KEY EVENTS TO WATCH FOR:
Friday, November 30, 2018
9:45 AM ET. November ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 58.0; previous 58.4)
Monday, December 3, 2018
9:45 AM ET. November US Manufacturing PMI
PMI, Mfg (previous 55.7)
10:00 AM ET. October Construction Spending - Construction Put in Place
New Construction (previous +0.0%)
Residential Construction
10:00 AM ET. November ISM Manufacturing Report on Business
Manufacturing PMI (previous 57.7)
Prices Idx (previous 71.6)
Employment Idx (previous 56.8)
Inventories (previous 50.7)
New Orders Idx (previous 57.4)
Production Idx (previous 59.9)
11:00 AM ET. November Global Manufacturing PMI
PMI, Mfg (previous 52.1)
4:00 AM ET. November Domestic Auto Industry Sales
Auto Sales Annualized (previous 17.57M)
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The December NASDAQ 100 closed lower on Thursday as it consolidates some of the rally off November'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 are possible near-term. If December extends the rally off November's low, the 50-day moving average crossing at 7094.54 is the next upside target. Closes below the 10-day moving average crossing at 6689.63 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 6934.50. Second resistance is the 50-day moving average crossing at 7094.54. First support is the 10-day moving average crossing at 6689.63. Second support is November's low crossing at 6449.50.
The December S&P 500 closed slightly lower on Thursday as it consolidated some of this week's rally. 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 December extends the rally off November's low, the 50-day moving average crossing at 2781.35 is the next upside target. Closes below the 10-day moving average crossing at 2692.84 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2749.00. Second resistance is the 50-day moving average crossing at 2781.35. First support is the 10-day moving average crossing at 2692.84. Second support is the 87% retracement level of the April-September-rally crossing at 2628.96.
The Dow closed slightly lower on Thursday as it consolidated some of the rally off last-Friday's low. Today's 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 the Dow extends the aforementioned rally, the 50-day moving average crossing at 25,593.10 is the next upside target. Closes below Wednesday's gap crossing at 24,750.73 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 25,593.10. Second resistance is November's high crossing at 26,277.82. First support is last-Friday's low crossing at 24,268.74. Second support is October's low crossing at 24,122.23.
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December T-bonds closed up 8-points at 140-06.
December T-bonds closed higher on Thursday as it extended the rally off November's low. The mid-range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, the 50% retracement level of the August-October-decline crossing at 140-28 is the next upside target. Closes below the 20-day moving average crossing at 138-26 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the August-October-decline crossing at 140-28. Second resistance is the 62% retracement level of the August-October-decline crossing at 141-29. First support is the 20-day moving average crossing at 138-26. Second support is Nov's low crossing at 136-24.
December T-notes closed up 30-points at 119-155.
December T-notes closed higher on Thursday as it extended the rally off November's low. The mid-range close sets the stage for a steady to higher 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 December extends the rally off November's low, the 75% retracement level of the August-October-decline crossing at 119.266 is the next upside target. Closes below the 20-day moving average crossing at 118.230 would confirm that a short-term top has been posted. First resistance is today's high crossing at 119.235. Second resistance is the 75% retracement level of the August-October-decline crossing at 119.266. First support is the 20-day moving average crossing at 118.230. Second support is the 50-day moving average crossing at 118.160.
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January crude oil closed higher due to short covering on Thursday as it consolidated some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Friday'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 January extends the decline off October's high, the June-2017 low crossing at 46.00 is the next downside target. Closes above the 20-day moving average crossing at 56.99 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 53.51. Second resistance is the 20-day moving average crossing at 56.99.First support is the 87% retracement level of the 2017-2018-rally crossing at 49.96. Second support is the June-2017 low crossing at 46.00.
January heating oil closed slightly higher on Thursday as it consolidated some of the decline off October's high. The mid-range close sets the stage for a steady to higher opening when Friday's night trading session begins. 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 October's high, the 75% retracement level of the 2017-2018-rally crossing at 173.08 is the next downside target. Closes above the 20-day moving average crossing at 205.12 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 195.07. Second resistance is the 20-day moving average crossing at 205.12. First support is today's low crossing at 181.42. Second support is the 75% retracement level of the 2017-2018-rally crossing at 173.08.
January unleaded gas 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, the June-2017 low crossing at 129.88 is the next downside target. Closes above the 20-day moving average crossing at 154.96 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 146.72. Second resistance is the 20-day moving average crossing at 154.96. First support is today's low crossing at 135.41. Second support is the June-2017 low crossing at 129.88.
