KEY EVENTS TO WATCH FOR:

Monday, December 30, 2019  

8:30 AM ET. November Advance Economic Indicators Report

9:45 AM ET. December ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (previous 46.3)

10:00 AM ET. November Pending Home Sales Index

                       Pending Home Sales (previous 106.7)

                       Pending Home Sales Idx, M/M% (previous -1.7%)

                       Pending Home Sales Idx , Y/Y% (previous +4.4%)

10:30 AM ET. December Texas Manufacturing Outlook Survey

                       Business Activity (previous -1.3)

                       Mfg Production Idx (previous -2.4)

Tuesday, December 31, 2019 

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous +0.6%)

                       Chain Store Sales, M/M% (previous +2.2%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous -3.4%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.3%)

                       Latest Wk, Y/Y% (previous +6.2%)

9:00 AM ET. October U.S. Monthly House Price Index

9:00 AM ET. October S&P CoreLogic Case-Shiller Indices

                       10-City Idx, M/M% (previous 0.0%)

                       10-City Idx, Y/Y% (previous +1.5%)

                       20-City Idx, M/M% (previous +0.1%)

                       20-City Idx, Y/Y% (previous +2.1%)

                       National Idx, M/M% (previous +0.1%)

                       National Idx, Y/Y% (previous +3.2%)

10:00 AM ET: December Consumer Confidence Index

                       Cons Conf Idx (previous 125.5)

                       Expectation Idx (previous 97.9)

                       Present Situation Idx (previous 166.9)

4:30 PM ET: API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -7.9M)\

                       Gasoline Stocks, Net Chg (Bbls) (previous +0.6M)

                       Distillate Stocks, Net Chg (Bbls) (previous +1.7M)

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

The March NASDAQ 100 closed lower on Monday due in large-part to year-end profit taking.The low-range close sets the stage for a steady to lower 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 March extends this year's rally, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8544.38 would temper the near-term friendly outlook. First resistance is last-Friday's high crossing at 8843.50. Second resistance is unknown. First support is the 10-day moving average crossing at 8699.90. Second support is the 20-day moving average crossing at 8544.38.   

The March S&P 500 extended last Friday's loss as it closed lower on Monday due in large part to year-end profit taking. The low-range close sets the stage for a steady to lower 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 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 3177.60 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3241.50. Second resistance is unknown. First support is the 10-day moving average crossing at 3219.40. Second support is the 20-day moving average crossing at 3177.60.  

The Dow closed lower on Monday due to profit taking as trading conditions remain thin in another holiday-shortened week. Markets in the U.S. and much of the world will closed on Wednesday for the New Year’s Day holiday. Low volume has also been a potential factor into today's larger-than-expected loss for stocks. The low-range close sets the stage for a steady to lower 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 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 28,149.40 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 28,701.66. Second resistance is unknown. First support is the 10-day moving average crossing at 28,438.90. Second support is the 20-day moving averagecrossing at 28,149.23.  

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

March T-bonds closed down 17/32's at 156-12.

March T-bonds closed lower on Monday but off session lows. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 above the 50-day moving average crossing at 157-29 are needed to confirm that a short-term low has been posted. If March renews the decline off December's high, November's low crossing at 155-00 is the next downside target. First resistance is the 50-day moving average crossing at 157-29. Second resistance is December's high crossing at 160-12. First support is today's low crossing at 155-10. Second support is November's low crossing at 155-00. 

March T-notes closed down 20 pts. At 128.190.

March T-notes closed lower on Monday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 129.043 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 128.238. Second resistance is the 50-day moving average crossing at 129.043. 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 slightly lower on Monday.The mid-range close sets the stage for a steady to lower opening when Tuesday'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 59.64 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 62.34. Second resistance is April's high crossing at 63.87. First support is the 10-day moving average crossing at 60.97. Second support is the 20-day moving average crossing at 59.64.  

February heating oil posted a key reversal down on Monday after spiking above resistance marked by October's high crossing at 206.19. The low-range close sets the stage for a steady to lower opening when Tuesday'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, last-May's high crossing at 214.32 is the next upside target. Closes below the 20-day moving average crossing at 198.24 would confirm that a short-term top has been posted. First resistance is today's high crossing at 207.82. Second resistance is last-May's high crossing at 214.32. First support is the 10-day moving average crossing at 203.11. Second support is the 20-day moving average crossing at 198.24.

