KEY EVENTS TO WATCH FOR:

Thursday, December 12, 2019  

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

                       Jobless Claims (expected 211K; previous 203K)

                       Jobless Claims, Net Chg (previous -10K)

                       Continuing Claims (previous 1693000)

                       Continuing Claims, Net Chg (previous +51K)

8:30 AM ET. November PPI

                       PPI, M/M% (expected +0.2%; previous +0.4%)

                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.3%)

                       Personal Consumption (previous +0.6%)

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

                       Corn (Metric Tons) (previous 548.5K)

                       Soybeans (Metric Tons) (previous 683.8K)

                       Wheat (Metric Tons) (previous 228.1K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 3591B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -19B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

Friday, December 13, 2019  

8:30 AM ET. November Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (expected +0.5%; previous +0.3%)

                       Sales, Ex-Auto, M/M% (expected +0.3%; previous +0.2%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.1%)

8:30 AM ET. November Import & Export Price Indexes

                       Import Prices (expected +0.2%; previous -0.5%)

                       Non-Petroleum Prices (previous -3.1%)

                       Petroleum Prices (previous -3.7%)

10:00 AM ET. October Manufacturing & Trade: Inventories & Sales

                       Total Inventories (expected +0.2%; previous +0%)

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

The STOCK INDEXES:The December NASDAQ 100 was higher overnight as it extends the rally off last-Tuesday'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. If December resumes this year's rally into uncharted territory, upside targets will be hard to project. If December renews the decline off November's high, the 50-day moving average crossing at 8135.53 is the next downside target. First resistance is November's high crossing at 8458.75. Second resistance is unknown. First support is the 50-day moving average crossing at 8135.53. Second support is the October 29^th low crossing at 7810.25.  

The December S&P 500 was higher overnight and is poised to resume the rally off this month's low. 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 sideways to higher prices are possible near-term. If December renewed the rally off October's low into uncharted territory, upside targets will be hard to project. Closes below last-Tuesday's low crossing at 3073.50 are needed to confirm that a short-term top has been posted. First resistance is November's high crossing at 3154.00. Second resistance is unknown. First support is last-Tuesday's low crossing at 3073.50. Second support is the 50-day moving average crossing at 3057.90.  

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

INTEREST RATES: March T-bonds were lower overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off November's low, November's high crossing at 160-22 is the next upside target. Closes below last-Friday's low crossing at 157-05 would confirm that a short-term top has been posted. First resistance is November's high crossing at 160-22. Second resistance is October's high crossing at 164-09. First support is last-Friday's low crossing at 157-05. Second support is November's low crossing at 155-26.

March T-notes were lower overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 129.220 would confirm that a short-term low has been posted. If March extends the decline off December's high, November's low crossing at 127.300 is the next downside target. First resistance is December's high crossing at 130.045. Second resistance is November's high crossing at 130.175. First support is last-Friday's low crossing at 128.210. Second support is November's low crossing at 127.300.  

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

January crude oil 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 becoming overbought but remain neutral signaling that sideways to higher. 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 20-day moving average crossing at 57.71 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the September-October-decline crossing at 60.07. Second resistance is September's high crossing at 61.44. First support is the 20-day moving average crossing at 57.71. Second support is the November 20^th low crossing at 54.85.

January heating oil was higher overnight as it extends the October-November trading range. 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 diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 191.53 would confirm that a short-term top has been posted. If January extends the rally off the October low, the September 16^th high crossing at 207.82 is the next upside target. First resistance is last-Friday's high crossing at 197.34. Second resistance is the September 16^th high crossing at 207.82. First support is last-Tuesday's low crossing at 186.93. Second support is November's low crossing at 184.41.    

January unleaded gas 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 159.98 would confirm that a short-term top has been posted. If January resumes the rally off last-Tuesday's low, November's high crossing at 170.36.First resistance is last-Friday's high crossing at 166.83. Second resistance is November's high crossing at 170.36. First support is last-Tuesday's low crossing at 155.50. Second support is the reaction low crossing at 152.09.  