January Henry natural gas 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January renews the rally off September's low, the 25% retracement level of the 2008-2016-decline crossing at 5.204 is the next upside target. Closes below the 20-day moving average crossing at 4.070 would confirm that a short-term top has been posted. First resistance is November's high crossing at 4.929. Second resistance is the 25% retracement level of the 2008-2016-decline crossing at 5.204. First support is the 20-day moving average crossing at 4.070. Second support is the 50-day moving average crossing at 3.603.
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The December Dollar closed slightly higher on Thursday. The mid-range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off November's high, the 50-day moving average crossing at 95.84 is the next downside target.If December renews the rally off September's low, weekly resistance crossing at 97.83 is the next upside target. First resistance is November's high crossing at 97.53. Second resistance isweekly resistance crossing at 97.83. First support is the 50-day moving average crossing at 95.83. Second support is October's low crossing at 94.47.
The December Euro 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 sideways to higher prices are possible near-term. If December renews the rally off November's low, the 50-day moving average crossing at 115.13 is the next upside target.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 50-day moving average crossing at 115.13. Second resistance is the reaction high crossing at 115.46. First support is November's low crossing at 112.46. Second support is the 87% retracement level of the 2016-2018-rally crossing at 111.16.
The December British Pound 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off November's high, the 87% retracement level of the 2017-2018-rally crossing at 1.2632 is the next downside target. Closes above the 50-day moving average crossing at 1.3014 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2921. Second resistance is the 50-day moving average crossing at 1.3014. 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 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. If December extends the rally off November's low, the 50-day moving average crossing at 1.0116 is the next upside target. Closes below the 20-day moving average crossing at 1.0015 would temper the near-term friendly outlook. If December resumes the decline off September's high, weekly support crossing at 0.9833 is the next downside target. First resistance is last-Tuesday's high crossing at 1.0114. Second resistance is the 50-day moving average crossing at 1.0115. First support is November's low crossing at 0.9902. Second support is weekly support crossing at 0.9833.
The December Canadian Dollar 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 bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 75.80 are needed to confirm that a short-term low has been posted. If December extends the decline off October's high, the May-2017 low crossing at 73.52 is the next downside target. First resistance is the 20-day moving average crossing at 75.80. Second resistance is the 50-day moving average crossing at 76.52. First support is Wednesday's low crossing at 74.87. Second support is the May-2017 low crossing at 73.52.
The December Japanese Yen closed higher on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. The mid-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Closes above the 50-day moving average crossing at 0.0888 are needed to confirm that a short-term low has been posted. If December resumes the decline off October's high, November's low crossing at 0.0877 is the next downside target. First resistance is October's high crossing at 0.0901. Second resistance is September's high crossing at 0.0912. First support is November's low crossing at 0.0877. Second support is the 87% retracement level of the 2015-2016 rally crossing at 0.0876.
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February gold closed slightly 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off October's low, the 38% retracement level of the April-August-Decline crossing at 1259.00 is the next upside target. Closes below Wednesday's low crossing at 1216.80 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is October's high crossing at 1252.00. Second resistance is the 38% retracement level of the April-August-Decline crossing at 1259.00. First support is November's low crossing at 1202.40. Second support is October's low crossing at 1192.00.
March silver closed lower on Thursday. The mid-range close set 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. Closes above last-Thursday's high crossing at 14.660 would confirm that a low has been posted. If March renews Tuesday's decline, November's low crossing at 13.985 is the next downside target. First resistance is last-Thursday's high crossing at 14.660. Second resistance is November's high crossing at 15.040. First support is November's low crossing at 13.985. Second support is weekly support crossing at 13.860.
March copper 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. If March extends the rally off August's low, the 38% retracement level of the June-August-decline crossing at 289.43 is the next upside target. Closes below Tuesday's low crossing at 272.50 are needed to confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-August-decline crossing at 289.43. Second resistance is the July-5th gap crossing at 295.45. First support is November's low crossing at 266.20. Second support is August's low crossing at 260.00.
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March Corn closed unchanged at 3.73 1/4.
March corn closed unchanged on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night sessions 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 3.77 1/2 would confirm that a short-term low has been posted. If March resumes the decline off November's high, the reaction low crossing at 3.66 3/4 is the next downside target. First resistance is the reaction high crossing at 3.83. Second resistance is November's high crossing at 3.90. First support is the reaction low crossing at 3.66 3/4. Second support is September's low crossing at 3.54 3/4.
March wheat closed down 3 3/4-cents at 5.07 3/4.
