INO Evening Market Comments
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Started by tallpine - Dec. 13, 2017, 4:49 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, December 14, 2017 



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



                       Import Prices (expected +0.7%; previous +0.2%)



                       Non-Petroleum Prices (previous +0.1%)



                       Petroleum Prices (previous +1.7%)



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



                       Corn (Metric Tons) (previous 876.4K)



                       Soybeans (Metric Tons) (previous 2086.2K)



                       Wheat (Metric Tons) (previous 323K)



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



                       Overall Sales-SA, M/M% (expected +0.3%; previous +0.2%)



                       Sales, Ex-Auto, M/M% (expected +0.6%; previous +0.1%)



                       Sales, Ex-Auto & Gas, M/M% (previous +0.3%)



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



                       Jobless Claims (expected 237K; previous 236K)



                       Jobless Claims, Net Chg (previous -2K)



                       Continuing Claims (previous 1908000)



                       Continuing Claims, Net Chg (previous -52K)



9:30 AM ET. IMF regular press briefing



9:45 AM ET. December US Flash Manufacturing PMI



                       PMI, Mfg (expected 53.5; previous 53.8)



9:45 AM ET. December US Flash Services PMI



                       PMI, Services (previous 54.7)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Total Inventories (expected -0.1%; previous +0.0%)



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



                       Working Gas In Storage (Cbf) (previous 3695B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +2B)

                       

4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



Friday, December 15, 2017 



8:30 AM ET. December Empire State Manufacturing Survey



                       Mfg Idx (expected 16.5; previous 19.4)



                       Employment Idx (previous 11.5)



                       New Orders Idx (previous 20.7)



                       Prices Received (previous 9.2)



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



                       Industrial Production, M/M% (expected +0.3%; previous +0.9%)



                       Capacity Utilization % (expected 77.2%; previous 77.0%)



                       Capacity Utilization, Net Chg (Pts) (previous +0.6)



4:00 PM ET. October Treasury International Capital Data


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



The March NASDAQ 100 closed higher on Wednesday as it extended the rally off last week's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain 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 6254.91 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 6254.91. Second support is the reaction low crossing at 6206.00.  



The March S&P 500 closed higher on Wednesday as it extends this year's rally into record territory.The mid-range close sets the stage for a steady to higher opening when Thursday'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 March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2623.19 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2675.00. Second resistance is unknown. First support is the 20-day moving average crossing at 2623.19. Second support is the 50-day moving average crossing at 2589.09. 



The Dow closed higher and posted a new all-time high close on Wednesday after the Federal Reserve raised interest rates as had been widely expected. The mid-range close sets the stage for a steady to higher opening when Thursday'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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 23,937.15 would confirm that a short-term top has been posted. First resistance is today's high crossing at 24,666.02. Second resistance is unknown. First support is the 10-day moving average crossing at 24,319.64. Second support is the 20-day moving average crossing at 23,937.34.   



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



March T-bonds closed up 1-02/32's at 153-23.



March T-bonds 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, September's high crossing at 156-14 is the next upside target. Closes below the 50-day moving average crossing at 152-05 are needed to confirm that a short-term top has been posted. First resistance is last 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 up 160/32's at 124-200.



March T-notes posted a key reversal up on Wednesday following the Federal Reserve's announcement that it will raise short-term interest rates. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 50-day moving average crossing at 124.208 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 124.208. 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 lower on Wednesday following yesterday's key reversal down.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January resumes the decline off November's high, the reaction low crossing at 55.00 is the next downside 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 lower due to profit taking on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. 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 187.33 would confirm that a short-term top has been posted. If January extends 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 the 50% retracement level of the 2014-2016-decline crossing at 198.69. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 216.85. First support is the 50-day moving average crossing at 187.33. Second support is November's low crossing at 185.45.   



January unleaded gas closed sharply lower on Wednesday as it renewed the decline off November's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning 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 172.70 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 today's low crossing at 164.38. Second support is the 38% retracement level of the June-November-rally crossing at 160.49.   