January Henry natural gas was higher overnight as it consolidates some of the decline off November's high. The mid-overnight trade sets the stage for a steady to higher opening when the day session begins trading.Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.473 would confirm that a short-term low has been posted.If January extends the decline off November's high, weekly support crossing at 2.029 is the next downside target. First resistance is the 10-day moving average crossing at 2.330. Second resistance is the 20-day moving average crossing at 2.473. First support is Monday's low crossing at 2.158. Second support is weekly support crossing at 2.029.  

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

CURRENCIES:The March Dollar was slightly higher in late-overnight trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 97.36 would confirm that a short-term low has been posted. If March extends the decline off November's high, October's low crossing at 96.50 is the next downside target. First resistance is the 20-day moving average crossing at 97.36. Second resistance is November's high crossing at 98.50. First support is November's low crossing at 96.55. Second support is October's low crossing at 96.50.  

The March Euro was steady to slightly higher overnight. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 111.42 would confirm that a short-term top has been posted. If March extends the rally off November's low, the reaction high crossing at 112.76 is the next upside target. First resistance is the reaction high crossing at 112.76. Second resistance is October's high crossing at 112.91. First support is November's low crossing at 110.61. Second support is October's low crossing at 110.15.   

The March 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 50% retracement level of the April-September-decline crossing at 1.3425 is the next upside target. Closes below the 20-day moving average crossing at 1.3041 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.3278. Second resistance is the 50% retracement level of the April-September-decline crossing at 1.3425. First support is the 10-day moving average crossing at 1.3136. Second support is the 20-day moving average crossing at 1.3041.

The March Swiss Franc was steady to slightly lower overnight. 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 November's low, September's high crossing at 1.0380 is the next upside target. Closes below the 20-day moving average crossing at 1.0176 would confirm that a short-term top has been posted. First resistance is October's high crossing at 1.0268. Second resistance is September's high crossing at 1.0380. First support is last-Friday's low crossing at 1.0158. Second is November's low crossing at 1.0060.  

The March Canadian Dollar was steady to slightly lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, November's high crossing at 76.27 is the next upside target. Closes below the 20-day moving average crossing at 75.51. First resistance is Wednesday's high crossing at 76.03. Second resistance is November's high crossing at 76.27. First support is November's low crossing at 75.08. Second support is October's low crossing at 75.01.  

The March Japanese Yen 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. Closes above the 50-day moving average crossing at 0.0929 are needed to confirm that a low has been posted. If March renews the decline off August's high, April's low crossing at 0.0913 is the next downside target. First resistance is the 50-day moving average crossing at 0.0929. Second resistance is the reaction high crossing at 0.0934. First support is last-Monday's low crossing at 0.0918. Second support is April's low crossing at 0.0913.

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

PRECIOUS METALS: February gold was slightly higher overnight as it extends the trading range of the past five-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 1489.30 would signal that a short-term low has been posted. If February resumes the decline off September's high, the 50% retracement level of the April-September rally crossing at 1431.40 is the next downside target. First resistance is the 50-day moving average crossing at 1489.30. Second resistance is November's high crossing at 1525.20. First support is November's low crossing at 1453.10. Second support is the 50% retracement level of the May-September rally crossing at 1431.40.

January silver 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 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 17.344 are needed to confirm that a short-term low has been posted. If January resumes the decline off September's high, the 75% retracement level of the May-September-rally crossing at 15.842 is the next downside target.First resistance is the 50-day moving average crossing at 17.344. Second resistance is the October's high crossing at 18.365. First support is the 62% retracement level of the June-September-rally crossing at 16.530. Second support is the 75% retracement level of the June-September-rally crossing at 15.842.

January copper was lower overnight as it consolidates some of the rally off last-Tuesday's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off last-Tuesday's low, July's high crossing at 279.90 is the next upside target. Closes below the 50-day moving average crossing at 265.59 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 278.85. Second resistance is the 62% retracement level of the April-September-decline crossing at 280.74. First support is the 50-day moving average crossing at 265.59. Second support is last-Tuesday's low crossing at 261.00.       

