KEY EVENTS TO WATCH FOR:

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 posted an inside day with a higher close on Tuesday and above 30,000 as investors monitor Washington stimulus talks.The high-range close sets the stage for a steady to higher opening when Wednesday'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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 29,868.88 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 30,325.79. Second resistance is unknown. First support is the 20-day moving average crossing at 29,868.88. Second support is the November 12th low crossing at 28,902.13.  

The March NASDAQ 100 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 November's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 12,284.96 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 12,667.75. Second resistance is unknown. First support is the 20-day moving average crossing at 12,284.96. Second support is the 50-day moving average crossing at 11,914.83.   

The March S&P 500 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 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 3629.63 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 3712.49. Second resistance is unknown. First support is the 20-day moving average crossing at 3629.63. Second support is the 50-day moving average crossing at 3509.91.  

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

March T-bonds closed down 15/32's at 173-06.

March T-bonds closed lower on Tuesday as it consolidated some of last-week's rally. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness signaling that sideways to lower prices are possible near-term. If March resumes the decline the November 20^th high, November's low crossing at 170-22 is the next downside target. Closes above the 50-day moving average crossing at 174-08 would confirm that a low has been posted while opening the door for a possible test of November's high crossing at 177-06. First resistance is the 50-day moving average crossing at 174-08.  Second resistance is November's high crossing at 177-06. First support is the December 4th low crossing at 171-04. Second support is November's low crossing at 170-22. 

March T-notes closed down 40-pts. at 137.305.

March T-notes closed lower on Tuesday as it consolidates some of the rally off the December 4^th low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session  begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 137.244 would temper the near-term friendly outlook. Closes above the 50-day moving average crossing at 138.019 would confirm that a short-term low has been posted and open the door for additional short-term gains. First resistance is the 50-day moving average crossing at 138.019. Second resistance is November's high crossing at 138.300. First support is the December 4th 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 closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 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 $44.91 would signal that a short-term top has been posted. First resistance is today's high crossing at $47.73. 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 $44.91. Second support is the 50-day moving average crossing at $41.99.  

January heating oil closed higher on Tuesday following Monday's key reversal up as it extends the rally off November's low. The high-range close sets the stage for a steady higher opening when Wednesday'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 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 $137.05 would signal that a short-term top has been posted. First resistance is today's high crossing at $147.08. 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  $141.51. Second support is the 20-day moving average crossing at $137.05. 

January unleaded gas closed slightly higher on Tuesday as it extends the rally off November's low. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 $124.49 would signal that a short-term top has been posted. First resistance is last-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 124.49. Second support is the 50-day moving average crossing at $117.47.    

January Henry natural gas closed slightly lower on Tuesday as it consolidated some of the rally off last-Tuesday's low. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 2.706 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 20-day moving average crossing at 2.706. Second resistance is the November 25^th high crossing at 3.002. First support is last-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 lower on Tuesday as it extends this month's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold and turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If March resumes this year's decline, monthly support crossing at 90.21 is the next downside target. Closes above the 20-day moving average crossing at 91.37 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 90.75. Second resistance is the 20-day moving average crossing at 91.37. First support is today's low crossing at 90.35. Second support is monthly support crossing at 90.21. 

The March Euro closed higher on Tuesday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday'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 120.47 would signal that a short-term top has been posted. First resistance is the reaction high crossing at 122.09. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at 125.39. First support is last-Wednesday's low crossing at 120.90. Second support is the 20-day moving average crossing at 120.47.  

The March British Pound closed higher on Tuesday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 September's low, the February-2019 high crossing at 1.3728 is the next upside target. Closes below the 50-day moving average crossing at 1.3171 would open the door for additional weakness and a possible test of November's low crossing at 1.2876. 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 averagecrossing at 1.3171. Second support is November's low crossing at 1.2876.

The March Swiss Franc closed higher on Tuesday as it continues to grind higher.The high-range close sets the stage for a steady to higher opening when Wednesday'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 1.1160 would signal that a short-term top has been posted. First resistance is last-Friday'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 1.1278. Second support is the 20-day moving average crossing  at 1.1160.

The March Canadian Dollar closed higher on Tuesday as it extends the rally off . The mid-range close sets the stage for a steady to higher opening when Tuesday'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 77.47 would confirm that a short-term top has been posted. First resistance is Today's high crossing at 78.85. Second resistance is the October-2018 high crossing at 79.09. First support is the 10-day moving average crossing at 78.18. Second support is the 20-day moving average crossing at 77.47.

The March Japanese Yen closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’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 Monday's high crossing at 0.0967. 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 Tuesday as it consolidated some of the decline off last-Tuesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 February renews the rally off November's low, the 50-day moving average crossing at $1881.20 is the next upside target. 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 50-day moving average crossing at $1881.20. 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 higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 26.270 is the next upside target.Closes below last-Monday's low crossing at 23.630 would signal that a short-term top has been posted. First resistance is last-Tuesday's high  crossing at 25.015. Second resistance is November's high crossing at 26.270. First support is November's low crossing at 21.960. Second support is the 50% retracement level of the March-August-rally crossing at 21.148.  

