KEY EVENTS TO WATCH FOR:

Friday, December 17, 2021  

8:30 AM ET. 3^rd Quarter State Quarterly Personal Income

10:00 AM ET. November State Employment and Unemployment

Monday, December 20, 2021  

10:00 AM ET. November Leading Indicators

                       Leading Index, M/M% (previous +0.9%)

                       Leading Index (previous 118.3)

                       Coincident Index, M/M% (previous +0.5%)

                       Lagging Index, M/M% (previous +0.4%)

Tuesday, December 21, 2021  

7:45 AM ET. Weekly Chain Store Sales Index

8:30 AM ET. 3^rd Quarter International Transactions

                       Current Account (USD) (previous -190.28B)

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 +16.0%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -0.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +0.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous -1.0M)

Wednesday, December 22, 2021    

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 591.7)

                       Composite Idx, W/W% (previous -4.0%)

                       Purchase Idx-SA (previous 297.2)

                       Purchase Idx-SA, W/W% (previous +0.7%)

                       Refinance Idx (previous 2350.5)

                       Refinance Idx, W/W% (previous -6.4%)

8:30 AM ET. November CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.76)

                       NAI, 3-mo Moving Avg (previous 0.21)

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

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

                       Annual Rate, Q/Q% (previous +2.1%)

                       Chain-Weighted Price Idx, Q/Q% (previous +5.9%)

                       Corporate Profits, Q/Q% (previous +1.9%)

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

                       Purchase Price Idx, Q/Q% (previous +5.5%)

                       Real Final Sales, Q/Q% (previous +0%)

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

                       Personal Consumption, Q/Q% (previous +1.7%)

10:00 AM ET. November Existing Home Sales

                       Existing Sales (previous 6.34M)

                       Existing Sales, M/M% (previous +0.8%)

                       Unsold Homes Month's Supply (previous 2.4)

                       Median Price (USD) (previous 353900)

                       Median Home Price, Y/Y% (previous +13.1%)

10:00 AM ET. December Consumer Confidence Index

                       Cons Conf Idx (previous 109.5)

                       Expectation Idx

                       Present Situation Idx (previous 142.5)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 428.286M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.584M)

                       Gasoline Stocks (Bbl) (previous 218.585M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.719M)

                       Distillate Stocks (Bbl) (previous 123.758M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.852M)

                       Refinery Usage (previous 89.8%)

                       Total Prod Supplied (Bbl/day) (previous 23.191M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +3.354M)

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

The STOCK INDEXES: The March NASDAQ 100 was lower overnight as it extends Thursday's sharp decline.Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 15,875.95 would signal that a short-term top has been posted. If March renews the rally off December's low, November's high crossing at 16,768.00 is the next upside target. First resistance is Thursday's high crossing at 16,457.00. Second resistance is November's high crossing at 16,768.00. First support is the 50-day moving average crossing at 15,875.95. Second support is December's low crossing at 15,547.25.

The March S&P 500 was lower overnight due to profit taking as it consolidates some of the rally off December'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 signaling that sideways trading is possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4593.10 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 4743.25. Second resistance is unknown. First support is the 50-day moving average crossing at 4593.10. Second support is December's low crossing at 4485.75. 

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

INTEREST RATES: March T-bonds was slightly higher overnight and 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-Wednesday's low crossing at 160-12 would 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 December'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 161-10. Second support is last-Wednesday's low crossing at 160-12.

March T-notes was steady to slightly higher overnight. Overnight trading sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, the 62% retracement level of the August-November decline crossing at 132.065. Closes below the 50-day moving average crossing at 130.051 would signal that a short-term top has been posted. 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 50-day moving average crossing at 130.051. Second support is November's low crossing at 128.225.   

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

ENERGIES:February crude oil was lower overnight. 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 last-Thursday's high crossing at $73.13 would renew the rally off December's low and open the door for a possible test of the 50-day moving average crossing at $76.00. Closes below Wednesday's low crossing at $69.21 would temper the near-term bullish outlook. First resistance is last-Thursday's high crossing at $73.13. Second resistance is the 50-day moving average crossing at $76.00. First support is Wednesday's low crossing at $69.21. Second support is December's low crossing at $62.26.

