KEY EVENTS TO WATCH FOR:

Tuesday, November 10, 2020  

7:45 AM ET. Weekly Chain Store Sales Index

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous +1.2%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +2.0%)

                       Latest Wk, Y/Y% (previous +3.2%)

10:00 AM ET. October Online Help Wanted Index

10:00 AM ET. November IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 55.2)

                       6-Mo Economic Outlook (previous 54.1)

10:00 AM ET. September Job Openings & Labor Turnover Survey

10:00 AM ET. SEC Closed Meeting

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -8.0M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +2.5M)

                       Distillate Stocks, Net Chg (Bbls) (previous -0.6M)

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

The STOCK INDEXES:The December NASDAQ 100 was lower overnight, which suggest another day of investors moving into value stocks and away from the tech stocks that were winners during the pandemic. The low-range trade sets the stage for a 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 50-day moving average crossing at 11,489.62 would signal that a short-term top has been posted. If the NASDAQ 100 extends this month's rally, September's high crossing at 12,444.75, which marks the upper boundary of the September-November trading range is the next upside target. If this resistance level is cleared, monthly resistance crossing at 12,465.25 is the next upside target. First resistance September's high crossing at 12,444.75. Second resistance is monthly resistance crossing at 12,465.25. First support is the 50-day moving average crossing at 11,489.62. Second is last-Monday's low crossing at 10,942.25.  

The December S&P 500 was lower overnight.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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 10-day moving average crossing at 3385.96 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 3658.40. Second resistance is unknown. First support is the 10-day moving average crossing at 3385.96. Second support is the October 30th low crossing at 3252.20. 

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

INTEREST RATES: December T-bonds were lower overnight. The low-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. If December extends the decline off last-Thursday's high, the 75% retracement level of the March-August-rally crossing at 169-17 is the next downside target. Closes above the 50-day moving average crossing at 174-29 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 175-27. Second resistance is the October 15^th high crossing at 176-10. First support is Monday's low  crossing at 169-29. Second support is the 75% retracement level of the March-August-rally crossing at 169-17.

December T-notes were lower overnight as it extends the decline off last-Thursday's high. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-Thursday's high, June's low crossing at 137.025 is the next downside target. Closes above the 50-day moving average crossing at 139.012 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 139.085. Second resistance is the October 15^th high crossing at 138.140. First support is the 87% retracement level of the June-August-rally crossing at 137.160. Second support is June's low crossing at 137.025. 

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

December crude oil was higher overnight as it extends the rally off last-Monday'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. If December extends the rally off November's low, October's high crossing at $41.90 is the next upside target. Closes below last-Friday's low crossing at $37.06 would confirm that a short-term top has been posted. First resistance is October's high crossing at $41.90. Second resistance is August's high crossing at $44.33. First support is last-Friday's low crossing at $37.06. Second support is November's low crossing at $33.64.  

December heating oil was higher overnight as it extends the rally off November'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 November's low, the August 25th high crossing at $132.60 is the next upside target. Closes below the 10-day moving average crossing at $114.55 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $124.90. Second resistance is the August 25th high crossing at 132.60. First support is last-Friday's low crossing at 113.59. Second support is November's low crossing at $102.52. 

December unleaded gas was higher overnight as it renewed the rally off November'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. If December extends the aforementioned rally, October's high crossing at $121.44 is the next upside target. Closes below the 10-day moving average crossing at $108.91 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $119.73. Second resistance is October's high crossing at $121.44. First support is last-Friday's low crossing at $107.57. Second support is November's low crossing at $97.02.     

December Henry natural gas was higher overnight as it consolidates some of the decline off October's 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 but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 87% retracement level of the June-October-rally crossing at 2.734 is the next downside target. Closes above the 20-day moving average crossing at 3.176 are needed to confirm that a short-term low has been posted. First resistance resistance is the 10-day moving average crossing at 3.092. Second resistance is the 20-day moving average crossing at 3.176. First support is the 75% retracement level of the June-October-rally crossing at 2.825. Second support is the 87% retracement level of the June-October-rally crossing at 2.734.

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

CURRENCIES:The December Dollar was steady to slightly lower overnight. 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 oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving averagecrossing at $93.37 would confirm that a short-term low has been posted. If December extends last-week's decline, September's low crossing at $91.75 is the next downside target.First resistance is last-Wednesday's high crossing at $94.33. Second resistance is the 25% retracement level of the March-September-decline crossing at $94.72. First support is Monday's low crossing at $92.12. Second support is September's low crossing at $91.75.

The December Euro was lower overnight as it consolidates some of the rally off November's low. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $117.57 is the next downside target. If December extends the rally off November's low, the September 10^th high crossing at 119.42 is the next upside target. First resistance is the September 10^th high crossing at $119.42. Second resistance is September's high crossing at $120.38. First support is September's low crossing at $116.31. Second support is November's low crossing at $116.13.

