INO Evening Market Comments
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Started by tallpine - Nov. 7, 2018, 4:04 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, November 8, 2018  



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



                       Corn (Metric Tons) (previous 399.4K)



                       Soybeans (Metric Tons) (previous 455.8K)



                       Wheat (Metric Tons) (previous 582.5K)



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



                       Jobless Claims (previous 214K)



                       Jobless Claims, Net Chg (previous -2K)



                       Continuing Claims (previous 1631000)



                       Continuing Claims, Net Chg (previous -7K)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 3143B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +48B)



12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)



                       Corn, End Stocks (Bushels)



                       Soybeans, End Stocks (Bushels)



                       Wheat, End Stocks (Bushels)



12:00 PM ET. October Monthly U.S. Retail Chain Store Sales Index 



2:00 PM ET. U.S. interest rate decision



                       Federal Funds Rate



                       Federal Funds Rate Change (Pts)



                       Fed Funds Rate-Range High (previous 2.25)



                       Fed Funds Rate-Range Low (previous 2.00)



                       FOMC Vote For Action (previous 9)



                       FOMC Vote Against Action (previous 0)



                       Discount Rate (previous 2.75)



                       Discount Rate Change (Pts) (previous +0.25)



                       Discount Rate-Range High



                       Discount Rate-Range Low



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, November 9, 2018 



8:30 AM ET. October PPI



                       PPI, M/M% (previous +0.2%)



                       Ex-Food & Energy PPI, M/M% (previous +0.2%)



                       Personal Consumption (previous +0.1%)



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



                       Mid-Mo Sentiment (previous 99.0)



                       Mid-Mo Expectations (previous 89.1)



                       Mid-Mo Current Idx (previous 114.4)



10:00 AM ET. September Monthly Wholesale Trade



                       Inventories, M/M% (previous +1.0%)


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



The December NASDAQ 100 closed sharply higher on Wednesday following the midterm elections, which saw Democrats take control of the House, as expected, delivering a divided Congress. Investors believe gridlock is good for stocks. It comes from the notion that the likely inability of lawmakers and the president to accomplish much means politicians won’t be able to do much harm nor to undo market-lifting measures already in place. 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 December resumes the rally off October's low, the 50-day moving average crossing at 7346.10 is the next upside target. Closes below Monday's low crossing at 6865.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at 7192.75. Second resistance is the 50-day moving average crossing at 7346.10. First support is Monday's low crossing at 6865.00. Second support is October's low crossing at 6580.50. 



The December S&P 500 closed sharply higher on Wednesday as it extends the rally off October'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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the reaction high crossing at 2823.00 is the next upside target. Closes below the 10-day moving average crossing at 2714.20 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 2823.00. Second resistance is the 50-day moving average crossing at 2837.75. First support is the 87% retracement level of the April-September-rally crossing at 2628.96. Second support is April's low crossing at 2583.60. 



The Dow gapped up and closed sharply higher on Wednesday following the results of midterm elections, which saw the Democrats gain control of the House of Representatives that will likely lead to gridlock for the next two years. Today's rally led to a close above the 50-day moving average crossing at 25,866.77 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off October's low, October's high crossing at 26,951.81 is the next upside target. Closes below the 10-day moving average crossing at 25,193.89 would confirm that a short-term top has been posted. First resistance is today's high crossing at 26,118.83. Second resistance is October's high crossing at 26,951.81. First support is October's low crossing at 24,899.77. Second support is the 87% retracement level of the April-September-rally crossing at 23,812.03.



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



December T-bonds closed down 7/32's at 137-07.



December T-bonds closed lower on Wednesday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at 136-16 is the next downside target. Closes above the 10-day moving average crossing at 138-10 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 138-10. Second resistance is the reaction high crossing at 139-28. First support is October's low crossing at 136-16. Second support is weekly support crossing at 134-04.        



December T-notes closed down 25-points at 117-295.



December T-notes closed lower on Wednesday as it extended the decline off October'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at 117.135 is the next downside target. Closes above last-Friday's high crossing at 118.225 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 118.224. Second resistance is October's high crossing at 119.060. First support is today's low crossing at 117.230. Second support is October's low crossing at 117.135.         



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



December crude oil closed slightly lower on Wednesday as it extended the decline off October's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, the 50% retracement level of the 2017-2018-rally crossing at 61.07 is the next downside target. Closes above the 20-day moving average crossing at 67.06 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 64.51. Second resistance is the 20-day moving average crossing at 67.06.First support is today's low crossing at 61.20. Second support is the 50% retracement level of the 2017-2018-rally crossing at 61.07. 



December heating oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. 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 227.11 are needed to confirm that a low has been posted. If December extends the decline off October's high, the 38% retracement level of the 2017-2018-rally crossing at 208.29 is the next downside target. First resistance is the reaction high crossing at 231.22. Second resistance is October's high crossing at 245.41. First support is Monday's low crossing at 215.63. Second support is the 38% retracement level of the 2017-2018-rally crossing at 208.29.



