KEY EVENTS TO WATCH FOR:

Thursday, October 21, 2021  

8:30 October Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 24.5, previous 30.7)

                       Prices Paid (previous 67.3)

                       Employment (previous 26.3)

                       New Orders (previous 15.9)

                       Prices Received (previous 52.9)

                       Delivery Times (previous 20.4)

                       Inventories (previous 19.2)

                       Shipments (previous 29.9)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 300K; previous 293K)

                       Jobless Claims, Net Chg (previous -36K)

                       Continuing Claims (previous 2593000)

                       Continuing Claims, Net Chg (previous -134K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 1043.5K)

                       Soybeans (Metric Tons) (previous 1147.8K)

                       Wheat (Metric Tons) (previous 567.7K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. September Existing Home Sales

                       Existing Sales (expected 6.10M; previous 5.88M)

                       Existing Sales, M/M% (expected +3.7%; previous -2.0%)

                       Unsold Homes Month's Supply (previous 2.6)

                       Median Price (USD) (previous 356700)

                       Median Home Price, Y/Y% (previous +14.9%)

10:00 AM ET. September Leading Indicators

                       Leading Index, M/M% (expected +0.4%; previous +0.9%)

                       Leading Index (previous 117.1)

                       Coincident Index, M/M% (previous +0.2%)

                       Lagging Index, M/M% (previous +0.1%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3369B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +81B)

1:30 PM ET. SEC Closed Meeting

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, October 22, 2021  

9:45 AM ET. October US Flash Manufacturing PMI

                       PMI, Mfg (expected 60.5; previous 60.5)

9:45 AM ET. October US Flash Services PMI

                       PMI, Services (expected 55.5; previous 54.4)

10:00 AM ET. September State Employment and Unemployment

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

The STOCK INDEXES: The December NASDAQ 100 was lower overnight as it consolidates some of the rally of October”s low. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, September's high crossing at 15,702.25 is the next up side target. Closes below the 20-day moving average crossing at 14,937.10 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 15,446.50. Second resistance is September's high crossing at 15,702.25. First support the 20-day moving average crossing at 14,937.10. Second resistance is the 25% retracement of the 2020-2021-rally crossing at 14,474.38.

The December S&P 500 was steady to lower overnight as it consolidates some of the rally off October's low. Overnight weakness 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 December extends the rally off October's low, September's high crossing at 4539.50 is the next upside target. Closes below the 20-day moving average crossing at 4396.80 would signal that a double top has been posted. First resistance is Wednesday's high crossing at 4532.25. Second resistance is September's high crossing at 4539.50. First support is the 20-day moving average crossing at 4396.80. Second support is last-Tuesday's low crossing at 4317.25. Third support is October's low crossing at 4260.00.

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

INTEREST RATES: December T-bonds were lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 159-05 would signal that a short-term low has been posted. If December resumes the decline off September's high, the 75% retracement level of the March-August rally crossing at 155-23 is the next downside target. First resistance is the 20-day moving average crossing at 159-05. Second resistance is the 50-day moving average crossing at 161-19. First support is the 62% retracement level of the 2020-2021-rally crossing at 157-13. Second support is the June 16^th low crossing at 156-15.

December T-notes were steady to lower overnight. Overnight weakness sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are  possible near-term. If December extends the decline off August's, May's low crossing at 130.010 is the next downside target. Closes above the 20-day moving average crossing at 131.107 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 131.107. Second resistance is the October 14^th high crossing at 131.195. First support is Wednesday's low crossing at 130.080. Second support is May's low crossing at 130.010.  

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

ENERGIES:December crude oil was steady to slightly lower overnight. Overnight weakness 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 December extends the rally off August's low, the October-2014 high on the monthly continuation chart crossing at $92.96 is the next upside target. Closes below the 20-day moving average crossing at $78.53 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at $83.96. Second resistance is the October-2014 high on the monthly continuation chart crossing at $92.96. First support is the 20-day moving average crossing at $78.53. Second support is the October 7^th low crossing at $74.67.

December heating oil was lower overnight as it extends the trading range of the past five-days. 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 December extends the rally off August's low, the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.7919 is the next upside target. Closes below the 20-day moving average crossing at $2.4477 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $2.5983. Second resistance is the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.7919. First support is the 20-day moving average crossing at $2.4477. Second support is the October 7^th low crossing at 2.3678.  

