KEY EVENTS TO WATCH FOR:

Thursday, November 12, 2020 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 740K; previous 751K)

                       Jobless Claims, Net Chg (previous -7K)

                       Continuing Claims (previous 7285000)

                       Continuing Claims, Net Chg (previous -538K)

8:30 AM ET. October CPI

                       CPI, M/M% (expected +0.1%; previous +0.2%)

                       Core CPI, M/M% (expected +0.2%; previous +0.2%)

                       Energy Idx, M/M% (previous +0.8%)

                       Food Idx, M/M% (previous +0%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.2%)

                       CPI, Y/Y% (expected +1.3%; previous +1.4%)

                       Core Annual, Y/Y% (expected +1.7%; previous +1.7%)

8:30 AM ET. October Real Earnings

9:45 AM ET. Bloomberg Consumer Comfort Index

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 484.429M)

                       Crude Oil Stocks, Net Chg (Bbl) (expected -0.7M; previous -7.998M)

                       Gasoline Stocks (Bbl) (previous 227.665M)

                       Gasoline Stocks, Net Chg (Bbl) (expected +0.0M; previous +1.541M)

                       Distillate Stocks (Bbl) (previous 154.644M)

                       Distillate Stocks, Net Chg (Bbl) (expected -1.7M; previous -1.584M)

                       Refinery Usage (expected 75.8%; previous 75.3%)

                       Total Prod Supplied (Bbl/day) (previous 18.362M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.269M)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET.  Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

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

The Dow closed lower on Wednesday as it some of this week's rally. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices remain possible near-term. If the Dow extends this week's rally into uncharted territory, upside targets will be hard to project. Closes below Monday's gap crossing at 28,431.96 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 29,933.83. Second resistance is unknown. First support is Monday's gap crossing at 28,431.96. Second support is October's low crossing at 26,143.77. 

The December NASDAQ 100 closed sharply higher on Wednesday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 11,479.63 are needed to confirm that a short-term low has been posted. If December extends the decline off October's high, September's low crossing at 10,656.50 is the next downside target. First resistance is Monday's high crossing at 12,408.75. Second resistance is September's high crossing at 12,465.25. First support is the 50-day moving average crossing at 11,479.63. Second support is November's low crossing at 10,942.25.   

The December S&P 500 closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below Monday's gap crossing at 3502.70 would confirm that a short-term top has been posted. If December extends Monday's rally into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 3539.40. Second resistance is unknown. First support is Monday's gap crossing at 3502.70. Second support is the 50-day moving average crossing at 3395.01.  

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

December T-bonds closed up 19/32's at 170-19.

December T-bonds higher on Wednesday as it rebounded off the 75% retracement level of the March-August-rally crossing at 169-17. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are becoming oversold, diverging 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 March-August-rally crossing at 167-19 is the next downside target. Multiple closes above the 20-day moving average  crossing at 173-02 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 173-02. Second resistance is the 50-day moving average crossing at 174-25. First support is the 75% retracement level of the March-August-rally crossing at 169-17. Second support is the 87% retracement level of the March-August-rally crossing at 167-19.

December T-notes closed up 50-pts. at 137.190.

December T-notes closed higher on Wednesday as it consolidates some of the decline off August's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are becoming 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, June's low crossing at 137.025 is the next downside target. Closes above the 20-day moving average crossing at 138.153 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 138.075. Second resistance is the 20-day moving average crossing at 138.153. First support is today's low crossing at 137.080. Second support is June's low crossing at 137.025.           

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

December crude oil closed lower due to profit taking on Wednesday as it consolidates some of the rally off November's low.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. 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, August's high crossing at $44.33 is the next upside target. Closes below last-Friday's low crossing at $37.06 would signal that a short-term top has been posted. First resistance is today's high crossing at $43.06. Second resistance is August's high crossing at $44.33. First support is last-Friday's low crossing at $37.06. Second support isthe 50% retracement level of the April-August rally crossing at $34.87.  

December heating oil closed lower on Wednesday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI are overbought 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 25^th high crossing at $132.46 is the next upside target. Closes below last-Friday's low crossing at $113.59 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at $129.82. Second resistance is the August 25th high crossing at $132.46. First support is last-Friday's low crossing at $113.59. Second support is November;s low crossing at $102.52. 

