KEY EVENTS TO WATCH FOR:

Wednesday, November 24, 2021   

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 639.9)

                       Composite Idx, W/W% (previous -2.8%)

                       Purchase Idx-SA (previous 282.5)

                       Purchase Idx-SA, W/W% (previous +1.5%)

                       Refinance Idx (previous 2695)

                       Refinance Idx, W/W% (previous -5.1%)

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

                       Jobless Claims (expected 262K: previous 268K)

                       Jobless Claims, Net Chg (previous -1K)

                       Continuing Claims (previous 2080000)

                       Continuing Claims, Net Chg (previous -129K)

8:30 AM ET. October Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (expected +0.4%; previous -0.4%)

                       Dur Goods, Ex-Defense, M/M% (previous -2.0%)

                       Dur Goods, Ex-Transport, M/M% (previous +0.4%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.8%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.4%)

8:30 AM ET. October Advance Economic Indicators Report

8:30 AM ET. 3^rd Quarter Preliminary Corporate Profits

8:30 AM ET. 3^rd Quarter 2nd estimate GDP

                       Annual Rate, Q/Q% (expected +2.1%; previous +2.0%)

                       Chain-Weighted Price Idx, Q/Q% (expected +5.7%; previous +5.7%)

                       Corporate Profits, Q/Q% (previous +13.6%)

                       PCE Price Idx, Q/Q% (previous +5.3%)

                       Purchase Price Idx, Q/Q% (previous +5.4%)

                       Real Final Sales, Q/Q% (previous -0.1%)

                       Core PCE Price Idx, Q/Q% (previous +4.5%)

                       Consumer Spending, Q/Q% (previous +1.6%)

9:45 AM ET. Consumer Comfort Index

10:00 AM ET. October Personal Income & Outlays

                       Personal Income, M/M%                 +0.2%      -1%

                       Consumer Spending, M/M%               +1.0%      +0.6%

                       PCE Price Idx, M/M%                              +0.3%

                       PCE Price Idx, Y/Y%                              +4.4%

                       PCE Core Price Idx, M/M%              +0.4%      +0.2%

                       PCE Core Price Idx, Y/Y%              +4.1%      +3.6%

10:00 AM ET. October New Residential Sales

                       New Home Sales (expected 797K: previous 800K)

                       New Home Sales, M/M% (expected -0.4%: previous +14.0%)

                       New Home Sales Months Supply (previous 5.7)

10:00 AM ET. November University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (expected 66.8; previous 71.7)

                       End-Mo Expectations Idx (previous 67.9)

                       12-Month Inflation Forecast (previous 4.8%)

                       5-Year Inflation Forecast (previous 2.9%)

                       End-Mo Current Idx (previous 77.7)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 433.003M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -2.101M)

                       Gasoline Stocks (Bbl) (previous 211.996M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.707M)

                       Distillate Stocks (Bbl) (previous 123.685M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.824M)

                       Refinery Usage (previous 87.9%)

                       Total Prod Supplied (Bbl/day) (previous 21.629M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +2.339M)

12:00 PM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3644B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +26B)

2:00 PM ET. Federal Open Market Committee meeting minutes published

Thursday, November 25, 2021  

  N/A               Marianas: Thanksgiving Day

  N/A               U.S.: Thanksgiving Day. Financial markets closed

Friday, November 26, 2021  

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

                       Corn (Metric Tons) (previous 1044.6K)

                       Soybeans (Metric Tons) (previous 1374.9K)

                       Wheat (Metric Tons) (previous 399.1K)

1:00 PM ET. U.S. financial markets close early after Thanksgiving

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

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

The STOCK INDEXES: The December NASDAQ 100 was lower overnight ahead of a massive slate of economic data in the run-up to the Thanksgiving holiday. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16,191.11 would signal that a short-term top has been posted. If December renews the rally off October's low into uncharted territory, upside targets will be hard project. First resistance is Monday's high crossing at 16,767.50. Second resistance is unknown. First support the 20-day moving average crossing at 16,191.11. Second support is the November 10^th low crossing at 15,896.50.

The December S&P 500 was steady to lower overnight.Overnight trading sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4663.30 would signal that a short-term top has been posted. If December renews the rally off October's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 4740.50. Second resistance is unknown. First support is the 20-day moving average crossing at 4663.30. Second support is the 50-day moving average crossing at 4516.64. 

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

INTEREST RATES: December T-bonds were higher overnight as they consolidates some of the decline off last-Friday's high. Overnight trading 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 November's high, the October 21^st low crossing at 157-07 is the next downside target. Closes above last-Friday's high crossing at 162-04 are needed to confirm that a low has been posted. First resistance is last-Friday's high crossing at 162-04 . Second resistance is November's high crossing at 164-01. First support is the October 21^st low crossing at 157-07. Second support is October's low crossing at 157-03.