February unleaded gas closed lower on Monday as it consolidates some of the rally off September's low. The low-range close sets the stage for a steady to lower 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 December's low, last-April's high crossing at 177.64 is the next upside target. Closes below the 20-day moving average crossing at 166.92 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 176.56. Second resistance is last-April's high crossing at 177.64. First support is the 10-day moving average crossing at 171.04. Second support is the 20-day moving average crossing at 166.93.

February Henry natural gas closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 December 16^th high crossing at 2.351 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 December 16^th high crossing at 2.351. Second resistance is the 50-day moving average crossing at 2.497. First support is last-Friday's low crossing at 2.167. Second support is weekly support crossing at 2.029.         

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

The March Dollar closed lower on Monday as it extended last Friday's decline. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the 62% retracement level of the March-September-rally crossing at 95.63 is the next downside target. Closes above the 20-day moving average crossing at 96.98 would temper the near-term bearish outlook. First resistance is last-Monday's high crossing at 97.41. Second resistance is December's high crossing at 98.05. First support is the 50% retracement level of the March-September-rally crossing at 96.22. Second support is the 62% retracement level of the March-September-rally crossing at 95.63.

The March Euro closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off November's low, October's high crossing at 112.91 is the next upside target. Closes below the 50-day moving average crossing at 111.74 would temper the near-term friendly outlook. First resistance is today's high crossing at 112.75. 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 slightly higher on Monday as it consolidated some of the decline off December's high. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 1.3138 are needed to confirm that a low has been posted. If March resumes the decline off December's high, the November 22^nd low crossing at 1.2870 is the next downside target. 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 sharply higher for the second day in a row on Monday 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the month's rally, the 75% retracement level of the March-September-rally crossing at 1.0406 is the next upside target. Closes below the 20-day moving average crossing at 1.0244 would confirm that a short-term top has been posted.First resistance is today's high crossing at 1.0392. Second resistance isthe 75% retracement level of the March-September-rally crossing at 1.0406. First support is the 20-day moving average crossing at 1.0244. Second support is the 50-day moving average crossing at 1.0205.

The March Canadian Dollar closed higher on Monday 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 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 75.95 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 76.67. Second resistance is October's high crossing at 76.70. First support is the 20-day moving average crossing at 75.95. Second support is November's low crossing at 75.08. 

The March Japanese Yen closed higher on Monday marking an upside breakout of the trading range of the past three-weeks. 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.0925 would confirm that a short-term low has been posted. If March resumes 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 0.0925. Second resistance is November's high crossing at 0.0934. First support is last-Friday'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 slightly higher on Monday. 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 upside target. Closes below the 20-day moving average crossing at $1484.70 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $1519.90. Second resistance is November's high crossing at $1525.20. First support is the 10-day morning crossing at $1494.90. Second support is the 20-day moving average at $1484.70.

March silver posted an inside day with a higher close on Monday. The high-range close set 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 March extends this month's rally, October's high crossing at 18.495 is the next upside target. Closes below the 20-day moving average crossing at 17.191 would confirm that a short-term top has been posted. First resistance is last-Thursday'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 17.191. Second support is December's low crossing at 16.565.

March copper closed lower due to profit taking on Monday as it consolidates some of the rally off October's low.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 277.22 are needed to confirm that a short-term top has been posted. 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. First resistance is last-Thursday'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 277.22. Second support is the 50-day moving average crossing at 271.09. 

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

March Corn closed down $0.01 1/2-cents at 3.88 1/2. 

March corn closed lower in quiet pre-holiday trading on Monday as it extends a three-week old trading range. The mid-range close sets the stage for a steady to lower opening when Tuesday's night sessions begins trading. Closes above today's high crossing at $3.92 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 in the near-future. 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 $3.83 would temper the near-term friendly outlook. First resistance is today's high crossing at $3.92. Second resistance is November's high crossing at $4.00. First support is the 20-day moving average crossing at $3.83. Second support is December's low crossing at $3.71.    

