KEY EVENTS TO WATCH FOR:
Wednesday, December 30, 2020
8:30 AM ET. November Advance Economic Indicators Report
9:45 AM ET. December Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 56.0; previous 58.2)
10:00 AM ET. November Pending Home Sales Index
Pending Home Sales (previous 128.9)
Pending Home Sales Idx, M/M% (expected -0.3%; previous -1.1%)
Pending Home Sales Idx , Y/Y% (previous +20.2%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 499.534M)
Crude Oil Stocks, Net Chg (Bbl) (previous -0.562M)
Gasoline Stocks (Bbl) (previous 237.754M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.125M)
Distillate Stocks (Bbl) (previous 148.934M)
Distillate Stocks, Net Chg (Bbl) (previous -2.325M)
Refinery Usage (previous 78.0%)
Total Prod Supplied (Bbl/day) (previous 19.088M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.247M)
3:00 PM ET. November Agricultural Prices
Farm Prices, M/M% (previous -0.2%)
Thursday, December 31, 2020
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 835K; previous 803K)
Jobless Claims, Net Chg (previous -89K)
Continuing Claims (previous 5337000)
Continuing Claims, Net Chg (previous -170K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 651.1K)
Soybeans (Metric Tons) (previous 517.8K)
Wheat (Metric Tons) (previous 417.7K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3574B)
Working Gas In Storage, Net Chg (Cbf) (previous -152B)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
N/A SEC Chairman Jay Clayton steps down
Friday, January 1, 2021
N/A U.S.: New Year's Day. Financial markets closed
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow posted a new record high on Tuesday before closing modestly lower due to profit taking. 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 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 last-Monday's low crossing at 29,755.53 would signal that a short-term top has been posted. First resistance is today's high crossing at 30,588.79. Second resistance is unknown. First support is last-Monday's low crossing at 29,755.53. Second support is the November 12th low crossing at 28,902.13.
The March NASDAQ 100 posted a new record high on Tuesday. Profit taking in the afternoon session tempered early session gains and the low-range close sets the stage for a steady to slightly 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 September's low into uncharted territory, upside targets will be hard to project. Closes below last-Monday's low crossing at 12,461.00 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 12,918.25. Second resistance is unknown. First support is last-Monday's low crossing at 12,461.00. Second support is the December 12th low crossing at 12,217.00.
The March S&P 500 closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the rally off November's low into uncharted territory, upside targets will be hard to project. Multiple closes below the reaction low crossing at 3636.00 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 3756.12. Second resistance is unknown. First support is the reaction low crossing at 3636.00. Second support is the 50-day moving average crossing at 3555.65.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed down 5/32's at 172-19.
March T-bonds closed slightly lower on Tuesday. The high-range close sets the stage for a steady to slightly lower 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 resumes the decline off the November 20th high, November's low crossing at 170-22 is the next downside target. Closes above the 50-day moving average crossing at 173-21 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 173-21. 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 15-pts. at 137.295.
March T-notes closed lower on Tuesday. The high-range close sets the stage for a steady to slightly 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 December 16th low crossing at 137.195 would temper the near-term friendly outlook. Closes above the reaction high crossing at 138.070 would open the door for a possible test of November's high crossing at 138.300. First resistance is the reaction high crossing at 138.070. Second resistance is November's high crossing at 138.300. First support is the December 16th low crossing at 137.195. Second support is the December 4th low crossing at 137.075.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
February crude oil posted an inside day with a slightly higher close on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below last-Tuesday's low crossing at $46.16 would signal that a short-term top has been posted. If February renews the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $52.41 is the next upside target. First resistance is December'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 last-Tuesday's low crossing at $46.16. Second support is December's low crossing at $44.10.
February heating oil posted an inside day with a higher close on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. 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 $144.70 would signal that a short-term top has been posted. If February renews the rally off November's low, the 38% retracement level of the 2018-2020-decline crossing at $152.86 is the next upside target. First resistance is December'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 $144.70. Second support is December's low crossing at $134.29.
February unleaded gas posted an inside day with a higher close 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. If February renews 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 $132.10 would signal that a short-term top has been posted. First resistance is December'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 132.10. Second support is the 50-day moving average crossing at $121.82.
