KEY EVENTS TO WATCH FOR:

Friday, December 27, 2019 

8:30 AM ET. 3^rd Quarter U.S. International Investment Position

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

                       Corn (Metric Tons) (previous 2245.5K)

                       Soybeans (Metric Tons) (previous 1466.9K)

                       Wheat (Metric Tons) (previous 868.6K)

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

                       Working Gas In Storage (Cbf) (previous 3411B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -107B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 446.833M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -1.085M)

                       Gasoline Stocks (Bbl) (previous 237.297M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +2.529M)

                       Distillate Stocks (Bbl) (previous 125.096M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.509M)

                       Refinery Usage (previous 90.6%)

                       Total Prod Supplied (Bbl/day) (previous 21.798M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +3.439M)

3:00 AM ET. December Agricultural Prices

                       Farm Prices, M/M% (previous -2.6%)

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

The March NASDAQ 100 closed higher on Thursday as it extend this year's rally into record territory.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 March extends this year's rally, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8513.91 would temper the near-term friendly outlook. First resistance is today's high crossing at 8792.00. Second resistance is unknown. First support is the 10-day moving average crossing at 8648.90. Second support is the 20-day moving average crossing at 8513.90.   

The March S&P 500 closed slightly higher on Thursday as it extends this year's rally into uncharted territory. 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 March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3168.74 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3236.50. Second resistance is unknown. First support is the 10-day moving average crossing at 3206.30. Second support is the 20-day moving average crossing at 3168.74.  

The Dow 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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 28,101.25 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 28,608.46. Second resistance is unknown. First support is the 10-day moving average crossing at 28,347.79. Second support is the 20-day moving averagecrossing at 28,101.25.  

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

March T-bonds closed up 10/32's at 156-23.

March T-bonds 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 158-01 would confirm that a short-term low has been posted. If March extends the decline off December's high, November's low crossing at 155-00 is the next downside target. First resistance is December's high crossing at 160-12. Second resistance is November's high crossing at 160-26. First support is last-Thursday's low crossing at 155-14. Second support is November's low crossing at 155-00. 

March T-notes closed up 35 pts. at 128.135.

March T-notes 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 129.061 are needed to confirm that a short-term low has been posted. If March resumes this month's decline, July's low crossing at 127.090 is the next downside target. First resistance is the 20-day moving average crossing at 128.265. Second resistance is the 50-day moving average crossing at 129.061. First support is December's low crossing at 127.290. Second support is July's low crossing at 127.090.       

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

February crude oil 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 when Friday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off October's low, last-April's high crossing at 63.87 is the next upside target. Closes below the 20-day moving average crossing at 59.14 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 61.83. Second resistance is April's high crossing at 63.87. First support is the 10-day moving average crossing at 60.51. Second support is the 20-day moving average crossing at 59.14.  

February heating oil closed higher on Thursday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off November's low, September's high crossing at 206.18 is the next upside target. Closes below the 20-day moving average crossing at 196.89 would confirm that a short-term top has been posted. First resistance is today's high crossing at 205.59. Second resistance is September's high crossing at 206.18. First support is the 10-day moving average crossing at 201.49. Second support is the 20-day moving average crossing at 196.89.

February unleaded gas closed higher on Thursday as it extends the rally off September's low. 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 February extends the rally off December's low, last-April's high crossing at 176.24 is the next upside target. Closes below the 20-day moving average crossing at 166.03 would confirm that a short-term top has been posted. First resistance is today's high crossing at 175.85. Second resistance is last-April's high crossing at 176.24. First support is the 10-day moving average crossing at 169.40. Second support is the 20-day moving average crossing at 166.03.

February Henry natural gas 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.306 are needed to confirm that a short-term low has been posted. If February resumes the decline off November's high, weekly support crossing at 2.029 is the next downside target. First resistance is the 20-day moving average crossing at 2.306. Second resistance is the 50-day moving average crossing at 2.512. First support is December's low crossing at 2.169. Second support is weekly support crossing at 2.029.         

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

The March Dollar closed lower on Thursday but remains at or above the 20-day moving average crossing at 97.10. 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 96.97 would temper the near-term friendly outlook. If March extends the rally off December's low, November's high crossing at 98.05 is the next upside target. First resistance is Monday's high crossing at 97.41. Second resistance is December's high crossing at 98.05. First support is December's low crossing at 96.29. Second support is the 50% retracement level of the March-September-rally crossing at 96.22. 

