KEY EVENTS TO WATCH FOR:

Friday, December 4, 2020 

8:30 AM ET. November U.S. Employment Report

                       Non-Farm Payrolls (expected +425K; previous +638K)

                       Unemployment Rate (expected 6.7%; previous 6.9%)

                       Avg Hourly Earnings (USD) (previous 29.5)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.04)

                       Avg Hourly Earnings, M/M% (expected +0.1%; previous +0.14%)

                       Avg Hourly Earnings, Y/Y% (expected +4.2%; previous +4.46%)

                       Overall Workweek (previous 34.8)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous -268K)

                       Private Payroll (previous +906K)

                       Participation Rate (previous 61.7%)

                       Non-Farm Payrolls Bench Net Chg

8:30 AM ET. October U.S. International Trade in Goods & Services

                       Trade Balance (USD) (expected -64.8B; previous -63.86B)

                       Exports (USD) (previous 76.35B)

                       Exports, M/M% (previous +2.6%)

                       Imports (USD) (previous 240.22B)

                       Imports, M/M% (previous +0.5%)

10:00 AM ET. October Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (expected +0.8%; previous +1.1%)

                       Orders, Ex-Defense, M/M% (previous +1.8%)

                       Orders, Ex-Transport, M/M% (previous +0.5%)

                       Durable Goods, M/M%

                       Durable Goods, M/M%

Monday, December 7, 2020 

10:00 AM ET. November Employment Trends Index

                       ETI (previous 97.57)

                       ETI, Y/Y%

3:00 PM ET. October Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +16.2B)

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

The Dow closed higher on Thursday as hope that Washington lawmakers could finally come to an agreement for another aid package to help small businesses and workers affected by the COVID-19 pandemic show signs of progress.The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the  RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the November 12^th low crossing at 28,902.13 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 30,116.51. Second resistance is unknown. First support is the 20-day moving average crossing at 29,489.84. Second support is the November 12th low crossing at 28,902.13.  

The December NASDAQ 100 closed higher on Thursday as it extends the rally off November's low. The mid-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 November's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 12,065.38 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 12,540.25. Second resistance is unknown. First support is the 10-day moving average crossing at 12,206.40. Second support is the 20-day moving average crossing at 12,065.40.   

The December S&P 500 closed slightly lower on Thursday. The low-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 renews the rally off November's low into uncharted territory, upside targets will be  hard to project. Closes below the 20-day moving average crossing at 3589.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3681.45. Second resistance is unknown. First support is the 20-day moving average crossing at 3589.80. Second support is the 50-day moving average crossing at 3469.43.  

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

March T-bonds closed up 31/32's at 173-04.

March T-bonds posted an inside day with a higher close on Thursday as it consolidated some of this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, November's low crossing at 170-22 is the next downside target. Closes above the 50-day moving average crossing at 175-01 would open the door for a possible test of November's high crossing at 177-06. First resistance is the 50-day moving average crossing at 175-01.  Second resistance is November's high crossing at 177-06. First support is Wednesday's low crossing at 171-22. Second support is November's low crossing at 170-22. 

March T-notes closed up 100-pts. at 137.235.

March T-notes closed higher on Thursday as it consolidated some of Tuesday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews this week's decline, November's low crossing at 136.265 is the next downside target. If March renews the rally off November's low, the 50-day moving average crossing at 138.091 is the next upside target. First resistance is the 50-day moving average crossing at 138.091. Second resistance is November's high crossing at 138.300. First support is Wednesday's low crossing at 137.085. Second support is November's low crossing at 136.265. 

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

January crude oil closed higher on Thursday as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are turning neutral to bullish again signaling that sideways to higher prices are possible near-term. If January renews the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $47.20 is the next upside target. Closes below the 20-day moving average crossing at $42.54 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $46.26. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $47.20. First support is the 10-day moving average crossing at $44.36. Second support is the 20-day moving average crossing at $42.54.  

January heating oil closed higher on Thursday as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are diverging but turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January resumes the rally off November's low, the 38% retracement level of the 2018-2020-decline crossing at $150.97 is the next upside target. Closes below the 20-day moving average crossing at $128.94 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $140.15. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at $150.97. First support is the 10-day moving average crossing at $134.89. Second support is the 20-day moving average crossing at $128.94. 

January unleaded gas 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January resumes the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $134.28 is the next upside target. Closes below the 20-day moving average crossing at $118.51 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $128.15. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $134.28. First support is the 10-day moving average crossing at 122.69. Second support is the 20-day moving average crossing at $118.51.    

January Henry natural gas closed sharply lower for the second day in a row 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 January renews the decline off November's high, June's low crossing at 2.421 is the next downside target. Closes above the 20-day moving average crossing at 2.907 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at  2.907. Second resistance is the November 16^th gap crossing at 3.074. First support is today's low crossing at 2.484. Second support is June's low crossing at 2.421. 

