KEY EVENTS TO WATCH FOR:
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 STOCK INDEXES:The December NASDAQ 100 was lower overnight as it consolidated some of the rally off October's low.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, the 50-day moving average crossing at 7324.61 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 Thursday's high crossing at 7231.00. Second resistance is the 50-day moving average crossing at 7324.61. 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 was lower overnight as it consolidated some of the rally off October's low. 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 aforementioned rally, the 50-day moving average crossing at 2833.44 is the next upside target. Closes below the 10-day moving average crossing at 2740.21 would confirm that a short-term top has been posted. First resistance is the October 17th reaction high crossing at 2823.00. Second resistance is the 50-day moving average crossing at 2833.44. First support is the 10-day moving average crossing at 2740.21. Second support is the 87% retracement level of the April-September-rally rally crossing at 2628.96.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were higher overnight as it extends this week's trading range. 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 20-day moving average crossing at 138-03 would confirm that a short-term low has been posted. First resistance is October's high crossing at 139-28. Second resistance is the September 28th reaction high crossing at 141-04. First support is Wednesday's low crossing at 136.24. Second support is October's low crossing at 136-16.
December T-notes was higher in overnight trading as it consolidates 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. If December extends the decline off October's high, October's low crossing at 117.135 is the next downside target. Closes above the 50-day moving average crossing at 118.194 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 118.194. Second resistance is October's high crossing at 119.060. First support is Thursday's low crossing at 117.225. Second support is October's low crossing at 117.135.
ENERGY MARKETS http://quotes.ino.com/ex changes/?c=energy"
ENERGY MARKETS: DecemberNymex crude oil was lower overnight as it extends the decline off October's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If December extends the decline off October's high, the 62% retracement level of the 2017-2018-rally crossing at 57.38 is the next downside target. Closes above the 20-day moving average crossing at 65.97 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 63.09. Second resistance is the 20-day moving average crossing at 65.97. First support is the overnight low crossing at 59.28. Second support is the 62% retracement level of the 2017-2018-rally crossing at 57.38.
December heating oil was lower overnight as it renewed the decline off October's high. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 225.35 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 20-day moving average crossing at 225.35. Second resistance is the 50-day moving average crossing at 228.33. First support is the overnight low crossing at 212.77. Second support is the 38% retracement level of the 2017-2018-rally crossing at 208.29.
December unleaded gas was lower overnight as it extends the decline off October's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If December extends the decline off October's high, the 75% retracement level of the 2017-2018-decline crossing at 150.82 is the next downside target. Closes above the 20-day moving average crossing at 179.24 are needed to confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 170.53. Second resistance is the 20-day moving average crossing at 179.24. First support is the overnight low crossing at 160.88. Second support is the 75% retracement level of the 2017-2018-decline crossing at 150.82.
December Henry natural gas was higher overnight as it resumed the rally off September's low. 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 decline off October's high, the 50% retracement level of the 2014-2016-rally crossing at 3.804 is the next upside target. Closes below the 20-day moving average crossing at 3.340 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3.612. Second resistance is the 50% retracement level of 2014-2016-rally crossing at 3.804. First support is the 20-day moving average crossing at 3.340. Second support is the bottom of Monday's gap crossing at 3.313.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 96.00 are needed to 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 is weekly resistance crossing at 97.83. First support is the 20-day moving average crossing at 96.00. Second support is the 50-day moving average crossing at 95.18.
The December Euro was lower overnight. Stochastics and the RSI have turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off September's high, the 87% retracement level of the 2016-2018-rally crossing at 113.54 is the next downside target. Closes above the 20-day moving average crossing at 114.70 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 114.70. Second resistance is the October 16th reaction high crossing at 116.78. First support is the 75% retracement level of the 2016-2018-rally crossing at 113.54. Second support is the 87% retracement level of the 2016-2018-rally crossing at 111.15.
The December British Pound was lower overnight. The mid-range trade in the overnight trade sets the stage for a steady to lower opening when the day session beings trading.Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 1.2985 would temper the near-term friendly outlook. If December extends the rally off October's low, October's high crossing at 1.3297 is the next upside target. First resistance is Wednesday'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 2016-2018-rally crossing at 1.2632.
