KEY EVENTS TO WATCH FOR:

Monday, October 17, 2022  

8:30 AM ET. October Empire State Manufacturing Survey

                       Mfg Idx (previous -1.5)

                       Employment Idx (previous 9.7)

                       New Orders Idx (previous 3.7)

                       Prices Received (previous 23.6)

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

The Dow closed sharply lower on Friday leaving Thursday's huge key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish 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 while opening the door for additional strength. If the Dow renews 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 Thursday's low crossing at 28,660.94. Second support is monthly support crossing at 27,953.65.

The December NASDAQ 100 closed sharply lower on Friday leaving Thursday's key reversal up unconfirmed. Today's low-range close sets the stage for a steady to lower opening when Monday'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 11,340.40 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 11,340.40. Second resistance is the October 6^th high crossing at 11,729.75. First support is Thursday's low crossing at 10,484.75. Second support is monthly support crossing at 10,027.00.

The December S&P 500 closed sharply lower on Friday leaving Thursday's huge key reversal unconfirmed. The low-range close sets the stage for a steady to lower opening when Monday'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 October 5^th high crossing at 3820.00 are needed to 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 3950.18. First support is Thursday'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 1-00-pts. at 123-18. 

December T-bonds closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning 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 118-21 is the next downside target. Closes above the 20-day moving average crossing at 126-29 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 126-29. Second resistance is the October 4^th high crossing at 129-12. First support is Thursday'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 110.175.

December T-notes closed lower on Friday and remains poised to extend this year's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 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. Closes above the 20-day moving average crossing at 112.086 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 112.086. Second resistance is the 50-day moving average crossing at 115.119. First support is Thursday's low crossing at 110.020. Second support is the 75% retracement level of the 2000-2020 crossing at 105.157.  

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

November crude oil closed lower on Friday as it extended the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday'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 $84.71 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 $84.71. Second support is September's low crossing at $76.25. 

November heating oil posted an inside day with a lower close on Friday. The mid-range close sets the stage for a steady to lower opening when Monday'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 Thursday'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 50-day moving average crossing at 3.5138.

November unleaded gas posted an inside day with a lower close on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is 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 $2.5175 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 2.5175. Second support is the September low crossing at 2.2487.

November Henry natural gas closed lower on Friday as it extended the trading range of the past five-days. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. 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 8.028. 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.     

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

The December Dollar posted an inside day with a higher close on Friday leaving Thursday's key reversal down unconfirmed. The high-range close sets the stage for a steady to higher opening when Monday's nights session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If December extends the rally off August's low, monthly resistance crossing at $114.782 is the next upside target. If December extends Thursday's decline, the 50-day moving average crossing at $109.590 is the next downside 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 $109.590. Second support is September's low crossing at $107.450.   

The December Euro closed lower on Friday leaving yesterday's key reversal up. The low-range close sets the stage for a steady to lower opening when Monday'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 are needed to 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 posted an inside day with a lower close on Friday. The low-range close sets the stage for a steady to higher opening when Monday'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 1.1545 is the next upside target. If December renews the decline off October's high, September's low crossing at 1.0392 is the next downside target. First resistance is the 50-day moving average crossing at 1.1545. 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 Friday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 1.02185 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.02185. Second resistance is the 50-day moving average crossing at 1.03837. First support is Thursday'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 closed sharply lower on Friday leaving yesterday's key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Monday'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 73.30 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 73.30. 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 Friday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Monday’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 20-day moving average crossing at 0.069624 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.069624. Second resistance is the September 22^nd high crossing at 0.071895. First support is today's low crossing at 0.067650. Second support is long-term support crossing at 0.065720.  

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

December gold closed lower on Friday as it extends the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Monday'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 are needed to 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 Friday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower opening when Monday'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 19.826 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 lower on Friday as it extends this week's trading range.The low-range close sets the stage for a steady to lower opening when Monday'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 renews the decline off August's high, July's low crossing at 3.1315 is the next downside target. If December renews the rally off September's low, September's high crossing at 3.6925 is the next upside 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 down $0.08-cents at $6.89 3/4. 

December corn closed lower on Friday as it extends the trading range of the past four-days. The low-range close sets the stage for a steady to lower opening when Monday'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-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 $6.63 3/4 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 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 $6.63 3/4. 

December wheat closed down $0.32 1/2-cents at $8.59 3/4.  

December wheat closed sharply lower on Friday as it extends the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday'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 $8.47. 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 $8.47. Second support is the September 19^th low crossing at $8.19 1/4. 

December Kansas City Wheat closed down $0.30-cents at $9.52 1/4.

December Kansas City wheat closed sharply lower on Friday and below the 20-day moving average crossing at $9.69 3/4 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday'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 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 50-day moving average crossing at $9.20 1/2. Second support is the September 19^th low crossing at $8.96 1/4.

December Minneapolis wheat closed down $0.24 3/4-cents at $9.54 1/4.

December Minneapolis wheat closed lower on Friday and below the 20-day moving average crossing at $9.66 1/2 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday'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 $9.33 1/2 is the next downside target. 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 50-day moving average crossing at $9.33 1/2. Second support is the September 6^th low crossing at $9.06 1/2.  

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

November soybeans closed down $0.12-cents at $13.83 3/4.

November soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 $14.17 1/2 would signal that a short-term low has been posted. If November extends the decline off September's high, July's low crossing at $12.88 1/2 is the next downside target. First resistance is the 50-day moving average crossing at $14.17 1/2. 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 up $0.10 at $411.10. 

December soybean meal posted an inside day with a slightly higher close on Friday 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 Monday'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 $404.80 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 down 113-pts. at 65.30. 

December soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 renews the decline off October's high, August's low crossing at 60.20 is the next downside target. If December extends the rally off September's low, the August 12^th high crossing at 68.16 is the next upside 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. 

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

December hogs closed up $1.78 at $82.38. 

December hogs closed sharply higher on Friday as it extended the rally off October's low. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 50-day moving average crossing at $83.51 is the next upside target. Closes below the 10-day moving average crossing at $78.64 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $83.51. Second resistance is September's high crossing at $89.08. First support is the 20-day moving average crossing at $80.05. Second support is the 10-day moving average crossing at $78.64. 

December cattle closed down $0.13 at $147.80. 

December cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $149.47 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 $149.47. 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 $1.13 at $174.98. 

November Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at $176.99 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $176.99. Second resistance is the 50-day moving average crossing at $182.65. 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 lower for the third day in a row on Friday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening on Monday. 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 $22.13 would signal that a low has been posted. First resistance is the 50-day moving average crossing at $22.13. Second resistance is the September 26^th high crossing at $23.21. First support is today's low crossing at $19.73. Second support is July's low crossing at $19.23.                  

December cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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. Closes below Thursday's low crossing at 23.09 would signal that a short-term top has been posted.    

March sugar closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain 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 18.05 would signal that a short-term top has been posted.       

December cotton closed lower on Friday. The low-range close sets the stage for a steady to 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 88.18 would signal that a low has been posted.