INO Evening Market Comments
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Started by tallpine - Dec. 8, 2017, 4:26 p.m.

KEY EVENTS TO WATCH FOR:



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 Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 March renews this year's rally into record territory, upside targets will be hard to project. If December resumes the decline off November's high, the 50-day moving average crossing at 6229.69 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 6229.69. Second support is the reaction low crossing at 6024.00.  



The March S&P 500 closed higher on Friday.The high-range close sets the stage for a steady to higher opening when Monday'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 uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2609.63 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 2664.40. Second resistance is unknown. First support is the 20-day moving average crossing at 2609.63. Second support is the 50-day moving average crossing at 2580.34. 



The Dow closed higher on Friday as it turned positive for the week after the November jobs report came in much stronger than expected, underlining the economy’s strong fundamentals. Today’s gains were broad, but technology shares were the biggest percentage gainers, providing an outsize lift to the Nasdaq. The high-range close sets the stage for a steady to higher opening when Monday'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 the Dow renews this year's rally into uncharted territory, upside targets will be hard to project. Closes below last Thursday's gap crossing at 23,959.76 would confirm that a short-term top has been posted. 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 up 5/32's at 153-01.



March T-bonds closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 the 50-day moving average crossing at 152-02 are needed to confirm that a short-term top has been posted. If March renews 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 5/32's at 124-095.



March T-notes closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday'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 October's low crossing at 123.270 would open the door for a possible test of weekly support crossing at 123.180. Closes above the 50-day moving average crossing at 124.218 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 124.218. 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 Friday.The high-range close sets the stage for a steady to higher opening when Monday'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 the decline off November's high, 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 Friday as it rebounded off the 50-day moving average crossing at 186.35. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible 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. Closes below the 50-day moving average crossing at 186.35 would open the door for additional weakness near-term. 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 186.35. Second support is November's low crossing at 185.45.   



January unleaded gas closed higher on Friday as it consolidates some of this week's decline. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 173.90 would confirm that a short-term low has been posted. 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. 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 posted an inside day with a slightly higher close on Friday as it consolidates some of this month's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at 3.064 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 2.977. Second resistance is the 20-day moving average crossing at 3.064. First support is Thursday'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 Friday as it extends the rally off November's low. The low-range close sets the stage for a steady to lower opening when Monday'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, November's high crossing at 94.76 is the next upside target. Closes below the 10-day moving average crossing at 92.92 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 94.76. 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 Friday as it extends the decline off November's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 118.53 would open 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 reaction low crossing at 117.99. Second support is November's low crossing at 116.48.     



The March British Pound closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Monday'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 1.3373 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 1.3373. Second support is November's low crossing at 1.3098.     



The March Swiss Franc closed higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday'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, November's low crossing at 1.0062 is the next downside target. Closes above the 50-day moving average crossing at 1.0236 would confirm that a short-term low has been posted. 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 1.0103. Second support is October's low crossing at 1.0064. 



The March Canadian Dollar closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 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 78.92 would renew the rally off October's low. First resistance is the 50-day moving average crossing at 78.92. 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 Friday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Monday’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 slightly higher on Friday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Monday'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 1283.90. Second resistance is November's high crossing at 1303.40. First support is today's low crossing at 1244.40. Second support is the 87% retracement level of the July-September-rally crossing at 1233.90.



March silver posted an inside day with a higher close on Friday as it consolidates some of the decline off November's high. The high-range close set the stage for a steady to higher opening when Monday'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 16.741 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 16.356. Second resistance is the 20-day moving average crossing at 16.741. 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 Friday as it continues to consolidate some of this week's decline.The mid-range close sets the stage for a steady opening when Monday'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 renews the aforementioned decline, September's low crossing at 291.35 is the next downside target. Closes above the 50-day moving average crossing at 310.71 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 up 1-cent at 3.52 1/2. 



March corn closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday'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 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.59. 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 1/2-cents at 4.18. 



March wheat closed lower on Friday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Monday'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 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 4.45 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.45. Second resistance is the reaction high crossing at 4.60 3/4. First support is today's low crossing at 4.17 3/4. Second support is weekly support crossing at 4.11 1/4.    



March Kansas City Wheat closed down 2 3/4-cents at 4.18. 



March Kansas City wheat closed lower on Friday and posted a new contract low as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening on Monday. 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 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 4.42 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.42 1/4. Second resistance is reaction high crossing at 4.56 1/2. First support is today's low crossing at 4.17 1/2. Second support is weekly support crossing at 4.11 1/4.  



March Minneapolis wheat closed up a 1/4-cent at 6.11 1/4. 



March Minneapolis wheat closed fractionally higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 6.33 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.33. Second resistance is November's high resistance crossing at 6.66. First support is today's low crossing at 6.08. 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 1 1/4-cents at 9.90 3/4. 



January soybeans closed lower on Friday as it extends this week's decline. The mid-range close sets the stage for a steady to lower opening when Monday'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 9.88 1/4 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 $2.60 at 332.60. 



January soybean meal closed lower on Friday 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 Monday's night 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 325.80 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 today's low crossing at 330.30. Second support is the 20-day moving average crossing at 325.80. 



January soybean oil closed up 29-points at 33.62. 



January soybean oil closed higher due to short covering on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are  turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 34.04 would confirm that a short-term low has been posted. If January extends the decline off November's high, October's low crossing at 32.47 is the next downside target. First resistance is the 10-day moving average crossing at 33.65. Second resistance is the 20-day moving average crossing at 34.04. First support is Thursday'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 up $0.38 at $68.85. 



February hogs closed higher on Friday but remain below the 50-day moving average crossing at 69.06. The high-range close sets the stage for a steady to higher opening when Monday'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 $0.38 at 118.30. 



February cattle closed lower on Friday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Monday'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 123.71 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 123.71. 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 down $1.10 at $145.23. 



January Feeder cattle closed lower on Friday as it extends the decline off November's low. The low-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at 151.98 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 Thursday's low crossing at 144.95. 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 lower on Friday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening on Monday. 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, weekly support crossing at 12.10 is the next downside target. Closes above the 50-day moving average crossing at 12.90 would confirm that a short-term low has been posted. 



March cocoa closed higher on Friday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 20.67 would confirm that a short-term low has been posted. 



March sugar closed lower on Friday as it extends the decline off November's high. The low-range close set the stage for a steady to lower opening on Monday. 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 14.99 would temper the bearish outlook.  



March cotton posted an inside day with a lower close on Friday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening on Monday. 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 71.35 would confirm a short-term top has been posted. 

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