INO Evening Market Comments
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Started by tallpine - Oct. 30, 2019, 4:32 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, October 31, 2019 



7:30 AM ET. October Challenger Job-Cut Report



                       Job Cuts, M/M% (previous -22.3%)



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



                       Corn (Metric Tons) (previous 582.9K)



                       Soybeans (Metric Tons) (previous 475.2K)



                       Wheat (Metric Tons) (previous 262.4K)



8:30 AM ET. 3rd Quarter Employment Cost Index



                       ECI, Q/Q% (expected +0.7%; previous +0.6%)



                       ECI, Y/Y% (previous +2.7%)



8:30 AM ET. September Personal Income & Outlays



                       Personal Income, M/M% (expected +0.3%; previous +0.4%)



                       Consumer Spending, M/M% (expected +0.2%; previous +0.1%)



                       PCE Price Idx, M/M% (previous +0%)



                       PCE Price Idx, Y/Y% (previous +1.4%)



                       PCE Core Price Idx, M/M% (expected +0.1%; previous +0.1%)



                       PCE Core Price Idx, Y/Y% (expected +1.7%; previous +1.8%)



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



                       Jobless Claims (expected 215K; previous 212K)



                       Jobless Claims, Net Chg (previous -6K)



                       Continuing Claims (previous 1682000)



                       Continuing Claims, Net Chg (previous -1K)



9:45 AM ET. Bloomberg Consumer Comfort Index



9:45 AM ET. October ISM-Chicago Business Survey - Chicago PMI



                       PMI-Adj (expected 48.5; previous 47.1)



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



                       Working Gas In Storage (Cbf) (previous 3606B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +87B)

                       

3:00 PM ET. October Agricultural Prices



                       Farm Prices, M/M% (previous +0.8%)



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



N/A              U.S. portfolio holdings of foreign securities final results


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



The December NASDAQ 100 closed higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7883.10 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 8127.50. Second resistance is unknown. First support is the 10-day moving average crossing at 7975.05. Second support is the 20-day moving average crossing at 7883.10.   



The December S&P 500 closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2980.23 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 3044.00. Second resistance is unknown. First support is the 10 day moving average crossing at 3012.03. Second support is the 20-day moving average crossing at 2980.23.  



The Dow closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 26,688.64 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 27,165.94. Second resistance is September's high crossing at 27,306.73. First support is the 50-day moving average crossing at 26,688.64. 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 up 1-02/32's at 159-24.



December T-bonds closed higher on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, the September 13th reaction low crossing at 160-16 is the next downside target. Closes above the 50-day moving average crossing at 162-00 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 162-00. Second resistance is October's high crossing at 165-03. First support is Monday's low crossing at 158-05. Second support is the September 13th reaction low crossing at 157-17. 



December T-notes closed up 105-pts. At 129.190.



December T-notes closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold 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 130.149 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 130.149. Second resistance is October's high crossing at 132.010. First support is Tuesday's low crossing at 129.015. Second support is the September 13th reaction low crossing at 128.160.      



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



December crude oil closed lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI have turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 54.11 are needed to confirm that a short-term top has been posted. If December extends the rally off October's low, the 62% retracement level of the September-October-decline crossing at 58.25 is the next upside target. First resistance is the 38% retracement level of the September-October-decline crossing at 56.84. Second resistance is the 62% retracement level of the September-October-decline crossing at 58.25. First support is the 20-day moving average crossing at 54.11. Second support is October's low crossing at 50.99. 



December heating oil closed sharply lower on Wednesday and below the 50-day moving average crossing at 191.11 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. 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 182.39 is the next downside target. If December renews the rally off October's low, the reaction high crossing at 202.23 is the next upside target. 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.  



December unleaded gas posted a key reversal down on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 155.47 would confirm that a short-term top has been posted. If December extends the rally off October's low, September's high crossing at 171.96 is the next upside target. First resistance is today's high crossing at 165.97. Second resistance is September's high crossing at 171.96. First support is the 10-day moving average crossing at 160.42. Second support is the 20-day moving average crossing at 157.70.



December Henry natural gas closed higher on Wednesday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the September 24th high crossing at 2.762 is the next upside target. Closes below the 20-day moving average crossing at 2.680 are needed to confirm that a short-term top has been posted. First resistance is the September 24th high crossing at 2.762. Second resistance is September's high crossing at 2.884. First support is the 20-day moving average crossing at 2.605. Second support is October's low crossing at 2.388.        



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



The December Dollar posted a key reversal down on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes 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 97.84 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 97.84. Second resistance is the 50-day moving average crossing at 98.00. 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 Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off October's low, the 50% retracement level of the June-September-decline crossing at 112.48 is the next upside target. Closes below the 50-day moving average crossing at 111.03 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 50-day moving average crossing at 111.03. Second support is October's low crossing at 109.38. 



The December British Pound closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 1.2706 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 20-day moving average crossing at 1.2706. Second support is the 50-day moving average crossing at 1.2504.    



The December Swiss Franc closed sharply higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at 1.0205 are needed to confirm that a low has been posted. If December extends the decline off last-Friday's high, October's low crossing at 1.0029 is the next downside target.First resistance is last-Friday's high crossing at 1.0205. 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 lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 75.88 would confirm that a short-term top has been posted. If December resumes the rally off October's low, the 87% retracement level of the July-September-decline crossing at 76.68 is the next upside target. First resistance is Tuesday's high crossing at 76.70. Second resistance isJuly's high crossing at 76.95. First support is the 50-day moving average crossing at 75.67. Second support is October's low crossing at 74.97. 