January Henry natural gas closed slightly higher on Wednesday as it consolidated some of the decline off November's high. The mid-range close sets the stage for a steady opening when Thursday'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, weekly support crossing at 2.522 is the next downside target. Closes above the 20-day moving average crossing at 2.988 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.863. Second resistance is the 20-day moving average crossing at 2.988. First support is today's low crossing at 2.656. Second support is weekly support crossing at 2.522. 



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



The March Dollar closed sharply lower on Wednesday and below the 20-day moving average crossing at 93.07 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the rally off November's low, November's high crossing at 94.76 is the next upside target. First resistance is the reaction high crossing at 94.23. Second resistance is November's high crossing at 94.76. First support is the reaction low crossing at 92.69. Second support is the 62% retracement level of the September-November-rally crossing at 92.23. 



The March Euro closed higher on Wednesday 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 Thursday's night 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 118.99 would temper the near-term bearish outlook. If March extends the decline off November's high, November's low crossing at 116.48 is the next downside target. First resistance is November's high crossing at 120.44. Second resistance is the reaction high crossing at 121.50. First support is Tuesday's low crossing at 117.97. Second support is November's low crossing at 116.48.     



The March British Pound 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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 50-day moving average crossing at 1.3304. Second support is the reaction low crossing at 1.3273.     



The March Swiss Franc closed higher on Wednesday and closed above the 50-day moving average crossing at 1.0223 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday'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 resumes this month's decline, November's low crossing at 1.0062 is the next downside target. First resistance is December's high crossing at 1.0352. Second resistance is October's high crossing at 1.0415. First support is last Friday's low crossing at 1.0103. Second support is October's low crossing at 1.0064. 



The March Canadian Dollar 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 are turning neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 79.31 are needed to confirm that a low has been posted. 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. First resistance is the reaction crossing at 79.31. 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 sharply higher on Wednesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.8948 would confirm that a short-term low has been posted. If March extends the aforementioned decline, November's low crossing at 0.8783 is the next downside target. First resistance is the 20-day moving average crossing at 0.8948. Second resistance is the 50% retracement level of the September-November-decline crossing at 0.9072. First support is Tuesday's low crossing at 0.8840. Second support is November's low crossing at 0.8782.  



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



February gold closed sharply higher on Wednesday as it consolidates some of the decline off November's high. A weakening US Dollar helped to underpin today's rally. 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 oversold but are turning neutral to bullish signaling that sideways to higher price are possible near-term. Closes above the 20-day moving average crossing at 1276.10 are needed to confirm that a short-term low has been posted. 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 10-day moving average crossing at 1262.00. Second resistance is the 20-day moving average crossing at 1276.10. First support is Tuesday's low crossing at 1238.30. Second support is the 87% retracement level of the July-September-rally crossing at 1233.90.



March silver closed higher on Wednesday as it consolidated some of the decline off November's high. The high-range close set the stage for a steady to higher opening when Thursday'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, July's low crossing at 15.225 is the next downside target. Closes above the 20-day moving average crossing at 16.557 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 16.050. Second resistance is the 20-day moving average crossing at 16.557. 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 higher on Wednesday as it extends the rally off December's low.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 is possible near-term. Closes above the 50-day moving average crossing at 311.09 would confirm that a short-term top has been posted. If March renews the decline off October's high, September's low crossing at 291.35 is the next downside target. First resistance is November's high crossing at 320.15. Second resistance is October's high crossing at 327.90. First support is December'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 1/4-cents at 3.49. 



March corn closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 November's high, weekly support crossing at 3.32 is the next downside target. Closes above the 50-day moving average crossing at 3.58 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.58. Second resistance is the reaction high crossing at 3.69 1/4. First support is Tuesday's low crossing at 3.47 1/2. Second support is weekly support crossing at 3.32. 



March wheat closed up 5 1/2-cents at 4.16 1/4. 