December unleaded gas closed lower on Wednesday as it extends the decline off October'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 62% retracement level of the 2017-2018-rally crossing at 162.09 is the next downside target. Closes above the 20-day moving average crossing at 182.33 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 174.08. Second resistance is the 20-day moving average crossing at 182.33. First support is today's low crossing at 163.82. Second support is the 62% retracement level of the 2017-2018-rally crossing at 162.09.



December Henry natural gas closed slightly lower on Wednesday as it consolidated some of the rally off September's low. The mid-range close sets the stage for a steady 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 December extends the rally off September's low, the 50% retracement level of the 2014-2016 decline crossing at 3.804 is the next upside target. Closes below the 20-day moving average crossing at 3.307 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 3.581. Second resistance is the 50% retracement level of the 2014-2016 decline crossing at 3.804. First support is Monday's gap crossing at 3.313. Second support is the 50-day moving average crossing at 3.153.    



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



The December Dollar closed lower on Wednesday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 95.82 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December renews the rally off September's low, weekly resistance crossing at 97.83 is the next upside target. First resistance is October's high crossing at 96.98. Second resistance isweekly resistance crossing at 97.83. First support is the 20-day moving average crossing at 95.82. Second support is the 50-day moving average crossing at 95.09.     



The December Euro 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 114.96 would temper the near-term bearish outlook. If December renews the decline off September's high, the 87% retracement level of the 2016-2018-rally crossing at 113.54 is the next downside target. First resistance is the 20-day moving average crossing at 114.96. Second resistance is the 50-day moving average crossing at 116.19. First support is last-Wednesday's low crossing at 113.43. Second support isthe 87% retracement level of the 2016-2018-rally crossing at 111.16.    



The December British Pound closed higher on Wednesday as it extended the rally off October'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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, October's high crossing at 1.3297 is the next upside target. Closes below the 10-day moving average crossing at 1.2943 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.3198. Second resistance is October's high crossing at 1.3297. First support is October's low crossing at 1.2722. Second support is the 87% retracement level of the 2017-2018-rally crossing at 1.2632. 



The December Swiss Franc 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0066 would confirm that a short-term low has been posted. If December resumes the decline off September's high, weekly support crossing at 0.9833 is the next downside target. First resistance is the 20-day moving average crossing at 1.0066. Second resistance is the reaction high crossing at 1.0212. First support is October's low crossing at 0.9946. Second support is weekly support crossing at 0.9833. 



The December Canadian Dollar 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 76.86 would confirm that a short-term low has been posted. If December resumes the decline off October's high, September's low crossing at 75.75 is the next downside target. First resistance is the reaction high crossing at 77.18. Second resistance is the reaction high crossing at 77.51. First support is October's low crossing at 75.98. Second support is September's low crossing at 75.75. 



The December Japanese Yen closed slightly higher on Wednesday as it consolidated some of the decline off October's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady opening when Thursday’s night session begins trading. If December extends the decline off October's high, October's low crossing at 0.0877 is the next downside target. Closes above the 50-day moving average crossing at 0.0894 would confirm that a short-term low has been posted. First resistance is October's high crossing at 0.0901. Second resistance is September's high crossing at 0.0912. First support is October's low crossing at 0.0877. Second support is the 87% retracement level of the 2015-2016 rally crossing at 0.0876.



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



December gold closed higher on Wednesday. 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 are possible near-term. Closes below the 50-day moving average crossing at 1213.20 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December renews the rally off October's low, the 38% retracement level of the April-August-Decline crossing at 1251.30 is the next upside target. First resistance is October's high crossing at 1246.00. Second resistance is the 38% retracement level of the April-August-Decline crossing at 1251.30. First support is the 50-day moving average crossing at 1213.20. Second support is October's low crossing at 1186.00.



December silver closed higher on Wednesday while extending October's trading range. The low-range close set 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. Closes below October's low crossing at 14.240 would confirm a downside breakout of the aforementioned trading range while opening the door for a possible test of September's low crossing at 13.965. Closes above the reaction high crossing at 14.950 would confirm an upside breakout of October's trading range while opening the door for additional gains near-term. First resistance is the reaction high crossing at 14.950. Second resistance is the reaction high crossing at 15.070. First support is October's low crossing at 14.240. Second support is September's low crossing at 13.965.        



December copper closed higher 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at 264.25 are needed to confirm that a short-term top has been posted. If December extends the rally off August's low, the 38% retracement level of the June-August-decline crossing at 287.20 is the next upside target. First resistance is the 38% retracement level of the June-August-decline crossing at 287.20. Second resistance is the July-5th gap crossing at 293.10. First support is last-Thursday's low crossing at 264.25. Second support is September's low crossing at 258.00.



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



December Corn closed down 1-cents at 3.72 1/4. 



December corn closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night sessions begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, the 50% retracement level of the May-September-decline crossing at 3.85 3/4 is the next upside target. Closes below the reaction low crossing at 3.60 1/2 would confirm that a short-term top has been posted. First resistance is October's high crossing at 3.78 1/2. Second resistance is the 50% retracement level of the May-September-decline crossing at 3.85 3/4. First support is the reaction low crossing at 3.60 1/4. Second support is reaction low crossing at 3.54 1/2.



December wheat closed down 2 1/2-cents at 5.09 1/2. 