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

The December Dollar closed lower on Thursday as it extends this year'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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year's decline, monthly support crossing at 90.21 is the next downside target. Closes above the 20-day moving average crossing at 92.19 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 92.19. Second resistance is the 50-day moving average crossing at 92.99. First support is today's low crossing at 90.51. Second support is monthly support crossing at 90.21. 

The December Euro closed higher on Thursday as it extends the rally off November's low to a new high for the year. 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 November's low, the 62% retracement level of the 2018-2020-decline crossing at 124.75 is the next upside target. Closes below the 20-day moving average crossing at 119.02 would signal that a short-term top has been posted. First resistance is today's high crossing at 121.77. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at 124.75. First support is the 10-day moving average crossing at 119.63. Second support is the 20-day moving average crossing at 119.02.  

The December British Pound posted a new high for the year 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 overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the February-2019 high crossing at 1.3684 is the next upside target. Closes below the 20-day moving average crossing at 1.3276 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.3502. Second resistance is the February-2019 high crossing at 1.3684. First support is the 20-day moving average crossing at 1.3276. Second support is the 50-day moving average crossing at 1.3085. 

The December Swiss Franc closed higher on Thursday as it extended the rally off March's low. 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 this week's rally, the September-2019 high crossing at 1.1319 is the next upside target. Closes below the 50-day moving average crossing at 1.0977 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.1249. Second resistance is the September-2019 high crossing at 1.1319. First support is the 10-day moving average crossing at 1.1050. Second support is the 20-day moving average crossing  at 1.1017.

The December Canadian Dollar closed higher on Thursday as it extends the rally off October's low. 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 October-2018 high crossing at 79.05 is the next upside target. Closes below the 20-day moving average crossing at 76.72 would confirm that a short-term top has been posted. First resistance is today's high crossing at 77.81. Second resistance is the October-2018 high crossing at 79.05. First support is the 20-day moving average crossing at 76.72. Second support is the 50-day moving average crossing at 76.04.

The December Japanese Yen 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, November's high crossing at 0.0970 is the next upside target. Closes below the 50-day moving average crossing at 0.0954 would signal that a short-term top has been posted. First resistance is the November 18th high crossing at 0.0965. Second resistance is November's high crossing at 0.0970. First support is the 50-day moving average crossing at 0.0954. Second support is November's low crossing at 0.0947.  

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

February gold closed higher for the third day in a row 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 neutral to bullish signaling that  sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1862.60 would signal that a short-term low has been posted. If February renews the decline off  November's high, the 50% retracement level of the March-August-rally crossing at $1711.10 is the next downside target. First resistance is the 20-day moving average crossing at $1862.60. Second resistance is the 50-day moving average crossing at $1889.30. First support is Monday's low crossing at $1767.20. Second support is the 50% retracement level of the March-August-rally crossing at $1711.10.

March silver closed slightly higher on Thursday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to slightly higher 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. Closes above the 50-day moving average crossing at 24.289 would confirm that a short-term low has been posted. Closes below September's low crossing at 21.930 would open the door for a possible test of the 50% retracement level of the March-August-rally crossing at 21.148. First resistance is the 50-day moving average crossing at 24.289. Second resistance is November's high crossing at 26.270. First support is September's low crossing at 21.930. Second support is the 50% retracement level of the March-August-rally crossing at 21.148.  

March copper 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off March's low, monthly resistance crossing at 361.26 is the next upside target. Closes below the 20-day moving average crossing at 327.72 would signal that a short-term top has been posted. First resistance is today's high crossing at 352.30. Second resistance is monthly resistance crossing at 361.26. First support is the 10-day moving average crossing at 338.35. Second support is the 20-day moving average crossing at 327.72. 

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

March Corn closed up $0.02 1/2-cents at $4.26 1/4. 

March corn closed higher on Thursday as it consolidates some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews this week's decline, the 50-day moving average crossing at $4.09 1/2 is the next downside target. If March resumes 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 Monday's high crossing at $4.39 1/2. Second resistance is the June-2016 high crossing at $4.43 1/2 is the next upside target. First support is Wednesday's low crossing at $4.14 1/2. Second support is the 50-day moving average crossing at $4.09 1/2.    

March wheat closed down $0.04 1/2-cents at $5.84.  

March wheat posted an inside day with a lower close 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, the 50% retracement level of the June-October-rally crossing at $5.71 is the next downside target. Closes above Monday's high crossing at $6.09 1/4 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $6.22 3/4. Second resistance is November's high crossing at $6.26 1/4. First support is the 50% retracement level of the June-November-rally crossing at $5.71. Second support is the 62% retracement level of the June-October-rally crossing at $5.55.      

