KEY EVENTS TO WATCH FOR:

Friday, November 11, 2022  

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

                       Mid-Mo Sentiment (previous 59.8)

                       Mid-Mo Expectations (previous 56.2)

                       Mid-Mo Current Idx (previous 65.3)

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

The STOCK INDEXES: The December NASDAQ 100 was higher overnight as it extends Thursday's huge rally. Overnight trading 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% retracement level of the August-October crossing at 12,150.94 is the next upside target. Closes below the 10-day moving average crossing at 11,162.23 would temper the near-term outlook. First resistance is the 38% retracement level of the August-October decline crossing at 11,753.95. Second resistance is the 50% retracement level of the August-October crossing at 12,150.94. First support is last-Friday's low crossing at 10,636.00. Second support is the October 13^th low crossing at 10,484.75.

The December S&P 500 was higher overnight as it extends the rally off October's low. Overnight trading sets the stage for a steady to 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 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. Closes below Wednesday's low crossing at 3750.00 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October declinecrossing at 4024.30. Second resistance is the 75% retracement level of the August-October decline crossing at 4136.35. First support is the November 3^rd low crossing at 3704.25. Second support is the October 21^st low crossing at 3641.50. 

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

INTEREST RATES: December T-bonds were lower overnight as it consolidates some of Thursday's huge rally. 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 this week's rally, the 50-day moving average crossing at 125-21 is the next upside target. Closes below the 10-day moving average crossing at 120-24 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 125-21. Second resistance is October's high crossing at 129-12. First support is October'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 steady to slightly lower overnight and sets the stage for a steady to slightly 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, October's high crossing at 113.300 is the next upside target. Closes below the 20-day moving average crossing at 110.187 would temper the near-term friendly outlook. First resistance is October's high crossing at 113.300. Second resistance is the 38% retracement level of the August-October decline crossing at 113.280. First support is November's low crossing at 109.105. Second support is October's low crossing at 108.265.  

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

ENERGIES:December crude oil was higher overnight as it consolidates some of the decline off Monday's high. Overnight trading sets the stage for a 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 below the 50-day moving average crossing at $85.39 would signal that a short-term top has been posted. Closes above the 10-day moving average crossing at $88.80 would signal that a short-term low has been posted. First resistance is Monday's high crossing at $93.74. Second resistance is August's high crossing at $95.55. First support is the 50-day moving average crossing at $85.39. Second support is October's low crossing at $81.30.

December heating oil was higher overnight as it consolidates some of the decline off last-Friday'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. Closes below last-Wednesday's low crossing at $3.5526 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December resumes the rally off the October 21^st low, June's high crossing at $4.0651 is the next upside target. First resistance is last-Friday's high crossing at $3.9565. Second resistance is June's high crossing at $4.0651. First support is last-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 consolidates some of the decline off last-Friday's high. Overnight trading sets the stage for a steady to 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-Friday's high, the 50-day moving average crossing at $2.4581 is the next downside target. If December renews the rally off September's low, the 62% retracement level of the June-September decline crossing at $2.8638 is the next upside target. First resistance is last-Friday's high crossing at $2.8172. Second resistance is the 62% retracement level of the June-September decline crossing at $2.8638. First support is the 50-day moving average crossing at $2.4581. Second support is the October 18^th low crossing at $2.3526.  

December Henry natural gas was steady to slightly lower overnight and sets the stage for a steady to slightly 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. This week's sharp decline has opened the door for a possible test of October's low. Closes above Monday's high crossing at 7.221 would open the door for additional gains near-term. First resistance is Monday's high crossing at 7.221. 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 extends the decline off September's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned decline, the 50% retracement level of this year's rally crossing at $104.650 is the next downside target. Closes above the 50-day moving average crossing at $111.031 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $111.031. Second resistance is the October 13^thhigh crossing at $113.850. First support is the 38% retracement level of this year's rally crossing at $107.038. Second support is the 50% retracement level of this year's rally crossing at $104.650.

The December Euro was higher overnight as it extends the rally off September's low. Overnight strength 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, August's high crossing at $1.04650 is the next upside target. Closes below the 50-day moving average crossing at $0.99430 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the 2021-2022 decline crossing at $1.03204. Second resistance is August's high crossing at $1.04650. First support is the 10-day moving average crossing at $1.00248. Second support is the 50-day moving average crossing at $0.99429.  

The December British Pound 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 38% retracement level of the 2021-2022 decline crossing at 1.1858 is the next upside target. Closes below Wednesday's low crossing at 1.1344 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2021-2022 decline crossing at 1.1858. Second resistance is the August 26^th high crossing at 1.1923. First support is Wednesday's low crossing at 1.1344. Second support is the November 4^th low crossing at 1.1156.    

