KEY EVENTS TO WATCH FOR:

Friday, November 22, 2019  

9:45 AM ET. November US Flash Manufacturing PMI

                       PMI, Mfg (expected 51.5)

9:45 AM ET. November US Flash Services PMI

                       PMI, Services (previous 51.0)

10:00 AM ET. November University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (expected 94.9; previous 95.5)

                       End-Mo Expectations Idx (previous 84.2)

                       12-Month Inflation Forecast (previous 2.5%)

                       5-Year Inflation Forecast (previous 2.3%)

                       End-Mo Current Idx (previous 113.2)

11:00 AM ET. November Federal Reserve Bank of Kansas City Survey of Tenth District

                    Manufacturing

                       Mfg Activity Idx (previous 2)

                       6-Mo Exp Prod Idx (previous 2)

                       Mfg Composite Idx (previous -3)

                       6-Mo Exp Composite Idx (previous 8)

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

The STOCK INDEXES:The December NASDAQ 100 was higher overnight as it consolidated some of Wednesday's decline.The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 8229.66 would confirm that a short-term top has been posted. If December extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 8379.00. Second resistance is unknown. First support is the 20-day moving average crossing at 8229.66. Second support is the 50-day moving average crossing at 7989.34.

The December S&P 500 was slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 3084.06 are needed to confirm that a short-term top has been posted. If December extends the rally off October's low into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 3132.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3084.06. Second support is the 50-day moving average crossing at 3018.20.  

INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"

INTEREST RATES: December T-bonds were higher overnight. Stochastics and the RSI remain neutral to bullish signaling that a low might be in or is near. If December extends the rally off November's low, November's high crossing at 161-22 is the next upside target. Closes below the 10-day moving average crossing at 158-17 are needed to confirm that a short-term low has been posted. First resistance the 50-day moving average crossing at 160-11. Second resistance is November's high crossing at 161-22. First support is the 50% retracement level of the April-August-rally crossing at 155-25. Second support is the 62% retracement level of the April-August-rally crossing at 153-06.

December T-notes were higher overnight. 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, November's high crossing at 130.155 is the next upside target. Closes below the 10-day moving average crossing at 129.051 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 129.269. Second resistance is November's high crossing at 130.155. First support is the 50% retracement level of the April-August-rally crossing at 127.171. Second support is the 62% retracement level of the April-August-rally crossing at 126.122.

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

January crude oil was steady to slightly lower overnight as it consolidates some of the rally off Wednesday's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes below the 50-day moving average crossing at 55.58 are needed to confirm that a short-term top has been posted. If January extends the rally off October's low, the 75% retracement level of the September-October-decline crossing at 58.77 is the next upside target. First resistance is the 75% retracement level of the September-October-decline crossing at 58.77. Second resistance is the 87% retracement level of the September-October-decline crossing at 60.07. First support is Wednesday's low crossing at 54.85. Second support is the reaction low crossing at 53.84.  

January heating oil was slightly higher overnight while extending the October-November trading range. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off the October low, the September 16^th high crossing at 207.82 is the next upside target. Closes below Wednesday's low crossing at 184.41 would open the door for a test of October's low crossing at 180.42. First resistance is October's high crossing at 197.02. Second resistance is the September 16^th high crossing at 207.82. First support is Wednesday's low crossing at 184.41. Second support is October's low crossing at 180.42.  

January unleaded gas was steady to slightly higher overnight as it extends the rally off Wednesday's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 January extends the rally off October's low, May's high crossing at 173.61 is the next upside target. Closes below the 50-day moving average crossing at 158.32 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 170.00. Second resistance is May's high crossing at 173.61. First support is the 50-day moving average crossing at 158.32. Second support is the reaction low crossing at 155.64.  

January Henry natural gas was slightly higher overnight as it consolidates some of the decline off November's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, October's low crossing at 2.250 is the next downside target. Closes above the 20-day moving average crossing at 2.743 would confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 2.671. Second resistance is the 20-day moving average crossing at 2.743. First support is Tuesday's low crossing at 2.570. Second support is October's low crossing at 2.250.  

