KEY EVENTS TO WATCH FOR:
Wednesday, November 23, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 205.2)
Composite Idx, W/W% (previous +2.7%)
Purchase Idx-SA (previous 169.7)
Purchase Idx-SA, W/W% (previous +4.4%)
Refinance Idx (previous 367.1)
Refinance Idx, W/W% (previous -1.6%)
8:30 AM ET. October Advance Report on Durable Goods
Durable Goods-SA, M/M% (expected +0.4%; previous +0.4%)
Dur Goods, Ex-Defense, M/M% (previous +1.4%)
Dur Goods, Ex-Transport, M/M% (previous -0.5%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.7%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.5%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 225K; previous 222K)
Jobless Claims, Net Chg. (previous -4K)
Continuing Claims (previous 1507000)
Continuing Claims, Net Chg (previous +13K)
9:45 AM ET. November US Flash Manufacturing PMI
PMI, Mfg (expected 50.0; previous 49.9)
9:45 AM ET. November US Flash Services PMI
PMI, Services (expected 48.0; previous 46.6)
10:00 AM ET. October New Residential Sales
New Home Sales (expected 572K; previous 603K)
New Home Sales, M/M% (expected -5.1%; previous -10.9%)
New Home Sales Months Supply (previous 9.2)
10:00 AM ET. November University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (expected 55.1; previous 59.9)
End-Mo Expectations Idx (previous 56.2)
12-Month Inflation Forecast (previous 5.0%)
5-Year Inflation Forecast (previous 2.9%)
End-Mo Current Idx (previous 65.6)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 435.355M)
Crude Oil Stocks, Net Chg (Bbl) (previous -5.4M)
Gasoline Stocks (Bbl) (previous 207.94M)
Gasoline Stocks, Net Chg (Bbl) (previous +2.207M)
Distillate Stocks (Bbl) (previous 107.383M)
Distillate Stocks, Net Chg (Bbl) (previous +1.12M)
Refinery Usage (previous 92.9%)
Total Prod Supplied (Bbl/day) (previous 21.087M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.18M)
12:00 PM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3644B)
Working Gas In Storage, Net Chg (Cbf) (previous +64B)
2:00 PM ET. Federal Open Market Committee meeting minutes published
Thursday, November 24, 2022
N/A U.S.: Thanksgiving Day. Financial markets closed
Friday, November 25, 2022
8:30 AM ET. U.S. Weekly Export Sales
1:00 PM ET. U.S. financial markets close early after Thanksgiving
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed sharply higher on Tuesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 the Dow extends the rally off October's low, August's high crossing at 34,281.36 is the next upside target. Closes below the 20-day moving average crossing at 33,016.95 would signal that a short-term top has been posted. First resistance is today's high crossing at 34,044.28. Second resistance is August's high crossing at 34,281.36. First support is the 20-day moving average crossing at 33,016.95. Second support is the November 19th low crossing at 32,478.87.
The December NASDAQ 100 closed higher on Tuesday. Today's high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible. Closes below the 20-day moving average crossing at 11,405.61 would signal that a short-term top has been posted. If December renews the rally off November's low, the 50% retracement level of the August-October decline crossing at 12,150.94 is the next upside target. First resistance is the 50% retracement level of the August-October decline crossing at 12,150.94. Second resistance is the 62% retracement level of the August-October decline crossing at 12,547.94. First support is the 20-day moving average crossing at 11,405.61. Second support is the November 10th low crossing at 10,808.00.
The December S&P 500 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 December renews the rally off November's low, the 75% retracement level of the August-October decline crossing at 4136.35. Closes below the 20-day moving average crossing at 3889.21 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 4024.30. Second resistance is the 75% retracement level of the August-October decline crossing at 4136.35. First support is the 20-day moving average crossing at 3889.21. Second support is the 50-day moving average crossing at 3799.84.
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December T-bonds closed up 1-07-pts. at 126-22.
