KEY EVENTS TO WATCH FOR:
Monday, December 21, 2020
8:30 AM ET. November CFNAI Chicago Fed National Activity Index
NAI (previous 0.83)
NAI, 3-mo Moving Avg (previous 0.75)
10:00 AM ET. SEC Open Meeting
11:00 AM ET. SEC Closed Meeting
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The March NASDAQ 100 was sharply lower overnight on concerns over new COVID-19 strain in U.K. The low-range trade sets the stage for a lower opening when the day 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 the NASDAQ 100 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 12,438.73 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 12,789.75. Second resistance is unknown. First support is the 20-day moving average crossing at 12,438.73. Second is the 50-day moving average crossing at 12,011.98.
The March S&P 500 was lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.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 year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3652.40 would confirm that a short-term top has been posted. First resistance is Friday's high crossing at 3720.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3652.40. Second support is the 50-day moving average crossing at 3534.73.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 50-day moving average crossing at 174-01 would signal that a low has been open while opening the door for a possible test of November's high crossing at 177-06. If March renews the decline off the November 20th high, November's low crossing at 170-22 is the next downside target. First resistance is the 50-day moving average crossing at 174-01. Second resistance is the November 20th high crossing at 175-21. First support is the December 4th low crossing at 171-04. Second support is November's low crossing at 170-22.
March T-notes were higher overnight. The high-range overnight trade sets the stage for a steady to higher opening with the day 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 December 11th high crossing at 138.070 would open the door for additional gains near-term. Closes below last-Wednesday's low crossing at 137.195 would signal that a short-term top has been posted. First resistance is the December 11th high crossing at 138.070. 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 ""
February crude oil was sharply lower overnight as it consolidates some the rally off November's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 February extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $52.41 is the next upside target. Closes below the 20-day moving average crossing at $46.32 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $49.43. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $52.41. First support is the 20-day moving average crossing at $46.32. Second support is the 50-day moving average crossing at $42.81.
February heating oil was lower overnight as it consolidates some of the rally off November's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 February extends the rally off November's low, the 38% retracement level of the 2018-2020-decline crossing at $152.86 is the next upside target. Closes below the 20-day moving average crossing at $141.84 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $151.88. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at $152.86. First support is the 20-day moving average crossing at $141.84. Second support is the December 2nd low crossing at $134.29.
February unleaded gas was lower in late-overnight trading as it consolidates some of the rally off November's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 February extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $152.11 is the next upside target. Closes below the 20-day moving average crossing at $129.24 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $139.69. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $152.11. First support is the 20-day moving average crossing at $129.23. Second support is the 50-day moving average crossing at $119.81.
February Henry natural gas was steady to slightly lower in late-overnight trading. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 2.682 would confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 2.615 would temper the near-term friendly outlook. If February resumes the decline off October's high, weekly support crossing at 2.179 is the next downside target.First resistance resistance is the 20-day moving average crossing at 2.682. Second resistance is the 38% retracement level of the October-December-decline crossing at 2.797. First support is December's low crossing at 2.393. Second support is weekly support crossing at 2.179.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was higher overnight as it consolidates some of the decline off September's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving averagecrossing at $91.92 are needed to confirm that a short-term low has been posted. If March extends the decline off November's high, monthly support crossing at $88.15 is the next downside target.First resistance is the 20-day moving averagecrossing at $91.92. Second resistance is the 50-day moving average crossing at $92.17. First support is last-Thursday's low crossing at $89.64. Second support is monthly support crossing at $88.15.
The March Euro was lower overnight coming under pressure as it reacted to border closures and fresh lockdowns while the U.K. deals with an infectious new strain of COVID-19.The low-range overnight trade sets the stage for a steady to lower opening when the day 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 November's low, the 62% retracement level of the 2018-2020-decline crossing at $125.38 is the next upside target. Closes below the 20-day moving average crossing at $121.18 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $123.04. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $125.38. First support is the 20-day moving average crossing at $121.18. Second support is the 50-day moving average crossing at $119.43.
The March British Pound gapped down and was sharply lower overnight due to border closures and fresh lockdowns in the U.K. as it deals with an infectious new strain of COVID-19. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. 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 1.3214 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March extends the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. First resistance is last-Thursday's high crossing at 1.3643. Second resistance is the February-2019 high crossing at 1.3728. First support is the 50-day moving average crossing at 1.3214. Second support is November's low crossing at 1.2876.
The March Swiss Franc was lower overnight as it consolidates some of the rally off September's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 November's low, the September-2018 high crossing at 1.1408 is the next upside target. Closes below the 20-day moving average crossing at 1.1223 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 1.1371. Second resistance is the September-2018 high crossing at 1.1408. First support is the 20-day moving average crossing at 1.1223. Second support is the 50-day moving average crossing at 1.1100.
The March Canadian Dollar was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day 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 $77.62 are needed to confirm that a short-term top has been posted. If March extends the rally off October's low, the October-2018 high crossing at $79.05 is the next upside target. First resistance is last-Tuesday's high crossing at $78.85. Second resistance is the October-2018 high crossing at $79.05. First support is the 20-day moving average crossing at $77.62. Second support is the 50-day moving average crossing at $76.81.
