KEY EVENTS TO WATCH FOR:
Friday, January 3, 2020
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 626.2K)
Soybeans (Metric Tons) (previous 747.3K)
Wheat (Metric Tons) (previous 756K)
9:45 AM ET. December ISM-NY Report on Business
Business Index (previous 50.4)
10:00 AM ET. December ISM Manufacturing Report on Business
Manufacturing PMI (expected 49.0; previous 48.1)
Prices Idx (previous 46.7)
Employment Idx (previous 46.6)
Inventories (previous 45.5)
New Orders Idx (previous 47.2)
Production Idx (previous 49.1)
10:00 AM ET. November Construction Spending - Construction Put in Place
New Construction (expected +0.4%; previous -0.8%)
Residential Construction
10:00 AM ET. November Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3250B)
Working Gas In Storage, Net Chg (Cbf) (previous -161B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 441.359M)
Crude Oil Stocks, Net Chg (Bbl) (previous -5.474M)
Gasoline Stocks (Bbl) (previous 239.26M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.963M)
Distillate Stocks (Bbl) (previous 124.944M)
Distillate Stocks, Net Chg (Bbl) (previous -0.152M)
Refinery Usage (previous 93.3%)
Total Prod Supplied (Bbl/day) (previous 21.312M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.486M)
2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast
4:00 PM ET. December Domestic Auto Industry Sales
N/A ASSA Annual Meeting opens
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The March NASDAQ 100 was sharply lower in overnight trading As investors sought safe havens due to increased risk after Iran’s most powerful military commander, was killed by a U.S. airstrike in Iraq on Thursday night. 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, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends last-year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8620.01 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 8907.25. Second resistance is unknown. First support is the 20-day moving average crossing at 8620.01. Second support is the 50-day moving average crossing at 8399.97.
The March S&P 500 was sharply lower overnight following Thursday's attack by the U.S. that killed Iran's top military commander. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.Stochastics and the RSI are overbought, diverging 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 3196.18 would confirm that a short-term top has been posted. If March extends last-year's rally into uncharted territory, upside targets will be hard to project. First resistance is Thursday's high crossing at 3259.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3196.18. Second support is the 50-day moving average crossing at 3131.57.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were sharply higher overnight following Thursday's key reversal up. 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 157-25 are needed to 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 the 50-day moving average crossing at 157-25. Second resistance is December's high crossing at 160-12. First support is Thursday's low crossing at 155-05. Second support is November's low crossing at 155-00.
March T-notes were sharply higher overnight as it extends the rally off December's low. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If Closes above the 50-day moving average crossing at 129.022 are needed to confirm that a short-term low has been posted. March resumes the decline off December's high, last-July's low crossing at 127.090 is the next downside target. First resistance is the 50-day moving average crossing at 129.022. Second resistance is December's high crossing at 130.045. 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 was sharply higher overnight as it extends the rally off October's low.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off October's low, the 75% retracement level of 2018's decline crossing at 65.62 is the next upside target. Closes below the 20-day moving average crossing at 60.40 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 64.09. Second resistance is the 75% retracement level of 2018's decline crossing at 65.62. First support is the 20-day moving average crossing at 60.40. Second support is the 50-day moving average crossing at 58.15.
February heating oil was sharply higher overnight as it extends the rally off October's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off the October low, last-May's high crossing at 214.32 is the next upside target. Closes below the 20-day moving average crossing at 200.50 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 210.56. Second resistance is last-May's high crossing at 214.32. First support is the 20-day moving average crossing at 200.50. Second support is the 50-day moving average crossing at 194.90.
February unleaded gas was higher overnight as it resumes the rally off September's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the 75% retracement level of 2018's decline crossing at 188.45 is the next upside target.Closes below the 20-day moving average crossing at 168.92 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 178.24. Second resistance is the 75% retracement level of 2018's decline crossing at 188.45. First support is the 20-day moving average crossing at 168.92. Second support is the 50-day moving average crossing at 164.91.
February Henry natural gas was lower overnight. The mid-overnight trade sets the stage for a steady to lower opening when the day 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 February extends the decline off November's high, weekly support crossing at 2.029 is the next downside target. Closes above the 20-day moving average crossing at 2.257 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.257. Second resistance is the December 16th high crossing at 2.351. First support is the overnight low crossing at 2.083. Second support is weekly support crossing at 2.029.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was higher overnight as it consolidates some of the decline off November's high. 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 96.86 would temper the near-term bearish outlook. If March extends the aforementioned decline, the 62% retracement level of the March-September-rally crossing at 95.63 is the next downside target. First resistance is the December 23rd high crossing at 97.41. Second resistance is November's high crossing at 98.05. First support is Tuesday's low crossing at 96.02. Second support is the 62% retracement level of the March-September-rally crossing at 95.63.
The March Euro was 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 111.71 would confirm that a short-term low has been posted. If March renews last-week's rally, last-August's high crossing at 114.20 is the next upside target. First resistance is October's high crossing at 112.91. Second resistance is August's high crossing at 114.20. First support is the December 6th low crossing at 111.13. Second support is November's low crossing at 110.61.
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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3028 would confirm that a short-term top has been posted. If March extends the rally off December's low, December's high crossing at 1.3548 is the next upside 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 December's low crossing at 1.2940. Second support is the November 22nd low crossing at 1.2870.
The March Swiss Franc was lower overnight as it consolidates some of the rally off December's low. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that additional weakness is possible near-term. Closes below the 20-day moving average crossing at 1.0269 would confirm that a short-term top has been posted. If March resumes the rally off November's low, the 87% retracement level of the August-November-decline crossing at 1.0461 is the next upside target. First resistance is the 75% retracement level of the August-November-decline crossing at 1.0406. Second resistance the 87% retracement level of the August-November-decline crossing at 1.0461. First support is the 10-day moving average crossing at 1.0305. Second is the 20-day moving average crossing at 1.0269.
