KEY EVENTS TO WATCH FOR:
Wednesday, December 4, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 564.1)
Composite Idx, W/W% (previous +1.5%)
Purchase Idx-SA (previous 267.1)
Purchase Idx-SA, W/W% (previous -1.2%)
Refinance Idx (previous 2282.2)
Refinance Idx, W/W% (previous +4.2%)
8:15 AM ET. November ADP National Employment Report
Private Sector Jobs, Net Chg (previous +125000)
9:45 AM ET. November US Services PMI
PMI, Services (previous 50.6)
10:00 AM ET. November ISM Non-Manufacturing Report on Business
Non-Mfg Composite Idx (previous 54.7)
Non-Mfg Business Idx (previous 57.0)
Prices Idx (previous 56.6)
Employment Idx (previous 53.7)
New Orders Idx (previous 55.6)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 451.952M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.572M)
Gasoline Stocks (Bbl) (previous 225.978M)
Gasoline Stocks, Net Chg (Bbl) (previous +5.132M)
Distillate Stocks (Bbl) (previous +0.56M)
Distillate Stocks, Net Chg (Bbl) (previous +0.725M)
Refinery Usage (previous 89.3%)
Total Prod Supplied (Bbl/day) (previous 21.106M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.125M)
11:00 AM ET. November Global Services PMI
PMI, Services (previous 51.0)
Thursday, December 5, 2019
7:30 AM ET. November Challenger Job-Cut Report
Job Cuts, M/M% (previous +20.97%)
8:30 AM ET. October U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -52.45B)
Exports (USD) (previous 205.99B)
Exports, M/M% (previous -0.9%)
Imports (USD) (previous 258.44B)
Imports, M/M% (previous -1.7%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 213K)
Jobless Claims, Net Chg (previous -15K)
Continuing Claims (previous 1640000)
Continuing Claims, Net Chg (previous -57K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. October Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous -0.6%)
Orders, Ex-Defense, M/M% (previous -0.6%)
Orders, Ex-Transport, M/M% (previous -0.1%)
Durable Goods, M/M% (previous -1.1%)
Durable Goods, M/M% (previous -1.2%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3610B)
Working Gas In Storage, Net Chg (Cbf) (previous -28B)
12:00 PM ET. November Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
Friday, December 6, 2019
8:30 AM ET. November U.S. Employment Report
Non-Farm Payrolls (previous +128K)
Unemployment Rate (previous +0.6%)
Avg Hourly Earnings (USD) (previous 28.18)
Avg Hourly Earnings-Net Chg (USD) (previous +0.06)
Avg Hourly Earnings, M/M% (previous +0.21%)
Avg Hourly Earnings, Y/Y% (previous +3.0%)
Overall Workweek (previous 34.4)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous -3K)
Private Payroll (previous +131K)
Participation Rate (previous 63.3%)
Non-Farm Payrolls Bench Net Chg
10:00 AM ET. October Monthly Wholesale Trade
Inventories, M/M% (previous -0.4%)
10:00 AM ET. December University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (previous 95.7)
Mid-Mo Expectations (previous 85.9)
Mid-Mo Current Idx (previous 110.9)
3:00 PM ET. October Consumer Credit
Consumer Credit Net Chg (USD) (previous +9.51B)
N/A The Philadelphia Fed Policy Forum
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The December NASDAQ 100 was higher overnight due to fresh optimism after a report that Beijing and Washington are working toward a phase one trade deal despite fears of fresh tensions. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the 50-day moving average crossing at 8057.96 is the next downside target. If December resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Wednesday's high crossing at 8458.75. Second resistance is unknown. First support is the 50-day moving average crossing at 8057.96. Second support is the October 29th low crossing at 7810.25.
The December S&P 500 was higher overnight as it consolidates some of this week's decline. 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 sideways to lower prices are possible near-term. If December extends this week's decline, the 50-day moving average crossing at 3035.96 is the next downside target. Closes above the 10-day moving average crossing at 3120.75 are needed to confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 3154.00. Second resistance is unknown. First support is Tuesday's low crossing at 3073.50. Second support is the 50-day moving average crossing at 3035.96.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were lower overnight as they consolidate some of Tuesday's rally. 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 160-29 are needed to renew the rally off November's low. If December resumes Monday's decline, November's low crossing at 155-26 is the next downside target. First resistance is November's high crossing at 161-22. Second resistance is October's high crossing at 165-07. First support is Monday's low crossing at 158-01. Second support is November's low crossing at 155-26.
December T-notes were lower overnight as it consolidates some of Tuesday's rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off November's low, November's high crossing at 130.155 is the next upside target. If December renews Monday's decline, November's low crossing at 127.315 is the next downside target. First resistance is Tuesday's high crossing at 130.020. 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 was higher overnight as it extends the rebound off last-Friday's low.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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January resumes 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 the November 20th low crossing at 54.85 would confirm that a 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 the November 20th low crossing at 54.85. Second support is the reaction low crossing at 53.84.
January heating oil was higher overnight as it extends the October-November trading range crossing at 197.02. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January resumes the rally off the October low, the September 16th high crossing at 207.82 is the next upside target. Closes below November's low crossing at 184.41 would open the door for a possible test of October's low crossing at 180.42. First resistance is November's high crossing at 197.16. Second resistance is the September 16th high crossing at 207.82. First support is November's low crossing at 184.41. Second support is October's low crossing at 180.42.