December T-notes were higher overnight as they consolidate some of the decline off August's high. Overnight trading sets the stage for a steady to higher opening with 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 aforementioned decline, the 50% retracement level of the 2018-2020 rally on the weekly continuation chart crossing at 129.035 is the next downside target. Closes above the 20-day moving average crossing at 130.221 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 130.221. Second resistance is the 50-day moving average crossing at 131.068. First support is Tuesday's low crossing at 129.190. Second support is weekly support on the weekly continuation chart crossing at 129.035.  

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

ENERGIES:January crude oil was steady to slightly lower overnight as it consolidates some of the bounce off Monday's low. Overnight weakness sets the stage for a steady to lower 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. Closes above the 20-day moving average crossing at $79.70 would signal that a short-term low has been posted. If January extends the decline off October's high, the 50% retracement level of the August-October rally crossing at $72.30 is the next downside target. First resistance is the 20-day moving average crossing at $79.70. Second resistance is November's high crossing at $83.30. First support is the 38% retracement level of the August-October rally crossing at $75.03. Second support is the 50% retracement level of the August-October rally crossing at $72.30.

January heating oil was steady to slightly higher overnight. The mid-range overnight trade 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. Closes above the 20-day moving average crossing at $2.4154 would confirm that a short-term low has been posted. If January renews the decline off October's high, the 50% retracement level of the August-October rally crossing at $2.2393 is the next downside target. First resistance is the 50-day moving average crossing at $2.4048. Second resistance is the 20-day moving average crossing at $2.4154. First support is the 50% retracement level of the August-October rally crossing at $2.2393. Second support is the 62% retracement level of the August-October rally crossing at $2.1573 .  

January unleaded gas was lower overnight. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.2767 would signal that a short-term low has been posted. If January renews the decline off October's high, the 50% retracement level of the August-October rally crossing at 2.1036. First resistance is the 20-day moving average crossing at 2.2767. Second resistance is November's high crossing at 2.3825. First support is the 50% retracement level of the August-October rally crossing at 2.1036. Second support is the 62% retracement level of the August-October rally crossing at 2.0280.

January Henry natural gas was lower overnight as it extends the trading range of the past three-weeks. Overnight trading sets the stage for a steady to lower 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. If January renews the decline off October's high, the 50% retracement level of the 2020-2021-rally crossing at 4.623 is the next downside target. Closes above the 50-day moving average crossing at 5.536 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.279. Second resistance is the 50-day moving average crossing at 5.536. First support is Monday's low crossing at 4.736. Second support is the 50% retracement level of the 2020-2021-rally crossing at 4.623.    

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

CURRENCIES:The December Dollar was higher overnight as it extends this year's rally. 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 June-2020 high on the weekly continuation chart crossing at $97.81 is the next upside target. Closes below the 20-day moving average crossing at $94.97 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $96.76. Second resistance is the June-2020 high on the weekly continuation chart crossing at $97.81. First support is the 10-day moving average crossing at $95.87. Second support is the 20-day moving average crossing at $94.97.

The December Euro was lower overnight as it extends this year's decline.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 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, the 87% retracement level of the 2020-2021-rally crossing at $110.60 is the next downside target. Closes above the 20-day moving average crossing at $114.61 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $113.32. Second resistance is the 20-day moving average crossing at $114.61. First support is the 75% retracement level of the 2020-2021-rally crossing at $112.48. Second support is the 87% retracement level of the 2020-2021-rally crossing at $110.60.

The December British Pound was lower overnight as it resumes its decline off May's high. Overnight weakness sets the stage for a steady to lower opening when the day session beings 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 38% retracement level of the 2020-2021-rally crossing at 1.3223 is the next downside target. Closes above the 20-day moving average crossing at 1.3508 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at 1.3508. Second resistance is the 50-day moving average crossing at 1.3605. First support is Tuesday's low crossing at 1.3342. 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 extends the decline off November's high. Overnight trading sets 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 possible near-term. If December extends the decline off November's high, March's low crossing at 1.0654 is the next downside target. Closes above last-Friday's high crossing at 1.0816 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 1.0816. Second resistance is the 50-day moving average crossing at 1.0844. First support is the overnight low crossing at 1.0680. Second support is March's low crossing at 1.0654.  

The December Canadian Dollar was lower overnight. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, the September 29^th low crossing at $78.27 is the next downside target. Closes above the 20-day moving average crossing at $79.90 would signal that a low has been posted. First resistance is the 10-day moving average crossing at $79.27. Second resistance is the 20-day moving average crossing at $79.99. First support is Tuesday's low crossing at $78.46. Second support is the September 29^th low crossing at $78.27.