March wheat closed higher due to short covering on Wednesday as it consolidated some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Thursday'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, psychological support crossing at 4.00 is the next downside target. Closes above the 50-day moving average crossing at 4.42 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.42. Second resistance is the reaction high crossing at 4.60 3/4. First support is Tuesday's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.    



March Kansas City Wheat closed up 5-cents at 4.16 1/4. 



March Kansas City wheat closed higher on Wednesday as it consolidates some of the decline off July'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. If March extends the decline off September's high, psychological support crossing at 4.00 is the next downside target. Closes above the 50-day moving average crossing at 4.39 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.39 1/2. Second resistance is reaction high crossing at 4.51 1/2. First support is Monday's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.  



March Minneapolis wheat closed up 7-cents at 6.12 1/2. 



March Minneapolis wheat closed higher on Wednesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 50-day moving average crossing at 6.31 1/2 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 6.31 1/2. Second resistance is November's high resistance crossing at 6.66. First support is Tuesday's low crossing at 6.05. 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 up 3 1/2-cents at 9.79 1/4. 



January soybeans closed higher due to short covering on Wednesday as it consolidates some of this week's decline. The mid-range close sets the stage for a steady to higher opening when Thursday'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 this week's decline, November's low crossing at 9.67 is the next downside target. Closes above the 10-day moving average crossing at 9.91 confirms that a short-term low has been posted. First resistance is last Tuesday's high crossing at 10.15. Second resistance is the reaction high crossing at 10.28 1/4. First support is Tuesday's low crossing at 9.75. Second support is November's low crossing at 9.67.



January soybean meal closed up $1.90 at 326.60. 



January soybean meal closed higher on Wednesday as it consolidates some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the aforementioned decline, the 50-day moving average crossing at 322.20 is the next downside target. Closes above the 10-day moving average crossing at 332.60 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 332.60. Second resistance is December's high crossing at 348.20. First support is the 50-day moving average crossing at 322.20. Second support is November's low crossing at 311.60. 



January soybean oil closed down 27 pts. at 33.18. 



January soybean oil closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews 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 33.86 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 33.47. Second resistance is the 20-day moving average crossing at 33.86. First support is last 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 $0.28 at $66.80. 



February hogs closed higher on Wednesday as it consolidated some of the decline off November's high. The mid-range close sets the stage for a steady opening when Thursday'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 aforementioned decline, November's low crossing at 66.25 is the next downside target. Closes above the 50-day moving average crossing at 69.08 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 69.08. Second resistance is the reaction high crossing at 72.25. First support is November's low crossing at 66.25. Second support is the 62% retracement level of the August-November-rally crossing at 65.43. 



February cattle closed down $0.78 at 118.38. 



February cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 75% retracement level of the August-November-rally crossing at 115.06 is the next downside target. Closes above the 20-day moving average crossing at 122.56 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 122.56. Second resistance is the reaction high crossing at 126.78. First support is Monday's low crossing at 117.58. Second support is the 75% retracement level of the August-November-rally crossing at 115.06.

 

January Feeder cattle closed down $1.45 at $145.65. 



January Feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 150.48 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 147.80. Second resistance is the 20-day moving average crossing at 150.48. First support is Monday's low crossing at 144.45. 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 higher due to short covering on Wednesday as it consolidated some of the decline off November'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. If March extends the aforementioned decline, weekly support crossing at 11.34 is the next downside target. Closes above the 20-day moving average crossing at 12.64 would confirm that a short-term low has been posted. 



March cocoa closed higher on Wednesday. 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. 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 20.23 would confirm that a short-term low has been posted. 



March sugar closed higher on Wednesday as it consolidated some of the decline off November's high. 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 March extends the decline off November's high, June's low crossing at 13.50 is the next downside target. Closes above the 20-day moving average crossing at 14.81 would confirm that a short-term low has been posted.  



March cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning 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 72.02 would confirm a short-term top has been posted. 

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