February heating oil 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 are possible near-term. If February renews the rally off December's low, the 50-day moving average crossing at $2.3550 is the next upside target. Closes below Tuesday's low crossing at $2.1829 would temper the near-term friendly outlook. First resistance is last-Thursday's high crossing at $2.2782. Second resistance is the 50-day moving average crossing at $2.3550. First support is Tuesday's low crossing at $2.1829. Second support is December's low crossing at $1.9974.  

February unleaded gas was lower overnight as it consolidates some of Thursday's gains. The low-range trade overnight sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low the 50-day moving average crossing at 2.2157 is the next upside target. Closes below Tuesday's low crossing at 2.0626 would temper the near-term friendly outlook. First resistance is Thursday's high crossing at 2.1719. Second resistance is the 50-day moving average crossing at 2.2157. First support is Tuesday's low crossing at 2.0626. Second support is December's low crossing at 1.8646.  

February Henry natural gas was lower overnight as it extends the trading range of the past two-weeks. 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 October's high, the 75% retracement level of the 2020-2021-rally crossing at 3.535 is the next downside target. Closes above last-Monday's gap crossing at 4.066 would signal that a short-term low has been posted. First resistance is last-Monday's gap crossing at 4.010. Second resistance is the 20-day moving average crossing at 4.201. Second resistance is the 50-day moving average crossing at 4.938. First support is the 75% retracement level of the 2020-2021-rally crossing at 3.535. Second support is the 87% retracement level of the 2020-2021-rally crossing at 3.050.     

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

CURRENCIES:The March Dollar 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 have turned neutral to bearish signaling that a double top with November's high might have been posted on Wednesday. Closes below the November 30^th low crossing at $95.50 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 $95.08. If March renews the rally off May's low, the June-2020 high on the weekly continuation chart crossing at $97.81 is the next upside target. First resistance is Wednesday's high crossing at $96.89. Second resistance is the June-2020 high on the weekly continuation chart crossing at $97.81. First support is the November 30^th low crossing at $95.50. Second support is the 50-day moving average crossing at $95.08.

The March Euro was lower overnight as it extends the trading range of the past five-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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 30^th high crossing at $114.17 would mark an upside breakout of the aforementioned trading range while opening the door for additional gains near-term. If March 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 the November 30^th high crossing at $114.17. Second resistance is the 50-day moving average crossing at $114.80. First support is November's low crossing at $112.21. Second support is the 87% retracement level of the 2020-2021-rally crossing at $110.60.

The March British Pound was lower overnight as it consolidates some of this week's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 1.3291 would open the door for additional gains near-term.If March renews the decline off May's high, the 50% retracement level of the 2020-2021-rally crossing at 1.2893 is the next downside target.First resistance the 50-day moving average crossing at 1.3488. Second resistance is the November 18^th high crossing at 1.3516. First support is last-Wednesday's low crossing at 1.3166. Second support is the 50% retracement level of the 2020-2021-rally crossing at 1.2893.

The March Swiss Franc was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to slightly 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 March renews the rally off November's low, November's high crossing at 1.1042 is the next upside target. Closes below Wednesday's low crossing at 1.0791 would open the door for a possible test of November's low crossing at 1.0712. First resistance is the November 30^th high crossing at 1.0957. Second resistance is December's high crossing at 1.1042. First support is Wednesday's low crossing at 1.0791. Second support is November's low crossing at 1.0712.

The March Canadian Dollar was lower overnight as it consolidates some of Thursday's rally. Overnight weakness 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 a low might be in or is near. Closes above the 20-day moving average crossing at $78.40 would temper the near-term bearish outlook. If March extends the decline off October's high, the 50% retracement level of the 2020-2021-rally crossing at $75.95 is the next downside target. First resistance is the 20-day moving average crossing at $78.40. Second resistance is the December 8^th high crossing at $79.35. First support is Wednesday's low crossing at $77.30. Second support is the 50% retracement level of the 2020-2021-rally crossing at $75.95.

