KEY EVENTS TO WATCH FOR:

Friday, October 7, 2022  

8:30 AM ET. IMF releases Chapter 2 of the Global Financial Stability Report

8:30 AM ET. September U.S. Employment Report

                       Non-Farm Payrolls (previous +315K)

                       Unemployment Rate (previous 3.7%)

                       Avg Hourly Earnings (USD) (previous 32.36)

                     Avg Hourly Earnings-Net Chg (USD) (previous +0.1)

                       Avg Hourly Earnings, M/M% (previous +0.31%)

                       Avg Hourly Earnings, Y/Y% (previous +5.20%)

                       Overall Workweek (previous 34.5)

                       Overall Workweek Net Chg (previous -0.1)

                       Government Payrolls (previous +7K)

                       Private Payroll (previous +308K)

                       Participation Rate (previous 62.4%)

                       Non-Farm Payrolls Bench Net Chg

10:00 AM ET. August Monthly Wholesale Trade

                       Inventories, M/M% (previous +0.6%)

3:00 PM ET. August Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +23.8B)

Monday, October 10, 2022   

10:00 AM ET. September Employment Trends Index

                       ETI (previous 119.06)

                       ETI, Y/Y%

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 Monday's low. Overnight weakness sets the stage for a lower opening when the day session begins trading.Stochastics and the RSI are poised to turn neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August's high, monthly support crossing at 10,027.00 is the next downside target. Closes above the 20-day moving average crossing at 11,688.05 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 11,688.05. Second resistance is the September 21^st high crossing at 12,140.50. First support is Monday's low crossing at 10,890.75. Second support is monthly support crossing at 10,027.00.

The December S&P 500 was steady to slightly lower overnight as it consolidates some of the rally off Monday's low. 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. If December renews the decline off August's high, the 50% retracement level of the 2020-2022 rally on the monthly continuation chart crossing at 3491.65 is the next downside target. Closes above the 20-day moving average crossing at 3802.44 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3802.44. Second resistance is the September 20^th high crossing at 3936.25. First support is Monday's low crossing at 3571.75. Second support is the 50% retracement level of the 2020-2022 rally on the monthly continuation chart crossing at 3491.65.

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

INTEREST RATES: December T-bonds were lower overnight as it extends the decline off Tuesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August's high, monthly support crossing at 118-21 is the next downside target. Closes above the 20-day moving average crossing at 128-25 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 128-25. Second resistance is the 50-day moving average crossing at 134-18. First support is last-Wednesday's low crossing at 123-30. Second support is monthly support crossing at 118-21.

December T-notes was lower overnight and 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. If December renews the decline off August's high, the 75% retracement level of the 2000-2020 rally on the monthly continuation chart crossing at 105.157 is the next downside target. Closes above the 20-day moving average crossing at 113.082 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 113.082. Second resistance is the 50-day moving average crossing at 116.11. First support is last-Wednesday's low crossing at 110.190. Second support is the 75% retracement level of the 2000-2020 rally on the monthly continuation chart crossing at 105.157. 

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

ENERGIES:November crude oil was steady to higher overnight as it extends the rally off September's low. Overnight trading sets 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. Closes above the June-August downtrend line crossing near $89.00 would signal a likely trend change from down to sideways to higher. Closes below the 10-day moving average crossing at $83.38 would signal that a short-term top has been posted. First resistance is the June-August downtrend line crossing near $89.00. Second resistance is August's high crossing at 96.82 is the next upside target. First support is the 10-day moving average crossing at $83.38. Second support is September's low crossing at $76.25.

November heating oil was higher overnight as it extends the rally off September's low. Overnight trading sets 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 November extends the rally off September's low, August's high crossing at 3.9641 is the next upside target. Closes below the 20-day moving average crossing at $3.3707 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $3.9255. Second resistance is August's high crossing at $3.9641. First support is the 20-day moving average crossing at $3.3707. Second support is the 38% retracement level of the 2020-2022 rally crossing at $3.0693.

