KEY EVENTS TO WATCH FOR:

Wednesday, January 1, 2020  

  N/A              U.S: New Year's Day. Financial markets closed

  N/A              U.S. takes over G7 presidency

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

The March NASDAQ 100 closed higher on Tuesday as it closes out 2019.The high-range close sets the stage for a steady to higher opening when Thursday'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 the 20-day moving average crossing at 8564.63 would temper the near-term friendly outlook. If March extends this year's rally, upside targets will be hard to project. 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 8712.52. Second support is the 20-day moving average crossing at 8564.63.   

The March S&P 500 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 the 20-day moving average crossing at 3182.37 would confirm that a short-term top has been posted. If March extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 3241.50. Second resistance is unknown. First support is the 20-day moving average crossing at 3182.37. Second support is the 50-day moving average crossing at 3122.01.  

The Dow closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 the 20-day moving average crossing at 28,181.53 are needed to confirm that a short-term top has been posted. If the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 28,701.66. Second resistance is unknown. First support is the 20-day moving average crossing at 28,181.53. Second support is the 50-day moving averagecrossing at 27,799.48.  

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March T-bonds closed down 24/32's at 155-16.

March T-bonds closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 March renews the decline off December's high, November's low crossing at 155-00 is the next downside target. Closes above the 50-day moving average crossing at 157-27 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 157-27. Second resistance is December's high crossing at 160-12. First support is Monday's low crossing at 155-10. Second support is November's low crossing at 155-00. 

March T-notes closed down 80 pts. At 128.090.

March T-notes closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 March resumes this month's decline, last-July's low crossing at 127.090 is the next downside target. Closes above the 50-day moving average crossing at 129.032 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 128.226. Second resistance is the 50-day moving average crossing at 129.032. 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 lower on Tuesday due to profit taking.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are overbought and are poised to turn neutral to bearish with additional weakness that would signal that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 59.90 are needed to confirm that a short-term top has been posted. If February extends the rally off October's low, last-April's high crossing at 63.87 is the next upside target. First resistance is Monday'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 61.07. Second support is the 20-day moving average crossing at 59.90.  

February heating oil closed lower on Tuesday following Monday's key reversal down marking a potential top in the market. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 198.96 are needed to confirm that a short-term top has been posted. If February extends the rally off November's low,last-May's high crossing at 214.32 is the next upside target.First resistance is Monday's high crossing at 207.82. Second resistance is last-May's high crossing at 214.32. First support is the 20-day moving average crossing at 198.96. Second support is the 50-day moving average crossing at 194.27.

February unleaded gas closed lower on Tuesday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 167.49 would confirm that a short-term top has been posted. If February renews the rally off December's low, last-April's high crossing at 177.64 is the next upside target. 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 20-day moving average crossing at 167.49. Second support is the 50-day moving average crossing at 164.16.

February Henry natural gas closed lower on Tuesday. 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 bearish signaling that sideways to lower prices are possible near-term. If February resumes the decline off November's high, weekly support crossing at 2.029 is the next downside target. Closes above the December 16^th high crossing at 2.351 are needed to confirm that a short-term low has been posted. First resistance is the December 16^th high crossing at 2.351. Second resistance is the 50-day moving average crossing at 2.488. First support is today's low crossing at 2.151. Second support is weekly support crossing at 2.029.         

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

The March Dollar closed lower on Tuesday as it extended the decline off November's high. The low-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 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 96.92 would temper the near-term bearish outlook. First resistance is last-Monday's high crossing at 97.41. Second resistance is November's high crossing at 98.05. First support is the 62% retracement level of the March-September-rally crossing at 95.63. Second support is the 75% retracement level of the March-September-rally crossing at 94.96.

The March Euro closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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, August's high crossing at 114.20 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 112.93. Second resistance is August's high crossing at 114.20. First support is the December 24^th low crossing at 111.30. Second support is November's low crossing at 110.61.

The March British Pound closed higher on Tuesday 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 Thursday'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 December's low, December's high crossing at 1.3548 is the next upside target. 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 higher for the third day in a row on Tuesday as it extends the rally off November's low.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are becoming overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the month's rally, the 87% retracement level of the March-September-rally crossing at 1.0461 is the next upside target. Closes below the 20-day moving average crossing at 1.0255 would confirm that a short-term top has been posted.First resistance is today's high crossing at 1.0420. Second resistance isthe 87% retracement level of the March-September-rally crossing at 1.0461. First support is the 10-day moving average crossing at 1.0292. Second support is the 20-day moving average crossing at 1.0255.

The March Canadian Dollar closed sharply higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 October 2018 high crossing at 78.84 is the next upside target. Closes below the 20-day moving average crossing at 76.04 are needed to confirm that a short-term top has been posted.First resistance is today's high crossing at 77.23. Second resistance is the October 2018 high crossing at 78.84. First support is the 10-day moving average crossing at 76.32. Second support is the 20-day moving average crossing at 76.04. 