The March Japanese Yen was steady to higher overnight as it consolidates some of the decline off November's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, November's low crossing at 0.086715 is the next downside target. Closes above last-Friday's high crossing at 0.088415 would signal that a short-term low has been posted. First resistance is the 50% retracement level of the August-November decline crossing at 0.089417. Second resistance is the 62% retracement level of the August-November decline crossing at 0.090055. First support is Wednesday's low crossing at 0.087595. Second support is November's low crossing at 0.086715. 

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

PRECIOUS METALS: Februarygold was higher overnight as it extends Thursday's upside breakout of the trading range of the past two-weeks. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1799.90 would signal that a short-term low has been posted. If February renews the decline off November's high, September's low crossing at $1723.70 is the next downside target. First resistance is the 50-day moving average crossing at $1799.90. Second resistance is the November 26^th high crossing at $1819.30. First support is Wednesday's low crossing at $1753.00. Second support is September's low crossing at $1723.70.

March silver was higher overnight as it extended the rally off Wednesday's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $22.725 would signal that a short-term low has been posted. If March renews this month's decline, September's low crossing at $21.460 is the next downside target. First resistance is the 20-day moving average crossing at $22.725. Second resistance is the 50-day moving average crossing at $23.566. First support is Wednesday's low crossing at $21.410. Second support is the 62% retracement level of the 2020 rally crossing at $21.003.  

March copper was higher overnight as it extended the rally off 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 the 20-day moving average crossing at 4.3228 would signal that a short-term low has been posted. If March renews the decline off November's high, the 87% retracement level of the August-October rally crossing at 4.0753 is the next downside target. First resistance is the 20-day moving average crossing at 4.3228. Second resistance is last-Thursday's high crossing at 4.3980. First support is the 75% retracement level of the August-October rally crossing at 4.1724. Second support is the 87% retracement level of the August-October rally crossing at 4.0753.

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

March corn was steady to fractionally lower overnight as it is challenging the upper boundary of the November-December trading range. The mid-range trade overnight sets the stage for a steady to slightly lower 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, August's high crossing at $5.99 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.84 1/2 would temper the near-term friendly outlook while opening the door for additional weakness near-term. 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 the November 30^th low crossing at $5.62 1/2. Second support is November's low crossing at $5.57 1/2.    

March wheat was higher overnight and sets the stage for a 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 March extends the decline off November's high, the 62% retracement level of the July-November rally crossing at $7.21 is the next downside target. Closes above the 20-day moving average crossing at $8.05 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $7.91. Second resistance is the 20-day moving average crossing at $8.05 3/4. First support is the 50% retracement level of the July-November rally crossing at $7.50 1/2. Second support is  the 62% retracement level of the July-November rally crossing at $7.21.

March Kansas City wheat was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $8.29 1/4 would signal that a short-term low has been posted. If March renews the decline off November's high, the 50% retracement level of the July-November rally crossing at $7.46 3/4 is the next  downside target. First resistance is the 20-day moving average crossing at $8.29 1/4. Second resistance is November's high crossing at $8.92 1/4. First support isthe 38% retracement level of the July-November rally crossing at $7.81 1/4. Second support is the 50% retracement level of the July-November rally crossing at $7.46 3/4.

March Minneapolis wheat was steady to fractionally lower overnight as it extends the trading range of the past seven-weeks. Overnight trading 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. 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 higher overnight and 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 January extends the rally off the late-November 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 October's high crossing at $13.17. First support is the November 30^th low crossing at $12.14 1/4. Second support is November's low crossing at $11.81 1/4.  

March soybean meal was higher overnight. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 75% retracement level of the May-October decline crossing at $385.30 is the next upside target. Closes below the 20-day moving average crossing at $356.50 would open the door for additional weakness near-term. First resistance is Wednesday's high crossing at $380.20. Second resistance is the 75% retracement level of the May-October decline crossing at $385.30. First support is the 20-day moving average crossing at $356.50. Second support is the 50-day moving average crossing at $342.30. 

March soybean oil was lower overnight as it consolidates some of its gains off Wednesday's low. Overnight trading sets the stage for a 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 56.24 would signal that a short-term low has been posted. March renews the decline off October's high, June's low crossing at 50.29 is the next downside target. First resistance is the 10-day moving average crossing at 54.74. Second resistance is the 20-day moving average crossing at 56.24. First support is Wednesday's low crossing at 51.55. Second support is June's low crossing at 50.29.