November unleaded gas was higher overnight as it extends the rally off September's low. Overnight trading sets 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 November extends the rally off September's low, the August 11^th high crossing at $2.7173 is the next upside target. Closes below the 20-day moving average crossing at $2.4591 would signal that a short-term top has been posted. First resistance is the August 11^th high crossing at $2.7173. Second resistance is the July 29^th high crossing at $2.8440. First support is the 20-day moving average crossing at $2.4591. Second support is the September 8^th low crossing at $2.2487.

November Henry natural gas was lower overnight following a three-day rally off Monday's low. Overnight weakness sets the stage for a 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 7.397 would signal that a short-term low has been posted. If November renews the decline off August's high, the 87% retracement level of the June-August rally crossing at 6.048 is the next downside target. First resistance is the 20-day moving average crossing at 7.397. Second resistance is the 50-day moving average crossing at 8.194. First support is the 87% retracement level of the June-August rally crossing at 6.048. Second support is July's low crossing at 5.465.     

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

CURRENCIES:The December Dollar was steady to slightly lower overnight following a two-day rally off 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 turning neutral to bullish signaling that a sideways to higher prices are possible near-term. If December renews the rally off August's low, monthly resistance crossing at $114.782 is the next upside target.If December renews the decline off last-Wednesday's high, the 50-day moving average crossing at $108.842 is the next downside target. First resistance is last-Wednesday's high crossing at $114.745. Second resistance is monthly resistance crossing at $114.782. First support is the 50-day moving average crossing at $108.842. Second support is September's low crossing at $107.450.

The December Euro was steady to slightly higher overnight. Overnight trading sets the stage for a steady to slightly higher 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 10-day moving average crossing at $0.98399 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at $1.00795 would open the door for a possible test of September's high crossing at $1.02650. First resistance is the 50-day moving average crossing at $1.00795. Second resistance is September's high crossing at $1.02650. First support is the 10-day moving average crossing at $0.98399. Second support is last-Wednesday's low crossing at $0.95920.  

The December British Pound 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 1.1113 would signal that a short-term top has been posted. If December extends the rally off last-Monday's low, the 50-day moving average crossing at 1.1655 is the next upside target. First resistance is the 50-day moving average crossing at 1.1655. Second resistance is September's high crossing at 1.1759. First support is the 10-day moving average crossing at 1.1113. Second support is last-Monday's low crossing at 1.0392.  

The December Swiss Franc was steady to slightly lower overnight and 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 possible near-term. If December renews the decline off September's high, the June low on the monthly continuation chart crossing at 1.00235 is the next downside target. Closes above the 20-day moving average crossing at 1.03262 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.03262. Second resistance is the 50-day moving average crossing at 1.04361. First support is last-Wednesday's low crossing at 1.01105. Second support is the June low on the monthly continuation chart crossing at 1.00235.

The December Canadian Dollar was steady to higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews  the decline off April's high, the 75% retracement level of the 2020-2021 rally crossing at $72.14 is the next downside target. Closes above the 20-day moving average crossing at $74.17 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $74.17. Second resistance is the September 20^th high crossing at $75.62. First support is last-Friday's low crossing at $72.27. Second support is the 75% retracement level of the 2020-2021 rally crossing at $72.14.

The December Japanese Yen was slightly higher overnight as it extends the September-October trading range. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this year's decline, is long-term support crossing at 0.065720 is the next downside target. Closes above the September 22^nd high crossing at 0.071895 would signal that a short-term low has been posted. First resistance is the September 22^nd high crossing at 0.071895. Second resistance is the 50-day moving average crossing at 0.072454. First support is the September 22^nd low crossing at 0.069150. Second support is long-term support crossing at 0.065720. 

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

PRECIOUS METALS: Decembergold was steady to slightly lower overnight as it consolidates some of the rally off last-Wednesday's low. Overnight trading sets the stage for a steady to lower 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. Closes above the 50-day moving average crossing at $1735.50 would open the door for a larger-degree rebound during the first half of October. Closes below the 10-day moving average crossing at $1687.30 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $1735.50. Second resistance is the August 25^th high crossing at $1778.80. First support is last-Wednesday's low crossing at $1622.20. Second support is the 62% retracement level of the 2016-2020 rally on the weekly chart crossing at $1610.30.

