INO Evening Market Comments
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Started by tallpine - Dec. 14, 2017, 4:44 p.m.

KEY EVENTS TO WATCH FOR:



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 lower on Thursday as it consolidated some of the rally off last week'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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into record territory again, upside targets will be hard to project. If December resumes the decline off November's high, the 50-day moving average crossing at 6262.55 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 6262.55. Second support is the reaction low crossing at 6206.00.  



The March S&P 500 closed lower on Thursday after trading near record levels earlier. However, the afternoon session saw the index turn lower with the selling pressure coming from health care and materials sectors. 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 but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2627.41 would confirm that a short-term top has been posted. If March extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at 2675.00. Second resistance is unknown. First support is the 20-day moving average crossing at 2627.41. Second support is the 50-day moving average crossing at 2591.37. 



The Dow closed lower due to profit taking on Thursday but not before posting a new all-time high in early-session trading.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 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 23,997.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at 24,672.48. Second resistance is unknown. First support is the 10-day moving average crossing at 24,339.75. Second support is the 20-day moving average crossing at 23,997.60.   



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March T-bonds closed up 12/32's at 154-02.



March T-bonds closed higher 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 bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, the 75% retracement level of the September-October-decline crossing at 154-21 is the next upside target. Closes below the 50-day moving average crossing at 152-07 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 the 75% retracement level of the September-October-decline crossing at 154-21. 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 40/32's at 124-155.



March T-notes posted an inside day with a lower close 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 124.203 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 124.203. Second resistance is November's high crossing at 125.065. First support is Wednesday's low crossing at 123.290. 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.The high-range close sets the stage for a steady to higher opening when Friday'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 slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 185.97 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 reaction low crossing at 185.97. Second support is November's low crossing at 185.45.   



January unleaded gas closed higher on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are diverging 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 172.45 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 164.38. Second support is the 38% retracement level of the June-November-rally crossing at 160.49.  



January Henry natural gas closed slightly lower on Thursday as it extends the decline off November's high. The mid-range close sets the stage for a steady 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, weekly support crossing at 2.522 is the next downside target. Closes above the 20-day moving average crossing at 2.963 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.829. Second resistance is the 20-day moving average crossing at 2.963. First support is today's low crossing at 2.643. Second support is weekly support crossing at 2.522. 



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



The March Dollar closed higher on Thursday as it consolidated some of Wednesday's decline, but remains below the 20-day moving average crossing at 93.05 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 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 92.69 is the next downside target. Closes above the 50-day moving average crossing at 93.39 would confirm that a short-term low has been posted. 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 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 118.99 would temper the near-term bearish outlook. If March renews 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 Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 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 1.3307. Second support is the reaction low crossing at 1.3273.     



The March Swiss Franc posted an inside day with a lower close on Thursday. The mid-range close sets the stage for a steady 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 renews the rally off October's low, the 50% retracement level of the July-September-decline crossing at 1.0412 is the next upside target. 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 the 50% retracement level of the July-September-decline crossing at 1.0412. 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 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 have turned 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 higher on Thursday and above the 20-day moving average crossing at 0.8950 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the decline off November's high, November's low crossing at 0.8783 is the next downside target. First resistance is the reaction high crossing at 0.8981. 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 lower on Thursday. The mid-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 bullish signaling that sideways to higher price are possible near-term. Closes above the 20-day moving average crossing at 1274.80 are needed to confirm that a short-term low has been posted. If February resumes 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 1260.00. Second resistance is the 20-day moving average crossing at 1274.80.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 posted an inside day with a lower close on Thursday. 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 are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 16.502 would confirm that a short-term low has been posted. If March resumes the decline off November's high, July's low crossing at 15.225 is the next downside target. First resistance is the 20-day moving average crossing at 16.502. Second resistance is the 50-day moving average crossing at 16.870. 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 Thursday as it extends the rally off December's low.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 is possible near-term. Closes above the 50-day moving average crossing at 311.28 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 down a 1/4-cents at 3.48 3/4. 



March corn closed fractionally 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 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 3.57 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.57 3/4. 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 2-cents at 4.18 3/4. 



March wheat closed higher due to short covering on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. 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 4.41 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.41. 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 2-cents at 4.18 1/4. 



March Kansas City wheat closed higher on Thursday as it consolidates some of the decline off July's high. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 4.38 3/4 are needed to confirm that a short-term low has been posted. If March extends the decline off September's high, psychological support crossing at 4.00 is the next downside target. First resistance is the 50-day moving average crossing at 4.38 3/4. 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 4 1/2-cents at 6.17. 



March Minneapolis wheat closed higher on Thursday 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 Friday'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 50-day moving average crossing at 6.31 1/4 would confirm that a short-term low has been posted. 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. First resistance is the 50-day moving average crossing at 6.31 1/4. 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 down 12-cents at 9.67 1/4. 



January soybeans closed lower on Thursday as it extends the decline off December'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 January extends this week's decline, October's low crossing at 9.63 1/4 is the next downside target. Closes above the 20-day moving average crossing at 9.89 3/4 would confirm that a short-term low has been posted. First resistance is December's high crossing at 10.15. Second resistance is the reaction high crossing at 10.28 1/4. First support is today's low crossing at 9.66 1/2. Second support is October's low crossing at 9.63 1/4.



January soybean meal closed up $1.90 at 326.60. 



January soybean meal closed lower on Thursday and below the 50-day moving average crossing at 325.60. 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 January extends this month's decline, the 62% retracement level of the August-November-rally crossing at 319.00 is the next downside target. Closes above the 10-day moving average crossing at 335.70 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 335.70. Second resistance is December's high crossing at 348.20. First support is today's low crossing at 325.10. Second support is the 62% retracement level of the August-November-rally crossing at 319.00. 



January soybean oil closed down 2 pts. at 33.19. 



January soybean oil closed slightly lower 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 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 33.78 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 33.40. Second resistance is the 20-day moving average crossing at 33.78. 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 $0.83 at $67.63. 



February hogs closed higher on Thursday as it consolidated some of the decline off November's high. The mid-range close sets the stage for a steady 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 aforementioned decline, the 62% retracement level of the August-November-rally crossing at 65.43 is the next downside target. Closes above the 50-day moving average crossing at 69.09 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 69.09. 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 up $0.78 at 119.15. 



February cattle closed higher on Thursday. The mid-range close sets the stage for a steady opening when Friday's session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 122.23 would confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 122.23. 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 up $0.60 at $146.25. 



January Feeder cattle closed higher on Thursday. 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 are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 150.08 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 February-October-rally crossing at 144.16 is the next downside target. First resistance is the 10-day moving average crossing at 147.01. Second resistance is the 20-day moving average crossing at 150.88. 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 Thursday as it consolidated some of 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 aforementioned decline, weekly support crossing at 11.34 is the next downside target. Closes above the 20-day moving average crossing at 12.59 would confirm that a short-term low has been posted. 



March cocoa closed lower on Thursday. The mid-range close sets the stage for a steady 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, April's low crossing at 18.27 is the next downside target. Closes above the 20-day moving average crossing at 20.10 would confirm that a short-term low has been posted. 



March sugar closed lower on Thursday. 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 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 14.74 would confirm that a short-term low has been posted.  



March cotton closed higher on Thursday. 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, weekly resistance crossing at 76.15 is the next upside target. Closes below the 20-day moving average crossing at 72.34 would confirm a short-term top has been posted. 

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