December T-bonds closed higher on Tuesday as it extends a four-day trading range above above the 50-day moving average crossing at 124-19. The high-range close sets the stage for a steady to lower opening when Wednesday's night 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, the 38% retracement level of the August-October decline crossing at 128-06 is the next upside target. Closes below the 20-day moving average crossing at 122-17 would signal that a short-term top has been posted. First resistance is today's high crossing at 126-27. Second resistance is the 38% retracement level of the August-October decline crossing at 128-06. First support is the 20-day moving average crossing at122-17. Second support is November's low crossing at 118-03.
December T-notes closed up 100-pts. at 112.200.
December T-notes closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 111,136 would signal that a short-term top has been posted. If December extends the rally off October's low, October's high crossing at 113.300 is the next upside target. First resistance is October's high crossing at 113.300. Second resistance is the 50% retracement of the August-October decline crossing at 115.142. First support is the 20-day moving average crossing at 111.136. Second support is November's low crossing at 109.105.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil closed higher on Tuesday as it consolidated some of the decline off November's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins. 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 $85.89 would signal that a short-term low has been posted. If January extends this month's decline, the 50% retracement level of the 2020-2022 rally crossing at $72.40 is the next downside target. First resistance is the 20-day moving average crossing at $85.89. Second resistance is November's high crossing at $92.53. First support is Monday's low crossing at $75.27. Second support is the 50% retracement level of the 2020-2022 rally crossing at $72.40.
January heating oil closed lower on Tuesday. The low-range close sets the stage for a steady to slightly lower opening when Wednesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends this month's decline, the 62% retracement level of the September-November rally crossing at $3.2323 is the next downside target. Closes above the 20-day moving average crossing at $4.5045 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.4329. Second resistance is the 20-day moving average crossing at $4.5045. First support is Monday's low crossing at $3.2524. Second support is the 62% retracement level of the September-November ally crossing at $3.2323.
January unleaded gas closed higher on Tuesday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $2.5015 would signal that a short-term low has been posted. If January extends the decline off November's high, September's low crossing at 2.1536. First resistance is the 20-day moving average crossing at $2.5016. Second resistance is November's high crossing at $2.6990. First support is Monday's low crossing at $2.2538. Second support is September's low crossing at $2.1536.
January Henry natural gas closed higher on Tuesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off October's low, the 50% retracement level of the August-November decline crossing at 7.910 is the next upside target. Closes below the 20-day moving average crossing at 6.560 is the next downside target. First resistance is today's high crossing at 7.550. Second resistance is the 50% retracement level of the August-November decline crossing at 7.910. First support is the 20-day moving average crossing at 6.561. Second support is Wednesday's low crossing at 6.132.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed lower on Tuesday as it consolidates some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's nights session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 108.579 would signal that a short-term low has been posted. If March extends the decline off September's high, the 62% retracement level of the January-September rally crossing at $103.643 is the next downside target. First resistance is the 20-day moving average crossing at $108.579. Second resistance is the 50-day moving average crossing at $110.283. First support is last-Tuesday's low crossing at $104.800. Second support is the 62% retracement level of the January-September rally crossing at $103.643.
The March Euro closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.02163 would signal that a short-term top has been posted. If March extends the rally off September's low, the 25% retracement level of the 2018-2022 decline crossing at $1.07982 is the next upside target. First resistance is last-Tuesday's high crossing at $1.05680. Second resistance is the 25% retracement level of the 2018-2022 decline crossing at $1.07982 is the next upside target. First support is the 20-day moving average crossing at $1.02163. Second support is the 50-day moving average crossing at $1.00539.
The March British Pound closed higher on Monday as it extends last-week's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off September's low, August's high crossing at 1.2324 is the next upside target. Closes below the 20-day moving average crossing at 1.1681 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 1.2060. Second resistance is August's high crossing at 1.2324. First support is the 20-day moving average crossing at 1.1681. Second support is the 50-day moving average crossing at 1.1415.