January unleaded gas was 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 aforementioned decline, the reaction low crossing at 152.09 is the next downside target. Closes above the 10-day moving average crossing at 163.84 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 163.84. Second resistance is November's high crossing at 170.36. First support is Tuesday's low crossing at 155.50. Second support is the reaction low crossing at 152.09.
January Henry natural gas 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 turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 2.625 would confirm that a short-term low has been posted.If January resumes the decline off November's high, weekly support crossing at 2.187 is the next downside target. First resistance is the 10-day moving average crossing at 2.502. Second resistance is the 20-day moving average crossing at 2.625. First support is last-Friday's low crossing at 2.305. Second support is weekly support crossing at 2.187.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was lower overnight as it extends this week's decline. 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 this week's decline, the reaction low crossing at 97.55 is the next downside target. Closes above the 10-day moving average crossing at 98.04 would temper the near-term bearish outlook. First resistance last-Friday's high crossing at 98.50. Second resistance is the October 8th high crossing at 98.96. First support is the reaction low crossing at 97.55. Second support is November's low crossing at 96.96.
The December Euro was steady to slightly 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 bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the reaction high crossing at 112.08 is the next upside target. If December resumes the decline off September's high, last-Friday's low crossing at 109.90 is the next downside target. First resistance is the reaction high crossing at 111.13. Second resistance is the reaction high crossing at 112.08. First support is last-Friday's low crossing at 109.90. Second support is October's low crossing at 109.38.
The December British Pound was higher overnight as it renews the rally off September's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings 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 September's low, the 75% retracement level of the February-September-decline crossing at 1.3161 is the next upside target. If December resumes the decline off October's high, the 50-day moving average crossing at 1.2750 is the next downside target. First resistance is October's high crossing at 1.3002. 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 1.2761.
The December Swiss Franc was lower overnight as it consolidates some of this week's rally. 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, October's high crossing at 1.0205 is the next upside target. Closes below the 10-day moving average crossing at 1.0071 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.0155. Second resistance is October's high crossing at 1.0205. First support is last-Friday's low crossing at 0.9987. Second support is weekly support crossing at 0.9918.
The December Canadian Dollar 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 75.67 would confirm that a short-term bearish outlook.If December resumes the decline off October's high, September's low crossing at 74.84 is the next downside target.First resistance is the 20-day moving average crossing at 75.43. Second resistance is the 50-day moving average crossing at 75.67. First support is November's low crossing at 75.03. Second support is October's low crossing at 74.97.
The December Japanese Yen was steady to 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.0925 are needed to confirm that a 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 50-day moving average crossing at 0.0925. Second resistance is the reaction high crossing at 0.0929. First support is Monday's low crossing at 0.0912. 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 lower overnight as it extends the trading range of the past four-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 1486.40 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 50-day moving average crossing at 1486.40. Second resistance is November's high crossing at 1519.00. First support is November'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 steady to slightly lower overnight as it extends November's trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 17.406 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 17.406. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews 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 264.88 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 269.05. Second support is November's high crossing at 273.00. First support is Tuesday's low crossing at 260.50. Second support is the reaction low crossing at 257.30.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was steady overnight. The mid-range close sets the stage for a steady to higher opening when the day sessions 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 3.91 1/2 would temper the near-term bearish outlook. If March resumes the decline off October's low, September's low crossing at 3.65 3/4 is the next downside target. First resistance is Monday's high crossing at 3.84 3/4. Second resistance is the 50-day moving average crossing at 3.91 1/2. First support is last-Wednesday's low crossing at 3.73. Second support is September's low crossing at 3.65 3/4.
March wheat higher overnight. The high-range close 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 5.20 1/2 would confirm that a short-term top has been posted. If March extends the rally off September's low, the 87% retracement level of the June-September-decline crossing at 5.58 1/2 is the next upside target. 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 the 20-day moving average crossing at 5.20 1/2. Second support is the 50-day moving average crossing at 5.15 1/4.
March Kansas City Wheat closed down 2 1/2-cents at 4.36 3/4.
March Kansas City wheat closed lower on Tuesday while extending the August-November trading range. The low-range close sets the stage for a steady to lower opening when Wednesday 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 November's low crossing at 4.23 would confirm that a short-term top has been posted. If March extends 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. 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 November'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 close sets the stage for a steady to higher opening when the day 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 5.20 1/2 are needed to confirm that a low has been posted. If March resumes this decline off October's high, September's low crossing at 5.00 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.20 1/2. Second resistance is the 50-day moving average crossing at 5.39 3/4. First support is November's low crossing at 5.06. 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 higher overnight as they consolidated some of the decline off October's high. The high-range close 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 resumes the decline off October's high, September's low crossing at 8.65 is the next downside target. Closes above the 20-day moving average crossing at 9.02 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8.85 1/2. Second resistance is the 20-day moving average crossing at 9.02 3/4. First support is Monday's low crossing at 8.67 1/2. Second support is September's low crossing at 8.65.
January soybean meal was higher overnight as it consolidates some of the decline off October's high. The mid-range close 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 October's high, weekly support crossing at 288.30 is the next downside target. Closes above the 20-day moving average crossing at 301.40 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 297.70. Second resistance is the 20-day moving average crossing at 301.40. First support is Monday's low crossing at 292.60. Second support is weekly support crossing at 288.30.
January soybean oil was higher overnight. The mid-range close 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 29.55 is the next downside target. Closes above the 20-day moving average crossing at 30.93 would temper the near-term bearish outlook. First resistance is the November 20th high crossing at 31.59. Second resistance is November's high crossing at 32.17. First support is Monday's low crossing at 30.11. Second support is the reaction low crossing at 29.55.