KEY EVENTS TO WATCH FOR:
Tuesday, November 9, 2021
6:00 October NFIB Index of Small Business Optimism
Small Business Idx (previous 99.1)
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. October PPI
PPI, M/M% (previous +0.5%)
Ex-Food & Energy PPI, M/M% (previous +0.2%)
Personal Consumption (previous +0.5%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +15.7%)
Latest Wk, Y/Y% (previous +16.9%)
12:00 PM. ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
4:30 ET PM. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +3.6M)
Gasoline Stocks, Net Chg (Bbls) (previous -0.6M)
Distillate Stocks, Net Chg (Bbls) (previous +0.6M)
Wednesday, November 10, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 623.8)
Composite Idx, W/W% (previous -3.3%)
Purchase Idx-SA (previous 271.1)
Purchase Idx-SA, W/W% (previous -1.6%)
Refinance Idx (previous 2645)
Refinance Idx, W/W% -4.3%)
8:30 AM ET. October Real Earnings
8:30 AM ET. October CPI
CPI, M/M% (previous +0.4%)
Core CPI, M/M% (previous (previous +0.2%
Energy Idx, M/M% (previous (previous +1.3%)
Food Idx, M/M% (previous +0.9%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.8%)
CPI, Y/Y% (previous +5.4%)
Core Annual, Y/Y% (previous +4%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 269K)
Jobless Claims, Net Chg (previous -14K)
Continuing Claims (previous 2105000)
Continuing Claims, Net Chg (previous -134K)
10:00 AM ET. October Online Help Wanted Index
10:00 AM ET. September Monthly Wholesale Trade
Inventories, M/M% (previous +1.2%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 434.102M)
Crude Oil Stocks, Net Chg (Bbl) (previous +3.29M)
Gasoline Stocks (Bbl) (previous 214.258M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.488M)
Distillate Stocks (Bbl) (previous 127.122M)
Distillate Stocks, Net Chg (Bbl) (previous +2.16M
Refinery Usage (previous 86.3%)
Total Prod Supplied (Bbl/day) (previous 19.997M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.165M)
12:00 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3611B
Working Gas In Storage, Net Chg (Cbf) (previous +63B)
Thursday, November 11, 2021
9:45 AM ET. Bloomberg Consumer Comfort Index
N/A Marianas: Veterans' Day
Friday, November 12, 2021
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1223.8K)
Soybeans (Metric Tons) (previous 1863.9K)
Wheat (Metric Tons) (previous 400.1K)
10:00 AM ET. September Job Openings & Labor Turnover Survey
10:00 AM ET. November University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (previous 71.4)
Mid-Mo Expectations (previous 67.2)
Mid-Mo Current Idx (previous 77.9)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The December NASDAQ 100 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 remains neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally into uncharted territory, upside targets will be hard project. Closes below the 20-day moving average crossing at 15,670.59 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 16,448.50. Second resistance is unknown. First support the 10-day moving average crossing at 16,055.05. Second resistance is the 20-day moving average crossing at 15,670.59.
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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4566.40 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 4711.75. Second resistance is unknown. First support is the 10-day moving average crossing at 4636.38. Second support is the 20-day moving average crossing at 4566.43.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were 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. 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, the September 22nd high crossing at 164-16 is the next upside target. Closes below the 20-day moving average crossing at 160-03 would signal that a short-term top has been posted. First resistance is the September 22nd high crossing at 164-16. Second resistance is September's high crossing at 164-24. First support is the 50-day moving average crossing at 160-29. Second support is the 20-day moving average crossing at 160-03.