The December Swiss Franc was steady to slightly higher overnight. Stochastics and the RSI are diverging but turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 1.0047 are needed to confirm that a short-term low has been posted. If December resumes the decline off September's high, weekly support crossing at 0.9921 is the next downside target. First resistance is the 20-day moving average crossing at 1.0047. Second resistance is the October 15th reaction high crossing at 1.0212. First support is October's low crossing at 0.9946. Second support is weekly support crossing at 0.9921.
The December Canadian Dollar was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, September's low crossing at 75.75 is the next downside target. Closes above the reaction high crossing at 76.69 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 76.69. Second resistance is the reaction high crossing at 77.18. First support is the overnight low crossing at 75.81. Second support is September's low crossing at 75.75.
The December Japanese Yen was higher overnight as it consolidates 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. 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 0.0893 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 Thursday's low crossing at 0.0879. Second support is October's low crossing at 0.0877.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: December gold was lower overnight as it extends the trading range of the past four-weeks. 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 1213.70 would confirm that a short-term top has been posted. If December resumes 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 1213.70. Second support is October's low crossing at 1186.00.
December silver was lower overnight as it extends this fall's trading range. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 14.255 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. Closes above the reaction high crossing at 14.950 would mark an upside breakout of the aforementioned trading range while renewing the rally off September's low. First resistance is the reaction high crossing at 14.950. Second resistance is the August 28th reaction high crossing at 15.070. First support is the reaction low crossing at 14.255. Second support is September's low crossing at 13.965.
December copper was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, October's low crossing at 264.25 is the next downside target. If December resumes the rally off October's low, September's high crossing at 287.10 is the next upside target. First resistance is September's high crossing at 287.10. Second resistance is the July 5th gap crossing at 293.10. First support is October'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 was lower overnight as Thursday's WASDE world grain carryout numbers were bearish. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Closes below the 50-day moving average crossing at 3.64 3/4 would temper the near-term friendly outlook. If December extends 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. First resistance is Thursday's high crossing at 3.79. 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 the reaction low crossing at 3.54 1/2.
December wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off October's high, the December-2017 low crossing at 4.68 1/4 is the next downside target. Closes above the 50-day moving average crossing at 5.13 1/2 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 5.13 1/2. Second resistance is October's high crossing at 5.27 1/4. First support is October's low crossing at 4.85 1/2. Second support is the December-2017 low crossing at 4.68 1/4.
December Kansas City Wheat closed down 5-cents at 4.97 1/4.
December Kansas City wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off October's high, October's low crossing at 4.84 1/2 is the next downside target. If December extends the rally off October's low, the 50-day moving average crossing at 5.15 3/4 is the next upside target.First resistance is the 50-day moving average crossing at 5.15 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 was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. December resumes the decline off October's high, September's low crossing at 5.60 1/4 is the next downside target. If December extends the rally off October's low, October's high crossing at 6.02 1/4 is the next upside target. If First resistance is Wednesday's high crossing at 5.90. 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 were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 8.53 would temper the near-term friendly outlook. If November extends the rally off October's low, the 38% retracement level of the May-September-decline crossing at 9.07 is the next upside target. First resistance is October's high crossing at 8.92. Second resistance is the 38% retracement level of the May-September-decline crossing at 9.07. First support is October's low crossing at 8.32 1/4. Second support is September's low crossing at 8.12 1/4.
December soybean meal was slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off October's high, September's low crossing at 301.60 is the next downside target. Closes above the 50-day moving average crossing at 312.40 would confirm that a short-term low has been posted. First resistance is October's high crossing at 327.30. Second resistance is the 38% retracement level of the May-September-decline crossing at 3.36 1/4. First support is last-Wednesday's low crossing at 302.00. Second support is September's low crossing at 301.60.
December soybean oil was lower in overnight trading as it extends this week's trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 resumes the decline off October's high, September's low crossing at 27.13 is the next downside target. Closes above the 50-day moving average crossing at 28.61 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 28.61. Second resistance is October's high crossing at 30.01. First support is the overnight low crossing at 27.74. Second support is September's low crossing at 27.13.
Thanks tallpine!