March Kansas City Wheat closed down $0.04 1/4-cents at $5.49 1/2.

March Kansas City 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 are turning neutral to bullish signaling that a low might be in or is near. Closes above last-Wednesday's high crossing at $5.75 are needed to confirm that a short-term low has been posted. If March extends this week's decline, the 38% retracement level of the August-November-rally crossing at $5.27 3/4 is the next downside target. First resistance is last-Wednesday's high crossing at $5.75. Second resistance is November's high crossing at $5.86 1/2. First support is Wednesday's low crossing at $5.36 1/4. Second support is the 38% retracement level of the August-Nov.-rally crossing at $5.27 3/4.     

March Minneapolis wheat closed down $0.02 1/2-cents at $5.53 1/2. 

March 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 are turning neutral to bullish signaling that a low might be in or is near. Closes above last-Wednesday's high crossing at crossing at $5.73 would signal that a short-term low has been posted. If March extends the decline off October's high, the 75% retracement level of the August-October-rally crossing at $5.39 1/4 is the next downside target. First resistance is last-Wednesday's high crossing at crossing at $5.73. Second resistance is November's high crossing at $5.86. First support is the 62% retracement level of the August-October-rally crossing at $5.49 1/2. Second support is the 75% retracement level of the August-October-rally crossing at $5.39 1/4.    

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

January soybeans closed up $0.13 3/4-cents at $11.67.

January soybeans closed higher on Thursday as it consolidates some of this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at $11.59 1/4 would confirm that a short-term top has been posted. If January renews the rally off August's low, monthly resistance marked by the June-2016 high crossing at $12.08 1/2 is the next upside target. First resistance is last-Monday's high crossing at $12.00. Second resistance is monthly resistance marked by the June-2016 high crossing at $12.08 1/2. First support is the 20-day moving average crossing at $11.59 1/4. Second support is the 50-day moving average crossing at $10.92 1/4.

March soybean meal closed up $3.20 to $387.40. 

March soybean meal closed higher on Thursday as it consolidated some of this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at $366.10 is the next downside target. If March renews the rally off August's low, monthly resistance crossing at $404.90 is the next upside target. First resistance is last-Wednesday's high crossing at $398.80. Second resistance is monthly resistance crossing at $404.90. First support is Wednesday's low crossing at $380.10. Second support is the 50-day moving average crossing at $366.10.       

March soybean oil closed up 65-pts. at 37.42. 

March soybean oil closed higher on Thursday ending a three-day decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 36.98 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off October's low, monthly resistance crossing at 41.25 is the next upside target. First resistance is November's high crossing at 38.60. Second resistance is monthly resistance crossing at 41.25. First support is the 20-day moving average crossing at 36.98. Second support is the 50-day moving average crossing at 34.69.     

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

February hogs closed down $0.95 at $66.93. 

February hogs 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $66.62 would signal that a short-term top has been posted. If February extends the rally off November's low October's high crossing at $72.80 is the next upside target. First resistance is Tuesday's high crossing at $69.60. Second resistance is October's high crossing at $72.80. First support is November's low crossing at $62.75. Second support is September's crossing at $61.55.     

February cattle closed down $1.45 at $112.48 

February cattle close 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 on Friday. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If February renews the rally off November's low, November's high crossing at $115.45 is the next upside target. If February extends the decline off last-Tuesday's high, the November 20^th low crossing at $109.00 is the next downside target. First resistance is November's high crossing at $115.45. Second resistance is September's high crossing at $116.63. First support is the November 20th low crossing at $109.00. Second support is October's low crossing at $105.53. 

January Feeder cattle closed down $2.30-cents at $139.50. 

January Feeder cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $138.85 would signal that a short-term top has been posted. If January extends the rally off October's low, August's high crossing at $147.38 is the next upside target. First resistance is Tuesday's high crossing at $143.48. Second resistance is August's high crossing at $147.38. First support is the November 20th low crossing at $133.00. Second support is October's low crossing at $124.25.       

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

March coffee closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11.66 are needed to confirm that a short-term top has been posted. If March resumes the rally off November's low, the 75% retracement level of the September-November decline crossing at 12.80 is the next upside target.    

March 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 25.59 would confirm that a short-term top has been posted. If March resumes the rally off November's low, monthly resistance crossing at 29.98 is the next upside target.                     

March sugar closed higher on Thursday as it consolidates some of the decline off November's high. The mid-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off September's low, weekly resistance crossing at 16.45 is the next upside target. Closes below the 50-day moving average crossing at 14.47 would open the door for a possible test of the October 30^th low crossing at 13.94.             

March cotton closed lower on Thursday as it extends the decline off November's high. 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 March extends this week's decline, the 50-day moving average crossing at 70.37 is the next downside target. If March resumes the rally off April's low, the July-2018 high crossing at 79.56 is the next upside target.