.80. Second support is the 87% retracement level of the July-September-rally crossing at 1233.90.



March silver closed lower on Thursday as it extends the decline off November's high. The low-range close set the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 87% retracement level of the July-September-rally crossing at 15.626 is the next downside target. Closes above the 20-day moving average crossing at 16.802 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 16.481. Second resistance is the 20-day moving average crossing at 16.802. First support is the 87% retracement level of the July-September-rally crossing at 15.626. Second support is July's low crossing at 15.225.     



March copper closed slightly higher due to short covering on Thursday as it consolidates some of the decline off October's high.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If March extends the aforementioned decline, September's low crossing at 291.35 is the next downside target. Closes above the 50-day moving average crossing at 310.75 would temper the near-term bearish outlook. First resistance is November's high crossing at 320.15. Second resistance is October's high crossing at 327.90. First support is Tuesday's low crossing at 294.30. Second support is September's low crossing at 291.35.      



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



March Corn closed down 1 1/4-cents at 3.51 1/2. 



March corn closed lower on Thursday as it extends the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Friday's night 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 November's high, weekly support crossing at 3.32 is the next downside target. Closes above the 50-day moving average crossing at 3.59 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.59 1/4. Second resistance is the reaction high crossing at 3.69 1/4. First support is November's low crossing at 3.48 3/4. Second support is weekly support crossing at 3.32. 



March wheat closed down 3 3/4-cents at 4.21 1/2. 



March wheat closed lower on Thursday and renewed the decline off July's high on large global stocks and lackluster U.S. export news. The low-range close sets the stage for a steady to lower opening when Friday's night 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 July's high, weekly support crossing at 4.11 1/4 is the next downside target. Closes above the 50-day moving average crossing at 4.46 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.46 1/4. Second resistance is the reaction high crossing at 4.60 3/4. First support is today's low crossing at 4.19 1/2. Second support is weekly support crossing at 4.11 1/4.    



March Kansas City Wheat closed down 2 3/4-cents at 4.20 3/4. 



March Kansas City wheat closed lower on Thursday and posted a new contract low as it renewed the decline off July's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off September's high, weekly support crossing at 4.11 1/4 is the next downside target. Closes above the 50-day moving average crossing at 4.43 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.43 1/4. Second resistance is reaction high crossing at 4.56 1/2. First support is today's low crossing at 4.18 1/2. Second support is weekly support crossing at 4.11 1/4.  



March Minneapolis wheat closed down 2 3/4-cents at 6.11. 



March Minneapolis wheat closed lower on Thursday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.35 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.35 1/4. Second resistance is November's high resistance crossing at 6.66. First support is today's low crossing at 6.10. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2. 



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



January soybeans closed down 10 3/4-cents at 9.92. 



January soybeans closed lower on Thursday despite positive export news and lingering weather concerns in South America. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turnng neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 9.87 3/4 would confirm that a short-term top has been posted. If January renews the rally off November's low, the reaction high crossing at 10.28 1/4 is the next upside target. First resistance is Tuesday's high crossing at 10.15. Second resistance is the reaction high crossing at 10.28 1/4. First support is the reaction low crossing at 9.85. Second support is November's low crossing at 9.67.



January soybean meal closed down $6.80 at 335.50. 



January soybean meal closed lower on Thursday as it consolidated some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 324.90 would confirm that a double top with July's high has been posted. If January extends the rally off November's low, July's high crossing at 349.70 is the next upside target. First resistance is Wednesday's high crossing at 348.20. Second resistance is July's high crossing at 349.70. First support is the 10-day moving average crossing at 332.40. Second support is the 20-day moving average crossing at 324.90. 



January soybean oil closed up 11-points at 33.28. 



January soybean oil closed higher due to short covering on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, October's low crossing at 32.47 is the next downside target. Closes above the 20-day moving average crossing at 34.12 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 33.70. Second resistance is the 20-day moving average crossing at 34.12. First support is today's low crossing at 32.80. Second support is October's low crossing at 32.47.



LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



February hogs closed down $0.48 at $68.48. 



February hogs closed lower on Thursday and below the 50-day moving average crossing at 68.95 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, November's low crossing at 66.25 is the next downside target. If February renews the rally off November's low, November's high crossing at 73.30 is the next upside target. First resistance is last Wednesday's high crossing at 72.25. Second resistance is November's high crossing at 73.30. First support is the reaction low crossing at 66.88. Second support is November's low crossing at 66.25. 



February cattle closed down $0.60 at 118.68. 



February cattle closed lower on Thursday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday's 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 February extends the decline off November's high, the 62% retracement level of the August-November-rally crossing at 118.03 is the next downside target. Closes above the 20-day moving average crossing at 124.22 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 124.22. Second resistance is November's high crossing at 131.95. First support is the 62% retracement level of the August-November-rally crossing at 118.03. Second support is October's low crossing at 116.83. 

 

January Feeder cattle closed up $0.30 at $146.33. 



January Feeder cattle closed higher on Thursday as it consolidates some of the decline off November's low. The high-range close sets the stage for a steady to higher opening when Friday's 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 January extends the decline off November's high, the 38% retracement level of the February-October-rally crossing at 144.16 is the next downside target. Closes above the 50-day moving average crossing at 153.75 would confirm that a short-term low has been posted. First resistance is last Thursday's high crossing at 156.05. Second resistance is November's high crossing at 162.08. First support is today's low crossing at 144.90. Second support is the 38% retracement level of the February-October-rally crossing at 144.16.   



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



March coffee closed sharply lower on Thursday marking a downside breakout of the October-November trading range. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, weekly support crossing at 12.10 is the next downside target. Closes above the 50-day moving average crossing at 12.91 would confirm that a short-term low has been posted. 



March cocoa closed lower on Thursday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening on Friday. 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 November's high, August's low crossing at 18.51 is the next downside target. Closes above the 20-day moving average crossing at 20.81 would confirm that a short-term low has been posted. 



March sugar closed lower on Thursday as it extends yesterday's breakout below the 50-day moving average crossing at 14.58. The low-range close set the stage for a steady to lower opening on Friday. 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 reaction low crossing at 13.84 is the next downside target. Closes above the 20-day moving average crossing at 14.11 would temper the bearish outlook.  



March cotton posted a key reversal up on Thursday as it renewed the rally off October's low. The high-range close sets the stage for a steady to higher opening on Friday. 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, April's high crossing at 74.74 is the next upside target. Closes below the 20-day moving average crossing at 71.09 would confirm a short-term top has been posted. 

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