December silver was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 50% retracement level of the March-August decline crossing at $22.448 is the next upside target. Closes below the 50-day moving average crossing at 19.486 would open the door for a possible test of September's low crossing at 17.400. First resistance is the 38% retracement level of the March-August decline crossing at $21.248. Second resistance is 50% retracement level of the March-August decline crossing at $22.448. First support is last-Wednesday's low crossing at $17.895. Second support is the September low crossing at 17.400.  

December copper was slightly lower overnight and sets the stage for a slightly 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. If December renews the decline off August's high, July's low crossing at 3.1355 is the next downside target. Closes above the 50-day moving average crossing at 3.5301 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.5301. Second resistance is the September 13^th high crossing at 3.6925. First support is last-Wednesday's low crossing at 3.2430. Second support is July's low crossing at 3.1355.

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

December corn was higher overnight as it extends the September-October trading range. Overnight trading sets the stage for a higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low would open the door for a possible test of the 50-day moving average crossing at $6.52 is the next downside target. If December renews the rally off July's low, the 75% retracement level of the May-July decline crossing at $7.15 is the next upside target. First resistance is the September 12^th high crossing at $6.99 1/2. Second resistance is the 75% retracement level of the May-July decline crossing at $7.15. First support is the September 6^th low crossing at $6.59. Second support is the 50-day moving average crossing at $6.54 3/4. 

December wheat was higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a 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 $8.82 1/2 would signal that a short-term top has been posted. If December renews the rally off August's low, the 50% retracement level of the May-August decline crossing at $10.15 is the next upside target. First resistance is the 38% retracement level of the May-August decline crossing at $9.50 1/2. Second resistance is the 50% retracement level of the May-August decline crossing at $10.15. First support is the 20-day moving average crossing at $8.82 1/2. Second support is the 50-day moving average crossing at $8.38.    

December Kansas City wheat was higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. 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 $9.57 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If December extends the rally off August's low, the 38% retracement level of the May-August decline crossing at $10.26 3/4 is the next upside target. First resistance is the July 11^th high crossing at $10.10. Second resistance is the 38% retracement level of the May-August decline crossing at $10.26 3/4. First support is the 20-day moving average $9.57 3/4. Second support is the 50-day moving average crossing at $9.08 3/4.

December Minneapolis wheat was higher overnight and sets the stage for a higher 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 20-day moving average crossing at $9.55 1/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If December renews the rally off August's low, the July 11^th high crossing at $10.56 1/4 is the next upside target. First resistance is the the 25% retracement level of the May-August decline crossing at $9.94 3/4. Second resistance is the July 11^th high crossing at $10.56 1/4. First support is the 20-day moving average crossing at $9.55 1/4. Second support is the 50-day moving average crossing at $9.26. 

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

November soybeans were steady to higher overnight as it consolidates some of the decline off September's high. Overnight strength 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 November extends the decline off September's high, July's low crossing at $12.88 1/2 is the next downside target. Closes above the 20-day moving average crossing at $14.22 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $14.22 1/2. Second resistance is the September 21^st high crossing at $14.88 3/4. First support is Thursday's low crossing at $13.50. Second support is July's low crossing at $12.88 1/2.

December soybean meal was slightly higher overnight as it consolidates some of the decline off September's high. The mid-range overnight trade 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 December extends the decline off September's high, the July 22^nd low crossing at $380.80 is the next downside target. Closes above the 20-day moving average crossing at $416.90 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $404.70. Second resistance is the 50-day moving average crossing at $413.80. First support is Thursday's low crossing at $392.00. Second support is the July 22^nd low crossing at $380.80.  

December soybean oil was slightly higher overnight as it extends the rally off September's low. The high-range overnight trade sets 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 December extends the rally off September's low, the September 21^st high crossing at 66.82 is the next upside target. If December renews the decline off September's high, the August 4^th low crossing at 60.20 is the next downside target. First resistance is the September 21^st high crossing at 66.82. Second resistance is September's high crossing at 68.00. First support is September's low crossing at 60.75. Second support is the August 4^th low crossing at 60.20.