December unleaded gas closed lower on Wednesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the 50% retracement level of the 2018-2020-decline crossing at $131.93 is the next upside target. Closes below the 10-day moving average crossing at $110.34 would signal that a short-term top has been posted. First resistance is today's high crossing at $123.41. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $131.93. 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 closed higher for the second day in a row on Wednesday as it consolidates  some of this month's decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3.169 would confirm that a short-term low has been posted. If December extends the decline off November's high, the 87% retracement level of the June-November-rally crossing at 2.734 is the next downside target. First resistance is the 10-day moving average crossing at 3.073. Second resistance is the 20-day moving average crossing at 3.169. First support is the 75% retracement level of the June-November-rally crossing at 2.825. Second support is the 87% retracement level of the June-November-rally crossing at 2.734. 

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

The December Dollar closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 93.40 would signal that a short-term low has been posted. If December resumes this month's decline, September's low crossing at 91.75 is the next downside target. First resistance is the 50-day moving average crossing at 93.40. Second resistance is November's high crossing at 94.33. First support is Monday's low crossing at 92.12. Second support is September's low crossing at 91.75. 

The December Euro closed lower on Wednesday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at crossing at 117.61 would signal that a short-term top has been posted. 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 the 10-day moving average crossing at 117.61. Second support is November's low crossing at 116.13. 

The December British Pound was lower due to profit taking on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's rally, September's high crossing at 1.3488  is the next upside target. Closes below the 50-day moving average crossing at 1.2983 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.3326. Second resistance is September's high crossing at 1.3488. First support is the 50-day moving average crossing at 1.2983. Second support is November's low crossing at 1.2855.

The December Swiss Franc closed lower on Wednesday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, November's low crossing at 1.0874 is the next downside target. Closes above the 20-day moving average crossing at 1.0993 would signal that a short-term low has been posted. Closes above last-Friday's high crossing at 1.1144 would mark a potential upside  breakout of the August-November trading range. First resistance is last-Friday's high crossing at 1.1144. Second resistance is the September-2019 high crossing at 1.1319. First support is November's low crossing at 1.0874. Second support is September's low crossing at 1.0781.

The December Canadian Dollar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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 74.70.

The December Japanese Yen closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 0.0947 would confirm that a short-term top has been posted. If December renews this year's rally, the 87% retracement level of March's decline crossing at 0.0978 is the next upside target. First resistance is last-Friday's high crossing at 0.0970. Second resistance is the 87% retracement level of March's decline crossing at 0.0978. First support is Monday's low crossing at 0.0947. Second support is September's low crossing at 0.0943.  

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

December gold closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off Monday's high, the 38% retracement level of the March-August-rally crossing at $1771.40 is the next downside target. Closes above the 50-day moving average crossing at $1912.40 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 38% retracement level of the March-August-rally crossing at $1771.40.

December silver closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below October's low crossing at 22.965 would confirm that a short-term top has been posted. If December renews the rally off September's low, the September 15^th high 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 22.965. Second support is September's low crossing at 21.810. 

December copper closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off March's low, the 87% retracement level of the 2018-2020 decline crossing at 323.02 is the next upside target. Closes below the 50-day moving average crossing at 305.67 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 320.80. Second resistance is the 87% retracement level of the 2018-2020 decline crossing at 323.02. First support is the 50-day moving average crossing at 305.67. Second support is October's low crossing at 283.45. 

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

December Corn closed down $0.06-cents at $4.17. 

December corn closed lower on Wednesday due to technical selling and profit taking as it consolidated some of Tuesday's rally. The low-range close sets the stage for a steady to lower opening when Thursday's night sessions begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off April's low, weekly resistance marked by the June-2016 high crossing at $4.43 1/2 is the next upside target. Closes below Monday's low crossing at $4.01 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $4.28. Second resistance is the June-2016 high crossing at $4.43 1/2 is the next upside target. First support is November's low crossing at $3.93. Second support is the 50-day moving average crossing at $3.87 1/4.    

December wheat closed down $0.10 1/4-cents at $5.98 1/4.  

December wheat closed lower on Wednesday as it gave back all of Tuesday's gains while extending this month's trading range.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, the 50-day moving average crossing at $5.84 1/4 is the next downside target. Closes above the 20-day moving average crossing at $6.13 3/4 would confirm that a short-term low has been posted. First resistance is October's high crossing at $6.38 1/4. Second resistance is monthly resistance crossing at $6.66 1/4. First support is November's low crossing at $5.91. Second support is the 50-day moving average crossing at $5.84 1/4.       

December Kansas City Wheat closed down $0.08-cents at $5.53 1/2.

