INO Evening Market Comments
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Started by tallpine - Dec. 9, 2021, 4:20 p.m.

KEY EVENTS TO WATCH FOR:



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 Dow closed lower on Thursday as it consolidated some of the rally off last-Wednesday's low.The mid-range close sets the stage for a steady to lower opening when Friday's 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 the Dow extends the aforementioned rally, the November 16th high crossing at 36,316.61 is the next upside target. Closes below the 10-day moving average crossing at 35,028.65 would signal that a short-term top has been posted. First resistance is the November 16th high crossing at 36,316.61. Second resistance is the November high crossing at 36,565.73. First support is Tuesday's gap crossing at 35,356.75. Second support is the 10-day moving average crossing at 35,028.38.



The December NASDAQ 100 closed lower on Thursday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday's 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-Friday's low, November's high crossing at 16,767.50 is the next upside target. 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 15,713.84. Second support is the October 22nd low crossing at 15,273.75.



The December S&P 500 closed lower on Thursday as it consolidates some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If December extends this week's rally November's high crossing at 4740.50 is the next upside target. Closes below the 10-day moving average crossing at 4609.10 would signal that a short-term top has been posted. First resistance is the November 26th high crossing at 4717.00. Second resistance is November's high crossing at 4740.50. First support is the 20-day moving average crossing at 4646.75. Second support is the 10-day moving average crossing at 4609.10.    



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



March T-bonds closed up 14/32's at 161-08 

  

March T-bonds closed higher on Thursday as it consolidates some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Friday's night 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 would confirm that a short-term top has been posted. If March renews the rally off October's low, August's high crossing at 164-20 is the next upside target. First resistance is the August high crossing at 164-20. Second resistance is the August-high on the weekly continuation chart crossing at 167-00. 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 closed up 55-pts at 130.120.



March T-notes closed higher on Thursday as it consolidated some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 130.014 would signal that a short-term top has been posted. If March renews the rally off November's low, the 62% retracement level of the August-November decline crossing at 132.065 is the next upside target. 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 130.014. Second support is November's low crossing at 128.225. 



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



January crude oil closed lower on Thursday as it marked a key reversal down signaling a possible end to the rally off last Thursday's low.The low-range close sets the stage for a steady to lower opening when Friday's night session begins. 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 $73.61 would confirm 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 $73.61. Second resistance is the 50-day moving average crossing at $77.44. First support is the 87% retracement level of the August-October rally crossing at $63.75. Second support is August's low crossing at $60.77. 



January heating oil closed lower on Thursday as it consolidated some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. 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 $226.10 would signal that a short-term low has been posted. If January renews the decline off October's high, the 87% retracement level of the August-October rally crossing at $198.23 is the next downside target. First resistance is the 20-day moving average crossing at $226.10. Second resistance is the 50-day moving average crossing at $239.02. First support is the 75% retracement level of the August-October rally crossing at $206.56. Second support is the 87% retracement level of the August-October rally crossing at $198.23.



January unleaded gas closed lower due to profit taking on Thursday as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Friday's night 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 $213.65 are needed to confirm that a short-term low has been posted. If January resumes the decline off October's high, the 87% retracement level of the August-October rally crossing at $186.65 is the next downside target. First resistance is the 20-day moving average crossing at $213.65. Second resistance is the 50-day moving average crossing at $224.36. First support is the 87% retracement level of the August-October rally crossing at $186.65. Second support is August's low crossing at $178.30.    



January Henry natural gas closed slightly lower on Thursday as it extends this week's trading range. The mid-range close sets the stage for a steady to lower opening when Friday's night 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 Monday's gap was likely an exhaustion gaps and that a low has been posted or is near. First resistance is the 10-day moving average crossing at 4.232. Second resistance is the 20-day moving average crossing at 4.644. 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.   



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



The December Dollar closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are 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 resumes 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 closed lower on Thursday while extending the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain 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 while opening the door for a possible test of the 50-day moving average crossing at 114.89. If December resumes this year's decline, 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 closed slightly lower on Thursday. The high-range close sets the stage for a steady to slightly lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are still possible. If December extends this year's 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 1.3341 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3341. Second resistance is the 50-day moving average crossing at 1.3527. First support is the 38% retracement level of the 2020-2021 rally crossing at 1.3223. Second support is the 50% retracement level of the 2020-2021 rally crossing at 1.2906. 

 

The December Swiss Franc closed lower on Thursday.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-Friday's high, November's low crossing at 1.0673 is the next downside target. If December resumes the rally off November's low, November's high crossing at 1.1017 is the next upside target. First resistance is last-Friday's high crossing at 1.0929. Second resistance is November's high crossing at 1.1017. First support is Tuesday's low crossing at 1.0783. Second support is November's low crossing at 1.0673.  



The December Canadian Dollar closed lower on Thursday as it consolidates some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday's night 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, the 50-day moving average crossing at 79.75 is the next upside target. If December renews the decline off October's high, the September 29th low crossing at 78.27 is the next downside target. First resistance is the 50-day moving average crossing at 79.75. Second resistance is the November 16th high crossing at 80.05. First support is last-Friday's low crossing at 77.79. Second support is September's low crossing at 77.53.



The December Japanese Yen closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 0.087835 would confirm that a top has been posted. If December renews 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 last-Tuesday's high crossing at 0.088870. Second resistance is the 50% retracement level of the August-November decline crossing at 0.089293. First support is the 20-day moving average crossing at 0.087835. Second support is November's low crossing at 0.086565.



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



February gold closed lower on Thursday.The low-range close sets the stage for a steady to lower opening when Friday's night 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, November's low crossing at $1761.00 is the next downside target. Closes above the 20-day moving average crossing at $1812.20 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1797.00. Second resistance is the 20-day moving average crossing at $1812.20. First support is November's low crossing at 1761.00. Second support is September's low crossing at $1723.70.



