INO Evening Market Comments
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Started by tallpine - Nov. 22, 2019, 3:39 p.m.

KEY EVENTS TO WATCH FOR:



Monday, November 25, 2019 



8:30 AM ET. October CFNAI Chicago Fed National Activity Index



                       NAI (previous -0.45)



                       NAI, 3-mo Moving Avg (previous -0.24)



10:30 AM ET. November Texas Manufacturing Outlook Survey



                       Business Activity (previous -5.1)



                       Mfg Production Idx (previous 4.5)



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



The December NASDAQ 100 closed slightly 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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 8228.02 would 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 8300.25. Second resistance is unknown. First support is the 20-day moving average crossing at 8228.02. Second support is the 50-day moving average crossing at 7988.69.   



The December S&P 500 closed slightly higher 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3083.76 would confirm that a short-term top has been posted. If December extends the rally off October's low, upside targets will be hard to project. First resistance is Tuesday's high crossing at 3101.50. Second resistance is unknown. First support is the 20-day moving average crossing at 3083.76. Second support is the 50-day moving average crossing at 3018.08.  



The Dow 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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 27,596.23 are needed to confirm that a short-term top has been posted. If the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 28,090.21. Second resistance is unknown. First support is the 20-day moving average crossing at 27,596.18. Second support is the 50-day moving average crossing at 27,103.90.



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



December T-bonds closed up 5/32's at 159-28.



December T-bonds 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 160-11 would open the door for additional gains near-term. If December resumes the decline off October's high, the 62% retracement level of the April-August-rally crossing at 153-06 is the next downside target. First resistance is 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 closed unchanged at 129.155.



December T-notes closed unchanged on Friday following yesterday's key reversal down. 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. Closes above the 50-day moving average crossing at 129.267 would open the door for additional gains near-term. If December resumes the decline off October's high, the 50% retracement level of the April-August-rally crossing at 127.171 is the next downside target. First resistance is the 50-day moving average crossing at 129.267. Second resistance is November's high crossing at 130.155. First support is November's low crossing at 127.315. Second support is the 50% retracement level of the April-August-rally crossing at 127.171.      



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



January crude oil closed lower on Friday as it consolidated some of this week's rally. 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. If January extends the rally off October's low, the 87% retracement level of the September-October-decline crossing at 60.07 is the next upside target. Closes below Wednesday's low crossing at 54.85 would confirm that a short-term top has been posted. 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 closed lower on Friday as they extend the October-November trading range. The low-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. Closes above October's high crossing at 197.02 would confirm an upside breakout of the October-November trading range. Closes below Wednesday's low crossing at 184.41 would confirm a downside breakout of the aforementioned trading range.First resistance is October's high crossing at 197.02. Second resistance is the September 19th high crossing at 200.20. First support is Wednesday's low crossing at 184.41. Second support is October's low crossing at 180.42. 



January unleaded gas closed lower on Friday 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 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 January extends the rally off October's low, May's high crossing at 173.52 is the next upside target. Closes below the 50-day moving average crossing at 158.27 would confirm that a short-term top has been posted. First resistance is today's high crossing at 170.36. Second resistance is May's high crossing at 173.52. First support is the 50-day moving average crossing at 158.27. Second support is the reaction low crossing at 155.64.



January Henry natural gas closed sharply higher on Friday as it consolidates some of this month's decline. 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. Closes above the 20-day moving average crossing at 2.747 are needed to confirm that a short-term low has been posted. If January extends this month's decline, October's low crossing at 2.520 is the next downside target. First resistance is the 20-day moving average crossing at 2.747. Second resistance is last-Monday's gap crossing at 2.839. First support is Tuesday's low crossing at 2.570. Second support is October's low crossing at 2.520.         



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



The December Dollar closed higher on Friday following yesterday's key reversal up. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the October 8th high crossing at 98.96 is the next upside target. Closes below Monday's low crossing at 97.55 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 98.30. Second resistance is the October 8th high crossing at 98.96. First support is Monday's low crossing at 97.55. Second support is October's low crossing at 96.88. 