The March 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 turning neutral to bullish signaling sideways to higher prices are possible near-term. If March renews the rally off November's low, October's high crossing at 112.91 is the next upside target. If March extends last-week's decline, the reaction low crossing at 111.13 is the next downside target. First resistance is December's high crossing at 112.63. Second resistance is October's high crossing at 112.91. First support is the reaction low crossing at 111.13. Second support is November's low crossing at 110.61.

The March British Pound closed higher on Thursday as it consolidated some of the decline off December'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the November 22^nd low crossing at 1.2870 is the next downside target. Closes above the 10-day moving average crossing at 1.3135 would confirm that a low has been posted. First resistance is December's high crossing at 1.3548. Second resistance is the 62% retracement level of the April-September decline crossing at 1.3748. First support is the November 22^nd low crossing at 1.2870. Second support is November's low crossing at 1.2830.

The March Swiss Franc closed lower on Thursday.The mid-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 20-day moving average crossing at 1.0219 would confirm that a short-term top has been posted. If March extends the month's rally, September's high crossing at 1.0380 is the next upside target.First resistance is last-Thursday's high crossing at 1.0302. Second resistance is September's high crossing at 1.0380. First support is the December 6th low crossing at 1.0158. Second support is November's low crossing at 1.0060.

The March Canadian Dollar closed higher on Thursday as it extends the rally off November's low. 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. If March extends the rally off November's low, October's high crossing at 76.70 is the next upside target. Closes below the 20-day moving average crossing at 75.83 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 76.39. Second resistance is October's high crossing at 76.70. First support is the 20-day moving average crossing at 75.83. Second support is November's low crossing at 75.08. 

The March Japanese Yen closed lower on Thursday as it resumes the decline off . The high-range close sets the stage for a steady to higher opening when Tuesday’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 resumes the decline off August's high, April's low crossing at 0.0913 is the next downside target. Closes above the 50-day moving average crossing at 0.0925 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.0925. Second resistance is November's high crossing at 0.0934. First support is today's low crossing 0.0916. Second support is April's low crossing at 0.0913.  

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

February gold closed higher on Thursday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 February extends the rally off November's low, November's high crossing at $1525.20 is the next downside target. Closes below the 20-day moving average crossing at $1505.70 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1517.40. 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.

March silver closed higher on Thursday. 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 oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, October's high crossing at 18.495 is the next upside target. Closes below the 20-day moving average crossing at 17.110 would confirm that a short-term top has been posted. First resistance is today's high crossing at 18.135. Second resistance is October's high crossing at 18.495. First support is the 20-day moving average crossing at 17.110. Second support is December's low crossing at 16.565.

March copper 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 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 March extends the rally off September's low, the 75% retracement level of the April-September-decline crossing at 289.05 is the next upside target. Closes below the 20-day moving average crossing at 275.79 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 285.65. Second resistance is the 75% retracement level of the April-September-decline crossing at 289.05. First support is the 20-day moving average crossing at 275.79. Second support is the 50-day moving average crossing at 270.21. 

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

March Corn closed up a $0.01-cent at 3.88 1/2. 

March corn closed higher in quiet holiday trading on Thursday as it extends a two-week old trading range. The high-range close sets the stage for a steady to higher opening when Friday's night sessions begins trading. Closes above last-Tuesday's high crossing at $3.90 1/2 are needed confirm that a short-term low has been posted and would open the door for a possible test of November's high crossing at $4.00 later this year. 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 $3.81 3/4 would temper the near-term friendly outlook. First resistance is last-Tuesday's high crossing at $3.90 1/2. Second resistance is November's high crossing at $4.00. First support is December's low crossing at $3.71. Second support is September's low crossing at $3.65 3/4.   

March wheat closed up $0.09 1/4-cents at $5.50 1/4.  

March wheat 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes 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. Closes below the 20-day moving average crossing at $5.35 1/4 are needed to confirm that a short-term top has been posted. First resistance is the 87% retracement level of the June-September-decline crossing at 5.58 1/2. Second resistance is June's high crossing at $5.73 1/2. First support is the 20-day moving average crossing at $5.35 1/4. Second support is the 50-day moving average crossing at $5.25 3/4.      

March Kansas City Wheat closed up $0.10-cents at $4.70 1/2.