The March Japanese Yen was lower overnight as it consolidates some of the rally off March's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 0.0963 would signal that a short-term top has been posted. If March extends the rally off November's low, the 87% retracement level of March's decline crossing at 0.0981 is the next upside target. First resistance is last-Thursday's high crossing at 0.0974. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0981. First support is the 20-day moving average crossing at 0.0963. Second support is the 50-day moving average crossing at 0.0959.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: February gold was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 16th high crossing at $1904.30 would open the door for a possible test of November's high. Closes below last-Monday's low crossing at $1820.00 would confirm that a short-term top has been posted. First resistance is the November 16th high crossing at $1904.30. Second resistance is November's high crossing at $1973.30. First support is last-Monday's low crossing at $1820.00. Second support is November's low crossing at $1767.20.
March silver was was higher overnight as it extends the rally off October's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 November's low, the September 15th high crossing at $28.015 is the next upside target. Closes below the 20-day moving average crossing at $24.372 would signal that a short-term top has been posted. First resistance is the September 15th high crossing at $28.015. Second resistance is September's high crossing at $29.380. First support is the 20-day moving average crossing at $24.372. Second support is November's low crossing at $21.960.
March copper was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 February-2013 high on the monthly continuation chart crossing at 3.7925 is the next upside target. Closes below the 20-day moving average crossing at 3.4957 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3.6445. Second resistance is the February-2013 high on the monthly chart crossing at 3.7925. First support is the 20-day moving average crossing at 3.4957. Second support is the 50-day moving average crossing at 3.2776.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was lower overnight as it consolidates some of last-week's rally. The mid-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are 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. Closes below the 50-day moving average crossing at $4.19 would signal that a short-term top has been posted. 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 December's low crossing at $4.14 1/2. Second support is the October 29th low crossing at $3.93.
March wheat was lower overnight. The low-range close sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, November's high crossing at $6.28 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.94 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 20-day moving average crossing at $5.94 3/4. Second support is the December 7th low crossing at $5.65 1/2.
March Kansas City wheat was lower overnight. The low-range close sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.57 1/4 would temper the near-term friendly outlook. If March resumes this month'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 $5.87 1/4. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $6.12. First support is the 20-day moving average crossing at $5.57 1/4. Second support is the December 7th low crossing at $5.30 3/4.
March Minneapolis wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, November's high crossing at $5.86 is the next upside target. Closes below the 20-day moving average crossing at crossing at $5.59 would signal that a short-term top has been posted. First resistance is the reaction high crossing at $5.74. Second resistance is November's high crossing at $5.86. First support is the 20-day moving average crossing at crossing at $5.59. Second support is the December 9th low crossing at $5.42 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans were steady to lower overnight as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when the day 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 August's low, the 50% retracement level of the 2012-2019-decline crossing at $12.89 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.79 3/4 would signal that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at $11.25. First resistance is the overnight high crossing at $12.36. Second resistance is the 50% retracement level of the 2012-2019-decline crossing at $12.89 1/2. First support is the 20-day moving average crossing at $11.79 3/4. Second support is the reaction low crossing at $11.43.
March soybean meal was steady to slightly higher overnight posting a new high for the year. The low-range close sets the stage for a steady to slightly higher opening when the day 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 August's low, monthly resistance crossing at $432.50 is the next upside target. Closes below the 50-day moving average crossing at $377.50 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $409.70. Second resistance is monthly resistance crossing at $432.50. First support is the 20-day moving average crossing at $389.50. Second support is the 50-day moving average crossing at $377.50.
March soybean oil was lower overnight as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when the day 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 20-day moving average crossing at 38.08 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 39.86. Second resistance is monthly resistance crossing at 41.25. First support is the 20-day moving average crossing at 39.08. Second support is the reaction low crossing at 36.42.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.40 at $65.90.
February hogs 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. Closes above the 50-day moving average crossing at $66.99 would confirm that a short-term low has been posted. If February resumes 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 $66.37. Second resistance is the 50-day moving average crossing at $66.99. First support is November's low crossing at $62.75. Second support is September's crossing at $61.55.
February cattle closed up $0.35 at $114.80
February cattle closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher 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 February extends this week's rally, the November 24th high crossing at $114.70 is the next upside target. Closes below the 50-day moving average crossing at $111.89 would signal that a short-term top has been posted. 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 8th low crossing at $110.55. Second support is the November 20th low crossing at $109.00.
March Feeder cattle closed down $0.38 at $142.23.
March Feeder cattle closed lower on Friday. The mid-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 March extends 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 today's high crossing at $142.85. 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 $135.61.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Friday as it consolidates some of the rally off November's low. The mid-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 November's low, the 87% retracement level of the September-November decline crossing at 13.17 is the next upside target. Closes below the 20-day moving average crossing at 12.08 are needed to confirm that a short-term top has been posted.
March cocoa closed lower on Friday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 24.96 would open the door for a larger-degree decline. Closes above the 20-day moving average crossing at 26.39 would signal that a short-term low has been posted.
March sugar closed lower on Friday. The low-range close set 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 last-Thursday's high crossing at 15.07 would confirm that a short-term low has been posted. If March extends this week's decline, the October 30th low crossing at 13.94 is the next downside target.
March cotton posted an inside day with a lower close on Friday as it consolidates some of this year's rally. The mid-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 March extends the rally off April's low, the July-2018 high crossing at 79.56 is the next upside target. Closes below the 20-day moving average crossing at 73.50 would confirm that a short-term top has been posted.