KEY EVENTS TO WATCH FOR:

Friday, October 14, 2022 

8:30 AM ET. September Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +0.3%)

                       Sales, Ex-Auto, M/M% (previous -0.3%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.3%)

8:30 AM ET. September Import & Export Price Indexes

                       Import Prices (previous -1%)

                       Non-Petroleum Prices (previous -0.2%)

                      Petroleum Prices (previous -7.1%)

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

10:00 AM ET. August Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.6%)

10:00 AM ET. October University of Michigan Survey of Consumers - preliminary

                       Mid-Mo Sentiment (previous 59.5)

                       Mid-Mo Expectations (previous 59.9)

                       Mid-Mo Current Idx (previous 58.9)

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The Dow posted a huge key reversal up and closed sharply higher on Thursday as Wall Street appears to have shaken off inflation data that showed consumer prices climbed more than expected. 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 turning neutral to bullish with today's key reversal up signaling that sideways to higher prices are possible near-term. Closes above the October 5^th high crossing at 30,454.46 would confirm that a short-term low has been posted. If the Dow extends the decline off August's high, monthly support crossing at 27,953.65 is the next downside target. First resistance is the October 5^th high crossing at 30,454.46. Second resistance is the September 21^st high crossing at 31,020.79. First support is today's low crossing at 28,660.94. Second support is monthly support crossing at 27,953.65.

The December NASDAQ 100 posted a key reversal up as it closed sharply higher on Thursday. 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 turning neutral to bullish signaling sideways to higher prices are possible. Closes above the 20-day moving average crossing at 11,397.79 would signal that a short-term low has been posted. If December extends the decline off August's high, monthly support crossing at 10,027.00 is the next downside target. First resistance is the 20-day moving average crossing at 11,397.79. Second resistance is the October 6^th high crossing at 11,729.75. First support is today's low crossing at 10,484.75. Second support is monthly support crossing at 10,027.00.

The December S&P 500 posted a huge key reversal up as it closed sharply higher on Thursday. The high-range close sets the stage for a steady to slightly higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish with today's rally signaling that sideways to higher prices are possible near-term. Closes above the October 5^th high crossing at 3820.00 would confirm that a short-term low has been posted. If December extends the decline off August's high, the 50% retracement level of the 2020-2022 crossing at 3491.65 is the next downside target. First resistance is the October 5^th high crossing at 3820.00. Second resistance is the 50-day moving average crossing at 3961.77. First support is today's low crossing at 3502.00. Second support is the 50% retracement level of the 2020-2022 crossing at 3491.65.     

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December T-bonds closed down 19-pts. at 124-18. 

December T-bonds closed lower on Thursday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 127-09 would signal that a short-term low has been posted. If December extends the decline off August's high, monthly support crossing at 118-21 is the next downside target. First resistance is the 20-day moving average crossing at 127-09. Second resistance is the October 4^th high crossing at 129-12. First support is today's low crossing at 122-28. Second support is monthly support on the continuation chart crossing at 118-21.

December T-notes closed down 150-pts. at 111.000.

December T-notes closed lower on Thursday and spiked to a new low for the year. 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 neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 112.152 would signal that a short-term low has been posted. If December extends the decline off August's high, the 75% retracement level of the 2000-2020 on the monthly continuation chart crossing at 105.157 is the next downside target. First resistance is the 20-day moving average crossing at 112.152. Second resistance is the 50-day moving average crossing at 115.184. First support is today's low crossing at 110.020. Second support is the 75% retracement level of the 2000-2020 crossing at 105.157.  

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November crude oil closed higher on Thursday ending a three-day decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. 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 $84.67 would confirm that a short-term top has been posted. If November renews the rally off September's low, the August 30^th high crossing at $96.82 is the next upside target. First resistance is Monday's high crossing at $93.64. Second resistance is the August 30^th high crossing at $96.82. First support is the 20-day moving average crossing at $84.67. Second support is September's low crossing at $76.25. 

November heating oil closed sharply higher on Thursday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. 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, June's high crossing at 4.1671 is the next upside target. Closes below Tuesday's low crossing at 3.6941 would signal that a short-term top has been posted. First resistance is today's high crossing at 4.1149. Second resistance is June's high crossing at 4.1671. First support is Tuesday's low crossing at 3.6941. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.0668.

November unleaded gas 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If November renews the rally off September's low, the July 29^th high crossing at $2.8440 is the next upside target. Closes below the 20-day moving average crossing at $2.5043 would signal that a short-term top has been posted. First resistance is the July 29^th high crossing at $2.8440. Second resistance is the July 11^th high crossing at 2.8712. First support is the 20-day moving average crossing at 2.5043. Second support is the September low crossing at 2.2487.

November Henry natural gas 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 oversold, diverging and are turning neutral to bullish hinting that a short-term low has likely been posted. Closes above last-Thursday's high crossing at 7.188 would signal that a short-term low has been posted. If November extends 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 last-Thursday's high crossing at 7.188. Second resistance is the 50-day moving average crossing at 8.0861. First support is the 87% retracement level of the July-August rally crossing at 6.048. Second support is July's low crossing at 5.465.     