The December Euro closed lower on Friday following yesterday's key reversal down. 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. If December extends the decline off October's high, the reaction low crossing at 109.93 is the next downside target. Closes above the 20-day moving average crossing at 110.97 would confirm that a short-term low has been posted. First resistance is October's high crossing at 112.22. Second resistance is the 50% retracement level of the June-September-decline crossing at 112.48. First support is the reaction low crossing at 109.93. Second support is October's low crossing at 109.38. 



The December British Pound closed lower on Friday while extending the trading range of the past six-weeks. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below November's low crossing at 1.2782 would confirm that a short-term top has been posted. If December renews the rally off September'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 50-day moving average crossing at 1.2700. Second support is October's low crossing at 1.2224.    



The December Swiss Franc closed lower on Friday as it extends this week's decline.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 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. Close above Monday's high crossing at 1.0154 are needed to confirm that a low has been posted. First resistance is October'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 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 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 75.75 are needed to confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 75.75. Second resistance is October's high crossing at 76.70. First support is Wednesday's low crossing at 75.03. Second support is October's low crossing at 74.97.



The December Japanese Yen closed unchanged 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. Closes above the 50-day moving average crossing at 0.0927 would confirm that a short-term 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 October's high crossing at 0.0945. First support is November's low crossing 0.0915. Second support is April's low crossing at 0.0907.  



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



December gold 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the 50% retracement level of the May-September-rally at 1426.60 is the next downside target. Closes above the 50-day moving average crossing at 1493.80 would confirm that a short-term low has been posted. 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 Friday. The low-range close set 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 a low might be in or is near. Closes above the 50-day moving average crossing at 17.571 are needed to temper the bearish outlook. If December resumes 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 18.350. Second resistance is the September 24th high crossing at 18.810. First support is the 62% retracement level of the May-September-rally crossing at 16.547. Second support is the 75% retracement level of the May-September-rally crossing at 15.859.



December copper closed higher on Friday as it extends the trading range of the past seven-days. 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. Closes above the 20-day moving average crossing at 265.92 would temper the near-term bearish outlook. If December extends this month's decline, the reaction low crossing at 257.30 is the next downside target. First resistance is November's high crossing at 273.00. Second resistance is July's high crossing at 280.50. First support is the reaction low crossing at 257.30. Second support is October's low crossing at 251.50.  



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



March Corn closed down 3/4-cents at 3.78 1/4. 



March corn closed fractionally lower on Friday as it consolidates above support crossing at 3.77 3/4. The low-range close sets the stage for a steady to lower opening when Monday's night sessions 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 low, 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 would temper the near-term bearish outlook. First resistance is the 38% retracement level of the June-September-decline crossing at 4.07 3/4. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.20 3/4. First support is the reaction low crossing at 3.77 3/4. Second support is September's low crossing at 3.65 3/4.   



March wheat closed up 5 3/4-cents at 5.17 3/4.  



March wheat closed higher on Friday as it extends the trading range of the past three-weeks. 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 March resumes the rally off September's low, the 75% retracement level of the June-September-decline crossing at 5.44 1/4 is the next upside target. Closes below Monday's low crossing at 4.98 1/2 would confirm a downside breakout of the aforementioned trading range. First resistance is the 75% retracement level of the June-September-decline crossing at 5.44 1/4. Second resistance is the 87% retracement level of the June-September-decline crossing at 5.58 1/4. First support is Monday's low crossing at 4.98 1/2. Second support is the reaction low crossing at 4.84 1/4.      



March Kansas City Wheat closed up 4 3/4-cents at 4.33 3/4.

 

March Kansas City wheat closed higher on Friday while extending the August-November trading range. The high-range close sets the stage for a steady to higher opening when Monday 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 38% retracement level of the June-September-decline crossing at 4.53 1/4 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 closed down 2 1/2-cents at 5.06 3/4. 