December T-notes were higher overnight. Overnight weakness sets the stage for a steady to higher opening with 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 50-day moving average crossing at 131.280 would open the door for a larger-degree rally near-term. Closes below the 20-day moving average crossing at 130.295 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 131.280. Second resistance is the October 4th high crossing at 132.085. First support is the 20-day moving average crossing at 130.295. Second support is the October 29th low crossing at 130.075.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:December crude oil was steady to higher overnight as it extends the rebound off last-Thursday's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews 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 50-day moving average crossing at $76.63 would confirm that a top has been posted while opening the door for additional weakness near-term. First resistance is October's high crossing at $85.41. Second resistance is the October-2014 high on the monthly continuation chart crossing at $92.96. First support is the 50-day moving average crossing at $76.63. Second support is the October 7th low crossing at $74.67.
December heating oil was steady to slightly 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $2.5113 would signal that a short-term low has been posted. If December renews 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. If December renews the decline off October's high, the 50-day moving average crossing at 2.3607 is the next downside target. First resistance is the 20-day moving average crossing at $2.5113. Second resistance is October's high crossing at $2.5983. First support is the 50-day moving average crossing at $2.3607. Second support is the September 29th low crossing at 2.2469.
December unleaded gas was higher overnight as it consolidates the decline off October. 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 oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.3880 would signal that a short-term low has been posted. If December extends the decline off October's high, the 50-day moving average crossing at 2.2301 is the next downside target. First resistance is the 20-day moving average crossing at 2.3880. Second resistance is October's high crossing at 2.4684. First support is the 50-day moving average crossing at 2.2301. Second support is the October 7th low crossing at 2.2073.
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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below October's low crossing at 5.070 would open the door for a possible test of the September 21st low crossing at 4.879. If December renews the rally off this month's low, the October 27th high crossing at 6.281 is the next upside target. First resistance is the October 27th high crossing at 6.281. Second resistance is October's high crossing at 6.593. First support is October's low crossing at 5.070. Second support is the September 21st low crossing at 4.879.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was lower overnight as it consolidates some of the rally off October's low. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $93.90 would signal that a short-term top 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 last-Friday's high crossing at $94.65. 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 20-day moving average crossing at $93.90. Second support is October's low crossing at 93.27.
The December Euro was steady to slightly 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $116.16 would signal that a short-term low has been posted. If December extends 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 20-day moving average crossing at $116.16. Second resistance is the 50-day moving average crossing at $116.85. First support is last Friday's low crossing at $115.21. Second support is the 62% retracement level of the 2020-2021-rally crossing at $114.56.
The December British Pound was steady to higher overnight as it extends the rebound off last-Friday's low. Overnight strength sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 50-day moving average crossing at 1.3693 would signal that a short-term low has been posted. If December extends the decline off October's high, the 38% retracement level of the 2020-2021-rally crossing at 1.3223 is the next downside target.First resistance the 50-day moving average crossing at 1.3693. Second resistance is October's high crossing at 1.3833. First support is the the October 12thlow crossing at 1.3568. Second support is the 38% retracement level of the 2020-2021-rally crossing at 1.3223.
The December Swiss Franc 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 neutral to bearish signaling that sideways to lower prices possible near-term. Closes below the 20-day moving average crossing at 1.0918 would signal that a short-term top has been posted. If December extends the rally off September's low, the 62% retracement level of the June-September decline crossing at 1.1033 is the next upside target. First resistance is this month's high crossing at 1.1017. Second resistance is the 62% retracement level of the June-September decline crossing at 1.1033. First support is the 20-day moving average crossing at 1.0918. Second support is the 50-day moving average crossing at 1.0872.
The December Canadian Dollar 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, the 50-day moving average crossing at $79.76 is the next downside target. If December renews the rally off September's low, the 75% retracement level of the June-August decline crossing at $81.72 is the next upside target. First resistance is the June 23rd 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 50-day moving average crossing at $79.76. Second support is the October 4th low crossing at $79.06.
