KEY EVENTS TO WATCH FOR:
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 around 400 points higher on Friday and for a second consecutive week despite concerns over the resurgence of the coronavirus and worries about stimulus continued to dominate.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices remain possible near-term. If the Dow extends this month's rally into uncharted territory, upside targets will be hard to project. Closes below Monday's gap crossing at 28,431.96 would confirm 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 higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 11,472.09 are needed to confirm that a short-term top has been posted. If December extends the decline off Monday's high, November's low crossing at 10,942.25 is the next downside target. If December renews the rally off November's low. September's high crossing at 12,465.25 is the next upside 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 11,472.09. Second support is November's low crossing at 10,942.25.
The December S&P 500 closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below Monday's gap crossing at 3502.70 are needed to 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 3394.30.
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December T-bonds closed down 1/32's at 172-08.
December T-bonds slightly lower on Friday as it consolidated some of this week's rebound off the 75% retracement level of the March-August-rally crossing at 169-17. The low-range close sets the stage for a steady to slightly lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 172-25 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 172-25. Second resistance is the 50-day moving average crossing at 174-18. 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 down 15-pts. at 138.035.
December T-notes closed lower on Friday as it consolidates some of this week's rebound off Wednesday's low. The low-range close sets the stage for a steady to lower opening when Monday'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 138.122 would confirm that a short-term low has been posted. If December renews the decline off September's high, June's low crossing at 137.025 is the next downside target. First resistance is the 20-day moving average crossing at 138.122. Second resistance is the 50-day moving average crossing at 138.300. 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 for the third day in a row on Friday 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 Monday's night session begins. 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 $39.19 would signal that a short-term top has been posted. If December renews the rally off November's low, August's high crossing at $44.33 is the next upside target. 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 for the third day in a row on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. 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 $115.81 would signal that a short-term top has been posted. If December renews the rally off November's low, the August 25th high crossing at $132.46 is the next upside target. 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 Friday as it extends the decline off Wednesday's high. The low-range close sets the stage for a steady to lower opening when Monday'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 the 20-day moving average crossing at $111.45 would signal that a short-term top has been posted. If December renews the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $131.93 is the next upside target. 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 slightly higher on Friday. The low-range close sets the stage for a steady to slightly higher opening when Monday'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 3.139 are needed to 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 20-day moving average crossing at 3.139. Second resistance is the 50-day moving average crossing at 3.160. 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 lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night 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 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 Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, Monday's high crossing at $119.30 is the next upside target. Closes below Wednesday's low crossing at crossing at 117.53 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 Wednesday's low crossing at 117.53. Second support is November's low crossing at 116.13.
The December British Pound was higher on Friday as it consolidated some of the decline off Wednesday's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.2976 would confirm 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 1.2976. Second support is November's low crossing at 1.2855.
The December Swiss Franc closed higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0993 would signal that a short-term low has been posted. If December extends this week's decline, November's low crossing at 1.0874 is the next downside target. 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 slightly lower on Friday as it extends this week's decline. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 75.75 would confirm 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 75.75. Second support is October's low crossing at 74.70.
The December Japanese Yen closed higher on Friday as it extended this week's short covering bounce off Wednesday's low. The high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 0.0956 would signal that a short-term low has been posted. If December renews this week's decline, October's low crossing at 0.0943 is the next downside target. 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.
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December gold closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold and are poised to turn neutral to bullish with additional strength next week that would signal sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1910.00 would signal that a short-term low has been posted. If December renews the decline off Monday's high, the 38% retracement level of the March-August-rally crossing at $1771.40 is the next downside target. 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 closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off September's low, the September 15th high crossing at 27.865 is the next upside target. Closes below Monday's low crossing at 23.600 would confirm that a short-term top has been posted. 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 higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to 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 306.29 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 306.29. Second support is November's low crossing at 302.80.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed down $0.02 1/4-cents at $4.10 1/2.
December corn closed higher on Friday as it consolidated some of the decline off Wednesday's high. The mid-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are 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 renews 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 up $0.04 1/2-cents at $5.92 3/4.
December wheat closed higher on Friday as it bounce off the August-September uptrend line in early-trading.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are becoming 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, the 38% retracement level of the June-October-rally crossing at $5.77 1/2 is the next downside target. Closes above the 20-day moving average crossing at $6.10 1/2 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 $5.85 1/2. Second support is the 38% retracement level of the June-November-rally crossing at $5.77 1/2.
December Kansas City Wheat closed up $0.06 1/4-cents at $5.50 1/4.
December Kansas City wheat closed higher on Friday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off November's high, the 50-day moving average crossing at $5.23 1/2 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 $5.23 1/2.
December Minneapolis wheat closed up $0.05 3/4-cents at $5.54 3/4.
December Minneapolis wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 1/2 would open the door for additional weakness near-term. Closes above the reaction 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 1/2. 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 up $0.02 1/2-cents at $11.48.
January soybeans closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 $10.89 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 $11.11. Second support is the 20-day moving average crossing at $10.89.
December soybean meal closed up $0.40 to $388.50.
December soybean meal closed slightly higher on Friday as it consolidated some of the decline off Tuesday's high. The mid-range close sets the stage for a steady to higher opening when Monday'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 $382.90 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 $382.90. Second support is the October 13th low crossing at $352.30.
December soybean oil closed up 9-pts. at 37.14.
December soybean oil closed higher on Friday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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 34.54 would signal that a short-term top has been posted. First resistance is today's high crossing at 37.50. Second resistance is the December-2016 high crossing at 38.35. First support is the 10-day moving average crossing at 35.52. Second support is the 20-day moving average crossing at 34.54.
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December hogs closed down $0.93 at $64.87.
December hogs closed lower on Friday as it extends this month's trading range. The low-range close sets the stage for a steady to lower opening when Monday'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 $66.64 would signal that a short-term low has been posted. Closes below Wednesday's low crossing at $63.60 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 Wednesday's low crossing at $63.60. Second support is the September 16th low crossing at $61.25.
December cattle closed down $1.87 at $112.08
December cattle closed sharply lower on Friday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are 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 $107.57 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 $107.57. Second support is October's low crossing at $102.53.
January Feeder cattle closed down $2.97-cents at $137.75.
January Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are 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 $132.74 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 $132.74.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 11.14 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 sharply on Friday and above the October 26th high crossing at 25.20 confirming that the short-term trading has turned higher. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning 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 24.67 is the next upside target. If December extends this month's rally, September's high crossing at 27.08 is the next upside target. Closes below the 50-day moving average crossing at 24.68 would temper the near-term friendly outlook.
March sugar closed higher on Friday while extending the trading range of the past four-weeks. The high-range close set the stage for a steady to higher opening on Monday. 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 slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. 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, the 50-day moving average crossing at 67.88 are needed to confirm that a short-term top has been posted and opens the door for additional weakness near-term. Closes above the 20-day moving average crossing at 70.17 would signal that a short-term low has been posted.