KEY EVENTS TO WATCH FOR:

Friday, October 21, 2022   

10:00 AM ET. September State Employment and Unemployment

Monday, October 24, 2022    

0830/1230  September CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.00)

                       NAI, 3-mo Moving Avg (previous 0.01)

0945/1345  October US Flash Manufacturing PMI

                       PMI, Mfg (previous 51.8)

0945/1345  October US Flash Services PMI

                       PMI, Services (previous 49.2)

Tuesday, October 25, 2022  

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y%

                       Latest Wk, Y/Y%

9:00 AM ET. August U.S. Monthly House Price Index

9:00 AM ET. August S&P CoreLogic Case-Shiller Indices

                       10-City Idx, M/M% (previous -0.8%)

                       10-City Idx, Y/Y% (previous +14.9%)

                       20-City Idx, M/M% (previous -0.8%)

                       20-City Idx, Y/Y% (previous +16.1%)

                       National Idx, M/M% (previous -0.3%)

                       National Idx, Y/Y% (previous +15.8%)

10:00 AM ET. October Richmond Fed Business Activity Survey

                       Mfg Idx (previous 0)

                       Shipments Idx (previous 14)

10:00 AM ET. October Consumer Confidence Index

                       Cons Conf Idx (previous 108)

                       Expectation Idx

                       Present Situation Idx (previous 149.6)

1:00 PM ET. September Money Stock Measures

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

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 the October 13^th 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 resumes the decline off August's high, monthly support crossing at 10,027.00 is the next downside target. Closes above the October 6^th high crossing at 11,729.75 would signal that a short-term low has been posted. First resistance is the October 6^th high crossing at 11,729.75. Second resistance is the 50-day moving average crossing at 12,027.67. First support is the October 13^th low crossing at 10,484.75. Second support is monthly support crossing at 10,027.00.

The December S&P 500 was was lower overnight as it consolidates some of the rally off the October 13^th low. Overnight trading sets the stage for a 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 above the October 5^th high crossing at 3820.00 would signal that a short-term low has been posted. 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. First resistance is the October 5^th high crossing at 3820.00. Second resistance is the 50-day moving average crossing at 3900.74. First support is the October 13^th low crossing at 3502.00. 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 August's high. Overnight trading sets the stage for a 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 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 124-30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 124-30. Second resistance is the October 4^th high crossing at 129-12. First support is the overnight low crossing at 119-07. Second support is monthly support crossing at 118-21.

December T-notes was lower overnight as it extended the decline off August's high. Overnight trading sets the stage for a 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 December extends 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 111.123 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 111.123. Second resistance is the October 4^th high crossing at 113.300. First support is the overnight low crossing at 109.035. 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:December crude oil was higher overnight and sets the stage for a 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. If December extends the decline off October's high, the September 30^th low crossing at $78.36 is the next downside target. Closes above Thursday's high   crossing at $87.14 would signal that a short-term low has been posted. First resistance is Thursday's high crossing at $87.14. Second resistance is the October 10^th high crossing at $92.34. First support is the September 30^th low crossing at $78.36. Second support is September's low crossing at $75.70.

December heating oil was higher overnight and sets the stage for a 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 the 50-day moving average crossing at $3.4517 would signal that a short-term top has been posted. If December renews the rally off September's low, August's high crossing at 3.8939 is the next upside target. First resistance is the October 10^th high crossing at $3.8315. Second resistance is August's high crossing at $3.8939. First support is the 50-day moving average crossing at $3.4517. Second support is the 50% retracement level of the September-October rally crossing at $3.3997.

December unleaded gas was steady to higher overnight and 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 Tuesday's low crossing at $2.3526 would renew the decline off October's high. If December renews the rally off September's low, the July 29^th high crossing at $2.7536 is the next upside target. First resistance is the October 10^th high crossing at $2.6185. Second resistance is the July 29^th high crossing at $2.7536. First support is Tuesday's low crossing at $2.3526. Second support is the September 30^th low crossing at $2.2402.

December Henry natural gas was lower overnight as it extends the decline off August's high. Overnight trading sets the stage for a 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. Closes below July's low crossing at 5.599 would open the door for a possible test of the 62% retracement level of the 2020-2022 crossing at 5.393. Closes above the 20-day moving average crossing at 6.782 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.782. Second resistance is the October 5^th high crossing at 7.352. First support is July's low crossing at 5.599. Second support is the 62% retracement level of the 2020-2022 crossing at 5.393.    

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

CURRENCIES:The December Dollar was higher overnight. Overnight strength sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that a sideways to higher prices are possible near-term. If December resumes the rally off September's low, September's high crossing at $114.745 is the next upside target.If December renews the decline off last-Thursday's high, the 50-day moving average crossing at $110.321 is the next downside target. First resistance is September'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 $110.321. Second support is September's low crossing at $107.450.

The December Euro 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 resumes the decline off the October 4^th high September's low crossing at $0.95920 is the next downside target. Closes above the October 4^th high crossing at $1.00545 are needed to confirm that a short-term low has been posted. First resistance is the October 4^th high crossing at $1.00545. Second resistance is September's high crossing at $1.02650. First support is last-Thursday's low crossing at $0.96750. Second support is September's low crossing at $0.95920.

The December British Pound 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. Closes below last-Wednesday's low crossing at 1.0937 would confirm a double top has been posted while opening the door for additional weakness near-term. Closes above the October 5^th high crossing at 1.1511 would renew the rally off September's low. First resistance is the October 5^th crossing at 1.1511. Second resistance is September's high crossing at 1.1759. First support is last-Wednesday's low crossing at 1.0937. Second support is September's low crossing at 1.0392.  