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

CURRENCIES:The December Dollar was steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 97.55 are needed to confirm that a short-term top has been posted. If December resumes the rally off October's low, the October 15^th high crossing at 98.38 is the next upside target. First resistance is the October 15^th high crossing at 98.38. Second resistance is the October 8^th high crossing at 98.96. First support is Monday's low crossing at 97.55. Second support is November's low crossing at 96.96.

The December Euro was steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 110.99 would confirm that a short-term low has been posted. If December resumes the decline off September's high, the October 8^th low crossing at 109.92 is the next downside target. First resistance is the 20-day moving average crossing at 110.99. Second resistance is September's high crossing at 112.22. First support is the October 8^th low crossing at 109.92. Second support is October's low crossing at 109.38.  

The December British Pound was lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off October's high, the 50-day moving average crossing at 1.2700 is the next downside target. If December resumes the rally off October's low, the 75% retracement level of the February-September-decline crossing at 1.3161 is the next upside target. 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 reaction low crossing at 1.2782. Second support is the 50-day moving average crossing at 1.2700.

The December Swiss Franc was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at 1.0029 is the next downside target. Closes above the reaction high crossing at 1.0182 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.0182. Second resistance is October's high crossing at 1.0205. First support is November's low crossing at 1.0045. Second support is October's low crossing at 1.0029. 

The December Canadian Dollar was steady to slightly higher overnight as it consolidates some of the decline off October's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at 74.96 is the next downside target. Closes above the 20-day moving average crossing at 75.76 would confirm that a short-term bearish outlook.First resistance is the 20-day moving average crossing at 75.76. Second resistance is the reaction high crossing at 76.26. First support is Wednesday's low crossing at 75.03. Second support is October's low crossing at 74.97.  

The December Japanese Yen was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 0.0927 are needed to confirm that a low has been posted. If December resumes the decline off August's high, April's low crossing at 0.0907 is the next downside target. First resistance is the 50-day moving average crossing at 0.0927. Second resistance is the reaction high crossing at 0.0929. First support is November's low crossing at 0.0915. Second support is April's low crossing at 0.0907.

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

PRECIOUS METALS: December gold was higher overnight as it extends the trading range of the past two-weeks. 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 1494.00 would signal that a short-term low has been posted. If December resumes the decline off September's high, the 50% retracement level of the May-September rally crossing at 1426.60 is the next downside target. First resistance is the reaction high crossing at 1543.30. Second resistance is September's high crossing at 1566.20. First support is last-Tuesday's low crossing at 1446.20. Second support is the 50% retracement level of the May-September rally crossing at 1426.60.

December silver was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 17.575 are needed to confirm that a short-term low has been posted. If December resumes the decline off September's high, the 62% retracement level of the June-September-rally crossing at 16.547 is the next downside target.First resistance is the 50-day moving average crossing at 17.575. Second resistance is the October's high crossing at 18.350. First support is the 62% retracement level of the June-September-rally crossing at 16.547. Second support is the 75% retracement level of the June-September-rally crossing at 15.859.

December copper was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off November's high, the reaction low crossing at 257.30 is the next downside target. Closes above the 20-day moving average crossing at 265.89 would temper the near-term bearish outlook. First resistance is November's high crossing at 273.00. Second resistance is the 87% retracement level of the July-September-decline crossing at 276.34. First support is last-Thursday's low crossing at 261.30. Second support is the reaction low crossing at 257.30.      

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

March corn was steady to fractionally lower overnight as it extends this week's trading range.The mid-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, September's low crossing at 3.65 3/4 is the next downside target. Closes above the 50-day moving average crossing at 3.92 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 3.92. Second resistance is the 38% retracement level of the June-September-decline crossing at 4.07 3/4. First support is Thursday's low crossing at 3.76 3/4. Second support is September low crossing at 3.65 3/4.      

March wheat was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, October's high crossing at 5.37 is the next upside target. Closes below Monday's low crossing at 5.04 would confirm that a short-term low has been posted. First resistance is October's high crossing at 5.37. Second resistance is the 75% retracement level of the June-September-decline crossing at 5.41. First support is Monday's low crossing at 5.04. Second support is October's low crossing at 4.90 3/4.   

