KEY EVENTS TO WATCH FOR:
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 December NASDAQ 100 closed slightly higher on Thursday as it consolidates some of this week's decline.The mid-range close sets the stage for a steady to higher opening when Friday'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 this week's decline, the 50-day moving average crossing at 8067.35 is the next downside target. Closes above the 10-day moving average crossing at 8337.92 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 8458.75. Second resistance is unknown. First support is Tuesday's low crossing at 8168.25. Second support is the 50-day moving average crossing at 8067.35.
The December S&P 500 closed slightly 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 remain 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 3038.56 is the next downside target. Closes above the 10-day moving average crossing at 3121.51 would 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 3038.56.
The Dow closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this week's decline, the 50-day moving average crossing at 27,241.95 is the next downside target. Closes above the 10-day moving average crossing at 27,862.92 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 28,174.97. Second resistance is unknown. First support is Tuesday's lowcrossing at 27,325.13. Second support is the 50-day moving average crossing at 27,241.95.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
December T-bonds closed down 13/32's at 159-03.
December T-bonds 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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below Monday's low crossing at 158-01 are needed to confirm that a short-term top has been posted. If December extends the rally off November's low, November's high crossing at 161-22 is the next upside 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 the 50% retracement level of the April-August-rally crossing at 155-25.
December T-notes closed down 45 pts. at 129.085.
December T-notes 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 128.225 are needed to confirm that a short-term top has been posted. If December renews the rally off Monday's low, November's high crossing at 130.155 is the next upside target. First resistance is November's high crossing at 130.155. Second resistance is October's high crossing at 132.010. 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 higher on Thursday as it extends the rally off October's low.The mid-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI have turned 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 the reaction low crossing at 54.85 are needed to 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 the reaction low crossing at 54.85. Second support is the reaction low crossing at 53.84.
January heating oil closed higher on Thursday as they extend the October-November trading range. The mid-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above November's high crossing at 197.16 would confirm an upside breakout of the October-December trading range. Closes below the reaction low crossing at 184.41 would confirm a downside breakout of the aforementioned trading range. First resistance is November's high crossing at 197.16. Second resistance is the September 19th high crossing at 200.20. First support is the reaction low crossing at 184.41. Second support is October's low crossing at 180.42.
January unleaded gas closed higher on Thursday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Friday'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 10-day moving average crossing at 163.67 would confirm that a short-term low has been posted. If January renews the aforementioned decline, the reaction low crossing at 152.09 is the next downside target. First resistance is November's high crossing at 170.36. Second resistance is May's high crossing at 173.52. First support is Tuesday's low crossing at 155.50. Second support is the reaction low crossing at 152.09.
January Henry natural gas closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.602 are needed to confirm that a short-term low has been posted. If January resumes this month's decline, weekly support crossing at 2.187 is the next downside target. First resistance is the 10-day moving average crossing at 2.486. Second resistance is the 20-day moving average crossing at 2.602. First support is last-Friday's low crossing at 2.270. Second support is weekly support crossing at 2.187.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The December Dollar closed lower on Thursday as it extends the decline off last-Friday's high. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned decline, November's low crossing at 96.96 is the next downside target. Closes above the 10-day moving average crossing at 97.98 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 98.50. Second resistance is the October 8th high crossing at 98.96. First support is November's low crossing at 96.96. Second support is October's low crossing at 96.88.
The December Euro closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Friday's low, the reaction high crossing at 112.08 is the next downside target. Closes below the 10-day moving average crossing at 110.58 would confirm that a short-term top 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 last-Friday's low crossing at 109.90. Second support is October's low crossing at 109.38.
The December British Pound closed higher on Thursday and spiked above the 75% retracement level of the February-September decline crossing at 1.3161. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 87% retracement level of the February-September decline crossing at 1.3345 is the next upside target. Closes below the 20-day moving average crossing at 1.2923 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.3169. Second resistance is the 87% retracement level of the February-September decline crossing at 1.3345. First support is the 20-day moving average crossing at 1.2923. Second support is the 50-day moving average crossing at 1.2777.
The December Swiss Franc closed higher on Thursday.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, November's high crossing at 1.0182 is the next upside target. Closes below the 10-day moving average crossing at 1.0074 would confirm that a short-term top has been posted.First resistance is November's high crossing at 1.0182. 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 closed higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Friday'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, October's high crossing at 76.25 is the next upside target. Closes below the 10-day moving average crossing at 75.35 would confirm that a short-term top has been posted. First resistance is today's high crossing at 76.00. Second resistance is the reaction high crossing at 76.25. First support is November's low crossing at 75.03. Second support is October's low crossing at 74.97.
The December Japanese Yen closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’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 0.0924 would 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 50-day moving average crossing at 0.0924. Second resistance is November's high crossing at 0.0929. First support is Monday's low crossing 0.0912. Second support is April's low crossing at 0.0907.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Thursday as it extends the November-December trading range. The mid-range close sets the stage for a steady to higher opening when Friday'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 1492.50 would confirm that a short-term low has been posted. If February extends the decline off September's high, the 50% retracement level of the May-September-rally at 1431.40 is the next downside target. First resistance is the 50-day moving average crossing at 1492.50. Second resistance is November's high crossing at 1525.20. First support is the 38% retracement level of the May-September-rally at 1464.60. Second support is the 50% retracement level of the May-September-rally at 1431.40.