The December British Pound was higher overnight as it extends the rally off November's low. 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 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, September's high crossing at 1.3488 is the next upside target. Closes below the 50-day moving average crossing at 1.2986 is the next downside target. First resistance is the overnight high crossing at 1.3275. Second resistance is September's high crossing at 1.3488. First support is November's low crossing at 1.2855. 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 extends Monday's decline. 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. If December extends Monday's decline, November's low crossing at 1.0874 is the next downside target. Closes above August's high crossing at 1.1138 would mark a potential upside breakout of the upper boundary of the August-November-trading range. First resistance is August's high crossing at 1.1138. Second resistance is the September 2018 high crossing at 1.1319. First support is November's low crossing at 1.0874. 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 consolidates some of the rally off October'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 are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $75.77 would signal that a short-term top has been posted. If December extends the rally off October's low, the October-2018 high crossing at $79.05 is the next upside target. First resistance is Monday's high crossing at $77.36. Second resistance is the October-2018 high crossing at $79.05. First support is the 50-day moving average crossing at $75.77. Second support is October's low crossing at $74.69.  

The December Japanese Yen was higher overnight as it consolidates some of Monday's decline. The low-range overnight trade sets the stage for a steady to slightly 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. If December extends Monday's decline, October's low crossing at 0.0943 is the next downside target. Closes above the 10-day moving average crossing at 0.0958 are needed to confirm that a short-term low has been posted. First resistance is the 75% retracement level of the February-March rally crossing at 0.0969. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0979. First support is Monday's low crossing at 0.0947. 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 higher overnight as it consolidates some of Monday's sharp decline. 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. If December extends Monday's decline, the July 16^th low crossing at $1819.90 is the next downside target. Closes above the 50-day moving average crossing at $1914.70 would signal that a short-term low has been posted. First resistance is Monday's high crossing at $1966.10. Second resistance is the September 16^th high crossing at $1983.80. First support is Monday's low crossing at $1848.00. Second support is the July 16^th low crossing at $1819.90.

December silver was higher overnight as it consolidates some of Monday's decline. The mid-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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below October's low crossing at $22.625 would open the door for a possible test of September's low crossing at $21.810. If December renews last-week's rally, the September 15^th low crossing at $27.865 is the next upside target. First resistance is Monday's high crossing at $26.135. Second resistance is the September 15^th high crossing at $27.865. First support is October's low crossing at $22.625. 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 neutral to bullish signaling that a low might be in or is near. 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. Closes below the 50-day moving average crossing at 3.0540 would confirm that a short-term top has been posted. First resistance is October'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 3.0540. Second support is October's low crossing at 2.8345.  

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

December corn was higher overnight and is poised to resume the rally off last-Monday's low. The high-range trade sets the stage for a steady to higher opening when the day sessions 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 November's low, October's high crossing at $4.22 1/4 is the next upside target. If December renews the decline off October's high, the 50-day moving average crossing at $3.86 is the next downside target. First resistance is October'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 50-day moving average crossing at $3.86. Second support is the September 28^th low crossing at $3.60 1/2.      

December wheat 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the rally off November's low, October's high crossing at $6.38 1/4 is the next upside target. If December resumes the decline off October's high, the 50-day moving average crossing at $5.83 1/2 is the next downside target. First resistance is October'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 October 12^th low crossing at $5.87. Second support is the 50-day moving average crossing at $5.82 3/4.

December Kansas City wheat was steady overnight. The mid-range close sets the stage for a steady  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 10-day moving average  crossing at $5.52 1/4 would temper the near-term bullish outlook. If December extends the rally off the October 28th 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 October 14^th low crossing at $5.23 1/2. Second support is the 50-day moving average crossing at $5.19 1/4.

December Minneapolis wheat was steady to fractionally 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. If December renews the decline off October's high, the 50-day moving average crossing at $5.47 is the next downside target. If December renews this month's rally, October's high crossing at $5.87 3/4 is the next upside target. First resistance is last-Thursday's high crossing at $5.71 3/4. Second resistance is the 75% retracement level of the 2019-2020-decline crossing at $5.87 3/4. First support is last-Monday's low crossing at $5.46 1/4. Second support is the 50-day moving average crossing at $5.47.   

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

January soybeans were higher overnight as it extends this year's rally. The high-range trade sets the stage for a 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 January extends this week's rally, monthly resistance marked by the 38% retracement level of the 2012-2019-decline crossing at $11.71 3/4 is the next upside target. Closes below November's low crossing at $10.45 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $11.19. Second resistance is monthly resistance marked by the 38% retracement level of the 2012-2019-decline crossing at $11.71 3/4. First support is last-Monday's low crossing at $10.45. Second support is the 50-day moving average crossing at $10.36 3/4.

December soybean meal was slightly higher overnight. The low-range trade sets the stage for a steady to slightly higher 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 20-day moving average crossing at $379.10 would signal that a short-term top has been posted. If December renews the rally off August's low, monthly resistance crossing at $404.90 is the next upside target. First resistance is last-Thursday's high crossing at $393.40. Second resistance is monthly resistance crossing at $404.90. First support is the 20-day moving average crossing at $379.10. Second support is the October 12^th low crossing at $352.30.   

December 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 December extends the rally off October's low, the December-2019 high crossing at 36.41 is the next upside target. Closes below the October 29^th low crossing at 32.86 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 36.15. Second resistance is the December-2019 high crossing at 36.41. First support is the 50-day moving average crossing at 33.60. Second support is the October 19^th low crossing at 32.28.