December unleaded gas was lower overnight as it consolidates some of the rally off August's low. The low-range trade overnight 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 December extends the rally off August's low, the October-2014 high on the monthly continuation chart crossing at 2.5010 is the next upside target. Closes below the 20-day moving average crossing at 2.2902 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 2.4548. Second resistance is the October-2014 high on the monthly continuation chart crossing at 2.5010. First support is the 10-day moving average crossing at 2.3833. Second support is the 20-day moving average crossing at 2.2902.

December Henry natural gas was lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 5.086 is the next downside target. Closes above the 20-day moving average crossing at 6.696 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.696. Second resistance is last-Thursday's high crossing at 6.111. First support is the 50-day moving average crossing at 5.086. Second support is the September 21^st low crossing at 4.879.    

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

CURRENCIES:The December Dollar was higher overnight as it consolidates some of October's high. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 50-day moving average crossing at $93.26 is the next downside target. Closes above Monday's high crossing at $94.18 would signal that a short-term low has been posted. If December resumes the rally off September's low, the 38% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at $94.82 is the next upside target. First resistance is October's high crossing at $94.57. Second resistance is the 38% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at $94.82. First support is the 50-day moving average crossing at $93.26. Second support is the September 23^rd low crossing at 92.96.

The December Euro was lower overnight as it consolidates some of the rally off October's low. The lower-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. If December extends the rally off October's low, the 50-day moving average crossing at $117.29 is the next upside target. If December renews the decline off September's high, the 62% retracement level of the 2020-2021-rally crossing at $114.56 is the next downside target. First resistance is the 50-day moving average crossing at $117.29. Second resistance is the September 22^nd high crossing at $117.75. First support is October's low crossing at $115.38. Second support is the 62% retracement level of the 2020-2021-rally crossing at $114.56.

The December British Pound was steady to lower overnight as it consolidates some of the rally off September's low. Overnight weakness sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, September's high crossing at 1.3917 is the next upside target. Closes below the 20-day moving average crossing at 1.3644 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.3833. Second resistance is September's high crossing at 1.3917. First support is the 20-day moving average crossing 1.3644. Second support is the last-Tuesday's low crossing at 1.3568. Third support is the September 29^thlow crossing at 1.3412.    

The December Swiss Franc was steady to slightly higher overnight as it extends the rally off September's low. Overnight strength sets the stage for a steady to 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 possible near-term. If December extends the rally off September's low, the 50% retracement level of the June-September decline crossing at 1.0968 is the next upside target. Closes below the 20-day moving average crossing at 1.0813 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the June-September decline crossing at 1.0902. Second resistance is the 50% retracement level of the June-September decline crossing at 1.0968. First support is the 20-day moving average crossing at 1.0813. Second support is the September 30^th low crossing at 1.0693.  

The December Canadian Dollar was lower overnight as it consolidates some of the rally off September's low. Overnight weakness 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 December extends the rally off September's low, the  75% retracement level of the June-August decline crossing at $81.72 is the next upside target. Closes below the 20-day moving average crossing at $79.91 would signal that a short-term top has been posted. First resistance is the June 23^rd high crossing at $81.55. Second resistance is the 75% retracement level of the June-August decline crossing at $81.72. First support is the 10-day moving average crossing at $80.66. Second support is the 20-day moving average crossing at $79.91.

The December Japanese Yen was steady to higher overnight as it extends this weeks trading range. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, long-term support on the monthly continuation chart crossing at 0.084932 is the next downside target. Closes above the 20-day moving average crossing at 0.088917 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.087964. Second resistance is the 20-day moving average crossing at 0.088917. First support is Wednesday's low crossing at 0.087215. Second support is long-term support on the monthly continuation chart crossing at 0.084932.

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

PRECIOUS METALS:Decembergold was lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes below the October 6^th low crossing at $1745.40 would signal that a short-term top has been posted. If December extends the rally off September's low, the September 14^th high crossing at $1810.60 is the next upside target. First resistance is the September 14^th high crossing at $1810.60. Second resistance is September's high crossing at $1836.90. First support is the October 6^thlow crossing at $1745.40. Second support is the September 29^th low crossing at $1721.10.