December wheat closed lower on Wednesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 50-day moving average crossing at 5.14 3/4 is the next upside target. If December resumes the decline off September's high, January's low crossing at 4.73 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.14 3/4. Second resistance is October's high crossing at 5.27. First support is October's low crossing at 4.85 1/2. Second support is January's low crossing at 4.73 3/4.   



December Kansas City Wheat closed down 5 3/4-cents at 5.02 1/4. 



December Kansas City wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 50-day moving average crossing at 5.16 3/4 is the next upside target. If December renews the decline off October's high, October's low crossing at 4.84 1/2 is the next downside target.First resistance is the 50-day moving average crossing at 5.16 3/4. Second resistance is October's high crossing at 5.33 1/4. First support is October's low crossing at 4.84 1/2. Second support is the December-2017 low crossing at 4.78 1/4. 



December Minneapolis wheat closed down 7 3/4-cents at 5.80 3/4. 



December Minneapolis wheat closed lower on Wednesday.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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 5.89 1/2 would confirm that a short-term low has been posted while opening the door for a possible test of October's high crossing at 6.02 1/4. If December renews the decline off October's high, September's low crossing at 5.60 1/4 is the next downside target. First resistance is the reaction high crossing at 5.89 1/2. Second resistance is October's high crossing at 6.02 1/4. First support is October's low crossing at 5.65 3/4. Second support is September's low crossing at 5.60 1/4.   



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



November soybeans closed down 4 1/4-cents at 8.67 3/4.



November soybeans closed lower on Wednesday. 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 neutral signaling that sideways trading is possible near-term. If November resumes the rally off September's low, the 38% retracement level of the May-September-decline crossing at 907 is the next upside target. Closes below the 50-day moving average crossing at 8.51 3/4 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the May-September-decline crossing at 907. Second resistance is the 50% retracement level of the May-September-decline crossing at 9.36 1/4. First support is the 50-day moving average crossing at 8.51 3/4. Second support is September's low crossing at 8.12 1/4.  



December soybean meal closed down $3.30 at 308.10. 



December soybean meal closed lower on Wednesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, October's high crossing at 327.30 is the next upside target. First resistance is October's high crossing at 327.30. Second resistance is the 38% retracement level of the May-September-decline crossing at 336.20. First support is October's low crossing at 302.00. Second support is September's low crossing at 301.60. 



December soybean oil closed up 33 pts. at 28.23. 



December soybean oil 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 oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 28.66 would confirm that a short-term low has been posted. If December resumes the decline off October's high, September's low crossing at 27.13 is the next downside target. First resistance is the 20-day moving average crossing at 28.66. Second resistance is October's high crossing at 30.01. First support is last-Tuesday's low crossing at 27.75. Second support is September's low crossing at 27.13.  

 

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



December hogs closed up $1.43 at $55.53. 



December hogs closed higher on Wednesday as it consolidated some of Tuesday's decline but remains below the 20-day moving average crossing at 56.05. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends Tuesday's decline, October's low crossing at 51.27 is the next downside target. If December renews the rally off October's low, June's high crossing at 60.75 is the next upside target. First resistance is October's high crossing at 60.20. Second resistance is June's high crossing at 60.75. First support is today's low crossing at 54.00. Second support is October's low crossing at 51.27.    



December cattle closed up $0.68 at 116.10. 



December cattle closed higher on Wednesday as it consolidated some of Monday's decline. 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 signaling that sideways trading is possible near-term. If December resumes the decline off October's high, the 50% retracement level of the April-October-rally crossing at 113.34 is the next downside target. Closes above last-Friday's high crossing at 117.85 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 118.80. Second resistance is October's high crossing at 119.75. First support is the 38% retracement level of the April-October-rally crossing at 114.85. Second support is the 50% retracement level of the April-October-rally crossing at 113.34.   

 

November Feeder cattle closed down $0.05 at $149.93. 



November Feeder cattle closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off October's high, the  62% retracement level of the May-August-rally crossing at 146.54 is the next downside target. Closes above the 20-day moving average crossing at 153.75 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 153.75. Second resistance is the reaction high crossing at 157.05. First support is Monday's low crossing at 149.03. Second support is the 62% retracement level of the May-August-rally crossing at 146.54.   



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



December coffee closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at 11.13 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December resumes the rally off September's low, the 87% retracement level of the May-September-decline crossing at 12.68 is the next upside target.           



December cocoa closed higher on Wednesday as it extends the rally off October's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, July's high crossing at 26.07 is the next upside target. Closes below the 20-day moving average crossing at 22.18 would confirm that a short-term top has been posted.    



March sugar closed slightly higher on Wednesday. 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 October's high, the reaction low crossing at 12.62 is the next downside target. Closes above the 20-day moving average crossing at 13.47 would confirm that a short-term low has been posted. 



December cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off October's low, the June-July downtrend line crossing near 81.03 is the next upside target. If December resumes decline off October's high, October's low crossing at 75.37 is the next downside target. 

Comments
By metmike - Nov. 7, 2018, 7:21 p.m.
Like Reply

Thank you Mr. Tall Pine sir!