KEY EVENTS TO WATCH FOR:
Monday, December 14, 2020
N/A G30 special report launch - 'Reviving and Restructuring the
Corporate Sector Post-COVID'
Tuesday, December 15, 2020
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. December Empire State Manufacturing Survey
Mfg Idx (previous 6.3)
Employment Idx (previous 9.4)
New Orders Idx (previous 3.7)
Prices Received (previous 11.3)
8:30 AM ET. November Import & Export Price Indexes
Import Prices (previous -0.1%)
Non-Petroleum Prices (previous +0%)
Petroleum Prices (previous -1%
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -2.4%)
Ret Sales Mo-to-Date, Y/Y% (previous +2.1%)
Latest Wk, Y/Y% (previous +2.1%)
9:15 AM ET. November Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +1.1%)
Capacity Utilization % (previous 72.8%)
Capacity Utilization, Net Chg (Pts) (previous +0.8)
4:00 PM ET. October Treasury International Capital Data
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +1.1M)
Gasoline Stocks, Net Chg (Bbls) (previous +6.4M)
Distillate Stocks, Net Chg (Bbls) (previous +2.3M)
N/A U.S. Federal Open Market Committee meeting
Wednesday, December 16, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 848.3)
Composite Idx, W/W% (previous -1.2%)
Purchase Idx-SA (previous 325.7)
Purchase Idx-SA, W/W% (previous -5.0%)
Refinance Idx (previous 3959.2)
Refinance Idx, W/W% (previous +1.8%)
8:30 AM ET. November Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous +0.3%)
Sales, Ex-Auto, M/M% (previous +0.2%)
Sales, Ex-Auto & Gas, M/M% (previous +0.2%)
9:45 AM ET. December US Flash Manufacturing PMI
PMI, Mfg (previous 56.7)
9:45 AM ET. December US Flash Services PMI
PMI, Services (previous 57.7)
10:00 AM ET. October Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +0.7%)
10:00 AM ET. December NAHB Housing Market Index
Housing Mkt Idx (previous 90)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 503.231M)
Crude Oil Stocks, Net Chg (Bbl) (previous +15.189M)
Gasoline Stocks (Bbl) (previous 237.859M)
Gasoline Stocks, Net Chg (Bbl) (previous +4.221M)
Distillate Stocks (Bbl) (previous 151.092M)
Distillate Stocks, Net Chg (Bbl) (previous +5.222M)
Refinery Usage (previous 79.9%)
Total Prod Supplied (Bbl/day) (previous 18.534M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.066M)
2:00 PM ET. Federal Reserve economic projections
Median Fed Funds Rate - 2020 (previous 0.1%)
Median Fed Funds Rate - 2021 (previous 0.1%)
Median Fed Funds Rate - 2022 (previous 0.1%)
Median Fed Funds Rate - 2023 (previous 0.1%)
2:00 PM ET. U.S. interest rate decision
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 0.25)
Fed Funds Rate-Range Low (previous 0.00)
FOMC Vote For Action (previous 10)
FOMC Vote Against Action (previous 0)
Discount Rate (previous 0.25)
Discount Rate Change (Pts) (previous +0)
Discount Rate-Range High
Discount Rate-Range Low
2:00 PM ET. SEC Closed Meeting
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Friday as it extends this month's trading range. 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 29,835.51 would confirm that a short-term top has been posted. If the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at 30,319.70. Second resistance is unknown. First support is the 20-day moving average crossing at 29,835.51. Second support is the November 12th low crossing at 28,902.13.
The March NASDAQ 100 closed lower on Friday. The high-range close sets the stage for a steady to slightly lower 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. Closes below the 20-day moving average crossing at 12,230.70 are needed to confirm that a short-term top has been posted. If March resumes the rally off November's low into uncharted territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at 12,667.75. Second resistance is unknown. First support is the 20-day moving average crossing at 12,230.70. Second support is the 50-day moving average crossing at 11,867.60.
The March S&P 500 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3625.40 would confirm that a short-term top has been posted. If March extends the rally off November's low into uncharted territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at 3712.49. Second resistance is unknown. First support is the 20-day moving average crossing at 3625.40. Second support is the 50-day moving average crossing at 3503.37.
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March T-bonds closed up 11/32's at 173-26.
March T-bonds closed higher on Friday as it extended this week's gains. 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 50-day moving average crossing at 174-12 would open the door for a possible test of November's high crossing at 177-06. If March resumes last-week's decline, November's low crossing at 170-22 is the next downside target. First resistance is the 50-day moving average crossing at 174-12. Second resistance is November's high crossing at 177-06. First support is last-Friday's low crossing at 171-04. Second support is November's low crossing at 170-22.
March T-notes closed up 60-pts. at 137.265.
