KEY EVENTS TO WATCH FOR:
Tuesday, October 22, 2019
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -3.4%)
Chain Store Sales, M/M% (previous +1.6%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -0.2%)
Ret Sales Mo-to-Date, Y/Y% (previous +4.1%)
Latest Wk, Y/Y% (previous +4.1%)
10:00 AM ET. September Existing Home Sales
Existing Sales (previous 5.49M)
Existing Sales, M/M% (previous +1.3%)
Unsold Homes Month's Supply (previous 4.1)
Median Price (USD) (previous 278200)
Median Home Price, Y/Y% (previous +4.7%)
10:00 AM ET. October Richmond Fed Business Activity Survey
Mfg Idx (previous -9)
Shipments Idx (previous -14)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +10.5M)
Gasoline Stocks, Net Chg (Bbls) (previous -0.9M)
Distillate Stocks, Net Chg (Bbls) (previous -2.9M)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The December NASDAQ 100 closed lower on Friday as it consolidated some of the rally off October's low.The mid-range close sets the stage for a steady opening when Monday'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 October's low, July's high crossing at 8071.75 is the next upside target. Closes below the 50-day moving average crossing at 7761.86 would confirm that a short-term top has been posted. First resistance is today's high crossing at 7958.75. Second resistance is September's high crossing at 8002.50. First support is the 50-day moving average crossing at 7761.86. First support is October's low crossing at 7474.25. Second support is the August 26th reaction low crossing at 7390.00.
The December S&P 500 closed slightly lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 October's low, September's high crossing at 3025.30 is the next upside target. Closes below the 50-day moving average crossing at 2946.59 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2998.10. Second resistance is September's high crossing at 3025.30. First support is last-Thursday's low crossing at 2883.90. Second support is October's low crossing at 2856.00.
The Dow closed lower on Friday after data showed China’s economic growth slowing further in the third quarter offset a good start to the corporate earnings reporting season. The low-range close sets the stage for a steady to lower opening when Monday'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, September's high crossing at 27,306.73 is the next upside target. Closes below the 50-day moving average crossing at 26,529.86 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 27,120.11. Second resistance is September's high crossing at 27,306.73. First support is the 50-day moving average crossing at 26,529.86. Second support is last-Tuesday's low crossing at 26,139.80.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
December T-bonds closed up 2/32's at 160-08.
December T-bonds posted an inside day with a higher close on Friday. The mid-range close sets the stage for a steady opening when Monday'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, the September 13th reaction low crossing at 160-16 is the next downside target. Closes above the 50-day moving average crossing at 162-19 would temper the near-term bearish outlook. First resistance is October's high crossing at 165-03. Second resistance is August's high crossing at 166-25. First support is Thursday's low crossing at 159-10. Second support is the September 13th reaction low crossing at 160-16.
December T-notes closed up 30-pts. At 130.000.
December T-notes posted an inside day with a higher close on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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. Closes below the October 1st low crossing at 129.200 are needed to confirm that a short-term top has been posted. If December renews the rally off the September 13th reaction low, September's high crossing at 132.130 is the next upside target. First resistance is October's high crossing at 132.010. Second resistance is September's high crossing at 132.130. First support is the October 1st low crossing at 129.200. Second support is the September 13th reaction low crossing at 128.160.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
November crude oil closed lower on Friday.The low-range close sets the stage for a steady to lower opening when Monday's night session begins. 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 55.28 are needed to confirm that a short-term low has been posted. If November resumes the decline off September''s high, August's low crossing at 50.48 is the next downside target. First resistance is the 20-day moving average crossing at 54.23. Second resistance is the 50-day moving average crossing at 55.28. First support is October's low crossing at 50.99. Second support is August's low crossing at 50.48.
November heating oil closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off October's low, the reaction high crossing at 202.23 is the next upside target. Closes below the 50-day moving average crossing at 190.01 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 202.23. Second resistance is September's high crossing at 209.35. First support is October's low crossing at 182.39. Second support is September's low crossing at 178.06.
November unleaded gas closed slightly lower on Friday. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off October's low, the reaction high crossing at 168.24 is the next upside target. Closes below the 50-day moving average crossing at 156.44 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 168.24. Second resistance is September's high crossing at 175.26. First support is the 50-day moving average crossing at 156.44. Second support is October's low crossing at 151.75.
November Henry natural gas closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 2.385 are needed to confirm that a short-term low has been posted. If November extends the decline off September's high, August's low crossing at 2.135 is the next downside target. First resistance is the 50-day moving average crossing at 2.385. Second resistance is the reaction high crossing at 2.562. First support is last-Friday's low crossing at 2.187. Second support is August's low crossing at 2.135.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The December Dollar closed lower on Friday as it extended the decline off October's high. The low-range close sets the stage for a steady to lower opening when Monday'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, the 62% retracement level of the June-September-rally crossing at 96.63. Closes above the 20-day moving average crossing at 98.36 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 98.03. Second resistance is the 20-day moving average crossing at 98.36. First support is the 62% retracement level of the June-September-rally crossing at 96.63. Second support is the 75% retracement level of the June-September-rally crossing at 96.06.
