KEY EVENTS TO WATCH FOR:

Friday, November 4, 2022   

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

                       Non-Farm Payrolls (expected +225K; previous +263K)

                       Unemployment Rate (expected 3.6%; previous 3.5%)

                       Avg Hourly Earnings (USD) (previous 32.46)

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

                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.31%)

                       Avg Hourly Earnings, Y/Y% (previous +4.98%)

                       Overall Workweek (previous 34.5)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous -25K)

                       Private Payroll (previous +288K)

                       Participation Rate (previous 62.3%)

                       Non-Farm Payrolls Bench Net Chg

11:00 AM ET. October Global Services PMI

                       PMI, Services (previous 50.0)

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

The STOCK INDEXES: The December NASDAQ 100 was higher overnight as it consolidates some of the sharp decline off Tuesday's high following the Fed's decision to raise interest rates by another 75 basis points. Overnight trading sets the stage for a higher opening when the day session begins trading.Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the October 13^th low crossing at 10,484.75 low is the next downside target. Closes above the 10-day moving average crossing at 11,272.92 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 11,272.92. Second resistance is the September 25^st high crossing at 11,734.00. First support is the overnight low crossing at 10,692.75. Second support is the October 13^th low crossing at 10,484.75.

The December S&P 500 was higher overnight as it consolidates some of the decline off Tuesday's high.  Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off Tuesday's high, the September 21^st low crossing at 3641.50 is the next downside target. If December resumes the rally off the October 13^th low, the 62% retracement level of the August-October decline crossing at 4024.30 is the next upside target. First resistance is the 50% retracement level of the August-October declinecrossing at 3924.14. Second resistance is the 62% retracement level of the August-October decline crossing at 4024.30. First support is Thursday's low crossing at 3704.25. Second support is the October 13^th low crossing at 3502.00. 

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

INTEREST RATES: December T-bonds were 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 April-2010 low on the monthly continuation chart crossing at 114-06 is the next downside target. Closes above Tuesday's high crossing at 122-28 would confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is Tuesday's high crossing at 122-28. Second resistance is the October 14^th high crossing at 125-31. First support is last-Monday's low crossing at 117-19. Second support is the April-2010 low on the monthly continuation chart crossing at 114-06.

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. If December resumes the rally off October's low, the 50-day moving average crossing at 112.266 is the next upside target. First resistance is last-Thursday's high crossing at 111.310. Second resistance is the 50-day moving average crossing at 112.266. First support is October's low crossing at 108.265. 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 sharply higher overnight and 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 the October 18^th low, October's high crossing at $92.34 is the next upside target. Closes below Monday's low crossing at $85.30 would signal that a short-term top has been posted. First resistance is October's high crossing at $92.34. Second resistance is August's high crossing at $95.55. First support is Monday's low crossing at $85.30. Second support is the October 18^th low crossing at $81.30.

December heating oil was higher overnight as it renewed the rally off September's low. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off the October 21^st low, August's high crossing at $3.8939 is the next upside target. Closes below Wednesday's low crossing at $3.5526 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $3.9555. Second resistance is August's high crossing at $3.8939. First support is Wednesday's high crossing at 3.5526. Second support is the October 21^st low crossing at $3.4435.  

December unleaded gas was higher overnight as it extends the rally off September's low. Overnight strength 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 62% retracement level of the June-September decline crossing at $2.8638 is the next upside target. Closes below the 20-day moving average crossing at $2.5407 would confirm that top has been posted. First resistance is the overnight high crossing at $2.7874. Second resistance is the 62% retracement level of the June-September decline crossing at $2.8638. First support is Monday's low crossing at $2.4822. Second support is the 50-day moving average crossing at $2.4436.

December Henry natural gas was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at 6.400 would signal that a short-term low has been posted. If December renews the decline off August's high, the March 15^th low crossing at 4.872 is the next downside target. First resistance is Monday's high crossing at 6.400. Second resistance is the October 6^th high crossing at 7.436. First support is the 62% retracement level of the 2020-2022 crossing at 5.393. Second support is the March 15^th low crossing at 4.872.  

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

CURRENCIES:The December Dollar was lower overnight as it consolidates some of the rally off October's low. Overnight trading 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. If December extends the rally off October's low, the October 13^th high crossing at $113.850 would confirm that a short-term low has been posted. Closes below Wednesday's low crossing at $110.260 would signal that a short-term top has been posted. First resistance is the September 13^thhigh crossing at $113.850. Second resistance is September's high crossing at 114.745. First support is the 25% retracement level of this year's rally crossing at $109.710. Second support is September's low crossing at $107.450.

The December Euro was higher overnight as it consolidates some of the decline off October's high. Overnight strength 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. If December extends the decline off October's high, the October 13^th low crossing at $0.96750 is the next downside target. If December renews the rally off September's low, September's high crossing at $1.02650 is the next upside target. First resistance is October's high crossing at $1.01315. Second resistance is September's high crossing at $1.02650. First support is the October 21^st low crossing at $0.97455. Second support is the October 13^th low crossing at $0.96750. Third support is September's low crossing at $0.95920.  

