KEY EVENTS TO WATCH FOR:

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 14,949.59 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 15,483.75. Second resistance is September's high crossing at 15,702.25. First support the 50-day moving average crossing at 15,178.36. Second resistance is the 20-day moving average crossing at 14,949.59.

The December S&P 500 was steady to slightly higher overnight as it extends the rally off October's low. Overnight strength 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 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 4402.98 would signal that a double top has been posted. First resistance is the overnight high crossing at 4544.50. Second resistance is weekly resistance crossing at 4549.50. First support is the 10-day moving average crossing at 4454.02. Second support is the 20-day moving average crossing at 4403.01. 

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

INTEREST RATES: December T-bonds were 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off September's high, the June 16^th low crossing at 156-15 is the next downside target. Closes above the 20-day moving average crossing at 159-00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 159-00. Second resistance is the October 4^th high crossing at 160-20. 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 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, weekly support crossing at 129.035 is the next downside target. Closes above the 20-day moving average crossing at 131.071 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 131.071. Second resistance is the October 14^th high crossing at 131.195. First support is Thursday's low crossing at 129.310. Second support is weekly support crossing at 129.035.  

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

ENERGIES:December crude oil was steady to slightly 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 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 $78.98 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Thursday's 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 $78.98. Second support is the October 7^th low crossing at $74.67.

December heating oil was slightly higher overnight as it extends the trading range of the past six-days. 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 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 $2.4620 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 $2.4620. Second support is the October 7^th low crossing at 2.3678.  

December unleaded gas was higher overnight as it extends this week's trading range. The high-range trade overnight 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 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 2.3072 would signal that a short-term top has been posted. First resistance is Thursday's 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 20-day moving average crossing at 2.3072. Second support is the October 7^th low crossing at 2.2073.

December Henry natural gas was steady to slightly higher overnight. Overnight strength sets the stage for a steady to higher 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 5.110 would open the door for a possible test of the September 21^st low crossing at 4.879. Closes above the 20-day moving average crossing at 5.697 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.697. Second resistance is last-Thursday's high crossing at 6.111. First support is the 50-day moving average crossing at 5.110. 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 lower overnight as it extends the decline off 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 $93.29 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 $93.29. Second support is the September 23^rd low crossing at 92.96.

The December Euro was higher overnight as it extends this week's trading range. 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 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 $117.26 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 $117.26. 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 slightly higher overnight. Overnight strength 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 1.3649 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 1.3649. Second support is the last-Tuesday's low crossing at 1.3568.

The December Swiss Franc was 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 1.0818 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 1.0925. 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 1.0818. Second support is the October 12^th low crossing at 1.0754.  

The December Canadian Dollar 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, 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 $80.00 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 $80.72. Second support is the 20-day moving average crossing at $80.00.

The December Japanese Yen was steady to higher overnight as it consolidates some of the decline off September's high. 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 0.088802 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.087848. Second resistance is the 20-day moving average crossing at 0.088802. 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 higher overnight. Overnight strength 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. If December extends the rally off September's low, the September 14^th high crossing at $1810.60 is the next upside target. Closes below the 20-day moving average crossing at $1765.40 would signal that a short-term top has been posted. 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 20-day moving average crossing at $1765.40. Second support is the September 29^th low crossing at $1721.10.

December silver was higher overnight. The high-range 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 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 is the next upside target. Closes below the 20-day moving average crossing at $22.987 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 $23.342. Second support is the 20-day moving average crossing at $22.987.  

December copper was higher overnight as it consolidates some of the consolidates some of the decline  off Monday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.3994 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 4.5879. Second resistance is the 20-day moving average crossing at 4.3994.  

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

December corn was higher overnight. The high-range trade overnight sets the stage for a steady to higher 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 higher overnight as it extends the rally off last-Wednesday's low. Overnight strength sets the stage for a steady to 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 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 Thursday's high crossing at $7.52 1/2. Second resistance is October's high crossing at $7.63 1/2. First support is last-Thursday's low crossing at $7.12 3/4. Second support is the September 30^th crossing at $7.01 1/4. Third support is the September 21^st low crossing at $6.86.

December Kansas City wheat was higher overnight as it extends the rally off last-Wednesday's low. 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 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 as it extends this year's rally. 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 $9.47 1/4 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 $9.97 1/2. Second resistance is weekly resistance crossing at $10.35. First support is the 20-day moving average crossing at $9.47 1/4. Second support is the 50-day moving average crossing at $9.20 3/4.  

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

November soybeans were higher overnight. Overnight strength set the stage for a steady to 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. Multiple closes above the 20-day moving average crossing at $12.38 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 $12.38. Second resistance is the 50-day moving average crossing at $12.76 1/4. 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 higher overnight. Overnight strength sets the stage for a steady to 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 December extends the rally off last-Wednesday's low, the 50-day moving average crossing at $337.60 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 50-day moving average crossing at $337.60. Second resistance is October's high crossing at $347.30. 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 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 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 60.49 would signal that a short-term top has been posted. If December extends the rally off September's low, July's high crossing at 66.34 is the next upside target. First resistance is Thursday's 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 60.49. Second support is the October 12^th low crossing at 58.52.