The December Euro closed higher on Friday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Monday'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 this month's rally, the 50% retracement level of the June-September-decline crossing at 112.48 is the next upside target. Closes below the 20-day moving average crossing at 110.50 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the June-September-decline crossing at 112.48. Second resistance is the 62% retracement level of the June-September-decline crossing at 113.22. First support is the 20-day moving average crossing at 110.50. Second support is October's low crossing at 109.38.
The December British Pound closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 last-week's rally, the 50% retracement level of the February-September decline crossing at 1.2776 is the next upside target. Closes below the 20-day moving average crossing at 1.2497 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the February-September decline crossing at 1.2958. Second resistance is the 75% retracement level of the February-September decline crossing at 1.3161. First support is the 10-day moving average crossing at 1.2613. Second support is the 20-day moving average crossing at 1.2497.
The December Swiss Franc closed higher on Friday.The high-range close sets the stage for a steady to higher opening when Monday'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 50-day moving average high crossing at 1.0200 would confirm that a low has been posted. If December resumes the decline off August's high, May's low crossing at 1.0000 is the next downside target. First resistance is the 50-day moving average crossing at 1.0200. Second resistance is the reaction high crossing at 1.0230. First support is October's low crossing at 1.0029. Second support is May's low crossing at 1.0000.
The December Canadian Dollar close higher on Friday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Monday'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 last-Thursday's low, the reaction high crossing at 76.40 is the next upside target. Closes below the 20-day moving average crossing at 75.51 would confirm that a short-term top has been posted. First resistance is today's high crossing at 76.25 is the next upside target. Second resistance is the reaction high crossing at 76.40. First support is last-Thursday's low crossing at 74.96.Second support is September's low crossing at 74.84.
The December Japanese Yen closed higher close on Friday. The high-range close sets the stage for a steady to higher opening when Monday’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 August's high, the May 21st low crossing at 0.0919 is the next downside target. Closes above the 20-day moving average crossing at 0.0932 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.0939. Second resistance is September's high crossing at 0.0952. First support is Thursday's low crossing 0.0921. Second support is the May 21st low crossing at 0.0919.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
December gold posted an inside day with a lower close on Friday while extending the August-October trading range. The mid-range close sets the stage for a steady opening when Monday'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 renews the rally off October's low, the reaction high crossing at 1543.30 is the next upside target. If December renews the decline off September's high, the 38% retracement level of the May-September-rally at 1459.80 is the next downside target. First resistance the reaction high crossing at 1543.30. Second resistance is September's high crossing at 1559.80. First support is the 38% retracement level of the May-September-rally at 1459.80. Second support is the 50% retracement level of the May-September-rally at 1426.60.
December silver posted an inside day with a lower close on Friday. The high-range close set the stage for a steady to higher opening when Monday'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 last-Wednesday's high crossing at 18.800 would temper the near-term bearish outlook. If December renews the decline off the September 24th high, the 62% retracement level of the May-September-rally crossing at 16.547 is the next downside target. First resistance is last-Wednesday's high crossing at 18.800. Second resistance is the September 24th high crossing at 18.810. First support is October's low crossing at 16.940. Second support is the 62% retracement level of the May-September-rally crossing at 16.547.
December copper closed higher on Friday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Monday'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 October's low, September's high crossing at 270.65 is the next upside target. Closes below last-Thursday's low crossing at 254.75 would confirm that a short-term top has been posted. First resistance is September's high crossing at 270.65. Second resistance is the reaction high crossing at 273.20. First support is October's low crossing at 251.50. Second support is September's low crossing at 248.20.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed down 4 1/4-cents at 3.90 1/2.
December corn closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Closes below last-Thursday's low crossing at 3.78 1/4 would confirm that a short-term top has been posted. If December extends the rally off September's low, the 50% retracement level of the June-September-decline crossing at 4.12 3/4 is the next upside target. First resistance is the 38% retracement level of the June-September-decline crossing at 3.98 1/2. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.12 3/4. First support is last-Thursday's low crossing at 3.78 1/4. Second support is the September 26th low crossing at 3.72 1/4.
December wheat closed up 5-cents at 5.30 1/2.
December wheat closed higher on Friday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Monday'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 75% retracement level of the June-September-decline crossing at 5.37 is the next upside target. Closes below the 20-day moving average crossing at 4.97 1/2 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the June-September-decline crossing at 5.37. Second resistance is the 87% retracement level of the June-September-decline crossing at 5.51. First support is the 10-day moving average crossing at 5.08. Second support is the 20-day moving average crossing at 4.97 1/2.