March wheat closed down $0.00 3/4-cents at $5.55 1/2.  

March wheat closed fractionally lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, last-June's high crossing at $5.73 1/2 is the next upside target. Closes below the 20-day moving average crossing at $5.37 1/2 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 5.64 1/2. Second resistance is June's high crossing at $5.73 1/2. First support is the 20-day moving average crossing at $5.37 1/2. Second support is the 50-day moving average crossing at $5.27.      

March Kansas City Wheat closed up $0.00 3/4-cents at $4.80 1/2.

March Kansas City wheat closed fractionally higher on Monday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Tuesday 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 $4.51 would confirm that a short-term top has been posted. First resistance is today's high crossing at $4.85. 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 $4.66 1/4. Second support is the 20-day moving average crossing at $4.51.   

March Minneapolis wheat closed up $0.03 1/2-cents at $5.57. 

March Minneapolis wheat closed higher on Monday 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 March extends the rally off November's low, the 87% retracement level of the October-December-decline crossing at $5.62 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.29 1/2 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at $5.62 3/4. Second resistance is October's high crossing at $5.71 1/4. First support is the 10-day moving average crossing at $5.43. Second support is the 20-day moving average crossing at 5.29 1/2.      

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

March soybeans closed up $0.11-cents at $9.52 1/2.

March soybeans closed higher on Monday as it extends the rally off December'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 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 $9.22 1/2 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at $9.58 1/2. Second resistance is October's high crossing at 9.70. First support is the 10-day moving average crossing at $9.41 1/2. Second support is the 20-day moving average crossing at $9.22 1/2.    

March soybean meal closed up $1.80 at $302.20. 

March soybean meal posted an inside day with a higher close on Monday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-Friday's decline, the December 12^th low crossing at $297.40 is the next downside target. 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 December 18^th high crossing at $307.90. Second resistance is November's high crossing at $312.70. First support is the December 18^th high crossing at $307.90. Second support is December's low crossing at $296.20.     

March soybean oil closed up 39-pts. at 35.43. 

March soybean oil closed higher on Monday as it extends the rally off December'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 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 32.89 would confirm that a short-term top has been posted. First resistance is today's high crossing at 35.52. Second resistance is monthly resistance crossing at 35.79. First support is 10-day moving average crossing at 34.29. Second support is the 20-day moving average crossing at 32.89.        

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

February hogs closed up $1.23 at $71.80. 

February hogs closed higher on Monday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the 50% retracement level of the October-December-decline crossing at $72.43 is the next upside target. Closes below the 20-day moving average crossing at $69.24 would temper the friendly outlook. First resistance is the 50% retracement level of the October-December-decline crossing at $72.43. Second resistance is the 62% retracement level of the October-December-decline crossing at 74.10. First support is the 20-day moving average crossing at $69.24. is December's low crossing at $65.40.   

February cattle closed down $0.28 at $126.43. 

February cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are 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 $124.49 would confirm that a short-term top has been posted. First resistance is December'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 $124.49. Second support is the reaction low crossing at $123.30.   

March Feeder cattle closed down $0.30-cents at $144.50. 

March Feeder cattle closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends last-Thursday's rally, December's high crossing at $146.93 is the next upside target. Closes below the 50-day moving average crossing at $143.29 would temper the friendly outlook. First resistance is December's high crossing at $146.93. Second resistance is November's high crossing at $147.40. First support is the 50-day moving average crossing at $143.29. Second support is December's low crossing at $140.55.       

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

March coffee closed lower on Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are poised to turn neutral to bullish with additional gains that would signal that sideways to higher prices are possible near-term. If March resumes the decline off December's high, the 50-day moving average crossing at 11.71 is the next downside target.

March cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 25.17 would confirm that a short-term low has been posted. 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.       

March sugar posted an inside day with a slightly lower close on Monday as it continues to form a potential symmetrical triangle. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. Closes below 20-day moving average crossing at 13.33 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 higher on Monday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but are neutral to bullish 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 66.13 are needed to confirm that a short-term top has been posted.