KEY EVENTS TO WATCH FOR:
Monday, October 26, 2020
8:30 AM ET. September CFNAI Chicago Fed National Activity Index
NAI (previous 0.79)
NAI, 3-mo Moving Avg (previous 3.05)
10:00 AM ET. September New Residential Sales
New Home Sales (previous 1.01M)
New Home Sales, M/M% (previous +4.8%)
New Home Sales Months Supply (previous 3.3)
10:30 AM ET. October Texas Manufacturing Outlook Survey
Business Activity (previous 13.6)
Mfg Production Idx (previous 22.3)
11:30 AM ET. Federal Reserve Board of Governors closed meeting
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The December NASDAQ 100 were lower overnight.The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 11,519.51 would signal that a short -term top has been posted. If the NASDAQ 100 renews the rally off September's low, September's high crossing at 12,444.75 is the next upside target. First resistance October's high crossing at 12,249.00. Second resistance is September's high crossing at 12,444.75. First support is the 50-day moving average crossing at 11,519.51. Second support is October's low crossing at 11,197.50.
The December S&P 500 was lower overnight as it extends the decline off October's high.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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3399.20 would confirm that a short-term top has been posted. If December renews the rally off September's low, September's high crossing at 3568.80 is the next upside target. First resistance is October's high crossing at 3532.80. Second resistance is September's high crossing at 3568.80. First support is the 50-day moving average crossing at 3399.20. Second support is October's low crossing at 3304.70.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were higher overnight as it consolidates some of the decline off the October 15th high. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold, diverging but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 175-22 would confirm that a short-term low has been posted. If December extends the decline off the October 15th high, June's low crossing at 171-16 is the next downside target. First resistance is the 10-day moving average crossing at 173-29. Second resistance is the 20-day moving average crossing at 174-14. First support is Friday's low crossing at 171-22. Second support is June's low crossing at 171-16.
December T-notes were higher overnight due to short covering as it consolidates some of the decline off this month's high. The mid-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are oversold, diverging but are turning neutral to bullish hinting that low might be in or is near. Closes above the 50-day moving average crossing at 139.067 would confirm that a short-term low has been posted. If December extends the decline off September's high, the 75% retracement level of the June-August-rally crossing at 137.286 is the next downside target. First resistance is the 10-day moving average crossing at 138.248. Second resistance is the 20-day moving average crossing at 139.304. First support is last-Thursday's low crossing at 138.050. Second support is the 75% retracement level of the June-August-rally crossing at 137.286.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
December crude oil was lower overnight as it extends the September-October trading range. The mid-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. If December extends the overnight decline, October's low crossing at $36.93 is the next downside target. Closes above the September 18th high crossing at $42.02 would confirm an upside breakout of the September-October trading range while opening the door for a possible test of August's high crossing at 44.33. Closes below October's low crossing at $36.93 would confirm a downside breakout of the aforementioned trading range. First resistance is the September 18th high crossing at $42.02. Second resistance is August's high crossing at $44.33. First support is October's low crossing at $36.93. Second support is the June 12th low crossing at $35.72.
December heating oil was lower overnight as it extends the September-October trading range. 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. If December extends the decline off October's high, October's low crossing at $108.19 is the next downside target. Closes above the October 9th high crossing at $121.44 would open the door for additional short-term gains. First resistance is the October 9th high crossing at $121.44. Second resistance is the August 25st high crossing at 132.46. First support is the overnight low crossing at $111.88. Second support is October's low crossing at 108.19.
December unleaded gas was lower overnight as it extends the decline off October's high. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at $107.78 is the next downside target. Closes above the 50-day moving average crossing at $115.61 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $115.61. Second resistance is October's high crossing at $120.41. First support is October's low crossing at $107.78. Second support is September's low crossing at $105.43.
December Henry natural gas was higher overnight. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.185 would confirm that a short-term top has been posted. If December extends the rally off October's low, September's high crossing at 3.370 is the next upside target.First resistance is October's high crossing at 3.362. Second resistance is September's high crossing at 3.370. First support is the 50-day moving average crossing at 3.185. Second support is October's low crossing at 2.922.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was higher overnight. 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. Multiple closes above the 20-day moving average crossing at $93.43 would temper the near-term bearish outlook. If December extends the decline off September's high, September's lowcrossing at $91.75 is the next downside target. First resistance is the October 15th high crossing at $93.93. Second resistance is the 25% retracement level of the March-September-decline crossing at $94.72. First support is last-Wednesday's low crossing at $92.46. Second support is September's low crossing at $91.75.