December Kansas City Wheat closed up 2 1/2-cents at 4.33 3/4.
December Kansas City wheat closed higher on Friday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Monday 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 38% retracement level of the June-September-decline crossing at 4.36 1/2 is the next upside target. Closes below the 50-day moving average crossing at 4.06 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.33 1/2. Second resistance is the 38% retracement level of the June-September-decline crossing at 4.36 1/2. First support is last-Tuesday's low crossing at 3.98 3/4. Second support is September's low crossing at 3.81.
December Minneapolis wheat closed down 7 1/2-cents at 5.44 1/2.
December Minneapolis wheat lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 the 20-day moving average crossing at 5.42 3/4 would confirm that a short-term top has been posted. If December extends the rally off October's low, September's high crossing at 5.59 is the next upside target. First resistance is September's high crossing at 5.59. Second resistance is the 75% retracement level of the June-September decline crossing at 5.66 1/4. First support is the 20-day moving average crossing at 5.42 3/4. Second support is the 50-day moving average crossing at 5.22 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed up 2 1/4-cents at 9.33 3/4.
November soybeans closed higher on Friday.The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 9.14 1/4 are needed to confirm that a short-term top has been posted. If November extends the rally off September's low, June's high crossing at 9.48 is the next upside target. First resistance is Monday's high crossing at 9.45 1/2. Second resistance is June's high crossing at 9.48. First support is the 10-day moving average crossing at 9.28. Second support is the 20-day moving average crossing at 9.14 1/4.
December soybean meal closed up $1.90 at 308.70.
December soybean meal closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 304.00 would temper the near-term friendly outlook. If December extends the rally off September's low, the 62% retracement level of the June-September decline crossing at 319.20 is the next upside target. First resistance is the 50% retracement level of the June-September decline crossing at 314.00. Second resistance is the 62% retracement level of the June-September decline crossing at 319.20. First support is the 20-day moving average crossing at 304.00. Second support is the 50-day moving average crossing at 300.30.
December soybean oil closed down 5-pts. at 30.34.
December soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 the September 27th low, the 87% retracement level of the February-September-decline crossing at 31.41 is the next upside target. Closes below the 20-day moving average crossing at 29.66 would temper the near-term friendly outlook. First resistance is Tuesday's high crossing at 30.76. Second resistance is the 87% retracement level of the February-September-decline crossing at 31.41. First support is the 10-day moving average crossing at 30.08. Second support is the 20-day moving average crossing at 29.66.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
December hogs closed down $0.20 at $67.95.
December hogs closed lower on Friday as it extends the August-September trading range. The mid-range close sets the stage for a steady to lower opening when Monday'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 50-day moving average crossing at 66.16 would temper the near-term bullish outlook. If December extends the rally off September's low, the 50% retracement level of the April-September-decline crossing at 73.89 is the next upside target. First resistance is the 50% retracement level of the April-September-decline crossing at 73.89. Second resistance is July's high crossing at 79.97. First support is October's low crossing at 63.08. Second support September's low crossing at 57.75.
December cattle closed down $0.75 at 113.63.
December cattle closed lower on Friday as it consolidated some of the rally off September's low. The high-range close sets the stage for a steady to higher opening on Monday. 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 75% retracement level of the March-September-decline crossing at 117.71 is the next upside target. Closes below the 20-day moving average crossing at 104.05 would temper the near-term friendly outlook. First resistance is the 62% retracement level of the March-September-decline crossing at 114.25. Second resistance is the 75% retracement level of the March-September-decline crossing at 117.71. First support is the 10-day moving average crossing at 112.56. Second support is the 20-day moving average crossing at 111.05.
November Feeder cattle closed down $1.48 at $142.85.
November Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 142.64 would signal that a short-term top has been posted. If November extends the rally off September's low, the 62% retracement level of the April-August-decline crossing at 149.26 is the next upside target. First resistance is Monday's high crossing at 146.83. Second resistance is the 62% retracement level of the April-August-decline crossing at 149.26. First support is the 20-day moving average crossing at 142.64. Second support is the 50-day moving average crossing at 136.93.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed higher on Friday as it consolidated some of the decline off September's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 September's high, weekly support crossing at 87.60 is the next downside target. Closes above the 50-day moving average crossing at 9.79 is the next upside target.
December cocoa closed lower on Friday as it consolidates some of the rally off August's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 23.91 would confirm that a short-term top has been posted. If December extends the rally off August's low, July's high crossing at 26.06 is the next upside target.
March sugar closed slightly higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are 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 11.92 is the next downside target. Closes above the 20-day moving average crossing at 12.53 would confirm that a low has been posted.
December cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 August's low, the 50% retracement level of the April-August-decline crossing at 67.19 is the next upside target. Closes below the 20-day moving average crossing at 62.01 would temper the near-term friendly outlook.