The March Japanese Yen closed higher on Tuesday as it extended Monday's upside breakout of the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Thursday’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 0.0925 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 Tuesday. The low-range close sets the stage for a steady to lower opening when Thursday'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, September's high crossing at $1549.90 is the next upside target. Closes below the 20-day moving average crossing at $1487.40 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1529.00. Second resistance is September's high crossing at $1549.90. First support is the 10-day morning crossing at $1498.90. Second support is the 20-day moving average at $1487.40.

March silver closed lower on Tuesday. The low-range close set the stage for a steady to lower opening when Thursday'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 17.238 would confirm that a short-term top has been posted. First resistance is today's high crossing at 18.200. Second resistance is October's high crossing at 18.495. First support is the 10-day moving average crossing at 17.558. Second support is the 20-day moving average crossing at 17.238.

March copper closed lower due to profit taking on Tuesday.The low-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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 277.95 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 289.45 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 289.45. First support is the 20-day moving average crossing at 277.95. Second support is the 50-day moving average crossing at 271.39. 

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

March Corn closed down $0.00 1/2-cent at 3.87 1/2. 

March corn closed fractionally lower in quiet holiday trading on Tuesday as it extends a three-week old trading range. The low-range close sets the stage for a steady to lower opening when Thursday's night sessions begins trading. Closes above Monday'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 1/4 would temper the near-term friendly outlook. First resistance is Monday'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 1/4. Second support is December's low crossing at $3.71.    

March wheat closed up $0.03 1/2-cents at $5.59 1/2.  

March wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Thursday'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, last-June's high crossing at $5.73 1/2 is the next upside target. Closes below the 20-day moving average crossing at $5.38 1/2 are needed to confirm that a short-term top has been posted. First resistance is Monday'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 $5.38 1/2. Second support is the 50-day moving average crossing at $5.27 1/2.      

March Kansas City Wheat closed up $0.05 1/2-cents at $4.86.

March Kansas City wheat closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday 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 $4.53 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $4.86 1/4. 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 $4.68 3/4. Second support is the 20-day moving average crossing at $4.53 1/4.   

March Minneapolis wheat closed up $0.04-cents at $5.61. 

March Minneapolis wheat closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 $5.32 1/4 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 $5.45 1/4. Second support is the 20-day moving average crossing at 5.32 1/4.      

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

March soybeans closed up $0.03 1/2-cents at $9.56.

March soybeans closed higher on Tuesday as it extends the rally off December's low.The high-range close sets the stage for a steady to higher opening when Thursday'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 $9.26 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 $9.43 1/2. Second support is the 20-day moving average crossing at $9.26.    

March soybean meal closed up $2.70 at $305.00. 

March soybean meal closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 December 18^th high crossing at $307.90 are needed to confirm that a short-term low has been posted. If March renews last-Friday's decline, the December 12^th low crossing at $297.40 is the next downside target. 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 12th low crossing at $297.40. Second support is December's low crossing at $296.20.    

March soybean oil closed down 63-pts. at 34.82. 

March soybean oil closed lower on Tuesday as it consolidated some of the rally off December's low. 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 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 33.10 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 35.52. Second resistance is monthly resistance crossing at 35.79. First support is 10-day moving average crossing at 34.42. Second support is the 20-day moving average crossing at 33.10.        

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

February hogs closed down $0.38 at $71.42. 

February hogs closed lower on Tuesday. The mid-range close sets the stage for a steady opening when Thursday'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, 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 $69.50 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 $69.50. is December's low crossing at $65.40.   

February cattle closed down $0.50 at $125.92. 

February cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $124.63 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 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 $124.63. Second support is the reaction low crossing at $123.30.   

March Feeder cattle closed down $0.28-cents at $144.23. 

March Feeder cattle closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Thursday's 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 $143.40 would temper the friendly outlook. If March extends the rally off November's low, December's high crossing at $146.93 is the next upside target. 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 $143.40. Second support is December's low crossing at $140.55.       

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

March coffee posted a key reversal down on Tuesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness that would signal that sideways to lower prices are possible near-term. If March resumes the decline off December's high, the 50-day moving average crossing at 11.76 is the next downside target.

March cocoa closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 25.43 would confirm that a short-term low has been posted. If March renews 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 closed lower on Tuesday as it continues to form a potential symmetrical triangle. The low-range close set 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 20-day moving average crossing at 13.37 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 lower on Tuesday as it consolidated some of the rally off August's low. The low-range close sets the stage for a steady to lower opening on Thursday. 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 20-day moving average crossing at 66.97 are needed to confirm that a short-term top has been posted.