March copper closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 342.42 would signal that a short-term top has been posted. If March extends the rally off March's low, monthly resistance crossing at 361.26 is the next upside target. First resistance is  last-Friday'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 342.42. Second support is the 50-day moving average crossing at 323.14. 

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

March Corn closed up $0.01-cent at $4.25. 

March corn closed higher on Tuesday as it extends this month's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 April's low, weekly resistance marked by the June-2016 high crossing at $4.43 1/2 is the next upside target. If March renews the decline off November's high, the November 2^nd low crossing at $4.14 1/2 is the next downside target. First resistance is November'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 November 2^nd low crossing at $4.14 1/2. Second support is the October 29^th low crossing at $3.96.   

March wheat closed up $0.04-cents at $6.00 1/2.  

March wheat closed higher on Tuesday as it consolidated some of Monday's decline. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Monday's low, November's high crossing at $6.28 3/4 is the next upside target. Closes below the 10-day moving average crossing at $5.89 would signal that a short-term top has been posted. First resistance is the November 25^th 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 $0.04-cents at $5.66 1/4.

March Kansas City wheat closed higher on Tuesday as it consolidated some of Monday's decline. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $5.55 would signal that a short-term top has been posted. If March extends last-week's rally, the 87% retracement level of the 2018-2020 decline crossing at $6.12 is the next upside target. 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 $5.55. Second support is last-Monday's low crossing at $5.30 3/4.       

March Minneapolis wheat closed up $0.02-cents at $5.59 1/2. 

March Minneapolis wheat closed higher on Tuesday as it consolidated some of Monday's sell off. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins  trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible. Closes below the 10-day moving average crossing at crossing at $5.55 3/4 would confirm that a short-term top has been posted. If March extends last-week's rally, November's high crossing at $5.86 is the next upside target. First resistance is last-Friday'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 $5.55 3/4. Second support is last-Wednesday's low crossing at $5.42 1/2.      

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

January soybeans closed up $0.16 1/4-cents at $11.58 3/4.

January soybeans closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 December'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 $11.16 1/4 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 December's low crossing at $11.42 1/2. Second support is the 50-day moving average crossing at $11.16 1/4.

March soybean meal closed up $7.20 to $389.20. 

March soybean meal closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 August's low, monthly resistance crossing at $404.90 is the next upside target. If March extends the decline off November's high, the 50-day moving average crossing at $373.40 is the next downside target. First resistance is November's high crossing at $398.80. Second resistance is monthly resistance crossing at $404.90. First support is last-Tuesday's low crossing at $377.80. Second support is the 50-day moving average crossing at $373.40.      

March soybean oil closed up 43-pts. at 38.95. 

March soybean oil closed higher on Tuesday as it renewed the rally off October's low. The high-range close sets  the stage for a steady to higher opening when Wednesday'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, monthly resistance crossing at 41.25 is the next upside target. Closes below the December 2nd 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 today's high crossing at 38.97. Second resistance is monthly resistance crossing at 41.25. First support is the December 2nd low crossing at 36.42. Second support is the 50-day moving average crossing at 35.55.      

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

February hogs closed up $0.48 at $66.15. 

February hogs closed higher on Tuesday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $67.21 would confirm that a short-term low has been posted. If February extends this month's decline, November's low crossing at $62.75 is the next downside target. First resistance is the 20-day moving average crossing at $66.24. Second resistance is the 50-day moving average crossing at $67.21. First support is November's low crossing at $62.75. Second support is September's crossing at $61.55.     

February cattle closed down $0.40 at $112.70 

February cattle posted an inside day with a lower close on Tuesday but remains above the 20-day moving average crossing at $112.50. The mid-range close sets the stage for a steady to lower opening on Wednesday.Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends last-week's rally, the November 24^th high crossing at $114.70 is the next upside target. If February renews the decline off the November 24th high, the November 20^th 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 December 8^th low crossing at $110.55. Second support is the November 20th low crossing at $109.00.  

March Feeder cattle closed up $0.18 at $140.78. 

March Feeder cattle closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 last-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 last-Monday's low crossing at $137.25. Second support is the 50-day moving average crossing at $135.20.         

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

March coffee closed lower on Tuesday as it consolidated some of Monday's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends 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 last-Monday's low crossing at 11.45 are needed to confirm that a short-term top has been posted.     

March cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off November's high, the 50-day moving average crossing at 24.91 is the next downside target. Closes above the 20-day moving average crossing at 26.49 would signal that a short-term low has been posted.                      

March sugar closed higher on Tuesday 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 Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends Monday's decline, the October 30^th low crossing at 13.94 is the next downside target. Closes above last-Thursday's high crossing at 15.07 would confirm that a short-term low has been posted. 

March cotton closed higher on Tuesday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 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 71.48 would confirm that a short-term top has been posted.