KEY EVENTS TO WATCH FOR:
Wednesday, October 28, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 794.2)
Composite Idx, W/W% (previous -0.6%)
Purchase Idx-SA (previous 311.1)
Purchase Idx-SA, W/W% (previous -1.6%)
Refinance Idx (previous 3620.5)
Refinance Idx, W/W% (previous +0.2%)
8:30 AM ET. September Advance Economic Indicators Report
10:00 AM ET. September Metropolitan Area Employment & Unemployment
10:00 AM ET. SEC Open Meeting
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 488.107M)
Crude Oil Stocks, Net Chg (Bbl) (previous -1.002M)
Gasoline Stocks (Bbl) (previous 227.016M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.895M)
Distillate Stocks (Bbl) (previous 160.719M)
Distillate Stocks, Net Chg (Bbl) (previous -3.832M)
Refinery Usage (previous 72.9%)
Total Prod Supplied (Bbl/day) (previous 18.112M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.363M)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The December NASDAQ 100 were lower overnight as rising COVID-19 cases set to trigger more restrictions.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 11,524.88 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 11,524.88. 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 low. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, October's low crossing at 3304.70 is the next downside target. Closes above the 20-day moving average crossing at 3425.65 would confirm that a short-term low has been posted. First resistance is October's high crossing at 3532.80. Second resistance is September's high crossing at 3568.80. First support is October's low crossing at 3304.70. Second support is September's low crossing at 3210.70.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were higher overnight as it extends the rally off last-Friday'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 175-19 would confirm that a short-term low has been posted. If December renews the decline off the October 15th high, June's low crossing at 171-16 is the next downside target. First resistance is the 50-day moving average crossing at 175-19. Second resistance is the October 15th high crossing at 176-10. 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 extends the rally off last-Thursday's low. The high-range overnight trade sets the stage for a steady to higher opening with 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 20-day moving average crossing at 138.285 would confirm that a short-term low has been posted. If December renews 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 20-day moving average crossing at 138.285. Second resistance is the 50-day moving average crossing at 139.064. 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 decline off last-Tuesday'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, October's low crossing at $36.93 is the next downside target. Closes above the 50-day moving average crossing at $40.68 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 while extending 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 remain 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 renew the rally off October's low. 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 Monday's 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 low-range 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 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 $115.24 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $115.24. 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 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 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 3.370 is the next upside target. Closes below the 50-day moving average crossing at 3.192 would confirm that a short-term top has been posted. 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 3.192. 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $93.36 would temper the near-term bearish outlook. If December renews 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 neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above last-Wednesday's high crossing at $118.95 are needed to renew the rally off September's low. 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 lower in overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2986 would signal that a short-term top has been posted. If December renews 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0980 would confirm that a short-term top has been posted. If December resumes the rally off September's low, August's high crossing at 1.1138 is the next upside target. 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 1.0980. Second support is the 38% retracement level of the March-August-rally crossing at 1.0789.
The December Canadian Dollar was lower overnight as it extends the decline off last-Wednesday's high. The low-range 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 $75.79 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 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 becoming overbought but remain 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 Monday's low crossing at 0.0952 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 0.0961. Second resistance is September's high crossing at 0.0963. First support is the October 20th low crossing at 0.0946. Second support is October's low crossing at 0.0943.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: December gold 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. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off October's high, September's low crossing at $1851.00 is the next downside target. Closes above the October 12th high crossing at $1939.40 would mark a potential upside breakout of this month's trading range. 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 slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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. If December renews the rally off September's low, the 50-day moving average crossing at $25.566 is the next upside target. First resistance is the 50-day moving average crossing at 25.566. 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. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.0344 would confirm 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 3.0344. Second support is October's low crossing at 2.8345.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was sharply lower overnight due to profit taking 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 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 $3.99 1/4 would confirm that a top has been posted. If December extends the rally off August's low, the July-2019 high crossing at $4.23 1/2 is the next upside target. First resistance is Tuesday's high crossing at $4.22 1/4. Second resistance is the July-2019 high crossing at $4.23 1/2. First support is the 10-day moving average crossing at $4.11. Second support is the 20-day moving average crossing at $3.99 1/4.
December wheat was lower overnight as it extends the decline off last-Tuesday's high. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.06 3/4 would signal that a short-term top has been posted. If December renews 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. 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 20-day moving average crossing at $6.06 3/4. Second support is the October 12th low crossing at $5.87.
December Kansas City wheat was lower overnight as it extended the decline off last-Wednesday's high. The low-range close 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 $5.43 3/4 would confirm that a short-term top has been posted. If December resumes 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 20-day moving average crossing at $5.43 3/4. Second support is the October 14th low crossing at $5.23 1/2.
December Minneapolis wheat 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. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.54 1/2 would signal that a short-term top has been posted. If December renews the rally off August's low, 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 20-day moving average crossing at $5.54 1/2. Second support is the 50-day moving average crossing at $5.42 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were sharply lower overnight as it consolidates some of the rally off August's low. The low-range trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $10.55 1/4 would confirm that a short-term top has been posted. If November extends this summer's rally, psychological resistance crossing at $11.00 is the next upside target. First resistance is Tuesday's high crossing at $10.94. Second resistance is psychological resistance crossing at $11.00. First support is the 20-day moving average crossing at $10.55 1/4. Second support is the 50-day moving average crossing at $10.06 3/4.
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 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 $367.20 would signal that a short-term top has been posted. If December extends the aforementioned rally, monthly resistance crossing at $404.90 is the next upside target. First resistance is Tuesday's high crossing at $392.70. Second resistance is monthly resistance crossing at $404.90. First support is the 10-day moving average crossing at $378.30. Second support is the 20-day moving average crossing at $367.20.
December soybean oil was sharply lower overnight as it consolidates some of its recent gains. 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. Closes below the October 19th low crossing at 32.28 would confirm that a short-term top has been posted. If December extends the rally off October's low, September's high crossing at 35.49 is the next upside target. First resistance is Monday's high crossing at 34.82. 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.