March T-notes closed higher on Friday as it extends this week's gains and closed above the 50-day moving average crossing at 138.030 opening the door for additional gains near-term. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, November's high crossing at 138.300 is the next upside target. Closes below last-Friday's low crossing at 137.075 would open the door for a possible test of November's low crossing at 136.265. First resistance is today's high crossing at 138.070. Second resistance is November's high crossing at 138.300. First support is last-Friday's low crossing at 137.075. Second support is November's low crossing at 136.265.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil posted an inside day with a lower close on Friday 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 Monday's night session begins. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $52.20 is the next upside target. Closes below the 20-day moving average crossing at $44.28 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the 2018-2020-decline crossing at $47.20. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $52.20. First support is the 20-day moving average crossing at $44.28. Second support is the 50-day moving average crossing at $41.65.
January heating oil posted an inside day with a slightly lower close on Friday as it consolidates some of the rally off November's low. The mid-range close sets the stage for a steady opening when Monday's night trading session begins. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends 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 $134.76 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $146.19. 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 $139.43. Second support is the 20-day moving average crossing at $134.76.
January unleaded gas closed lower on Friday as it consolidated some of this week's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends 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 $122.63 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $133.55. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $134.28. First support is the 20-day moving average crossing at 122.63. Second support is the 50-day moving average crossing at $116.68.
January Henry natural gas closed higher on Friday following yesterday's key reversal up. 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 2.737 are needed to confirm that a short-term low has been posted. If January renews the decline off November's high, weekly support crossing at 2.179 is the next downside target. First resistance is the 10-day moving average crossing at 2.610. Second resistance is the 20-day moving average crossing at 2.737. First support is Tuesday's low crossing at 2.368. Second support is weekly support crossing at 2.179.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Friday as it extends this week's trading range. 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 91.57 would signal that a short-term low has been posted. If March resumes this year's decline, monthly support crossing at 90.21 is the next downside target. First resistance is the 10-day moving average crossing at 90.95. Second resistance is the 20-day moving average crossing at 91.57. First support is last-Friday's low crossing at 90.38. Second support is monthly support crossing at 90.21.
The March Euro closed lower on Friday as it extends the trading range of the past seven-days. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at 125.39 is the next upside target. Closes below the 20-day moving average crossing at 120.17 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 122.09. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at 125.39. First support is the 10-day moving average crossing at 121.25. Second support is the 20-day moving average crossing at 120.17.
The March British Pound closed lower on Friday and below the 20-day moving average crossing at 1.3336 confirming that a short-term top has been posted. The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3154 would open the door for additional weakness and a possible test of November's low crossing at 1.2876. If March resumes the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. First resistance is last-Friday's high crossing at 1.3550. Second resistance is the February-2019 high crossing at 1.3728. First support is the 50-day moving average crossing at 1.3154. Second support is November's low crossing at 1.2876.
The March Swiss Franc closed lower on Friday posting a key reversal downas it consolidates some of the rally off March'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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, the September-2019 high crossing at 1.1408 is the next upside target. Closes below the 20-day moving average crossing at 1.1127 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.1333. Second resistance is the September-2019 high crossing at 1.1408. First support is the 10-day moving average crossing at 1.1234. Second support is the 20-day moving average crossing at 1.1127.
The March Canadian Dollar posted an inside day with a lower close on Friday as it consolidated some of the rally off October'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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the October-2018 high crossing at 79.09 is the next upside target. Closes below the 20-day moving average crossing at 77.24 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 78.74. Second resistance is the October-2018 high crossing at 79.09. First support is the 10-day moving average crossing at 77.88. Second support is the 20-day moving average crossing at 77.27.
The March Japanese Yen 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, November's high crossing at 0.0971 is the next upside target. Closes below the 50-day moving average crossing at 0.0957 would signal that a short-term top has been posted. First resistance is the November 18th high crossing at 0.0966. Second resistance is November's high crossing at 0.0971. First support is the 50-day moving average crossing at 0.0957. Second support is November's low crossing at 0.0948.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Friday ending a two-day correction off Tuesday'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. If February renews the rally off November's low, the 50-day moving average crossing at $1884.10 is the next upside target. First resistance is the 50-day moving average crossing at $1884.10. Second resistance is November's high crossing at $1973.30. First support is November'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 lower on Friday. The mid-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 bearish signaling that a short-term top might be in or is near. Closes below Monday's low crossing at 23.630 would signal that a short-term top has been posted. If March renews the rally off November's low, November's high crossing at 26.270 is the next upside target. First resistance is Tuesday's high crossing at 25.015. 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 posted a downside reversal on Friday as early strength gave way to profit taking ahead of the weekend. 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 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 339.22 would signal that a short-term top has been posted. First resistance is today's high crossing at 362.45. Second resistance is monthly resistance crossing at 361.26. First support is the 20-day moving average crossing at 339.22. Second support is the 20-day moving average crossing at 339.22.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.02 1/2-cents at $4.23 3/4.
March corn closed higher on Friday as it extended the trading range for the past two-weeks. The high-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March renews the decline off last-week's high, the 50-day moving average crossing at $4.14 3/4 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 last-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 the 50-day moving average crossing at $4.14 3/4. Second support is the October 29th low crossing at $3.96.