The December Japanese Yen posted a key reversal up on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 0.0927 are needed to confirm that a short-term low has been posted. If December extends the decline off August's high, April's low crossing at 0.0907 is the next downside target. First resistance is the 20-day moving average crossing at 0.0927. Second resistance is the 50-day moving average crossing at 0.0934. First support is today's low crossing 0.0917. Second support is April's low crossing at 0.0907.  



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



December gold closed higher on Wednesday while extending the August-October trading range. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December 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 higher on Wednesday while extending October's trading range. The high-range close set the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December 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. Closes above the reaction high crossing at 18.800 would temper the near-term bearish outlook. 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 lower on Wednesday as it consolidated some of the rally off October's low. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 270.65 is the next upside target. Closes below the 50-day moving average crossing at 260.73 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 the 50-day moving average crossing at 260.73. Second support is October's low crossing at 251.50.  



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



December Corn closed up 4 1/4-cents at 3.90 1/2. 



December corn closed higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, the 50% retracement level of the June-September-decline crossing at 4.12 3/4 is the next upside target. Closes below the reaction low crossing at 3.78 1/4 would confirm that a short-term top has been posted. 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 1 3/4-cents at 5.09 3/4. 



December wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 5.09 1/2 are needed to confirm that a short-term top has been posted. If December resumes the rally off September's low, the 75% retracement level of the June-September-decline crossing at 5.37 is the next upside target. 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 20-day moving average crossing at 5.09 1/2. Second support is the 50-day moving average crossing at 4.90 3/4.      



December Kansas City Wheat closed down 3/4-cents at 4.18 1/4.

 

December Kansas City wheat closed fractionally lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday 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 4.18 would confirm that a short-term top has been posted. If December resumes the rally off September's low, the 50% retracement level of the June-September-decline crossing at 4.54 is the next upside target. 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 the 50-day moving average crossing at 4.08 3/4. Second support is October's low crossing at 3.98 3/4.   



December Minneapolis wheat closed down 2 1/4-cents at 5.23 1/2. 



December Minneapolis wheat lower on Wednesday and below the 50-day moving average crossing at 5.25 1/4. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the reaction low crossing at 4.99 3/4 is the next downside target. Closes above the 20-day moving average crossing at 5.39 1/2 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 5.39 1/2. Second resistance is October's high crossing at 5.58. First support is the reaction low crossing at 4.99 3/4. Second support is September's low crossing at 4.86 1/2.     



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



January soybeans closed down 2 1/2-cents at 9.31.



January soybeans closed lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 38% retracement level of the September-October-rally crossing at 9.23 1/4 is the next upside target. Closes above the 10-day moving average crossing at 9.42 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 9.42. Second resistance is October's high crossing at 9.59 1/2. First support is the 38% retracement level of the September-October-rally crossing at 9.23 1/4. Second support is the 50-day moving average crossing at 9.12 1/2.    



December soybean meal closed down $0.50 at 302.50. 



December soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, the 50-day moving average crossing at 301.10 is the next downside target. Closes above the 20-day moving average crossing at 306.20 would confirm that a short-term low has been posted. 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 50-day moving average crossing at 301.10. Second support is the September 27th low crossing at 294.30.    



December soybean oil closed down 3-pts. at 30.97. 



December soybean oil closed slightly lower on Wednesday as it consolidates below the 87% retracement level of the February-September-decline crossing at 31.41. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 30.37 would temper the near-term friendly outlook. If December renews the rally off the September 27th low, February's high crossing at 32.06 is the next upside target. First resistance is the 87% retracement level of the February-September-decline crossing at 31.41. Second resistance is February's high crossing at 32.06. First support is the 20-day moving average crossing at 30.37. Second support is the 50-day moving average crossing at 29.58.       

 

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



December hogs closed up $1.45 at $65.77. 



December hogs closed higher on Wednesday as it extends the August-October trading range. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at 63.08 is the next downside target. Closes above the 20-day moving average crossing at 67.35 would temper the near-term bearish outlook. 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 $1.48 at 118.30. 



December cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 87% retracement level of the March-September-decline crossing at 120.85 is the next upside target. Closes below the 20-day moving average crossing at 113.63 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the March-September-decline crossing at 117.71. Second resistance is the 87% retracement level of the March-September-decline crossing at 120.85. First support is the 10-day moving average crossing at 115.34. Second support is the 20-day moving average crossing at 113.63.  

 

November Feeder cattle closed up $3.20-cents at $144.80. 



November Feeder cattle closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off September's low, the 62% retracement level of the April-August-decline crossing at 146.85 is the next upside target. Closes below the 20-day moving average crossing at 140.34 would signal that a short-term top has been posted. First resistance is today's high crossing at 144.97. Second resistance is the 62% retracement level of the April-August-decline crossing at 146.85. First support is the 20-day moving average crossing at 140.34. Second support is the 50-day moving average crossing at 135.76.      



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



December coffee closed higher on Wednesday and above the 50-day moving average crossing at 9.79 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's rally, October's high crossing at 10.29 is the next upside target. Closes below the 20-day moving average crossing at 96.70 would confirm that a short-term top has been posted. 



December cocoa closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to 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 higher on Wednesday. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at 12.59 would confirm that a low has been posted. If March extends the decline off October's high, the reaction low crossing at 11.92 is the next downside target. 



December cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI 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 63.66 would temper the near-term friendly outlook.   

Comments
By metmike - Oct. 30, 2019, 10:35 p.m.
Like Reply

Thanks tallpine!


Major cold has natural gas fired up still.

Rains increasing in the week 2 forecast for coffee.


Cold for grain harvest, so not much drying for corn but mostly dry the next 2 weeks after this current system exits.