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

March corn was higher overnight as it consolidates some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening when the day 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 last-Monday's high crossing at 3.84 3/4 would confirm that a short-term low has been posted while opening the door for additional short-term gains. First resistance is last-Monday's high crossing at 3.84 3/4. Second resistance is the 50-day moving average crossing at 3.89 1/4. First support is Wednesday's low crossing at 3.71. Second support is September's low crossing at 3.65 3/4.   

March wheat was lower overnight as it extends the decline off November's high. The low-range close 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. Closes below the 50-day moving average crossing at 5.18 1/4 would open the door for a possible test of November's low crossing at 5.01 3/4. Closes above the 10-day moving average crossing at 5.26 1/4 would confirm that a short-term low has been posted. 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 50-day moving average crossing at 5.18 1/4. Second support is November's low crossing at 5.01 3/4.      

March Kansas City Wheat closed down a 1/2-cent at 4.30 3/4.

March Kansas City wheat closed fractionally lower on Wednesday while extending the August-December trading range. The mid-range close sets the stage for a steady opening when Thursday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below November's low crossing at 4.23 would confirm that a short-term top has been posted. 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. 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 steady to fractionally 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 bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 50-day moving average crossing at 5.34 3/4 is the next upside target. 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 Wednesday's high crossing at 5.20. Second resistance is the 50-day moving average crossing at 5.34 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 lower overnight as they consolidate some of the rally off last-Monday's low. The mid-range close 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 January renews the rally off last-Monday's low, the 50-day moving average crossing at 9.19 1/4 is the next upside target. Closes below the 10-day moving average crossing at 8.85 1/4 would temper the near-term friendly outlook. First resistance is Monday's high crossing at 9.03 1/2. Second resistance is the 50-day moving average crossing at 9.19 1/4. First support is last-Monday's low crossing at 8.67 1/2. Second support is September's low crossing at 8.65.    

January soybean meal was steady to slightly lower overnight. The mid-range close 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 this week's decline, last-Monday's low crossing at 292.60 is the next downside target. Closes above the 20-day moving average crossing at 299.40 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 304.20. Second resistance is November's high crossing at 310.00. First support is last-Monday's low crossing at 292.60. Second support is weekly support crossing at 288.30.    

January soybean oil was steady to slightly 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off December's low, November's high crossing at 32.17 is the next upside target. Closes below the 20-day moving average crossing at 30.88 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 31.82. Second resistance is November's high crossing at 32.17. First support is last-Monday's low crossing at 30.11. Second support is the reaction low crossing at 29.55.   

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

February hogs closed down $0.25 at $67.72. 

February hogs closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Multiple close above the 20-day moving average crossing at 68.65 would temper the near-term bearish outlook. If February renews 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 68.65. Second resistance is the 50-day moving average crossing at 72.41. First support is last-Monday's low crossing at 65.40. Second support August's low crossing at 63.67.  

February cattle closed up $0.75 at 125.33. 

February cattle closed higher on Wednesday while extending the trading range of the past seven-weeks. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February extended the rally off September's low, weekly resistance crossing at 130.45 is the next upside target. Closes below the reaction low crossing at 123.30 would confirm that a short-term top has been posted. First resistance is November'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 122.47.  

January Feeder cattle closed up $1.13-cents at $142.78. 

January Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 142.41 are needed to confirm that a short-term low has been posted. If January renews the decline off November's high, October's low crossing at 136.10 is the next downside 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 November'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 Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, weekly resistance crossing at 14.38 is the next upside target. Closes below the 20-day moving average crossing at 11.86 would confirm that a short-term top has been posted.  

March cocoa closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 25.47 would confirm that a short-term top has been posted. Multiple closes above the 20-day moving average crossing at 26.17 would confirm that a short-term low has been posted.      

March sugar closed lower on Wednesday as it consolidated some of the rally off October's low. The mid-range close set the stage for a steady opening on Thursday. 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 June high crossing at 13.78 is the next upside target. Closes below 20-day moving average crossing at 12.93 would confirm that a top has been posted.  

March cotton closed slightly lower on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signal sideways to higher prices are possible near-term. If March renews the rally off August's low, October's high crossing at 67.13 is the next upside target. Closes below November's low crossing at 63.70 are needed to confirm that a short-term top has been posted.