March wheat closed up $0.20 1/4-cents at $6.16 3/4.
March wheat closed sharply higher for the third day in a row on Friday following Thursday's friendly WASDE report. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the November 25th high crossing at $6.22 3/4 is the next upside target. Closes below the 10-day moving average crossing at $5.85 3/4 would signal that a short-term top has been posted. First resistance is the November 25th high crossing at $6.22 3/4. Second resistance is November's high crossing at $6.28 3/4. 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 up $0.19 1/4-cents at $5.82 3/4.
March Kansas City wheat posted its highest close in 18 months on Friday following Thursday's friendly supply-demand report and confirmed yesterday's key reversal up. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the 87% retracement level of the 2018-2020 decline crossing at $6.12 is the next upside target. Closes below the 10-day moving average crossing at $5.51 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the 2018-2020 decline crossing at crossing at $5.87 1/4. Second resistance is the 87% retracement level of the 2018-2020 decline crossing at $6.12. First support is the 10-day moving average crossing at $5.51. Second support is Monday's low crossing at $5.30 3/4.
March Minneapolis wheat closed up $0.07 1/2-cents at $5.70.
March Minneapolis wheat closed higher on Friday and above the 50-day moving average crossing at crossing at $5.64 3/4 as it extended this week'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 neutral to bullish signaling that sideways to higher prices are possible. If March extends this week's rally, November's high crossing at $5.86 is the next upside target. Closes below the 10-day moving average crossing at crossing at $5.54 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at crossing at $5.74. Second resistance is November's high crossing at $5.86. First support is the 10-day moving average crossing at crossing at $5.54 1/4. Second support is Wednesday's low crossing at $5.42 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed up $0.08 3/4-cents at $11.61 1/2.
January soybeans closed higher on Friday as it extends this month's trading range. 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 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. Closes below last-Wednesday's low crossing at $11.42 1/2 would open the door for additional weakness and a possible test of the 50-day moving average crossing at $11.10 later this month. First resistance is November'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 last-Wednesday's low crossing at $11.42 1/2. Second support is the 50-day moving average crossing at $11.10.
March soybean meal closed up $2.20 to $381.60.
March soybean meal 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the 50-day moving average crossing at $371.70 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 November's high crossing at $398.80. Second resistance is monthly resistance crossing at $404.90. First support is Tuesday's low crossing at $377.80. Second support is the 50-day moving average crossing at $371.70.
March soybean oil closed up 18-pts. at 38.11.
March soybean oil closed higher on Friday as it extends the trading range of the past four-weeks. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, monthly resistance crossing at 41.25 is the next upside target. Closes below last-Wednesday's low crossing at 36.42 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is November's high crossing at 38.60. Second resistance is monthly resistance crossing at 41.25. First support is last-Wednesday's low crossing at 36.42. Second support is the 50-day moving average crossing at 35.29.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $1.88 at $63.23.
February hogs closed sharply lower on Friday as it extends this month's decline and is poised to test November's low crossing at $62.75. 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 bearish signaling that sideways to lower prices are possible near-term. If February extends this month's decline, November's low crossing at $62.75 is the next downside target. Closes above the 50-day moving average crossing at $67.30 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $66.07. Second resistance is the 50-day moving average crossing at $67.30. First support is November's low crossing at $62.75. Second support is September's crossing at $61.55.
February cattle closed up $1.55 at $113.40
February cattle close higher on Friday and above the 20-day moving average crossing at $112.46 thereby confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews the decline off the November 24th high, the November 20th low crossing at $109.00 is the next downside target. If First resistance is the November 24th high crossing at $114.70. Second resistance is November's high crossing at $115.45. First support is the November 20th low crossing at $109.00. Second support is October's low crossing at $105.53.
March Feeder cattle closed up $1.08 at $140.33.
March Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, August's high crossing at $145.30 is the next upside target. Closes below Monday's low crossing at $137.25 would signal that a short-term top has been posted. First resistance is this month's high crossing at $142.00. Second resistance is August's high crossing at $145.30. First support is Monday's low crossing at $137.25. Second support is the 50-day moving average crossing at $135.08.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below Monday's low crossing at 11.45 are needed to confirm that a short-term top has been posted.
March cocoa closed higher on Friday as it consolidates some of the decline off November's high. 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. Closes above the 10-day moving average crossing at 26.34 would signal that a short-term low has been posted. If March extends the decline off November's high, the 50-day moving average crossing at 24.86 is the next downside target.
March sugar closed lower on Friday as it extends this month's trading range. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned neutral signaling that sideways trading is possible near-term. Closes below last-Wednesday's low crossing at 14.33 would open the door for a possible test of the October 30th low crossing at 13.94. Closes above Thursday's high crossing at 15.07 would confirm that a short-term low has been posted.
March cotton closed slightly lower on Friday as it consolidates some of Thursday's rally. 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. If March extends the rally off April's low, the July-2018 high crossing at 79.56 is the next upside target. Closes below the 50-day moving average crossing at 71.15 would confirm that a short-term top has been posted.