KEY EVENTS TO WATCH FOR:
Thursday, December 9, 2021
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 222K)
Jobless Claims, Net Chg (previous +28K)
Continuing Claims (previous 1956000)
Continuing Claims, Net Chg (previous -107K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1021.1K)
Soybeans (Metric Tons) (previous 1015.4K)
Wheat (Metric Tons) (previous 105.9K)
9:45 AM ET. Consumer Comfort Index
10:00 AM ET. October Monthly Wholesale Trade
Inventories, M/M% (previous +1.4%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3564B)
Working Gas In Storage, Net Chg (Cbf) (previous -59B)
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 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, December 10, 2021
8:30 AM ET. November CPI
CPI, M/M% (previous +0.9%)
Core CPI, M/M% (previous +0.6%)
Energy Idx, M/M% (previous +4.8%)
Food Idx, M/M% (previous +0.9%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.9%)
CPI, Y/Y% (previous +6.2%)
Core Annual, Y/Y% (previous +4.6%)
8:30 AM ET. November Real Earnings
10:00 AM ET. 3rd Quarter Quarterly Services
10:00 AM ET. December University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (previous 66.8)
Mid-Mo Expectations (previous 62.8)
Mid-Mo Current Idx (previous 73.2)
2:00 PM ET. November Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.
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 off last-Friday'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 this week's rally, November's high crossing at 16,767.50 is the next upside target. Closes below the 50-day moving average crossing at 15,715.67 would signal that a short-term low has been posted. First resistance is the November 30th high crossing at 16,456.25. Second resistance is November's high crossing at 16,767.50. First support is the 50-day moving average crossing at 15,715.67. Second support is the October 22nd low crossing at 15,273.75.
The December S&P 500 was steady to lower overnight as it consolidates some of the rally off last-Friday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Friday's low, November's high crossing at 4740.50 is the next upside target. Closes below the 50-day moving average crossing at 4559.50 would signal that a short-term low has been posted. First resistance is the November 26th high crossing at 4717.00. Second resistance is the November 22nd high crossing at 4740.50. First support is last-Friday's low crossing at 4492.00. Second support is the October 12th low crossing at 4317.25.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds was higher overnight as it consolidates some of this week's sharp sell off. Overnight trading 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 160-15 are needed to confirm that a short-term top has been posted. If March resumes the rally off October's low, August's high crossing at 164-20 is the next upside target. First resistance is last-Friday's high crossing at 164-12. Second resistance is the August high crossing at 164-20. First support is the 20-day moving average crossing at 160-15. Second support is the 50-day moving average crossing at 159-05.
March T-notes was steady to higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a steady to higher opening with 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 130.013 would signal that a short-term top has been posted. If March resumes the aforementioned rally, the 62% retracement level of the August-November decline crossing at 132.065. First resistance is the 50% retracement level of the August-November decline crossing at 131.171. Second resistance is the 62% retracement level of the August-November decline crossing at 132.065. First support is the 20-day moving average crossing at 130.013. Second support is November's low crossing at 128.225.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:January crude oil was lower overnight as it consolidates some of the rally off last-Thursday's low. Overnight trading sets the stage for 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 $73.67 would signal that a short-term low has been posted. If January renews the decline off October's high, August's low crossing at $60.77 is the next downside target. First resistance is the 20-day moving average crossing at $73.67. Second resistance is the 50-day moving average crossing at $77.46. First support is last-Thursday's low crossing at $62.43. Second support is August's low crossing at $60.77.
January heating oil was lower overnight as it consolidated some of the rally off last-Thursday's low. Overnight trading 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. Closes above the 20-day moving average crossing at $2.2616 would confirm that a short-term low has been posted. If January resumes the decline off October's high, the 50% retracement level of the 2020-2021 rally crossing at $1.8820 is the next downside target. First resistance is the 20-day moving average crossing at $2.2616. Second resistance is the 50-day moving average crossing at $2.3904. First support is the 38% retracement level of the 2020-2021 rally crossing at $2.0477. Second support is the 50% retracement level of the 2020-2021 rally crossing at $1.8820.
January unleaded gas was lower overnight as it consolidates some of the rally off last-Thursday'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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 2.1376 would open the door for additional gains and a possible test of the 50-day moving average crossing at 2.2441. If January resumes the decline off October's high, the 87% retracement level of the August-October rally crossing at 1.8665 is the next downside target. First resistance is the overnight high crossing at 2.1665. Second resistance is the 50-day moving average crossing at 2.2441. First support is the 87% retracement level of the August-October rally crossing at 1.8665. Second support is August's low crossing at 1.7830.