March silver closed lower on Thursday as it renewed the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday's night 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 March extends the decline off November's high, September's low crossing at 21.460 is the next downside target. Closes above the 20-day moving acreage crossing at 24.164 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 22.515. Second resistance is the 50-day moving average crossing at 23.512. First support is today's low crossing at 21.840. Second support is September's low crossing at 21.460.    



March copper closed lower on Thursday.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, November's high crossing at 451.15 is the next upside target. If March renews the decline off October's high, September's low crossing at 401.30 is the next downside target. First resistance is today's high crossing at 439.80. Second resistance is November's high crossing at 451.15. First support is November's low crossing at 420.00. Second support is the 75% retracement level of the August-October rally crossing at 417.24.  



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



March Corn closed up $0.04 1/2-cents at $5.91 3/4. 



March corn closed higher on Thursday as it extended the rally off last-Tuesday's low. Today's WASDE report was termed neutral as there were no changes from November's data. The high-range close sets the stage for a steady to higher opening when Friday's night session 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-Tuesday's low, November's high crossing at $5.96 3/4 is the next upside target. If March resumes the decline off last-Wednesday's high, the 50-day moving average crossing at $5.64 1/4 is the next downside target. First resistance is November's high crossing at $5.96 3/4. Second resistance is August's high crossing at $5.99 3/4. Third resistance is July's high crossing at $6.16 1/2. First support is the 50-day moving average crossing at $5.64 1/4. Second support is November's low crossing at $5.57 1/2.     



March wheat closed down $0.17 3/4-cents at $7.76 3/4.  



March wheat Closes lower on Thursday as it has renewed the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned 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 that an intermediate trend change has taken place. Closes above the 20-day moving average crossing at $8.21 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.21 1/4. Second resistance is November's high crossing at $8.74 3/4. First support is the July-September uptrend line crossing near $7.73. Second support is the 50% retracement level of the July-November rally crossing at $7.50 1/2.



March Kansas City Wheat closed down $0.15 1/2-cents at $7.96 1/2.

 

March Kansas City wheat closed lower on Thursday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday's night 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 1/2 would signal that the intermediate trend has turned bear. Closes above the 20-day moving average crossing at $8.37 1/2 would signal that a short-term top has been posted. First resistance is the December 3rd high crossing at $8.48 3/4. Second resistance is November's high crossing at $8.92 1/4. First support is today's low crossing at $7.87 3/4. Second support is the 38% retracement level of the July-November rally crossing at $7.81 1/4.



March Minneapolis wheat closed down $0.13-cents at $10.22 1/4. 



March Minneapolis wheat closed lower on Thursday as it extends the November-December trading range. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March renews this year's rally, monthly resistance on the continuation chart crossing at $11.20 is the next upside target. Closes below the November low crossing at $9.91 3/4 would confirm that a short-term top has been posted. First resistance is November's high crossing at $10.86 1/2. Second resistance is monthly resistance on the continuation chart crossing at $11.22. 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 closed up $0.03 1/2-cents at $12.64 1/2.



January soybeans closed higher on Thursday following today's WASDE report, which showed no changes from the November report. Today's high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off last-Tuesday's low, November's high crossing at $12.89 1/4 is the next upside target. If January renews the decline off November's high, November's low crossing at $11.81 1/4 is the next downside target. First resistance is November's high crossing at $12.89 1/4. Second resistance is September'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.



January soybean meal closed up $2.50 at $359.70. 



January soybean meal closed higher on Thursday and is poised to resume the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January renews the rally off last-Tuesday's low, November's high crossing at $375.90 is the next upside target. If January renews the decline off November's high, the 50-day moving average crossing at $337.60 is the next downside target. First resistance is today's high crossing at $360.80. Second resistance is November's high crossing at $375.90. First support is the 50-day moving average crossing at $337.60. Second support is the November 8th low crossing at $326.80.      



January soybean oil closed down 59 pts. at 54.96. 



January soybean oil closed lower on Thursday as it renewed the decline off October's high. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If January resumes the decline off October's high, September's low crossing at 54.25 is the next downside target. Closes above the 20-day moving average crossing at 57.89 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 57.89. Second resistance is the 50-day moving average crossing at 59.51. First support is today's low crossing at 53.94. Second support is June's low crossing at 51.19.  

 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



February hogs closed up $1.83 at $77.88. 



February hogs closed higher due to short covering on Thursday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Friday'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 $80.90 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $80.90. Second resistance is the December 2nd high crossing at $82.70. Third resistance is November's high crossing at $84.68. First support is Wednesday's low crossing at $75.35. Second support is October's low crossing at $74.05. 



February cattle closed down $0.90 at $137.77. 



February cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the November 30th low crossing at $137.35 would confirm 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 November 30th low crossing at $137.35. Second support is the 50-day moving average crossing at $136.18. 



January Feeder cattle closed up $0.73 at $164.13. 



January feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 $163.01 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 $163.01. Second support is the 50-day moving average crossing at $160.51. 



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



March coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 234.99 would signal that a short-term top has been posted. If March resumes this year's rally, weekly resistance crossing at 258.65 is the next upside target.     



March cocoa closed lower on Thursday as it consolidated some of the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to lower opening on Friday. 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 while opening the door for additional gains near-term. If March resumes the decline off October's high July's low crossing at 23.13 is the next downside target.   



March sugar closed lower on Thursday as it consolidated some the rally off last-Thursday's low. The mid-range close sets the stage for a steady to lower opening on Friday. 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 19.13 would signal that a short-term top has been posted. 



March cotton closed slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. 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. 

Comments
By metmike - Dec. 9, 2021, 7:06 p.m.
Like Reply

Thanks tallpine!