INO Evening Market Comments
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Started by tallpine - Nov. 12, 2020, 4:27 p.m.

KEY EVENTS TO WATCH FOR:



Friday, November 13, 2020  



8:30 AM ET. October PPI



                       PPI, M/M% (expected +0.2%; previous +0.4%)



                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.4%)



                       Personal Consumption (previous +0.4%)



8:30 AM ET. U.S. Weekly Export Sales



                       Corn (Metric Tons) (previous 3151.9K)



                       Soybeans (Metric Tons) (previous 1530.5K)



                       Wheat (Metric Tons) (previous 597.1K)



10:00 AM ET. November University of Michigan Survey of Consumers – preliminary



                       Mid-Mo Sentiment (expected 81.5; previous 81.2)



                       Mid-Mo Expectations (previous 78.8)



                       Mid-Mo Current Idx (previous 84.9)



10:30 AM ET. EIA Weekly Natural Gas Storage Report



                       Working Gas In Storage (Cbf) (previous 3919B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -36B)

                       



Monday, November 16, 2020 



8:30 AM ET. November Empire State Manufacturing Survey



                       Mfg Idx (previous 10.5)



                       Employment Idx (previous 7.2)



                       New Orders Idx (previous 12.3)



                       Prices Received (previous 5.3)


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



The Dow closed sharply lower on Thursday as the resurgence of the COVID-19 pandemic results in some renewed restrictions on business activity, while another financial aid package from Congress looks doubtful anytime soon.Economic data suggests a slow U.S. recovery remains on track, while Wall Street waits for more news on vaccine development, but Federal Reserve chairman Jerome Powell said a vaccine was not an immediate panacea. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices remain possible near-term. Closes below Monday's gap crossing at 28,431.96 would confirm that a short-term top has been posted. If the Dow extends this week's rally into uncharted territory, upside targets will be hard to project. 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 11,468.50 are needed to confirm that a short-term top has been posted. If December extends the decline off October's high, November's low crossing at 10,942.25 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 11,468.50. Second support is November's low crossing at 10,942.25.   



The December S&P 500 closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 the rally off November's low 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 3394.79.  



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



December T-bonds closed up 1-23/32's at 172-12.

  

December T-bonds sharply higher on Thursday as it extends Wednesday's rebound 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 Friday's night session begins trading. Stochastics and the RSI are oversold, diverging and 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 172-30 are needed to confirm that a short-term low has been posted. If December renews the decline off September's high, the 87% retracement level of the March-August-rally crossing at 167-19 is the next downside target. First resistance is the 20-day moving average crossing at 172-30. Second resistance is the 50-day moving average crossing at 174-21. 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 185-pts. at 138.060.



December T-notes closed sharply higher on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are oversold, diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 138.137 would confirm that a short-term low has been posted. If December extends the decline off September's high, June's low crossing at 137.025 is the next downside target. First resistance is the 10-day moving average crossing at 138.064. Second resistance is the 20-day moving average crossing at 138.137. First support is Wednesday'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 Thursday 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 Friday's night 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, 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 Wednesday'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 is the 50% retracement level of the April-August rally crossing at $34.87.  



December heating oil closed lower on Thursday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening when Friday'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 25th 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 Wednesday'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 Thursday 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 Friday'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 20-day moving average crossing at $111.58 would signal that a short-term top has been posted. First resistance is Wednesday'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 lower on Thursday ending a two-day rebound off Monday's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3.154 would confirm that a short-term low has been posted. If December renews 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 3.037. Second resistance is the 20-day moving average crossing at 3.154. 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 slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned 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 higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 117.74 would signal that a short-term top has been posted. First resistance is the September 10th 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 117.74. Second support is November's low crossing at 116.13. 

 

The December British Pound was sharply lower on Thursday 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 Friday's night 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 50-day moving average crossing at 1.2978 would signal that a short-term top has been posted. If December renews this month's rally, September's high crossing at 1.3488  is the next upside target. First resistance is Wednesday'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 1.2978. Second support is November's low crossing at 1.2855.

 

The December Swiss Franc closed higher on Thursday as it consolidates some of this week's decline. The mid-range close sets the stage for a steady to lower opening when Friday'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 1.0992 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 sharply lower on Thursday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Friday'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 50-day moving average crossing at 75.76 would signal that a short-term top has been posted. If December renews 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 75.76. Second support is October's low crossing at 74.70.