January Henry natural gas was lower overnight as it extends this week's trading range following Monday's gap down and lower close. 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 are possible near-term. If January extends the decline off October's high, the 75% retracement level of the 2020-2021-rally crossing at 3.593 is the next downside target. Closes above Monday's gap crossing at 4.066 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at 4.066. Second resistance is the 10-day moving average crossing at 4.229. Second resistance is the 20-day moving average crossing at 4.642. First support is the 75% retracement level of the 2020-2021-rally crossing at 3.593. Second support is the 87% retracement level of the 2020-2021-rally crossing at 3.100.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was higher overnight. 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. Closes below last-Tuesday's low crossing at $95.54 would confirm that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at $94.87. If December renews the rally off September's low, the June-2020 high on the weekly continuation chart crossing at $97.81 is the next upside target. First resistance is November's high crossing at $96.94. Second resistance is the June-2020 high on the weekly continuation chart crossing at $97.81. First support is last-Tuesday's low crossing at $95.54. Second support is the 50-day moving average crossing at $94.87.
The December Euro was lower overnight as it extends the trading range of the past four-weeks. 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 higher prices are possible near-term. Closes above last-Tuesday's high crossing at $113.86 would mark an upside breakout of the aforementioned trading range thereby opening the door for additional gains near-term. If December renews the decline off September's high, the 87% retracement level of the 2020-2021-rally crossing at $110.60 is the next downside target. First resistance is last-Tuesday's high crossing at $113.86. Second resistance is the 50-day moving average crossing at $114.89. First support is November's low crossing at $111.90. Second support is the 87% retracement level of the 2020-2021-rally crossing at $110.60.
The December British Pound was lower overnight as its extends decline off October's high. Overnight trading sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are 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 2020-2021-rally crossing at 1.2906 is the next downside target. Closes above the 20-day moving average crossing at 1.3339 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at 1.3339. Second resistance is the 50-day moving average crossing at 1.3526. First support is Wednesday's low crossing at 1.3160. Second support is the 50% retracement level of the 2020-2021-rally crossing at 1.2906.
The December Swiss Franc 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 neutral to bullish signaling that sideways to higher prices possible near-term. If December renews the rally off November's low, November's high crossing at 1.1017 is the next upside target. Closes below Tuesday's low crossing at 1.0783 would open the door for a possible test of November's low crossing at 1.0673. First resistance is November's high crossing at 1.1017. Second resistance is August's high crossing at 1.1103. First support is Tuesday's low crossing at 1.0783. Second support is November's low crossing at 1.0673.
The December Canadian Dollar was lower overnight as it consolidates some of the rally off last-Friday's low. Overnight trading 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, the 50-day moving average crossing at $79.76 is the next upside target. If December renews the decline off October's high, September's low crossing at $77.53 is the next downside target. First resistance is the 50-day moving average crossing at $79.76. Second resistance is the November 16th high crossing at $80.05. First support is last-Friday's low crossing at $77.78. Second support is September's low crossing at $77.53.
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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.087831 would signal that a short-term top has been posted. If December resumes the rally off November's low, the 50% retracement level of the August-November decline crossing at 0.089293 is the next upside target. First resistance is the 50% retracement level of the August-November decline crossing at 0.089293. Second resistance is the 62% retracement level of the August-November decline crossing at 0.089943. First support is the 20-day moving average crossing at 0.087831. Second support is November's low crossing at 0.086565.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Februarygold 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 to bearish signaling that sideways to lower prices are possible near-term. If February renews the decline off November's high, November's low crossing at $1761.00 is the next downside target. Closes above the 20-day moving average crossing at $1812.30 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1797.10. Second resistance is the 20-day moving average crossing at $1812.30. First support is the November 3rd low crossing at $1761.00. Second support is September's low crossing at $1723.70.
March silver was lower overnight as it extends the trading range of the past five-days. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, September's low crossing at $21.460 is the next downside target. Closes above the 20-day moving average crossing at $23.636 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $22.540. Second resistance is the 50-day moving average crossing at $23.636. First support is last-Friday's low crossing at $22.035. Second support is September's low crossing at $21.460.
March copper was 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 4.3692 would open the door for additional gains near-term. If March renews the decline off November's high, the 75% retracement level of the August-October rally crossing at 4.1724 is the next downside target. First resistance is November's high crossing at 4.5115. Second resistance is October's high crossing at 4.8230. First support is November's low crossing at 4.2000. Second support is the 75% retracement level of the August-October rally crossing at 4.1724.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was mostly steady overnight as traders await today's December WASDE report. The mid-range trade overnight sets the stage for a steady 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 March extends the rally off last-week's low, November's high crossing at $5.96 3/4 is the next upside target. Closes below November's low crossing at $5.57 1/2 would mark a downside breakout of the November-December trading range and would open the door for additional weakness possibly into the end of the year. First resistance is November's high crossing at $5.96 3/4. Second resistance is August's high crossing at $5.99 3/4. First support is last-Tuesday's low crossing at $5.62 1/2. Second support is November's low crossing at $5.57 1/2.