The December Japanese Yen was higher overnight as it appears to be breaking out to the topside of the October-November trading range. 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. Multiple closes above the October 28th high crossing at 0.088325 would open the door for additional gains near-term. If December resumes the decline off September's high, long-term support on the monthly continuation chart crossing at 0.084932 is the next downside target. First resistance is the reaction high crossing at 0.088325. Second resistance is the 50-day moving average crossing at 0.089431. First support is October'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 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the September high crossing at $1836.90 is the next upside target. Closes below the 50-day moving average crossing at $1782.00 would signal that a short-term top has been posted. First resistance is the September high crossing at $1836.90. Second resistance is the 75% retracement level of the June-August decline crossing at $1861.30. First support is the 50-day moving average crossing at $1782.00. Second support is the November 3rd low crossing at $1758.50.
December silver was steady to slightly lower overnight. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, August's high crossing at $26.130 is the next upside target. Closes below this month's low crossing at $23.045 would signal that a short-term top has been posted. First resistance is October's high crossing at $24.920. Second resistance is August's high crossing at $26.130. First support is the December 3rd low crossing at $23.045. Second support is the October 12th low crossing at $22.325.
December copper was steady to slightly higher overnight as it consolidates some of the decline off October's high. The mid-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.4936 would signal that a short-term low has been posted. If December extends the decline off October's low, October's low crossing at 4.0585 is the next downside target. First resistance is the 20-day moving average crossing at 4.4936. Second resistance is October's high crossing at 4.8230. First support is last-Thursday's low crossing at 4.2800. Second resistance is October's low crossing at 4.0585.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was steady to higher overnight as it consolidates some of the decline off December's high. The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.46 1/4 would signal that a short-term top has been posted. If December extends the rally off October's low, August's high crossing at $5.94 1/4 is the next upside target. First resistance is October's high crossing at $5.68 3/4. Second resistance is August's high crossing at $5.94 1/4. First support is the 20-day moving average crossing at $5.46 1/4. Second support is 50-day moving average crossing at $5.34 3/4.
December wheat was steady to 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $7.58 would signal that a short-term top has been posted. If December renews this year's rally, monthly resistance crossing at $8.59 is the next upside target. First resistance is December's high crossing at $8.07. Second resistance is monthly resistance crossing at $8.59. First support is the 20-day moving average crossing at $7.58. Second support is the 50-day moving average crossing at $7.34 1/4.
December Kansas City wheat was steady to higher overnight. The low-range overnight trade sets the stage for a steady to slightly 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 $7.70 1/2 would signal that a short-term top has been posted. If December renews this year's rally, the May-2014 high on the monthly continuation chart crossing at $8.55 1/2 is the next upside target.First resistance is December's high crossing at $8.14 1/2. Second resistance is the May-2014 high on the monthly continuation chart crossing at $8.55 1/2. First support is the20-day moving average crossing at $7.70 1/2. Second support is the 50-day moving average crossing at $7.38 3/4.
December Minneapolis wheat was higher overnight as it consolidates some of the decline off December's high. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $10.10 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If December renews the rally off September's low, weekly resistance crossing at $11.20 is the next upside target. First resistance is December's high crossing at $10.86 1/2. Second resistance is weekly resistance crossing at $11.20. First support is the 20-day moving average crossing at $10.10 1/2. Second support is the 50-day moving average crossing at $9.50 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans were mostly steady overnight ahead of the release of today's WASDE report. Overnight trading set the stage for a steady to lower 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 January extends the decline off August's high, the 50% retracement level of the 2020-2021-rally crossing at $11.55 1/2 is the next downside target. Closes above the 50-day moving average crossing at $12.59 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $12.31 1/4. Second resistance is the 50-day moving average crossing at $12.59 3/4. First support is the overnight low crossing at $11.86 1/2. Second support is the 50% retracement level of the 2020-2021-rally crossing at $11.55 1/2.
December soybean meal 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $327.60 would signal that a short-term top has been posted. First resistance is last-Wednesday's high. Second resistance is October's high crossing at $347.30. First support is October'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 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, September's low crossing at 54.18 is the next downside target. Closes above the 20-day moving average crossing at 61.27 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 62.44. Second resistance is October's high crossing at 65.00. First support is the September 29th low crossing at 57.02. Second support is September's low crossing at 54.18.
Thanks tallpine!