The March Canadian Dollar was lower overnight as it consolidates some of the rally off November's low. 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, weekly resistance crossing at 77.97 is the next upside target. Closes below the 20-day moving average crossing at 76.18 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 77.23. Second resistance is weekly resistance crossing at 77.97. First support is the 10-day moving average crossing at 76.48. Second support is the 20-day moving average crossing at 76.18.
The March Japanese Yen was higher overnight as it extends the rally off December's low. The high-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. Closes above the 50-day moving average crossing at 0.0924 are needed to confirm that a 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 0.0924. Second resistance is the reaction high crossing at 0.0934. First support is last-Friday's low crossing at 0.0916. 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 sharply higher overnight as it extends the rally off November's low. 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 aforementioned rally, last-September's high crossing at $1571.70 is the next upside target. Closes below the 20-day moving average crossing at $1493.20 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $1554.00. Second resistance is September's high crossing at $1571.70. First support is the 10-day moving average crossing at $1510.90. Second support is the 20-day moving average crossing at $1493.20.
March silver was higher overnight as it renewed the rally off December'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the October 25th high crossing at $18.495 is the next upside target. Closes below the 20-day moving average crossing at $17.344 are needed to confirm that a short-term top has been posted. First resistance is October's high crossing at $18.495. Second resistance is the the September 24th high crossing at $18.930. First support is the 10-day moving average crossing at $17.774. Second support is the 20-day moving average crossing at $17.344.
March copper was sharply 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 20-day moving average crossing at $279.47 would confirm that a short-term top has been posted. If March extends the rally off December's low, the 75% retracement level of the April-September-December 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 $287.40. First support is the 20-day moving average crossing at $279.47. Second support is the 50-day moving average crossing at $271.97.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was lower overnight as it extends a three-week old trading range. The low-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above Tuesday's high crossing at $3.92 are needed to renew the rally off December's low. Closes below the 20-day moving average crossing at $3.84 1/4 would temper the near-term friendly outlook. First resistance is Tuesday'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 $3.84 1/4. Second support is December's low crossing at $3.71.
March wheat was lower overnight 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 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 March extends the rally off September's low, June's high crossing at $5.73 1/2 is the next upside target. Closes below the 20-day moving average crossing at $5.41 1/2 would temper the near-term friendly outlook. First resistance is Thursday's high crossing at $5.67 1/2. Second resistance is June's high crossing at $5.73 1/2. First support is the 20-day moving average crossing at $5.41 1/2. Second support is the 50-day moving average crossing at $5.28 3/4.
March Kansas City Wheat closed down $0.00 3/4-cents at $4.85 1/4.
March Kansas City wheat closed fractionally lower on Thursday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower 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 75% retracement level of the June-September-decline crossing at $5.08 is the next upside target. Closes below the 20-day moving average crossing at $4.55 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $4.96 3/4. Second resistance is the 75% retracement level of the June-September-decline crossing at $5.08. First support is the 10-day moving average crossing at $4.70 1/2. Second support is the 20-day moving average crossing at $4.55 3/4.
March Minneapolis wheat was lower overnight as it consolidated some of the rally off November's low. The low-range close 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 March extends the rally off November's low, October's high crossing at $5.71 1/4 is the next upside target. Closes below the 20-day moving average crossing at $5.36 1/4 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-November-decline crossing at $5.45 1/4. Second resistance is October's high crossing at $5.71 1/4. First support is the 10-day moving average crossing at $5.48 3/4. Second support is the 20-day moving average crossing at $5.36 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans was lower overnight as it consolidates some of the rally off December's low. The low-range 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 March extends the rally off December's low, October's high crossing at $9.70 is the next upside target. Closes below the 20-day moving average crossing at $9.32 1/4 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-November-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 $9.46. Second support is the 20-day moving average crossing at $9.32 1/4.
March soybean meal was lower overnight as it extends December's trading range. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-Friday's decline, the December 12th low crossing at $297.40 is the next downside target. Closes above December's high crossing at $307.90 would renew the rally off December's low. First resistance is December's 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 was higher overnight. The high-range 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. If March extends the rally off December's low, weekly resistance crossing at 35.79 is the next upside target. Closes below the 20-day moving average crossing at 33.56 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 35.67. Second resistance is weekly resistance crossing at 35.79. First support is the 10-day moving average crossing at 34.68. Second support is the 20-day moving average crossing at 33.56.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.13 at $71.55.
February hogs closed higher on Thursday. The mid-range close sets the stage for a steady 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, the 62% retracement level of the October-December-decline crossing at $74.10 is the next upside target. Closes below the 20-day moving average crossing at $69.66 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 $69.66. is December's low crossing at $65.40.
February cattle closed down $0.15 at $125.78.
February cattle closed lower on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $124.76 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 $124.76. Second support is the reaction low crossing at $123.30.
March Feeder cattle closed down $0.50-cents at $143.73.
March Feeder cattle closed lower 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $143.50 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 $143.50. Second support is December's low crossing at $140.55.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Thursday confirming Tuesday's key reversal down. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI turned neutral to bearish signaling 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 11.82 is the next downside target.
March cocoa closed lower on Thursday. The mid-range close sets the stage for a steady opening on Friday. 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 sharply lower on Thursday marking a downside breakout of December's symmetrical triangle. The low-range close set 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. Today's close below 20-day moving average crossing at 13.38 confirms that a top has been posted. If March renews the rally off October's low, the June high crossing at 13.78 is the next upside target.
March cotton closed higher on Thursday. 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 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 67.23 are needed to confirm that a short-term top has been posted.
Thanks,I read these everyday!