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The December Dollar posted a key reversal down as it closed lower on Thursday signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady to lower opening when Friday's nights session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If December extends today's decline, the 50-day moving average crossing at $109.451 is the next downside target. If December extends the rally off August's low, monthly resistance crossing at $114.782 is the next upside target. First resistance is the September 28^th high crossing at $114.745. Second resistance is monthly resistancecrossing at $114.782. First support is the 50-day moving average crossing at $109.451. Second support is September's low crossing at $107.450.   

The December Euro posted a key reversal up on Thursday as it consolidates some of the decline off last-Tuesday'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $1.00545 would confirm that a low has been posted while opening the door for a possible test of September's high crossing at 1.02650. If December renews this month's decline, September's low crossing at $0.95920 is the next downside target. First resistance is last-Tuesday's high crossing at $1.00545. Second resistance is September's high crossing at 1.02650. First support is September's low crossing at $0.95920. Second support is the 87% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $0.93211. 

The December British Pound 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 turning neutral to bullish signaling sideways to higher prices are possible near-term. If December extends this week's rally, the 50-day moving average crossing at 1.1566 is the next upside target. If December renews this year's decline, psychological support crossing at 1.0000 is the next downside target. First resistance is the 50-day moving average crossing at 1.1566. Second resistance is the August 26^th high crossing at 1.1923. First support is September's low crossing at 1.0392. Second support is psychological support crossing at 1.0000.  

The December Swiss Franc closed lower on Thursday as it extends this year's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the 87% retracement level of the 2016-2021 rally on the monthly continuation chart crossing at 0.98980 is the next downside target. Closes above the 20-day moving average crossing at 1.02397 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.02397. Second resistance is the 50-day moving average crossing at 1.03951. First support is today's low crossing at 0.99925. Second support is the 87% retracement level of the 2016-2021 rally  monthly continuation chart crossing at 0.98980 is the next downside target.  

The December Canadian Dollar posted a key reversal up and closed higher on Thursday signaling that a short-term low might have been posted with today'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 oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 73.45 would signal that a short-term low has been posted. If December extends the decline off August's high, the 87% retracement level of the 2020-2021 rally crossing at 70.42 is the next downside target. First resistance is the 20-day moving average crossing at 73.45. Second resistance is the October 4^th high crossing at 74.09. First support is the 75% retracement level of the 2020-2021 rally crossing at 72.14. Second support is the 87% retracement level of the 2020-2021 rally crossing at 70.42.

The December Japanese Yen closed lower on Thursday as it extends this year's decline. 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 December extends 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 20-day moving average crossing at 0.069767. Second resistance is the September 22^nd high crossing at 0.071895. First support is today's low crossing at 0.068200. Second support is long-term support crossing at 0.065720.  

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December gold closed lower on Thursday as it extends the decline off last-Tuesday'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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-Tuesday's high, September's low crossing at $1622.20 is the next downside target. Closes above last-Tuesday's high crossing at $1738.70 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $1738.70. Second resistance is September's high crossing at $1746.40. First support is September's low crossing at $1622.20. Second support is monthly support crossing at $1610.30.

December silver closed lower on Thursday as it extends the decline off September'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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the September 28^th low crossing at 17.895 is the next downside target. Closes above the 10-day moving average crossing at 19.906 would signal that a short-term low has been posted. If December renews the rally off September's low, the 50% retracement level of the March-September decline crossing at 22.448 is the next upside target. First resistance is the 38% retracement level of the March-September decline crossing at 21.248. Second resistance is the 50% retracement level of the March-September decline crossing at 22.448. First support is the September 28^th low crossing at 17.895. Second support is September's low crossing at 17.400. 

December copper closed higher on Thursday as it extends this week's trading range.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 December extends the rally off September's low, September's high crossing at 3.6925 is the next upside target. If December renews the decline off August's high, July's low crossing at 3.1315 is the next downside target. First resistance is September's high crossing at 3.6925. Second resistance is August's high crossing at 3.7835. First support September's low crossing at 3.2430. Second support is July's low crossing at 3.1315.

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

December Corn closed up $0.04 3/4-cents at $6.97 3/4. 

December corn 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 bullish signaling that sideways to higher prices are possible near-term. 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. Closes below last-Friday's low crossing at $6.71 1/2 would open the door for a possible test of the 50-day moving average crossing at $6.62 1/4 is the next downside target. First resistance is psychological resistance crossing at $7.00. Second resistance is the 75% retracement level of the May-July decline crossing at $7.15. First support is last-Friday's low crossing at $6.71 1/2. Second support is the 50-day moving average crossing at $6.62 1/4. 

December wheat closed up $0.10-cents at $8.92 1/4.  

December wheat 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. If December extends this week's decline, the 50-day moving average crossing at $8.45 3/4. 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 3/4. Second resistance is the 50% retracement level of the May-August decline crossing at $10.15. First support is the 50-day moving average crossing at $8.45 3/4. Second support is the September 19^th low crossing at $8.19 1/4. 