December Kansas City wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, the 87% retracement level of the 2018-2020-decline crossing at $6.05 is the next upside target. If December renews the decline off last-week's high, the 50-day moving average crossing at $5.20 3/4 is the next downside 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. First support is November's low crossing at $5.32. Second support is the 50-day moving average crossing at $5.30 3/4.      

December Minneapolis wheat closed down $0.06 1/2-cents at $5.55. 

December Minneapolis wheat closed lower on Wednesday as it erased most of Tuesday's gains. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral 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 1/4 is the next downside target. Closes above last-Thursday's high crossing at crossing at $5.71 1/2 would signal that a short-term low has been posted. First resistance is 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 50-day moving average crossing at crossing at $5.47 1/4. Second support is September's low crossing at $5.22 1/2.    

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

November soybeans closed up $0.06 3/4-cents at $11.52 3/4.

November soybeans closed higher on Wednesday as it extends the rally off August's low.The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off April's low, the 38% retracement level of the 2012-2019-decline crossing at $11.71 3/4 is the next upside target. Multiple closes below the 20-day moving average crossing at $10.79 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $11.62 1/4. Second resistance is the 38% retracement level of the 2012-2019-decline  crossing at $11.71 3/4. First support is the 10-day moving average crossing at $10.92 1/4. Second support is the 20-day moving average crossing at $10.79 3/4.

December soybean meal closed down $1.70 to $393.10. 

December soybean meal posted an inside day with a lower close on Wednesday as it consolidated some of Tuesday's rally. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, monthly resistance crossing at $404.90 is the next upside target. Closes below the 20-day moving average crossing at  $381.10 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at $401.10. Second resistance is monthly resistance crossing at $404.90. First support is the 20-day moving average crossing at $381.10. Second support is the October 13^th low crossing  at $352.30.       

December soybean oil closed up 105-pts. at 37.11. 

December soybean oil closed sharply higher on Wednesday as it extended this year's rally into new uncharted territory. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the December-2016 high crossing at 38.35 is the next upside target. Closes below the 20-day moving average crossing at 34.14 would signal that a short-term top has been posted. First resistance is today's high crossing at 37.32. Second resistance is the December-2016 high crossing at 38.35. First support is the 10-day moving average crossing at 34.77. Second support is the 20-day moving average crossing at 34.14.      

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

December hogs closed down $0.13 at $65.00. 

December hogs closed lower on Wednesday as it extends this month's trading range. The high-range close sets the stage for a steady to slightly lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $64.67 would open the door for a larger-degree decline is possible near. Closes above the 20-day moving average crossing at $67.08 would signal that a short-term low has been posted. First resistance is October's high crossing at $72.80. Second resistance is the July-2019 high crossing at $73.45. First support is the 50-day moving average crossing at $64.67. Second support is the September 16^th low  crossing at $61.25.     

December cattle closed up $0.53 at $112.40 

December cattle closed higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening on Thursday. 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 September 30^th high crossing at $115.38 is the next upside target. Closes below the 20-day moving average crossing at $107.39 would confirm that a short-term top has been posted. First resistance is today's high crossing at $112.70. Second resistance is the September 30^th high crossing at $115.38. First support is the 20-day moving average crossing at $107.39. Second support is October's low crossing at $102.53. 

January Feeder cattle closed down $0.55-cents at $139.85. 

January Feeder cattle closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's 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 the rally off October's low, September's high crossing at $144.55 is the next upside target. Closes below the 20-day moving average crossing at $131.90 would confirm that a short-term top has been posted. First resistance is September's high crossing at $144.55. Second resistance is August's high crossing at $147.38. First support is the 50-day moving average crossing at $135.87. Second support is the 20-day moving average crossing at $131.90.       

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

December coffee closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the October 12th high crossing at 11.34 would confirm that a short-term low has been posted. If December renews the decline off September's high, the 87% retracement level of the June-September rally crossing at 10.18 is the next downside target. 

December cocoa closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 50-day moving average crossing at 24.75 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 closed lower on Wednesday while extending the trading range of the past four-weeks. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 13.94 would signal that a short-term top has been posted. If March resumes the rally off September's low, weekly resistance crossing at 15.55 is the next upside target.           

December cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, the 50-day moving average crossing at 67.73 are needed to confirm that a short-term top has been posted and opens the door for additional weakness near-term. If December renews the rally off April's low, January's high crossing at 73.00 is the next upside target.