February Henry natural gas closed sharply higher on Tuesday as it consolidates some of the decline off October'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends Monday's decline, weekly support crossing at 2.179 is the next downside target. Closes above Monday's gap crossing at 2.507 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at 2.507. Second resistance is last-Monday's high crossing at 2.775. First support is Monday's low crossing at 2.263. 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. 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. If March resumes this year's decline, monthly support crossing at 88.15 is the next downside target. Closes above the December 21st high crossing at 90.95 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 20-day moving average crossing at 90.47. Second resistance is the 50-day moving average crossing at 91.83. First support is December's low crossing at 89.64. Second support is monthly support crossing at 88.15.
The March Euro 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 have turned 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 125.39 is the next upside target. Closes below the 20-day moving average crossing at 121.94 would signal that a short-term top has been posted. First resistance is December's high crossing at 123.04. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at 125.39. First support is the 20-day moving average crossing at 121.94. Second support is the December 9th low crossing at 120.90.
The March British Pound posted an inside day with a higher close 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 bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off May's low, the February-2019 crossing at 1.3728 is the next upside target. Closes below the 50-day moving average crossing at 1.3268 would open the door for additional weakness and a possible test of November's low crossing at 1.2876. First resistance is December'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 1.3268. Second support is November's low crossing at 1.2876.
The March Swiss Franc 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 this month's rally, the September-2019 high crossing at 1.1408 is the next upside target. Multiple closes below Monday's low crossing at 1.1241 would signal that a short-term top has been posted. First resistance is December's high crossing at 1.1371. Second resistance is the September-2019 high crossing at 1.1408. First support is Monday's low crossing at 1.1241. Second support is the 50-day moving average crossing at 1.1130.
The March Canadian Dollar closed higher on Tuesday. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 78.15 would signal that a short-term low has been posted. If March renews the decline off December's high, the 50-day moving average crossing at 77.00 is the next downside target. First resistance is December's high crossing at 78.87. Second resistance is the October-2018 high crossing at 79.09. First support is the 50-day moving average crossing at 77.00. Second support is the November 13th low crossing at 75.96.
The March Japanese Yen posted an inside day with a higher close 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 decline off December's high, the 50-day moving average crossing at 0.0961 is the next downside target. If March renews 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 December's high crossing at 0.0974. Second resistance is the 87% retracement level of March's decline crossing at 0.0981. First support is the 50-day moving average crossing at 0.0961. Second support is December's low crossing at 0.0956.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Tuesday as it extends the trading range of the past two-week's.The mid-range close sets the stage for a steady 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, November's high crossing at $1973.30 is the next upside target. Closes below the 20-day moving average crossing at $1860.50 would signal 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 the December 14th low crossing at $1820.00. Second support is November's low crossing at $1767.20.
March silver closed slightly lower on Tuesday. 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 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 50-day moving average crossing at 24.632 would signal that a short-term top has been posted. First resistance is December's high crossing at 27.635. Second resistance is the September 15th high crossing at 28.015. First support is the reaction low crossing at 23.630. Second support is November's low crossing at 21.960.
March copper 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off March's low, monthly resistance crossing at 379.25 is the next upside target. Closes below the reaction low crossing at 345.00 would signal that a short-term top has been posted. First resistance is December's high crossing at 364.46. Second resistance is monthly resistance crossing at 379.25. First support is the reaction low crossing at 345.00. Second support is the 50-day moving average crossing at 332.62.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.09 3/4-cents at $4.66 1/4.
March corn closed higher on Tuesday and above key resistance marked by the June-2019 high on the weekly continuation chart crossing at $4.64 1/4 as it extended the rally off August's low. 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 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 May-2014 high on the monthly continuation chart crossing at $5.22 3/4 is the next upside target. Closes below the 20-day moving average crossing at $4.32 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $4.67 1/4. Second resistance is the May-2014 high on the monthly chart crossing at $5.22 3/4. First support is the 10-day moving average crossing at $4.42 1/4. Second support is the 20-day moving average crossing at $4.32 1/2.
March wheat closed up $0.05-cents at $6.19 1/4.
March wheat posted an inside day with a higher close on Tuesday as it consolidated some of Monday's decline. 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 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 $6.00 would signal that a short-term top has been posted. If March extends the rally off December's low, October's high crossing at $6.37 3/4 is the next upside target. First resistance is last-Wednesday's high crossing at $6.33 3/4. Second resistance is October's high crossing at $6.37 3/4. First support is the 20-day moving average crossing at $6.00. Second support is the 50% retracement level of the June-November-rally crossing at $5.71.
March Kansas City Wheat closed up $0.07 1/2-cents at $5.84 1/2.