The December Japanese Yen posted an inside day with a higher close on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’s night 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 this week's decline, October's low crossing at 0.0943 is the next downside target. Closes above the 10-day moving average crossing at 0.0956 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0956. Second resistance is last-Friday's high crossing at 0.0970. First support is Wednesday'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 ""



December gold posted an inside day with a higher close on Thursday.The high-range close sets the stage for a steady to higher opening when Friday's night 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 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 $1910.90 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 16th 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 posted an inside day with a slightly lower close on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 Monday's low crossing at 23.600 would confirm that a short-term top has been posted. If December renews the rally off September's low, the September 15th 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 15th high crossing at 27.865. First support is Monday's low crossing at 23.600. Second support is October's low crossing at 22.965.  



December copper closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Friday'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 305.88 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 305.88. Second support is November's low crossing at 302.80. 



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



December Corn closed down $0.09 3/4-cents at $4.07 1/2. 



December corn closed sharply lower on Thursday due to another round of 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 Friday's night sessions begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below Monday's low crossing at $4.01 3/4 would confirm that a short-term top has been posted. 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. First resistance is Wednesday'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 $3.88 1/4.    



December wheat closed down $0.10 1/2-cents at $5.87 1/2.  



December wheat closed sharply lower on Thursday as it renewed the decline off October's high.The low-range close sets the stage for a steady to lower opening when Friday'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 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.12 1/4 would confirm that a short-term low has been posted. First resistance is November's high crossing at $6.26 1/4. Second resistance is October's high crossing at $6.38 1/4. First support is the 50-day moving average crossing at $5.84 3/4. Second support is the 38% retracement level of the June-November-rally crossing at $5.77 1/2.       



December Kansas City Wheat closed down $0.12-cents at $5.42 1/4.

 

December Kansas City wheat closed sharply lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 renews the decline off last-week's high, the 50-day moving average crossing at $5.22 is the next downside target. If December renews the rally off November's low, the 87% retracement level of the 2018-2020-decline crossing at $6.05 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. First support is November's low crossing at $5.32. Second support is the 50-day moving average crossing at $5.22.      



December Minneapolis wheat closed down $0.06-cents at $5.49. 



December Minneapolis wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night 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 $5.47 1/4 would open the door for additional weakness near-term. 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 "



January soybeans closed down $0.06 1/2-cents at $11.46.



January soybeans closed lower on Thursday due to profit taking as it consolidated some of the rally off August's low. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January 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 $10.84 would confirm that a short-term top has been posted. First resistance is Wednesday'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 $11.01 3/4. Second support is the 20-day moving average crossing at $10.84.



December soybean meal closed down $4.20 to $388.50. 



December soybean meal closed lower on Thursday as it consolidated some of Tuesday's rally. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are diverging and are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at  $381.90 would confirm that a short-term top has been posted. If December extends the rally off August's low, monthly resistance crossing at $404.90 is the next upside target. 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 $381.90. Second support is the October 13th low crossing  at $352.30.       



December soybean oil closed down 9-pts. at 37.04. 



December soybean oil posted an inside day with a lower close on Thursday as it consolidates some of this year's rally. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 34.33 would signal that a short-term top has been posted. First resistance is Wednesday'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 35.17. Second support is the 20-day moving average crossing at 34.33.      

 

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



December hogs closed up $1.15 at $65.95. 



December hogs closed higher on Thursday as it extends this month's trading range. The mid-range close sets the stage for a steady to slightly higher opening when Friday'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 $66.88 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $64.85 would open the door for a larger-degree decline. 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 $64.85. Second support is the September 16th low  crossing at $61.25.     



December cattle closed down $0.33 at $112.08 



December cattle closed lower on Thursday as it consolidates some of the rally off October's low. The mid-range close sets the stage for a steady to lower opening on Friday. 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 30th high crossing at $115.38 is the next upside target. Closes below the 20-day moving average crossing at $107.51 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $112.70. Second resistance is the September 30th high crossing at $115.38. First support is the 20-day moving average crossing at $107.51. Second support is October's low crossing at $102.53. 



January Feeder cattle closed up $0.38-cents at $140.58. 


January Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are 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 $132.33 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 $135.92. Second support is the 20-day moving average crossing at $132.33.       



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



December coffee closed lower on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off September's high, July's low crossing at 21.15 is the next downside target. If December extends this month's rally, the 50-day moving average crossing at 24.67 is the next upside target.                    



March sugar closed higher on Thursday while extending the trading range of the past four-weeks. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, weekly resistance crossing at 15.55 is the next upside target. Closes below the reaction low crossing at 13.94 would signal that a short-term top has been posted.            



December cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, the 50-day moving average crossing at 67.80 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. 

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By metmike - Nov. 13, 2020, 1:30 a.m.
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