December Kansas City Wheat closed up $0.12 1/4-cents at $9.82 1/4.

December Kansas City wheat 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 the 20-day moving average crossing at $9.69 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 $10.93 1/2 is the next upside target.First resistance is the 38% retracement level of the May-August decline crossing at $10.26 3/4. Second resistance is the 50% retracement level of the May-August decline crossing at $10.93 1/2. First support is the 20-day moving average crossing at $9.69. Second support is the 50-day moving average crossing at $9.18 3/4.

December Minneapolis wheat closed up $0.12 1/4-cents at $9.79.

December Minneapolis wheat 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 the 20-day moving average crossing at $9.65 3/4 would confirm that a short-term top has been posted. If December renews the rally off August's low, the 38% retracement level of the May-August decline crossing at $10.66 1/2 is the next upside target. First resistance is the 25% retracement level of the May-August decline crossing at $9.94 3/4. Second resistance is the 38% retracement level of the May-August decline crossing at $10.66 1/2. First support is the September 19^th low crossing at $9.06 1/2. Second support is September's low crossing at $8.80.  

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November soybeans closed down a $0.00 1/4-cent at $13.95 3/4.

November soybeans posted an inside day with a fractionally lower close on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night trade begins. 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 $14.18 1/4 would signal that a short-term low has been posted. If November extends the decline off September's high, August's low crossing at $13.56 is the next downside target. First resistance is the 50-day moving average crossing at $14.18 1/4. Second resistance is the 50% retracement level of the June-July decline crossing at $14.37 1/4. First support is the October 6^th low crossing at $13.50. Second support is the July's low crossing at $12.88 1/2.  

December soybean meal closed down $3.30 at $411.00. 

December soybean meal posted an inside day with a lower close on Thursday as it consolidates some of the rally off October'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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 62% retracement level of the September-October decline crossing at $424.00 is the next upside target. Closes below the 10-day moving average crossing at $404.00 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the September-October decline crossing at $417.60. Second resistance is the 62% retracement level of the September-October decline crossing at $424.00. First support is October's low crossing at $392.00. Second support the July 22^th low crossing at $380.80.    

December soybean oil closed up 84-pts. at 66.43. 

December soybean oil 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 bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the August 12^th high crossing at 68.16 is the next upside target. If December renews the decline off September's high, August's low crossing at 60.20 is the next downside target. First resistance is the August 12^th high crossing at 68.16. Second resistance is the 62% retracement level of the June-July decline crossing at 69.82. First support is August's low crossing at 60.20. Second support is the July 22^nd low crossing at 55.53. 

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December hogs closed down $0.15 at $80.55. 

December hogs closed slightly lower on Thursday as it consolidated some of the rally off October's low. The high-range close sets the stage for a steady to higher opening when Friday's 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 $80.33 would signal that a short-term low has been posted. Closes below the 10-day moving average crossing at $78.02 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at $80.33. Second resistance is the 50-day moving average crossing at $83.64. First support is the 20-day moving average crossing at $80.33.. Second support is the 75% retracement level of the 2021-2022 rally crossing at $73.31. 

December cattle closed down $0.35 at $148.10. 

December cattle closed lower on Thursday. 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 50-day moving average crossing at $149.52 would signal that a short-term low has been posted. If December renews the decline off September's high, the 75% retracement level of the May-September rally crossing at $144.56 is the next downside target. First resistance is the 50-day moving average crossing at $149.52. Second resistance is September's high crossing at $152.23. First support is the 62% retracement level of the May-September rally crossing at $145.92. Second support is the 75% retracement level of the May-September rally crossing at $144.56.

November Feeder cattle closed down $0.65 at $176.25. 

November Feeder cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $177.38 would signal that a short-term low has been posted. If November extends the decline off August's high, the 87% retracement level of the May-August rally crossing at $173.53 is the next downside target. First resistance is the 20-day moving average crossing at $177.38. Second resistance is the 50-day moving average crossing at $182.90. First support is Monday's low crossing at $172.10. Second support is May's low crossing at $170.85.     

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

December coffee closed sharply higher for the second day in a row on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, July's low crossing at 19.23 is the next downside target. Closes above the 50-day moving average crossing at $22.17 would signal that a low has been posted. First resistance is the 50-day moving average crossing at $22.17. Second resistance is the September 26^th high crossing at $23.21. First support is today's low crossing at $20.11. Second support is July's low crossing at $19.23.                  

December cocoa closed sharply higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off September's low, August's high crossing at 24.69 is the next upside target. If December renews the decline off August's high, weekly support on the continuation chart crossing at 19.46 is the next downside target.    

March sugar closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, July's high crossing at 19.69 is the next upside target. Closes below the 20-day moving average crossing at 17.99 would signal that a short-term top has been posted.       

December cotton closed lower on Thursday. The high-range close sets the stage for a steady to slightly lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, monthly support crossing at 80.10 is the next downside target. Closes above the 20-day moving average crossing at 88.98 would signal that a low has been posted.