The December British Pound was higher overnight as it consolidates some of the decline off October's high. Overnight strength 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. If December extends the aforementioned decline, the October 12^th low crossing at 1.0937 is the next downside target. If December renews the rally off September's low, September's high crossing at 1.1759 is the next upside target. First resistance is September's high crossing at 1.1759. Second resistance is the August 26^th high crossing at 1.1923. First support is the October 21^st low crossing at 1.1074. Second support is the October 12^th low crossing at 1.0937.  

The December Swiss Franc was higher overnight as it consolidates some of the decline off August's high. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral bearish signaling that sideways to lower possible near-term. If December extends the decline off August'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 Wednesday's high crossing at 1.01410 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 1.02265. Second resistance is the September 30^th high crossing at 1.03435. First support is Thursday's low crossing at 0.99010. 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 higher overnight as it consolidates some of the decline off the October 27^th high crossing at $74.15. The high-range overnight trade 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. If December extends the decline off last-Thursday's high, October's low crossing at $71.56 is the next downside target. Closes above the October 27^th high  crossing at $74.12 would open the door for additional gains near-term. First resistance is the October 27^th high crossing at $74.12. Second resistance is the September 20^th 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 higher overnight as it extends the trading range of the past two-weeks. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 50-day moving average crossing at 0.069625 is the next upside target. If December resumes this year's decline, is long-term support crossing at 0.065720 is the next downside target. First resistance is the 50-day moving average crossing at 0.069625. Second resistance is the September 22^nd high crossing at 0.071895. First support is October's low crossing at 0.066235. Second support is long-term support crossing at 0.065720. 

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

PRECIOUS METALS: Decembergold was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December renews this year's decline, 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 50-day moving average crossing at $1683.30 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1683.30. Second resistance is October's high crossing at $1738.70. First support is Thursday's low crossing at $1618.30. Second support is the 62% retracement level of the 2016-2020 rally on the weekly chart crossing at $1610.30.

December silver was higher overnight and sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 38% retracement level of the March-August decline crossing at $21.248 is the next upside target. If December renews the decline off September's high, the September 28^th low crossing at $17.895 is the next downside target. From a broader perspective, from September's low, December silver appears to have completed the right shoulder of a huge head-and-shoulders top. First resistance is Wednesday's high crossing at $20.110. 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 sharply higher overnight while extending the September-October trading range. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the October 6^th high crossing at 3.5930 would mark a potential upside breakout of the aforementioned trading range. If December renews the decline off March's high, September's low crossing at 3.2430 is the next downside target. 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 the October 20^th low crossing at 3.3030. Second support is September's low crossing at 3.2430.

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

December corn was higher overnight as it consolidates some of the decline off Monday's high. Overnight strength 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 the October 19^th low crossing at $6.74 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 October'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 19^th low crossing at $6.74. Second support is the September 28^th low crossing at $6.61 1/2. 

December wheat was higher overnight as it consolidates some of this week's huge sell off. Overnight strength 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. If December renews the decline off October's high, September's low crossing at $7.91 1/4 is the next downside target. Closes above the 50-day moving average crossing at $8.62 3/4 would temper the near-term bearish outlook. First resistance is Tuesday's high crossing at $9.04. Second resistance is October's high crossing at $9.49 3/4. First support is the September 19^th low crossing at $8.19 1/4. Second support is September's low crossing at $7.91 1/2.   

December Kansas City wheat was higher overnight as it consolidates some of the decline off Wednesday's high. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. 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 $9.15 1/4 would open the door for additional weakness near-term. If December renews the rally off last-Friday'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 Tuesday's high crossing at $9.91. Second resistance is the 38% retracement level of the May-August decline crossing at $10.26 3/4. First support is last-Friday's low crossing at $9.15 1/4. Second support is the September 19^th low crossing at $8.96 1/4.

December Minneapolis wheat was higher overnight as it consolidates some of the decline off Wednesday's high. 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. If December extends the decline off Wednesday's high, the September 19^th low crossing at $9.06 1/2 is the next downside target. Closes above the 20-day moving average crossing at $9.63 1/4 would temper the near-term bearish outlook. First resistance is Wednesday's high crossing at $9.93 1/4. Second resistance is October's high crossing at $10.24 1/4. First support is Thursday's low crossing at $9.33. 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 was higher overnight as it erased most of Thursday's losses. 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 January extends the rally off October's low, the 62% retracement level of the September-October decline crossing at $14.55 1/4 is the next upside target. Closes below the 20-day moving average crossing at $14.05 1/4 would would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $14.57 3/4. Second resistance is the 62% retracement level of the September-October decline crossing at $14.55 1/4. First support is the 20-day moving average crossing at $14.05 1/4. Second support is the October 6^th low crossing at $13.50.  

December soybean meal was higher overnight as it consolidates some of the decline off Monday's high. The high-range overnight trade 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 $414.00 would confirm that a short-term top has been posted. If December renews the rally off October's low, September's high crossing at $443.80 is the next upside target. First resistance is Monday's high crossing at $440.50. Second resistance is September's high crossing at $443.80. First support is the 20-day moving average crossing at $414.00. Second support is the October 26^th low crossing at $406.40.    

December soybean oil was higher overnight as it extends the rally off September's low. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, June's high crossing at 79.29 is the next upside target. Closes below the 20-day moving average crossing at 70.62 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the June-July decline crossing at 76.13. Second resistance is June's high crossing at 79.29. First support is Monday's low crossing at 71.09. Second support is the 20-day moving average crossing at 70.62.