March Kansas City wheat posted an inside day with a higher close on Tuesday as it consolidates some of Monday's loss. 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 87% retracement level of the 2018-2020 decline crossing at $6.12 is the next upside target. Closes below the 20-day moving average crossing at $5.64 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 20-day moving average crossing at $5.64. Second support is December's low crossing at $5.30 3/4.
March Minneapolis wheat closed up $0.03 3/4-cents at $5.80 1/2.
March Minneapolis wheat posted an inside day with a higher close on Tuesday as it consolidates some of Monday's loss. 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. If March extends 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 $5.63 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at crossing at $5.86 3/4. Second resistance is November's high crossing at $5.86. First support is the 20-day moving average crossing at crossing at $5.63. Second support is the December 16th low crossing at $5.54 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed up $0.40 1/4-cents at $12.95 1/2.
March soybeans closed sharply higher on Tuesday as it extended the rally off last-March'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 this year's rally, the 62% retracement level of the 2012-2019-decline on the monthly chart crossing at $14.07 1/2 is the next upside target. Closes below the 20-day moving average crossing at $12.00 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $12.99 1/2. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly chart crossing at $14.07 1/2. First support is the 10-day moving average crossing at $12.38. Second support is the 20-day moving average crossing at $12.00 1/4.
March soybean meal closed up $13.40 to $426.10.
March soybean meal posted a huge key reversal up as it closed sharply higher on Tuesday as it extended the rally off August'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 August's low, monthly resistance crossing at $432.50 is the next upside target. Closes below the 20-day moving average crossing at $395.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at $426.40. Second resistance is monthly resistance crossing at $432.50. First support is the 10-day moving average crossing at $408.10. Second support is the 20-day moving average crossing at $395.60.
March soybean oil closed up 81-pts. at 41.86.
March soybean oil closed sharply higher on Tuesday as it extends this year's rally. 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, the 50% retracement level of the 2012-2020-decline crossing at 42.70 is the next upside target. Closes below the 20-day moving average crossing at 38.87 would confirm that a short-term top has been posted. First resistance is today's high crossing at 41.94. Second resistance is the 50% retracement level of the 2012-2020-decline crossing at 42.70. First support is the 10-day moving average crossing at 40.07. Second support is the 20-day moving average crossing at 38.87.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.88 at $67.38.
February hogs 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 bullish signaling that sideways to higher prices are possible near-term. If February extends this month's rally, December's high crossing at $69.60 is the next upside target. Closes below the reaction low crossing at $64.65 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $68.13. Second resistance is December's high crossing at $69.60. First support is December's low crossing at $63.00. Second support is November's low crossing at $62.75.
February cattle closed down $1.18 at $114.60
February cattle closed lower on Tuesday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible. If February extends the rally off October's low, September's high crossing at $116.63 is the next upside target. Closes below the 20-day moving average crossing at $113.29 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $116.30. Second resistance is September's high crossing at $116.63. First support is the 20-day moving average crossing at $113.29. Second support is the 50-day moving average crossing at $112.06.
March Feeder cattle closed down $1.43 at $141.18.
March Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 $140.81 would signal that a short-term top has been posted. If March extends the rally off October's low, August's high crossing at $145.30 is the next upside target. First resistance is Monday's high crossing at $143.70. Second resistance is August's high crossing at $145.30. First support is the 20-day moving average crossing at $140.81. Second support is the December 7th low crossing at $137.25.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 12.24 are needed to confirm that a short-term top has been posted. 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.
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. Today's close below the 50-day moving average crossing at 25.16 have opened the door for a possible test of the November 16th gap crossing at 23.95. Closes above Monday's high crossing at 26.04 would signal that a short-term low has been posted.
March sugar closed higher on Tuesday. The high-range close set 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 December's low, November's high crossing at 15.66 is the next upside target. Closes below the 20-day moving average crossing at 14.60 would signal that a short-term top has been posted.
March cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, the July-2018 high crossing at 79.56 is the next upside target. Closes below the 20-day moving average crossing at 74.39 would confirm that a short-term top has been posted.
Thanks tallpine!
NG, Jan expired on Tuesday with an upward spike.
https://www.marketforum.com/forum/topic/63363/
South America weather:
https://www.marketforum.com/forum/topic/62048/
Exports:
https://www.marketforum.com/forum/topic/60859/
Soybeans soaring:
https://www.marketforum.com/forum/topic/60859/