The December Euro was lower in overnight trading. 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. Closes above last-Wednesday's high crossing at $118.95 would confirm that a short-term low has been posted. Closes below the October 15th low crossing at $117.02 would confirm that a short-term top has been posted while opening the door for a possible test of September's low crossing at $116.31. First resistance is last-Wednesday's high crossing at $118.95. Second resistance is the September 10th high crossing at $119.42. First support is the October 15th low crossing at $117.02. Second support is September's low crossing at $116.31.
The December British Pound was higher in overnight trading. The high-range overnight trade sets the stage for a steady to higher 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 20-day moving average crossing at 1.2976 would signal that a short-term top has been posted. If December extends the rally off September's low, the August 19th high crossing at 1.3270 is the next upside target. First resistance is last-Wednesday's high crossing at 1.3182. Second resistance is the August 19th high crossing at 1.3270. First support is the October 16th low crossing at 1.2856. Second support is the 38% retracement level of the March-August-rally crossing at 1.2736.
The December Swiss Franc was lower overnight as it consolidates some of the rally off September's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, August's high crossing at 1.1138 is the next upside target. Closes below the 20-day moving average crossing at 1.0970 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 1.1090. Second resistance is August's high crossing at 1.1138. First support is the 20-day moving average crossing at 1.0970. Second support is the 38% retracement level of the March-August-rally crossing at 1.0789.
The December Canadian Dollar was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are 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 $75.72 would confirm that a short-term top has been posted. If December resumes the rally off September's low, September's high crossing at $76.97 is the next upside target. First resistance is last-Wednesday's high crossing at $76.46. Second resistance is September's high crossing at $76.97. First support is the October 7th low crossing at $74.97. Second support is September's low crossing at $74.53.
The December Japanese Yen was lower overnight as it appears to be forming a small bull flag off last-Wednesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, September's high crossing at 0.0963 is the next upside target. Closes below last-Tuesday's low crossing at 0.0946 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 0.0959. Second resistance is September's high crossing at 0.0963. First support is October's low crossing at 0.0943. Second support is September's low crossing at 0.0940.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: December gold was higher overnight as it extends this month's trading range. 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 bearish signaling that sideways to lower prices are possible near-term. Closes above the October 12th high crossing at $1939.40 would mark a potential upside breakout of this month's trading range. If December resumes the decline off October's high, September's low crossing at $1851.00 is the next downside target. First resistance is the October 12th high crossing at $1939.40. Second resistance is the September 16th high crossing at $1983.80. First support is the October 7th low crossing at $1877.10. Second support is September's low crossing at $1851.00.
December silver was lower overnight as it extends this month's trading range. 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the rally off September's low, the 50-day moving average crossing at $25.709 is the next upside target. Closes below the October 6th low crossing at $22.965 would confirm that a short-term top has been posted while opening the door for a possible test of September's low crossing at $21.810. First resistance is the 50-day moving average crossing at 25.709. Second resistance is the September 15th high crossing at $27.865. First support is the October 6th low crossing at $22.965. Second support is September's low crossing at $21.810.
December copper was lower overnight as it consolidates some of the rally off October's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bullish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 3.0300 would signal that a short-term top has been posted. If December renews the rally off October's low, the 87% retracement level of the 2018-2020 decline crossing at 3.2302 is the next upside target. First resistance is last-Wednesday's high crossing at 3.2180. Second resistance is the 87% retracement level of the 2018-2020 decline crossing at 3.2302. First support is the 50-day moving average crossing at 3.0300. Second support is October's low crossing at 2.8345.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was lower overnight as it consolidates some of the rally off August's low. The low-range trade 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. If December extends the rally off August's low, the July-2019 high crossing at $4.23 1/2 is the next upside target. Closes below the 20-day moving average crossing at $3.95 would confirm that a top has been posted. First resistance is last-Friday's high crossing at $4.20. Second resistance is the July-2019 high crossing at $4.23 1/2. First support is the 10-day moving average crossing at $4.07 1/4. Second support is the 20-day moving average crossing at $3.95.
December wheat was lower overnight. 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 December extends the rally off June's low, the 50% retracement level of the 2012-2016-decline crossing at $6.66 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.02 1/4 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $6.38 1/4. Second resistance is the 50% retracement level of the 2012-2016-decline crossing at $6.66 1/4. First support is the 10-day moving average crossing at $6.20 1/2. Second support is the 20-day moving average crossing at $6.02 1/4.