March wheat 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off August's high, the 87% retracement level of the 2017-2018-rally crossing at 5.01 is the next downside target. Closes above the 20-day moving average crossing at 5.14 3/4 would temper the near-term bearish outlook. First resistance the 50-day moving average crossing at 5.25 1/4. Second is October's high crossing at 5.46 1/2. First support is November's low crossing at 5.03 1/4. Second support is the 87% retracement level of the 2017-2018-rally crossing at 5.01.
March Kansas City Wheat closed up a 1/4-cent at 4.92 1/2.
March Kansas City wheat closed fractionally higher 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.06 3/4 is the next upside target. If March extends the decline off October's high, weekly support crossing at 4.53 is the next downside target. First resistance is the 20-day moving average crossing at 5.06 3/4. Second resistance is the 50-day moving average crossing at 5.26. First support is Tuesday's low crossing at 4.82 1/4. Second support is weekly support crossing at 4.53.
March Minneapolis wheat closed down 3 1/2-cents at 5.68.
March Minneapolis wheat 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 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, July's low crossing at 5.59 is the next downside target. Closes above the 20-day moving average crossing at 5.77 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.77 3/4. Second resistance is the 50-day moving average crossing at 5.88 1/2. First support is today's low crossing at 5.67 1/2. Second support is July's low crossing at 5.59.
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January soybeans closed down 1 3/4-cents at 8.88 3/4.
January soybeans closed lower 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 January resumes the rally off September's low, the 38% retracement level of the May-September-decline crossing at 9.15 3/4 is the next upside target. Closes below Monday's low crossing at 8.57 would open the door for a possible test of October's crossing at 8.44 1/2 is the next downside target. First resistance is the 38% retracement level of the May-September-decline crossing at 917. Second resistance is the 50% retracement level of the May-September-decline crossing at 9.45 1/4. First support is Monday's low crossing at 8.57. Second support is November's low crossing at 8.44 1/2.
March soybean meal closed down $0.40 at 312.90.
March soybean meal 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 neutral to bullish signaling that sideways to higher possible near-term. Closes above the reaction high crossing at 317.00 would confirm that a short-term low has been posted. Closes below September's low crossing at 301.60 would confirm a downside breakout of the September-October trading range. First resistance is October's high crossing at 327.40. Second resistance is the 38% retracement level of the May-September-decline crossing at 330.30. First support is November's low crossing at 305.30. Second support is September's low crossing at 303.40.
March soybean oil closed down 12 pts. at 28.12.
March soybean oil 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 28.17 would confirm that a short-term low has been posted. If March extends the decline off October's high, weekly support crossing at 26.88 is the next downside target. First resistance is the 20-day moving average crossing at 28.17. Second resistance is the 50-day moving average crossing at 28.94. First support is Tuesday's low crossing at 27.42. Second support is weekly support crossing at 26.88.
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February hogs closed up $2.85 at $67.35.
February hogs closed sharply 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews the rally off October's low, weekly resistance crossing at 72.88 is the next upside target. Closes below the 20-day moving average crossing at 64.26 would confirm that a short-term top has been posted. First resistance is November's high crossing at 69.50. Second resistance is weekly resistance crossing at 72.88. First support is the 20-day moving average crossing at 64.26. Second support is November's low crossing at 59.25.
February cattle closed down $0.28 at 120.28.
February cattle closed 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 121.32 would renew the rally off November's low. Closes below the 20-day moving average crossing at 120.03 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 121.32. Second resistance is October's high crossing at 123.90. First support is the 20-day moving average crossing at 120.03. Second support is November's crossing at 116.67.
January Feeder cattle closed down $1.73 at $145.97.
January Feeder cattle closed lower on Thursday and below the 20-day moving average crossing at 147.24 confirming that a short-term top has been posted. The mid-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends today's decline, November's low crossing at 142.67 is the next downside target. Closes above the 10-day moving average crossing at 150.26 are needed to renew the rally off November's low. First resistance is the 50-day moving average crossing at 150.26. Second resistance is the reaction high crossing at 152.43. First support is today's low crossing at 144.67. Second support is November's low crossing at 142.67.
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March coffee 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 11.60 would confirm that a short-term low has been posted. If March renews the decline off October's high, the reaction low crossing at 10.45 is the next downside target.
March cocoa closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 22.30 would confirm that a short-term low has been posted. If March extends the decline off November's high, the reaction low crossing at 20.94 is the next downside target.
March sugar closed higher on Thursday. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 12.81 would confirm that a short-term low has been posted. If March extends the decline off October's high, the reaction low crossing at 11.91 is the next downside target.
March cotton closed slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 79.39 would confirm that a short-term low has been posted. If March resumes decline off November's high, October's low crossing at 76.50 is the next downside target.