The December Swiss Franc was lower overnight as it renewed the decline off August's high. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower 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 1.01331 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.01331. Second resistance is the 50-day moving average crossing at 1.03246. First support is the overnight low crossing at 0.99350. Second support is the 87% retracement level of the 2016-2021 rally on the monthly continuation chart crossing at 0.98980.

The December Canadian Dollar was lower overnight as it consolidates above support marked by the 75% retracement level of the 2020-2021 rally crossing at $72.14. The low-range overnight trade sets the stage for a 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 April's high, the 87% retracement level of the 2020-2021 rally crossing at $70.24 is the next downside target. Closes above the October 4^th high crossing at $74.09 are needed to confirm that a short-term low has been posted. First resistance is the October 4^th high crossing at $74.09. Second resistance is the September 20^th high crossing at $75.62. 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 $70.24.

The December Japanese Yen was lower overnight as it extends the decline off the October 5^th high. Overnight trading sets the stage for a steady to 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 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 0.068796 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.068796. Second resistance is the September 22^nd high crossing at 0.071895. First support is the overnight low crossing at 0.066390. Second support is long-term support crossing at 0.065720. 

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

PRECIOUS METALS: Decembergold was lower overnight as it extends the decline off October's high. Overnight trading sets the stage for a 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 December extends the decline off the 62% retracement level of the 2016-2020 rally on the weekly chart crossing at $1610.30 is the next downside target. Closes above the 20-day moving average crossing at $1672.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1672.50. Second resistance is the 50-day moving average crossing at $1707.60. First support is the overnight low crossing at $1621.10. Second support is the 62% retracement level of the 2016-2020 rally on the weekly chart crossing at $1610.30.

December silver was lower overnight and sets the stage for a lower opening when the day session begins trading later this morning. 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 September 28^th low crossing at $17.895 is the next downside target. Closes above the 20-day moving average crossing at $19.216 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $19.216. Second resistance is the 38% retracement level of the March-August decline crossing at $21.248. First support is the September 28^th low crossing at $17.895. Second support is the September low crossing at 17.400.  

December copper was lower overnight. The mid-range trade overnight sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December extends this month's decline, September's low crossing at 3.2430 is the next downside target. Closes above the October 6^th high crossing at 3.5930 would confirm that a short-term low has been posted. First resistance is the October 6^th high crossing at 3.5930. Second resistance is the September 13^th high crossing at 3.6925. First support is September'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 lower overnight as it extends this week's trading range. Overnight trading sets the stage for a lower 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. If December extends the decline off last-Monday's high, the 50-day moving average crossing at $6.70 1/2 is the next downside target. Closes below the 50-day moving average crossing at $6.70 1/2 would open the door for a possible test of September's low crossing at $6.54. If December resumes 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 last-Monday's high crossing at $7.06 1/2. Second resistance is the 75% retracement level of the May-July decline crossing at $7.15. First support is the October 7^th low crossing at $6.71 1/2. Second support is the 50-day moving average crossing at $6.70 1/2. 

December wheat was steady to lower overnight as it consolidates below broken support marked by the 50-day moving average. Overnight trading sets the stage for a 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 December extends the decline off last-Monday's high, the September 19^th low crossing at $8.19 1/4 is the next downside target. 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 Tuesday's low crossing at $8.32 3/4. Second support is the September 19^th low crossing at $8.19 1/4.    

December Kansas City wheat was lower overnight as it extends this week's trading range. Overnight weakness sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average $9.28 1/4 would open the door for additional weakness 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 $9.28 1/4. Second support is the September 19^th low crossing at $8.96 1/4.

December Minneapolis wheat was lower overnight and sets the stage for a 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 December extends the decline off October's high, the September 19^th low crossing at $9.06 1/2. 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 October's high crossing at $10.24 1/4. Second resistance is the July 11^th high crossing at $10.56 1/4. First support is the 50-day moving average crossing at $9.38. Second support is the September 19^th low crossing at $9.06 1/2. 

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

January soybeans were lower overnight after a two-day bounce. 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 last-Wednesday's high crossing at $14.23 1/4 would signal that a short-term low has been posted. If November renews the decline off last-Wednesday's high, the October 6^th low crossing at $13.50 is the next downside target. First resistance is last-Wednesday's high crossing at $14.23 1/4. Second resistance is the September 21^st high crossing at $14.88 3/4. First support is the October 6^th low crossing at $13.50. Second support is July's low crossing at $12.88 1/2.

December soybean meal was lower overnight as it consolidates some of the rally off Tuesday's low. The low-range overnight trade 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 50-day moving average crossing at $414.20 would temper the near-term bearish outlook. If December extends the decline off last-Wednesday's high, the October 7^th low crossing at $391.90 is the next downside target. First resistance is last-Wednesday's crossing at $418.80. Second resistance is the 62% retracement level of the September-October decline crossing at $424.00. First support is the October 7^th low crossing at $391.90. Second support is the July 22^nd low crossing at $380.80.  

December soybean oil was lower overnight as it consolidates some of the rally off September'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. If December extends the rally off September's low, the 75% retracement level of the June-July decline crossing at 73.14 is the next upside target. Closes below the 20-day moving average crossing at 65.73 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 72.06. Second resistance is the 75% retracement level of the June-July decline crossing at 73.14. First support is the 10-day moving average crossing at 67.56. Second support is the 20-day moving average crossing at 65.72.