December Kansas City wheat was lower overnight as it consolidates some of the rally off August'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 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 $5.38 3/4 would confirm that a short-term top has been posted. If December extends the rally off August's low, the 87% retracement level of the 2018-2020-decline crossing at $6.05 1/2 is the next upside target. First resistance is the 75% retracement level of the 2018-2020-decline crossing at $5.79 3/4. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $6.05 1/2. First support is the 10-day moving average crossing at $5.57 1/2. Second support is the 20-day moving average crossing at $5.38 3/4.
December Minneapolis wheat 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 are overbought and 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 $5.52 1/4 would signal that a short-term top has been posted. If December extends this month's rally, the 87% retracement level of the 2019-2020-decline crossing at $6.00 3/4 is the next upside target. First resistance is the 75% retracement level of the 2019-2020-decline crossing at $5.87 3/4. Second resistance is the 87% retracement level of the 2019-2020-decline crossing at $6.00 3/4. First support is the 10-day moving average crossing at $5.66 1/4. Second support is the 20-day moving average crossing at $5.52 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were lower overnight. 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 November extends this summer's rally, psychological resistance crossing at $11.00 is the next upside target. Closes below the 20-day moving average crossing at $10.48 1/2 would confirm that a short-term top has been posted.First resistance is the overnight high crossing at $10.89 3/4. Second resistance is psychological resistance crossing at $11.00. First support is the 20-day moving average crossing at $10.48 1/2. Second support is the 50-day moving average crossing at $10.00 1/4.
December soybean meal was lower overnight as it consolidates some of the rally off August'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 December extends the aforementioned rally, monthly resistance crossing at $404.90 is the next upside target. Closes below the 20-day moving average crossing at $362.60 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $390.80. Second resistance is monthly resistance crossing at $404.90. First support is the 10-day moving average crossing at $373.70. Second support is the 20-day moving average crossing at $362.70.
December soybean oil was higher overnight as it extends the rally off October's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off Monday's low, September's high crossing at 35.49 is the next upside target. Closes below the October 19th low crossing at 32.28 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 34.74. Second resistance is September's high crossing at 35.49. First support is the 38% retracement level of the March-September-rally crossing at 31.82. Second support is the 50% retracement level of the March-September-rally crossing at 30.68.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
December hogs closed up $0.98 at $67.18.
December hogs closed higher on Friday as it consolidated some of this week's decline off October's high. The high-range close sets the stage for a steady to higher opening when Monday's night 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 $66.14 would signal that a short-term top has been posted. If December renews the rally off June's low, the July-2019 high crossing at $73.45 is the next upside target. First resistance is Monday's high crossing at $72.80. Second resistance is the July-2019 high crossing at $73.45. First support is the 20-day moving average crossing at $66.14. Second support is the 50-day moving average crossing at $61.86.
December cattle closed up $0.33 at $103.80
December cattle posted an inside day with a higher close on Friday. The mid-range close sets the stage for a steady to higher opening on Monday.Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 50% retracement level of the April-August-rally crossing at $101.55 is the next downside target. Closes above the 20-day moving average crossing at $109.81 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $107.33. Second resistance is the 20-day moving average crossing at $109.81. First support is Thursday's low crossing at $103.15. Second support is the 50% retracement level of the April-August-rally crossing at $101.55.
November Feeder cattle closed down $0.68-cents at $129.75.
November Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's 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 November extends the decline off September's high, the 75% retracement level of the April-August-rally crossing at $122.90 is the next downside target. Closes above the 20-day moving average crossing at $136.37 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $133.17. Second resistance is the 20-day moving average crossing at $136.37. First support is the 62% retracement level of the April-August-rally crossing at $127.74. Second support is the 75% retracement level of the April-August-rally crossing at $122.90.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee posted an inside day with a lower close on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the 87% retracement level of the June-September rally crossing at 10.18 is the next downside target. Closes above the October 12th high crossing at 11.34 would confirm that a short-term low has been posted.
December cocoa closed higher on Friday as it extends the rally off October's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 50-day moving average crossing at 25.15 is the next upside target. If December renews the decline off September's high, July's low crossing at 21.15 is the next downside target.
March sugar posted an inside day with a lower close on Friday. The low-range close set the stage for a steady to lower opening on Monday. 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, February's high crossing at 15.10 is the next upside target. Closes below the 20-day moving average crossing at 14.05 would signal that a short-term top has been posted.
December cotton posted an inside day with a lower close on Friday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off April's low, January's high crossing at 73.00 is the next upside target. Closes below the 20-day moving average crossing at 68.29 would confirm that a short-term top has been posted.