The December Swiss Franc was higher overnight as it extends the rally off last-Thursday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional gains are possible. If December extends the rally off November's low, September's high crossing at 1.06325 is the next upside target. Closes below the 20-day moving average crossing at 1.01242 would signal that a short-term top has been posted. First resistance is September's high crossing at 1.06325. Second resistance is August's high crossing at 1.07550. First support is the 50-day moving average crossing at 1.02206. Second support is the 20-day moving average crossing at 1.01246.

The December Canadian Dollar was steady to slightly higher overnight as it extends the rally off October's low. The high-range overnight trade 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 October's low, the September 20^th crossing at $75.62 is the next upside target. Closes below the 20-day moving average crossing at $73.55 would temper the near-term friendly outlook. First resistance is the September 20^th crossing at $75.62. Second resistance is the September 13^th high crossing at $77.18. First support is the 20-day moving average crossing at $73.55. Second support is November's low crossing at $72.44.

The December Japanese Yen was higher overnight as it extends the rally off October's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the August 23^rd high crossing at 1.07410 is the next upside target. Closes below the 20-day moving average crossing at 0.068394 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 0.072370. Second resistance is the August 23^rd high high crossing at 1.07410. First support is the 20-day moving average crossing at 0.068394. Second support is October's low crossing at 0.066235. 

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

PRECIOUS METALS: Decembergold was higher overnight as it extends the rally off November'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 November's low, August's high crossing at $1824.60 is the next upside target. Closes below the 20-day moving average crossing at $1670.70 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $1769.90. Second resistance is August's high crossing at $1824.60. First support is the 20-day moving average crossing at $1670.70. Second support is November's low crossing at $1618.30.

December silver was lower overnight as it consolidates some of the rally off last-Thursday's low. Overnight weakness sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 50% retracement level of the March-August decline crossing at $22.448 is the next upside target. Closes below the 20-day moving average crossing at $19.785 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $22.160. Second resistance is the 50% retracement level of the March-August decline crossing at $22.448. First support is the 10-day moving average crossing at $20.560. Second support the 50-day moving average crossing at $19.785.   

December copper was higher overnight as it extends the rally off October's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 50% retracement level of this year's decline crossing at 4.0450 is the next upside target. Closes below the 50-day moving average crossing at 3.4780 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 3.8050. Second resistance is the 50% retracement level of this year's decline crossing at 4.0450. First support is the 50-day moving average crossing at 3.4780. Second support is last-Thursday's low crossing at 3.3795.   

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

December corn was higher overnight as it consolidates some of the decline off October's high. Overnight trading sets the stage for a higher opening when the day sessions 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 August 26^th low crossing at $6.47 1/4 is the next downside target. Closes above the 50-day moving average crossing at $6.80 1/4 would temper the near-term bearish outlook. First resistance is last-Monday's high crossing at $7.00. Second resistance is October's high crossing at $7.06 1/2. First support is Thursday's low crossing at $6.52 3/4. Second support is the August 26^th low crossing at $6.47 1/4. 

December wheat was higher overnight as it consolidates some of this week's decline. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends 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 1/2 would temper the near-term bearish outlook. First resistance is November's high crossing at $9.04. Second resistance is October's high crossing at $9.49 3/4. First support is Thursday's low crossing at $7.95 1/2. Second support is September's low crossing at $7.91 1/2.   

December Kansas City wheat 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the October 28^th low crossing at $9.15 1/4 would open the door for additional weakness near-term. If December renews the rally off the October 28^th low, the 38% retracement level of the May-August decline crossing at $10.26 3/4 is the next upside target. First resistance is last-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 the October 28^th 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 this week's decline. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-Wednesday's high, the September 19^th low crossing at $9.06 1/2 is the next downside target. Closes above last-Wednesday's high crossing at $9.93 1/4 would temper the near-term bearish outlook. First resistance is last-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 $9.29. 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 and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $14.17 3/4 would would signal that a short-term top has been posted. If January resumes 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. First resistance is Monday's high crossing at $14.69. 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 $14.17 3/4. Second support is the October 19^th low crossing at $13.66 3/4.  

December soybean meal was higher overnight as it consolidates some of the decline off October's high. The mid-range overnight trade sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the October 18^th low crossing at $398.80 is the next downside target. Closes above the 10-day moving average crossing at $418.00 would temper the bearish outlook. First resistance is the 10-day moving average crossing at $418.00. Second resistance is October's high crossing at $440.50. First support is the October 18^th low crossing at $398.80. Second support is the October 26^th low crossing at $406.40.    

December soybean oil was higher overnight. Overnight trading sets the stage for a 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. If December resumes 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 73.24 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 77.80. Second resistance is June's high crossing at 79.29. First support is the 10-day moving average crossing at 75.49. Second support is the 20-day moving average crossing at 73.24.