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 higher on Monday as it consolidated some of last-Friday's loss.The high-range close sets the stage for a steady to higher opening when Tuesday'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 7766.65 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 7994.75. Second resistance is September's high crossing at 8002.50. First support is the 50-day moving average crossing at 7766.65. First support is the October 10th low crossing at 7583.25. Second support is October's low crossing at 7474.25.
The December S&P 500 closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 2948.20 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3006.50. Second resistance is September's high crossing at 3025.30. First support is the October 10th low crossing at 2883.90. Second support is October's low crossing at 2856.00.
The Dow closed higher on Monday due to optimism over tariff talks and better-than-expected corporate earnings. However, gains were limited by a decline in Boeing stock. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 26,538.76 would confirm that a short-term top has been posted. If the Dow extends the rally off October's low, September's high crossing at 27,306.73 is the next upside target. First resistance is last-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 26,538.76. Second support is the October 8th low crossing at 26,139.80.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
December T-bonds closed down 31/32's at 159-08.
December T-bonds closed sharply lower on Monday as it extends the decline off October's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 today's low crossing at 159-05. Second support is the September 13th reaction low crossing at 160-16.
December T-notes closed down 155-pts. At 129.175.
December T-notes closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 low crossing at 128.160 is the next downside target. Closes above the 50-day moving average crossing at 130.217 are needed to confirm that a short-term low has been posted. First resistance is October's high crossing at 132.010. Second resistance is September's high crossing at 132.130. First support is last-Thursday's low crossing at 129.165. 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 Monday.The mid-range close sets the stage for a steady to lower opening when Tuesday'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 55.27 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 53.98. Second resistance is the 50-day moving average crossing at 55.27. 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 Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are becoming overbought but remain 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 190.27 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 lower on Monday. The mid-range close sets the stage for a steady opening when Tuesday'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 156.70 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 156.70. Second support is October's low crossing at 151.75.
November Henry natural gas closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off September's high, August's low crossing at 2.135 is the next downside target. Closes above the 50-day moving average crossing at 2.386 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2.386. Second resistance is the reaction high crossing at 2.562. First support is October'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 higher on Monday as it consolidates some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 98.29 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 98.29. 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 lower on Monday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 110.57 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 110.57. Second support is October's low crossing at 109.38.
The December British Pound closed lower on Monday as it consolidated some of the rally off September's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 aforementioned rally, the 75% retracement level of the February-September decline crossing at 1.3161 is the next upside target. Closes below the 20-day moving average crossing at 1.2525 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 1.2686. Second support is the 20-day moving average crossing at 1.2525.
The December Swiss Franc posted an inside day with a lower close on Monday.The mid-range close sets the stage for a steady to lower opening when Tuesday'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. Multiple closes above the 50-day moving average high crossing at 1.0196 would confirm that a low has been posted. Closes below the 10-day moving average crossing at 1.0120 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.0196. 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 sharply higher on Monday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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, the 87% retracement level of the July-September-decline crossing at 76.68 is the next upside target. Closes below the 20-day moving average crossing at 75.55 would confirm that a short-term top has been posted. First resistance is today's high crossing at 76.48 is the next upside target. Second resistance is the 87% retracement level of the July-September-decline crossing at 76.68. First support is the reaction low crossing at 75.47. Second support is October's low crossing at 74.97.
The December Japanese Yen closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’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 0.0931 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.0938. Second resistance is September's high crossing at 0.0952. First support is last-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 closed lower on Monday while extending the August-October trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If 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. If December renews the rally off October's low, the reaction high crossing at 1543.30 is the next upside 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 closed lower on Monday. The low-range close set the stage for a steady to lower opening when Tuesday'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 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 the reaction 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 slightly higher on Monday as it extends the rally off October's low. The mid-range close sets the stage for a steady to higher opening when Tuesday'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, September's high crossing at 270.65 is the next upside target. Closes below last-Wednesday's low crossing at 257.30 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-cents at 3.87.
December corn closed lower on Monday amid slow demand and uncertainty over the U.S./China trade deal. The low-range close sets the stage for a steady to lower opening when Tuesday's night sessions begins trading. Closes below the reaction 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 the reaction low crossing at 3.78 1/4. Second support is the September 26th low crossing at 3.72 1/4.
December wheat closed down 8-cents at 5.24 1/4.
December wheat closed lower on Monday as it consolidated some of the rally off September's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 4.99 3/4 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 5.11 1/2. Second support is the 20-day moving average crossing at 4.99 3/4.
December Kansas City Wheat closed down 8 1/4-cents at 4.25 1/2.
December Kansas City wheat posted a key reversal down as it closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday 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 June-September-decline crossing at 4.54 is the next upside target. Closes below the 20-day moving average crossing at 4.13 3/4 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-September-declinecrossing at 4.36 1/2. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.54. First support is October's low crossing at 3.98 3/4. Second support is September's low crossing at 3.81.
December Minneapolis wheat closed down 6 3/4-cents at 5.37 3/4.
December Minneapolis wheat lower on Monday and below the 20-day moving average crossing at 5.42 3/4 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, the 50-day moving average crossing at 5.23. 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 50-day moving average crossing at 5.23. Second support is October's low crossing at 5.21 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed down a 1/2-cent at 9.33 1/2.
November soybeans closed fractionally lower on Monday.The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 9.16 1/2 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 last-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 9.29 3/4. Second support is the 20-day moving average crossing at 9.16 1/2.
December soybean meal closed down $0.80 at 307.70.
December soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 304.50 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 304.50. Second support is the 50-day moving average crossing at 300.30.
December soybean oil closed up 12-pts. at 30.48.
December soybean oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 29.72 would temper the near-term friendly outlook. First resistance is last-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 30.12. Second support is the 20-day moving average crossing at 29.72.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
December hogs closed down $0.13 at $67.83.
December hogs closed lower on Monday as it extends the August-September trading range. The low-range close sets the stage for a steady to lower opening when Tuesday'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 66.22 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 up $0.25 at 113.88.
December cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 111.35 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 112.83. Second support is the 20-day moving average crossing at 111.35.
November Feeder cattle closed unchanged at $142.85.
November Feeder cattle closed unchanged on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's 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 142.80 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 last-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 142.80. Second support is the 50-day moving average crossing at 137.02.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 9.79 is the next upside target. If December extends the decline off September's high, weekly support crossing at 87.60 is the next downside target.
December cocoa closed lower on Monday as it consolidates some of the rally off August's low. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 23.91 would confirm that a short-term top has been posted. If December renews the rally off August's low, July's high crossing at 26.06 is the next upside target.
March sugar closed slightly lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. 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 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 lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 62.19 would temper the near-term friendly outlook.
Thanks Tallpine!!
Weather not a big factor for grains.
Looking milder to start November for Natural Gas
Monday weather