March wheat was lower overnight and trading below support marked by the 50-day moving average crossing at $7.88 3/4. Overnight weakness 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. Closes below the July-September uptrend line crossing near $7.73 would signal an intermediate trend change while opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at $8.21 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.21 1/2. Second resistance is November's high crossing at $8.74 3/4. First support is the 50-day moving average crossing at $7.88 3/4. Second support is the July-September uptrend line crossing near $7.73.
March Kansas City wheat was lower overnight as it renewed 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 are possible near-term. Closes below the July-September uptrend line crossing near $7.87 3/4 would signal a possible intermediate trend change is taking place. If March renews this year's rally, the September-2012 high on the monthly continuation chart crossing at $9.50 3/4 is the next upside target.First resistance is November's 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 50-day moving average crossing at $7.97. Second support is the July-September uptrend line crossing near $7.87 3/4.
March Minneapolis wheat was lower overnight as it extends the trading range of the past six-weeks. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March renews the rally off September's low, weekly resistance crossing at $11.20 is the next upside target. Closes below the reaction low crossing at $9.91 3/4 would mark a potential downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. First resistance is November's high crossing at $10.66 1/4. Second resistance is weekly resistance crossing at $11.20. First support is November's low crossing at $9.91 3/4. Second support is the 25% retracement level of the 2020-2021 rally crossing at $9.43 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans was lower overnight as traders await the release of this month's WASDE report for any surprises that could shift the direction of the market. Overnight trading set the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If January renews the decline off November's high, November's low crossing at $11.81 1/4 is the next downside target. If January resumes the rally off last-Tuesday's low, November's high crossing at $12.89 1/4 is the next upside target. First resistance is November's high crossing at $12.89 1/4. Second resistance is October's high crossing at $13.17. First support is last-Tuesday's low crossing at $12.14 1/4. Second support is November's low crossing at $11.81 1/4.
March soybean meal was steady to slightly lower overnight as it consolidates some of the rally off last-Tuesday's low. 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 50-day moving average crossing at $337.50 would open the door for additional weakness near-term. If March extends the rally off last-Tuesday's low, November's high crossing at $371.90 is the next upside target. First resistance is the overnight high crossing at $357.80. Second resistance is November's high crossing at $371.90. First support is the 50-day moving average crossing at $337.50. Second support is the November 8th low crossing at $325.90.
March soybean oil was lower overnight as it extends this week's sell off and is poised to renew the decline off November's high. Overnight trading sets the stage for a 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. March renews the decline off October's high, September's low crossing at 54.30 is the next downside target. Closes above the 50-day moving average crossing at 59.11 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 59.11. Second resistance is November's high crossing at 61.44. First support is September's low crossing at 54.30. Second support is long-term support crossing at 53.88.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $0.23 at $76.32.
February hogs closed lower on Wednesday as it extended the decline off November's high. The mid-range close sets the stage for a steady to lower opening when Thursday's 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 February extends the decline off November's high, October's low crossing at $74.05 is the next downside target. Closes above the 20-day moving average crossing at $80.98 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $80.98. Second resistance is November's high crossing at $84.68. Third resistance is October's high crossing at $87.48. First support is today's low crossing at $75.35. Second support is October's low crossing at $74.05.
February cattle closed down $0.50 at $138.72.
February cattle closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. 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 $138.27 would signal that a short-term top has been posted. If February renews this fall's rally, the March 2016 high on the continuation chart crossing at $141.90 is the next upside target. First resistance is November's high crossing at $141.85. Second resistance is the March 2016 high on the continuation chart crossing at $141.90. First support is the 20-day moving average crossing at $138.27. Second support is the 50-day moving average crossing at $136.06.
January Feeder cattle closed down $1.45 at $163.57.
January feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's 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 $162.71 would signal that a short-term top has been posted. If January renews the rally off November's low, September's high crossing at $170.45 is the next upside target. First resistance is November's high crossing at $168.30. Second resistance is September's high crossing at $170.45. First support is the 20-day moving average crossing at $162.71. Second support is the 50-day moving average crossing at $160.36.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top may be in or near. Closes below the 20-day moving average crossing at 233.32 would signal that a short-term top has been posted. If March extends this year's rally, weekly resistance crossing at 258.65 is the next upside target.
March cocoa closed lower on Wednesday as it consolidated some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 26th gap crossing at 24.95 would signal that a low has been posted. If March resumes the decline off October's high July's low crossing at 23.13 is the next downside target.
March sugar closed higher on Wednesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the November 24th high crossing at 20.19 is the next upside target. Closes below the 10-day moving average crossing at 19.15 would signal that a short-term top has been posted.
March cotton closed slightly higher on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening on Thursday. Closes above last-Tuesday's gap crossing at 111.11 would signal that a low has been posted. If March resumes the decline off November's high, October's low crossing at 101.31 is the next downside target.
Thank you tallpine!