January silver closed higher on Thursday while extending the November-December trading range. The high-range close set the stage for a steady to higher opening when Friday'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 January resumes the decline off the September 24th high, the 62% retracement level of the May-September-rally crossing at 16.530 is the next downside target. Closes above the 50-day moving average crossing at 17.431 are needed to temper the bearish outlook.First resistance is the 50-day moving average crossing at 17.431. Second resistance is November's high crossing at 18.210. First support is the 62% retracement level of the May-September-rally crossing at 16.530. Second support is the 75% retracement level of the May-September-rally crossing at 15.842.
January copper closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at 269.70 would confirm that a short-term low has been posted. If January extends the decline off last-Wednesday's high, the reaction low crossing at 257.85 is the next downside target. First resistance is last-Wednesday's high crossing at 269.70. Second resistance is November's high crossing at 273.25. First support is Tuesday's low crossing at 261.00. Second support is the reaction low crossing at 257.85.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down 1 3/4-cents at 3.76 3/4.
March corn closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI are turning 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 3.91 1/4 would temper the near-term bearish outlook. First resistance is Tuesday's high crossing at 3.84 3/4. Second resistance is the 50-day moving average crossing at 3.91 1/4. 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 closed down 3 3/4-cents at 5.23 3/4.
March wheat closed lower on Thursday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Friday'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 50-day moving average crossing at 5.15 1/2 are needed to confirm that a short-term top has been posted. If March renews 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 5-cents at 4.35 1/2.
March Kansas City wheat closed lower on Thursday while extending the August-December 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 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 closed down 1-cent at 5.13 3/4.
March Minneapolis wheat 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.19 1/4 would confirm that a low has been posted. If March extends the 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 5.19 1/4. Second resistance is the 50-day moving average crossing at 5.38 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 closed up 7-cents at 8.85.
January soybeans closed higher on Thursday 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 Friday'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 9.00 3/4 are needed to confirm that a short-term low has been posted. If January extends the decline off October's high, September's low crossing at 8.65 is the next downside target. First resistance is the 20-day moving average crossing at 9.00 3/4. Second resistance is the 50-day moving average crossing at 9.21 1/4. 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 closed up $4.90 at 301.60.
January soybean meal closed higher on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 301.50 confirms that a short-term low has been posted. If January renews the decline off October's high, weekly support crossing at 288.30 is the next downside target. First resistance is today's high crossing at 303.30. Second resistance is the 50-day moving average crossing at 304.80. First support is Monday's low crossing at 292.60. Second support is weekly support crossing at 288.30.
January soybean oil closed up 3-pts. at 30.47.
January soybean oil closed higher 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. If January extends the decline off November's high, the reaction low crossing at 29.82 is the next downside target. Closes above the 20-day moving average crossing at 30.86 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 31.59. Second resistance is November's high high crossing at 32.17. Second resistance is the reaction high crossing at 31.59. First support is Monday's low crossing at 30.11. Second support is the reaction low crossing at 29.82.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $0.85 at $67.58.
February 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 turning neutral to bullish signaling that a low might be in or is near. Multiple close above the 20-day moving average crossing at 70.00 would temper the near-term bearish outlook. If February extends the decline off October's high, August's low crossing at 63.67 is the next downside target. First resistance is the 20-day moving average crossing at 70.00. Second resistance is the 50-day moving average crossing at 73.15. First support is Monday's low crossing at 65.40. Second support August's low crossing at 63.67.
February cattle closed up $0.43 at 124.60.
February cattle closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. 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 123.30 would confirm that a short-term top has been posted. If February extended the rally off September's low, weekly resistance crossing at 130.45 is the next upside target. First resistance is last-Friday's high crossing at 127.15. Second resistance is weekly resistance crossing at 130.45. First support is the reaction low crossing at 123.30. Second support is the 50-day moving average crossing at 121.76.
January Feeder cattle closed down $0.33-cents at $140.55.
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 are turning 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 136.10 is the next downside target. Closes above the 20-day moving average crossing at 143.33 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 last-Friday'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
March coffee closed 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, weekly resistance crossing at 13.30 is the next upside target. Closes below the 20-day moving average crossing at 11.48 would confirm that a short-term top has been posted.
March 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 bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 26.03 would temper the bearish outlook. Closes below the 50-day moving average crossing at 25.38 would confirm that a short-term top has been posted.
March sugar closed higher on Thursday as it extends the rally off October's low. The mid-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the July 30th high crossing at 13.25 is the next upside target. Closes below 50-day moving average crossing at 12.60 would confirm that a top has been posted.
March cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signal sideways to lower prices are possible near-term. Closes below November's low crossing at 63.70 are needed to confirm that a short-term top has been posted. If March renews the rally off August's low, the reaction high crossing at 66.93 is the next upside target.
Thanks tallpine!
Weather is not a huge factor in any markets right now. It's slightly bullish in natural gas but fundamentals are very weak.