The March Swiss Franc gapped down and closed lower on Tuesday as it consolidated some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.04181 would signal that a short-term top has been posted. If March renews this month's rally, August's high crossing at 1.08700 is the next upside target. First resistance is last-Tuesday's high crossing at 1.08005. Second resistance is August's high crossing at 1.08700. First support is the 20-day moving average crossing at 1.04181. Second support is the 50-day moving average crossing at 1.03495.
The March Canadian Dollar closed higher on Tuesday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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 74.41 would signal that a short-term top has been posted. If March renews the rally off October's low, September's high crossing at 77.16 is the next upside target. First resistance September's high crossing at 77.16. Second resistance is the August 11th high crossing at 78.46. First support is the 20-day moving average crossing at 74.41. Second support is the 50-day moving average crossing at 73.89.
The March Japanese Yen closed higher on Tuesday as it consolidated some of the decline off last-Tuesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday’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 0.070664 would confirm that a short-term top has been posted. If March extends the rally off October's low, the 62% retracement level of the August-October decline crossing at 0.073926 is the next upside target. First resistance is the 62% retracement level of the August-October decline crossing at 0.073926. Second resistance is the 75% retracement level of the August-October decline crossing at 0.074398. First support is the 20-day moving average crossing at 0.070664. Second support is the 50-day moving average crossing at 0.070327.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed slightly lower on Tuesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1723.70 would signal that a short-term top has been posted. If February extends the rally off October's low, August's high crossing at $1836.70 is the next upside target. First resistance is last-Tuesday's high crossing at $1806.00. Second resistance is August's high $1836.70. First support is the 20-day moving average crossing at $1723.70. Second support is the 50-day moving average crossing at $1701.90.
March silver closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 20.815 would signal that a short-term top has been posted. If March renews the rally off October's low, the 62% retracement level of the March-August decline crossing at 23.503 is the next upside target. First resistance is last-Tuesday's high crossing at 22.500. Second resistance is the 62% retracement level of the March-September decline crossing at 22.818. First support is the 20-day moving average crossing at 20.815. Second support is the 50-day moving average crossing at 19.992.
March copper closed higher on Tuesday as it consolidated some of the decline off November's high.The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the 50-day moving average crossing at 3.4957 is the next downside target. If March renews the rally off September's low, the 50% retracement level of the March-July decline crossing at 4.0343 is the next upside target. First resistance is last-Monday's high crossing at 3.9470. Second resistance is the 50% retracement level of the March-July decline crossing at 4.0343. First support is the 50-day moving average crossing at 3.4957. Second support is October's low crossing at 3.2980.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.04 1/4-cents at $6.59 1/4.
March corn closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends the decline off October's high, the August 18th low crossing at $6.11 1/2 is the next downside target. Closes above the 50-day moving average crossing at $6.83 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $6.83 1/2. Second resistance is the October 31st high crossing at $7.04 3/4. First support is the November 15th low crossing at $6.53 1/2. Second support is the August 18th low crossing at $6.11 1/2.
March wheat closed down $0.07 3/4-cents at $8.10 1/2.
March wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, August's low crossing at $7.60 1/4 is the next downside target. Closes above the 50-day moving average crossing at $8.74 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.74 3/4. Second resistance is November's high crossing at $9.20 3/4. First support is Monday's low crossing at $8.04 1/2. Second support is August's low crossing at $7.66 1/4.
March Kansas City Wheat closed down $0.10 3/4 at $9.12.
March Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends this month's decline, the September 18th low crossing at $8.95 3/4 is the next downside target. Closes above the 50-day moving average crossing at $9.50 3/4 is the next upside target. First resistance is the 50-day moving average crossing at $9.50 3/4. Second resistance is November's high crossing at $9.87 1/2. First support is the September 19th low crossing at $8.95 3/4. Second support is September's low crossing at $8.65 1/4.
March Minneapolis wheat closed down $0.03 1/2-cents at $9.50 1/4.
March Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at $9.41 1/4 would open the door for a larger-degree decline off October's high. If March renews the rally off November's low, November's high crossing at $10.02 3/4 is the next upside target. First resistance is November's high crossing at $10.02 3/4. Second resistance is August's high crossing at $10.29 1/2. First support is the reaction low crossing at $9.41 1/4. Second support is the September 19th low crossing at $9.15.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed down $0.07-cents at $14.29 3/4.
January soybeans closed lower on Tuesday. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's night trade begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January renews the rally off October's low, the 62% retracement level of the June-July decline crossing at $14.76 3/4 is the next upside target. If January resumes last-week's decline, the October 28th low crossing at $13.80 1/2 is the next downside target. First resistance is the 62% retracement level of the June-July decline crossing at $14.76 3/4. Second resistance is the 75% retracement level of the June-July decline crossing at $15.15 1/2. First support is last-Thursday's low crossing at $14.06 3/4. Second support is the October 28th low crossing at $13.80 1/2.
January soybean meal closed down $2.30 at $405.70.
January soybean meal post closed lower on Tuesday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $408.90 would signal that a short-term low has been posted. If January renews the decline off October's high, the October 19th low crossing at $395.00 is the next downside target. First resistance is the 20-day moving average crossing at $408.90. Second resistance is the reaction high crossing at $416.90. First support is last-Tuesday's low crossing at $399.00. Second support is the October 19th low crossing at $395.00.
January soybean oil closed up 29-pts. At 73.03.
January soybean oil closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. If January extends last-week's decline, the 50-day moving average crossing at 67.64 is the next downside target. If January renews the rally off September's low, June's high crossing at 78.78 is the next upside target. First resistance is November's high crossing at 75.94. Second resistance is June's high crossing at 78.78. First support is the 50-day moving average crossing at 67.64. Second support is the October 13th crossing at 62.40.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.10 at $90.25.
February hogs closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews the rally off October's low, September's high crossing at $92.57 is the next upside target. Close below the 50-day moving average crossing at $86.69 confirm that a short-term top has been posted. First resistance is October's high crossing at $91.80. Second resistance is September's high crossing at $92.58. First support is the 20-day moving average crossing at $88.99. Second support is the 50-day moving average crossing at $86.69.
February cattle closed down $0.40 at $156.33.
February cattle closed lower on Tuesday as it filled Monday's gap. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews the rally off September's low, monthly resistance crossing at $159.54 is the next upside target. Closes below the 50-day moving average crossing at $149.41 would signal that a short-term top has been posted. First resistance is October's high crossing at $154.25. Second resistance is monthly resistance crossing at $159.54. First support is the 50-day moving average crossing at $149.41. Second support is the October 14th low crossing at $146.72.
January Feeder cattle closed down $1.13 at $181.50.
January Feeder cattle closed lower on Tuesday as it filled Monday's gap. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are 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 August-October decline crossing at $184.56 is the next upside target. Closes below the 50-day moving average crossing at $179.34 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $181.50. Second resistance is the 62% retracement level of the August-October decline crossing at $184.56. First support is last-Tuesday's low crossing at $182.38. Second support is October's low crossing at $172.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Tuesday as it consolidates some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the decline off August's high, the 75% retracement level of the 2020-2022 rally crossing at $14.74 is the next downside target. Closes above the 20-day moving average crossing at $16.67 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $16.67. Second resistance is November's high crossing at $17.82. First support is the 75% retracement level of the 2020-2022 rally crossing at $14.74. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.04.
March cocoa closed lower on Tuesday as it extends this month's decline. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If March extends this month's decline, the 50-day moving average crossing at 23.71 is the next downside target. Closes above the 10-day moving average crossing at 24.91 would signal that a low has been posted.
March sugar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the 20-day moving average crossing at 19.05 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March extends the rally off September's low, April's high crossing at 20.63 is the next upside target.
March cotton closed higher on Tuesday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, October's low crossing at 70.10 is the next downside target. If March renews the rally off October's low, the reaction high crossing at 97.77 is the next upside target.
Thanks tallpine!