March Kansas City wheat closed higher on Thursday as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday 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 March extends the rally off September's low, the 62% retracement level of the June-September-decline crossing at $4.88 1/4 is the next upside target. Closes below the 20-day moving average crossing at $4.47 1/4 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the June-September-declinecrossing at $4.70 3/4. Second resistance is the 62% retracement level of the June-September-decline crossing at $4.88 1/4. First support is the 10-day moving average crossing at $4.58 3/4. Second support is the 20-day moving average crossing at $4.47 1/4.   

March Minneapolis wheat closed up a $0.04 1/4-cent at $5.47 1/4. 

March Minneapolis wheat closed higher on Thursday as it extends the rally off November's low. 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 March extends the rally off November's low, the 75% retracement level of the October-December-decline crossing at $5.55 is the next upside target. Closes below the 20-day moving average crossing at $5.25 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $5.47 3/4. Second resistance is the 75% retracement level of the October-December-decline crossing at $5.55. First support is the 50-day moving average crossing at $5.32. Second support is the 20-day moving average crossing at 5.25 1/4.      

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

March soybeans closed up $0.01 1/4-cents at $9.46.

March soybeans closed higher on Thursday as it extended this month's rally. 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 March extends the rally off this month's low, the 87% retracement level of the October-December-decline crossing at $9.58 1/2 is the next upside target. Closes below the 20-day moving average crossing at $9.17 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the October-December-decline crossing at $9.48. Second resistance is the 87% retracement level of the October-December-decline crossing at 9.58 1/2. First support is the 50-day moving average crossing at $9.30. Second support is the 20-day moving average crossing at $9.17.    

March soybean meal closed down $2.30 at $303.80. 

March soybean meal 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 double top might be in or is near. Closes below the 20-day moving average crossing at $302.00 would confirm that a double top has been posted. Closes above the December 18^th high crossing at $307.90 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at $307.90. Second resistance is November's high crossing at $312.70. First support is December's low crossing at $296.20. Second support is weekly support crossing at $288.30.    

March soybean oil closed up 53-pts. at 34.69. 

March soybean oil gapped up and closed higher on Thursday as it renewed the rally off December's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, monthly resistance crossing at 35.79 is the next upside target. Closes below the 20-day moving average crossing at 32.44 would confirm that a short-term top has been posted. First resistance is today's high crossing at 34.86. Second resistance is monthly resistance crossing at 35.79. First support is 10-day moving average crossing at 33.77. Second support is the 20-day moving average crossing at 32.44.        

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

February hogs closed up $0.20 at $70.90. 

February hogs 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 are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at $71.33 would open the door for a larger-degree rally into early-January. Closes below the 20-day moving average crossing at $68.88 would temper the friendly outlook. First resistance is the 50-day moving average crossing at $71.33. Second resistance is November's high crossing at $76.62. First support is December's low crossing at $65.40. Second support August's low crossing at $63.67.  

February cattle closed up $0.98 at $126.80. 

February cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February extended the rally off September's low, weekly resistance crossing at $130.45 is the next upside target. Closes below the 50-day moving average crossing at $124.22 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at $127.90. Second resistance is weekly resistance crossing at $130.45. First support is the 50-day moving average crossing at $124.22. Second support is the reaction low crossing at $123.30.   

January Feeder cattle closed up $1.88-cents at $145.45. 

January Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends today's rally, the 75% retracement level of the April-August-decline crossing at $151.31 is the next upside target. Closes below the 20-day moving average crossing at $143.19 would temper the friendly outlook. First resistance is the 62% retracement level of the April-August-decline crossing at $146.85. Second resistance is the 75% retracement level of the April-August-decline crossing at $151.31. First support is the 20-day moving average crossing at $143.19. Second support is December's low crossing at $139.90.       

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

March coffee 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 signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 50-day moving average crossing at 11.56 is the next downside target. Closes above the 10-day moving average crossing at 13.15 would confirm that a low has been posted.    

March cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the 62% retracement level of the August-November-rally crossing at 23.80 is the next downside target. Multiple closes above the 20-day moving average crossing at 25.24 would confirm that a short-term low has been posted.      

March sugar closed higher on Thursday. The mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below 20-day moving average crossing at 13.27 are needed to confirm that a top has been posted. If March extends the rally off October's low, the June high crossing at 13.78 is the next upside target.     

March cotton closed steady on Thursday but not before posting a new high for the month. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but are neutral to bullish again signaling that additional gains are possible near-term. If March extends the rally off August's low, the 50% retracement level of the 2018-2019-decline crossing at 70.91 is the next upside target. Closes below the 50-day moving average crossing at 65.97 are needed to confirm that a short-term top has been posted.