March Kansas City Wheat closed down 4 1/2-cents at 4.28 1/2.

March Kansas City wheat closed lower on Thursday while extending the August-November trading range. The low-range close sets the stage for a steady to lower opening when Friday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, the 50% retracement level of the June-September-decline crossing at 4.70 3/4 is the next upside target. Closes below Monday's low crossing at 4.23 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-September-declinecrossing at 4.53 1/4. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.70 3/4. First support is Monday's low crossing at 4.23. Second support is October's low crossing at 4.13 1/2.  

March Minneapolis wheat was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, September's low crossing at 5.00 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.31 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 5.31. Second resistance is October 24^th high crossing at 5.63. First support is the  overnight low crossing at 5.09. Second support is September's low crossing at 5.00 1/4.

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

January soybeans were lower in overnight trading as it extends the decline off October's high.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, the 75% retracement level of the September-October-rally crossing at 8.88 1/4 is the next downside target. Closes above the 20-day moving average crossing at 9.22 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 9.22 1/4. Second resistance is November's high crossing at 9.41. First support is the 62% retracement level of the September-October-rally crossing at 9.00 3/4. Second support is the 75% retracement level of the September-October-rally crossing at 8.88 1/4.  

January soybean meal was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, the September 27^th low crossing at 296.30 is the next downside target. Closes above the reaction high crossing at 309.00 would temper the near-term bearish outlook. First resistance is the 50% retracement level crossing at 315.50. Second resistance is the 62% retracement level of the June-September decline crossing at 320.70. First support is November's low crossing at 300.80. Second support is the September 27^th low crossing at 296.30.     

March soybean oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-week's low, November's high crossing at 32.44. If March resumes the decline off November's high, the 50-day moving average crossing at 30.85 is the next downside target. First resistance is November's high crossing at 32.44. Second resistance is February's high crossing at 32.45. First support is the 50-day moving average crossing at 30.85. Second support is the reaction low crossing at 30.04.  

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

December hogs closed down $0.20 at $60.65. 

December hogs 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. Multiple close above the 50-day moving average crossing at 66.71 would temper the near-term bearish outlook. If December extends the decline off October's high, September's low crossing at 57.75 is the next downside target. First resistance is September's high crossing at 72.73. Second resistance is the 50% retracement level of the April-September-decline crossing at 73.89. First support is Wednesday's low crossing at 60.05. Second support September's low crossing at 57.75.  

December cattle closed up $0.03 at 119.33. 

December cattle 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. 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 reaction low crossing at 117.35 would confirm that a short-term top has been posted. First resistance is November's high crossing at 120.33. Second resistance is the 87% retracement level of the March-September-decline crossing at 120.85. First support is the reaction low crossing at 117.35. Second support is the 50-day moving average crossing at 113.65.  

January Feeder cattle closed down $1.48-cents at $142.60. 

January Feeder cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends today's decline, the 50-day moving average crossing at 140.45 is the next downside target. If January resumes the rally off September's low, the 75% retracement level of the April-August-decline crossing at 151.31 is the next upside target. First resistance is the 62% retracement level of the April-August-decline crossing at 146.85. Second resistance is the 75% retracement level of the April-August-decline crossing at 151.31.First support is the 50-day moving average crossing at 140.45. Second support is the reaction low crossing at 138.52.      

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

December coffee closed sharply higher on Thursday as it extends the rally off October's low. 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. If December extends the rally off October's low, July's high crossing at 11.94 is the next upside target. Closes below the 20-day moving average crossing at 10.53 would confirm that a short-term top has been posted.  

December 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 25.63 would confirm that a short-term top has been posted. If December extends the rally off August's low, the May 2018 high crossing at 28.33 is the next upside target.     

March sugar closed lower on Thursday. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below 50-day moving average crossing at 12.47 would confirm that a top has been posted. If March extends the rally off October's low, October's high crossing at 12.93 is the next upside target. 

December cotton closed lower on Thursday as it extends the decline off October's high. The low-range close sets the stage for a steady to lower opening on Friday. 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 27^th low crossing at 59.58 is the next downside target. Closes above the 20-day moving average crossing at 64.16 would confirm that a short-term low has been posted.