December silver was lower overnight as it consolidates some of the rally off September's low. The low-range 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 remains neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, September's high crossing at $24.945. Closes below the 20-day moving average crossing at $22.888 would signal that a short-term top has been posted. First resistance is September's high crossing at $24.945. Second resistance is August's high crossing at $26.130. First support is the 50-day moving average crossing at $23.317. Second support is the 20-day moving average crossing at $22.888.  

December copper was lower overnight as it consolidates some of the rally off September's low. 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.3875 would signal that a short-term top has been posted. If December extends the rally off September's low, May's high crossing at 4.8705 is the next upside target. First resistance is Monday's high crossing at 4.8230. Second resistance is May's high crossing at 4.8705. First support is the 10-day moving average crossing at 4.5633. Second resistance is the 20-day moving average crossing at 4.3876.  

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

December corn was lower overnight as it consolidates some of the rally off last-Wednesday's low. The mid-range trade overnight 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 December extends the aforementioned rally, September's high crossing at $5.48 1/2 is the next upside target. If December resumes the decline off September's high, the September low of $4.97 1/2 is the next downside target. First resistance is the September 30^th high crossing at $5.48 1/2. Second resistance is the August 30^th high crossing at $5.58. First support is last-Wednesday's low crossing at $5.06 3/4. Second support is the September's low crossing at $4.97 1/2.   

December wheat was lower overnight as it consolidates some of the rally off last-Wednesday's low. Overnight weakness 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 December extends the aforementioned rally, October's high is the next upside target. If December renews the decline off October's high, the September 30^th low crossing at $7.01 1/4. First resistance is the overnight high crossing at $7.52 1/2. Second resistance is October's high crossing at $7.63 1/2. First support is the September 30^th crossing at $7.01 1/4. Second support is the September 21^st low crossing at $6.86.

December Kansas City wheat was lower overnight as it consolidates some of the rally off last-Wednesday's low. 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 neutral to bullish signaling that sideways to lower prices are possible near-term. If December resumes the rally off September's low, August's high crossing at $7.69 is the next upside target. Closes below the 50-day moving average crossing at $7.24 1/4 would signal that a short-term top has been posted. First resistance is October's high crossing at $7.64 1/4. Second resistance is August's high crossing at $7.69. First support is the 50-day moving average crossing at $7.24 1/4. Second support is the September 28^th low crossing at $7.03. 

December Minneapolis wheat was higher overnight. Overnight strength sets the stage for a steady to 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 December extends the rally off September's low, weekly resistance crossing at $10.35 is the next upside target. Closes below the 20-day moving average crossing at $9.43 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at $9.96 3/4. Second resistance is weekly resistance crossing at $10.35. First support is the 20-day moving average crossing at $9.43 3/4. Second support is the 50-day moving average crossing at $9.19 1/2.  

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

November soybeans were lower overnight. Overnight weakness set 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 $12.41 1/4 would signal that a short-term low has been posted. If November renews the decline off August's high, the 50% retracement level of the 2020-2021-rally crossing at $11.52 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $12.41 1/4. Second resistance is the 50-day moving average crossing at $12.78 3/4. First support is last-Wednesday's low crossing at $11.84 1/2. Second support is the 50% retracement level of the 2020-2021-rally crossing at $11.52 1/2.

December soybean meal was lower overnight. Overnight weakness sets the stage for a steady to lower 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. If December extends the rally off last-Wednesday's low, the 50-day moving average crossing at $338.30 is the next upside target. If December renews the decline off August's high, the 87% retracement level of the 2020-2021-rally crossing at $307.30 is the next downside target. First resistance is the 20-day moving average crossing at $329.10. Second resistance is the 50-day moving average crossing at $338.30. First support is last-Wednesday's low crossing at $309.30. Second support is the 87% retracement level of the 2020-2021-rally crossing at $307.30.

December soybean oil was lower overnight. Overnight weakness 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 December extends the rally off September's low, July's high crossing at 66.34 is the next upside target. Closes below the 20-day moving average crossing at 60.31 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 65.00. Second resistance is July's high crossing at 66.34. First support is the 20-day moving average crossing at 60.34. Second support is the October 12^th low crossing at 58.52.