The December Japanese Yen was steady to slightly higher overnight. Overnight trading 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 November'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 0.087722 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.087722. Second resistance is November's high crossing at 0.088735. First support is the overnight low crossing at 0.086790. 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 as it consolidates some of the decline off last-Tuesday's high. Overnight trading 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. If December extends the aforementioned decline, November's low crossing at $1758.50 is the next downside target. Closes above the 20-day moving average crossing at $1823.30 would signal that a short-term low has likely been posted. First resistance is the 20-day moving average crossing at $1823.30. Second resistance is the 10-day moving average crossing at $1841.40. First support is the November 3^rd low crossing at $1758.50. Second support is September's low crossing at $1721.10.

December silver was steady to slightly higher overnight. 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, November's low crossing at $23.045 is the next downside target. Closes above the 10-day moving average crossing at 24.678 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $24.368. Second resistance is the 10-day moving average crossing at $24.678. First support is November's low crossing at $23.045. Second support is the October 12^th low crossing at $22.325.  

December copper 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 higher prices are possible near-term. Closes above last-Monday's high crossing at 4.4890 would confirm that a short-term low has been posted. If December renews the decline off October's low, October's low crossing at 4.0585 is the next downside target. First resistance is last-Monday's high crossing at 4.4890. Second resistance is October's high crossing at 4.8230. First support is the September 30^th low crossing at 4.0545. Second resistance is September's low crossing at 4.0160.  

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

March corn was higher overnight as it extends the rally off November's low. 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 overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned rally, August's high crossing at $5.99 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.77 1/4 would signal that a short-term top has been posted. First resistance is November's high crossing at $5.93 1/2. Second resistance is August's high crossing at $5.99 3/4. First support is the 20-day moving average crossing at $5.77 1/4. Second support is 50-day moving average crossing at $5.55 1/4.    

March wheat was higher overnight as it extends the rally off July's low. Overnight trading 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 March extends this year's rally, monthly resistance crossing at $8.93 1/4 is the next upside target. Closes below the 20-day moving average crossing at $8.16 1/2 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $8.74 3/4. Second resistance is monthly resistance crossing at $8.93 1/4. First support is the 10-day moving average crossing at $8.40. Second support is the 20-day moving average crossing at $8.16 1/2.

March Kansas City wheat was higher overnight as it extends this year's rally. 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 lower prices are possible near-term. If March extends this year's rally, the September-2012 high on the monthly continuation chart crossing at $9.50 3/4 is the next upside target. Closes below the 20-day moving average crossing at $8.21 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $8.92 1/4. Second resistance is the September-2012 high on the monthly continuation chart crossing at $9.50 3/4. First support is the 10-day moving average crossing at $8.47 1/4. Second support is the 20-day moving average crossing at $8.21 3/4.

December Minneapolis wheat was steady to higher overnight. Overnight trading 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 renews the rally off September's low, weekly resistance crossing at $11.20 is the next upside target. Closes below last-Tuesday's low crossing at $9.99 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is November's high crossing at $10.86 1/2. Second resistance is weekly resistance crossing at $11.20. First support is last-Tuesday's low crossing at $9.99. Second support is the 50-day moving average crossing at $9.80 3/4.  

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

January soybeans were higher overnight as they extend the trading range of the past five-days. Overnight trading set the stage for a 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 January extends the rally off November's low, October's high crossing at $13.17 is the next upside target. Closes below the 20-day moving average crossing at $12.44 1/2 would signal that a short-term top has likely been posted.First resistance is last-Wednesday's high crossing near $12.89 1/4. Second resistance is October's high crossing at $13.17. First support is the 20-day moving average crossing at $12.44 1/2. Second support is November's low crossing at $11.81 1/4.  

March soybean meal was steady to lower overnight. Overnight trading 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 the 20-day moving average crossing at $344.80 would signal that a short-term top has been posted. If March resumes the rally off October's low, the 75% retracement level of the May-October decline crossing at $385.40 is the next upside target. First resistance is the 62% retracement level of the May-October decline crossing at $372.80. Second resistance is the 75% retracement level of the May-October decline crossing at $385.40. First support is the 20-day moving average crossing at $344.80. Second support is the 50-day moving average crossing at $337.00. 

March soybean oil was higher overnight as it extends the trading range of the past three-weeks. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If Closes above last-Wednesday's high crossing at 59.96 would signal that a short-term low has been posted. March renews the decline off October's high, September's low crossing at 54.30 is the next downside target. First resistance is the November 3^rd high crossing at 61.39. Second resistance is October's high crossing at 63.29. First support is November's low crossing at 57.06. Second support is September's low crossing at 54.30.