March Minneapolis wheat closed lower on Friday as it extends 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 March extends this 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 5.30 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 5.21 1/4. Second resistance is the 20-day moving average crossing at 5.30 3/4. First support is today's low crossing at 5.06 1/4. Second support is September's low crossing at 5.00 1/4.     



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



January soybeans closed down 5 1/4-cents at 8.95 3/4.



January soybeans 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 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 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 9.22. Second resistance is November's high crossing at 9.42 1/4. First support is the 75% retracement level of the September-October-rally crossing at 8.88 1/4. Second support is the 87% retracement level of the September-October-rally crossing at 8.76 3/4.    



December soybean meal closed down $2.50 at 298.50. 



December soybean meal closed lower on Friday as it extends 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 becoming 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, September's low crossing at 294.30 is the next downside target. Closes above the 50-day moving average crossing at 303.00 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 today's low crossing at 298.40. Second support is the September 27th low crossing at 294.30.    



December soybean oil closed up 16-pts. at 30.85. 



December soybean oil 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 sideways to lower prices are possible near-term. If December extends the decline off November's high, the 50-day moving average crossing at 30.36 is the next downside target. Closes above Wednesday's high crossing at 31.39 would temper the near-term bearish outlook. First resistance is November's high high crossing at 31.96. Second resistance is February's high crossing at 32.06. First support is the 50-day moving average crossing at 30.36. Second support is the reaction low crossing at 29.55.       

 

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



December hogs closed up $0.58 at $61.23. 



December hogs 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 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, September's low crossing at 57.75 is the next downside target. Multiple close above the 50-day moving average crossing at 66.55 would temper the near-term bearish outlook. First resistance is November's high crossing at 67.65. Second resistance is September's high crossing at 72.73. First support is Wednesday's low crossing at 60.05. Second support September's low crossing at 57.75.  



December cattle closed down $0.65 at 118.68. 



December cattle closed lower on Friday as it extends the trading range of the past three-weeks. 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 the reaction low crossing at 117.35 would confirm that a short-term top has been posted. If December resumes the rally off September's low, the 87% retracement level of the March-September-decline crossing at 120.85 is the next upside target. 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 113.94.  

 

January Feeder cattle closed down $3.33-cents at $139.28. 



January Feeder cattle closed sharply lower on Friday and below the 50-day moving average crossing at 140.59 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday'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, October's low crossing at 136.10 is the next downside target. Closes above the 20-day moving average crossing at 144.32 would confirm that a short-term low has been posted. 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 today's low crossing at 138.27. Second support is October's low crossing at 136.10.      



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



December coffee closed higher on Friday as it extends the rally off October's low. The mid-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 October's low, July's high crossing at 11.94 is the next upside target. Closes below the 20-day moving average crossing at 10.61 would confirm that a short-term top has been posted.  



December cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 25.74 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 higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, October's high crossing at 12.93 is the next upside target. Closes below 50-day moving average crossing at 12.49 would confirm that a top has been posted.  



December cotton closed higher on Friday as it consolidates some of the decline off October's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional gains near-term. Closes above the 20-day moving average crossing at 64.08 are needed to confirm that a short-term low has been posted. If December extends the decline off October's high, the September 27th low crossing at 59.58 is the next downside target.      

Comments
By metmike - Nov. 24, 2019, 9:19 p.m.
Like Reply

Thanks tallpine!!


Here on Sunday evening, the affect of weather on natural gas is not much different than Friday on the price at least:

https://www.marketforum.com/forum/topic/43358/


Same thing with grains. Widespread rains most places of South America...........with Argentina possibly getting dry in week 2. 

Possible heavy snows in parts of the Cornbelt, mainly  Western Belt/Upper Midwest might be bullish at some point for corn the next few days because of unharvested corn in those areas.

Given the Spring weather and smaller crop  and basis levels, its amazing that CZ prices are this low.