KEY EVENTS TO WATCH FOR:
Thursday, December 1, 2022
7:30 AM ET. November Challenger Job-Cut Report
Job Cuts, M/M% (previous +13%)
8:30 AM ET. October Personal Income & Outlays
Personal Income, M/M% (expected +0.4%; previous +0.4%)
Consumer Spending, M/M% (expected +0.8%; previous +0.6%)
PCE Price Idx, M/M% (previous +0.3%)
PCE Price Idx, Y/Y% (previous +6.2%)
PCE Core Price Idx, M/M% (expected +0.3%; previous +0.5%)
PCE Core Price Idx, Y/Y% (expected +5.0%; previous +5.1%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 235K; previous 240K)
Jobless Claims, Net Chg (previous +17K)
Continuing Claims (previous 1551000)
Continuing Claims, Net Chg (previous +48K)
8:30 AM ET. U.S. Weekly Export Sales
9:45 AM ET. November US Manufacturing PMI
PMI, Mfg (expected 47.6; previous 50.4)
10:00 AM ET. October Metropolitan Area Employment & Unemployment
10:00 AM ET. October Construction Spending - Construction Put in Place
New Construction (expected -0.2%; previous +0.2%)
Residential Construction
10:00 AM ET. November ISM Report On Business Manufacturing PMI
Manufacturing PMI (expected 49.8; previous 50.2)
Prices Idx (previous 46.6)
Employment Idx (previous 50.0)
Inventories (previous 52.5)
New Orders Idx (previous 49.2)
Production Idx (previous 52.3)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3564B)
Working Gas In Storage, Net Chg (Cbf) (previous -80B)
11:00 AM ET. November Global Manufacturing PMI
PMI, Mfg (previous 49.4)
12:00 PM ET. November Monthly U.S. Retail Chain Store Sales Index
2:00 PM ET. SEC Closed Meeting
4:00 PM ET. November Domestic Auto Industry Sales
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, December 2, 2022
8:30 AM ET. November U.S. Employment Report
Non-Farm Payrolls (expected +200K; previous +261K)
Unemployment Rate (expected 3.7%; previous 3.7%)
Avg Hourly Earnings (USD) (previous 32.58)
Avg Hourly Earnings-Net Chg (USD) (previous +0.12)
Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.37%)
Avg Hourly Earnings, Y/Y% (expected +4.6%; previous +4.73%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous +28K)
Private Payroll (previous +233K)
Participation Rate (previous 62.2%)
Non-Farm Payrolls Bench Net Chg
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow posted a huge reversal up as it closed sharply higher on Wednesday after Federal Reserve President Jerome Powell indicated that the Fed is willing to slow the rate of interest rate increases. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that sideways to lower prices are possible near-term. However, today's upside reversal could be a precursor to additional gains near-term that could lead to a test of the 75% retracement level of the January-October decline crossing at 34,893.55. Closes below the 20-day moving average crossing at 33,436.99 would signal that a short-term top has been posted. First resistance is today's high crossing at 34,589.77. Second resistance is the 75% retracement level of the January-October decline crossing at 34,893.55. First support is the 20-day moving average crossing at 33,436.99. Second support is the November 9th low crossing at 32,478.87.
The December NASDAQ 100 closed sharply higher on Wednesday. Today's high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible. 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. Closes below the 50-day moving average crossing at 11,375.32 would signal that a short-term top has been posted. 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 11,490.15. Second support is the 50-day moving average crossing at 11,375.32.
The December S&P 500 closed higher on Wednesday as it renewed the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 aforementioned rally, the September 13th high crossing at 4194.25 is the next upside target. Closes below the 20-day moving average crossing at 3960.62 would signal that a short-term top has been posted. First resistance is today's high crossing at 4121.75. Second resistance is the September 13th high crossing at 4194.25. First support is the 20-day moving average crossing at 3960.62. Second support is the 50-day moving average crossing at 3841.22.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
December T-bonds closed up 1-10-pts. at 128-01.
December T-bonds closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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, August's high crossing at 129-12 is the next upside target. Closes below the 20-day moving average crossing at 124-01 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 128-22. Second resistance is the 50% retracement level of the August-October decline crossing at 131-15. First support is the 10-day moving average crossing at126-20. Second support is the 50-day moving average crossing at 124-07.
December T-notes closed up 300-pts. at 113.210.
December T-notes closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain 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 50-day moving average crossing at 111,202 would signal that a short-term top has been posted. 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 50-day moving average crossing at 111.202. 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 Wednesday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 $83.71 would signal that a short-term low has been posted. If January renews 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 $83.71. Second resistance is the November 11th high crossing at $89.20. First support is Monday's low crossing at $73.60. Second support is the 50% retracement level of the 2020-2022 rally crossing at $72.40.
January heating oil closed sharply higher for the second day in a row on Wednesday 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 Thursday's night trading 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 $4.4315 would signal that a short-term low has been posted. If January renews this month's decline, the 87% retracement level of the September-November rally crossing at $3.0325 is the next downside target. First resistance is the 50-day moving average crossing at $3.4026. Second resistance is the 20-day moving average crossing at $4.4315. First support is Monday's low crossing at $3.1082. Second support is the 87% retracement level of the September-November ally crossing at $3.0325.
January unleaded gas closed higher on Wednesday 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 Thursday'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 $2.4556 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 50-day moving average crossing at $2.4196. Second resistance is the 20-day moving average crossing at $2.4556. First support is Monday's low crossing at $2.2196. Second support is September's low crossing at $2.1536.
January Henry natural gas closed lower on Wednesday as it extends the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 6.818 would signal that a short-term top has been posted. If January renews the rally off October's low, the 62% retracement level of the August-November decline crossing at 8.449 is the next upside target. First resistance is last-Wednesday's high crossing at 8.177. Second resistance is the 62% retracement level of the August-November decline crossing at 8.449. First support is the 20-day moving average crossing at 6.818. Second support is the November 16th low crossing at 6.132.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed lower on Wednesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's nights 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 November 21st high crossing at 107.500 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 November 21st high crossing at $107.500. Second resistance is the 50-day moving average crossing at $109.870. First support is the November 15th 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 Wednesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI overbought, diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, the 25% retracement level of the 2018-2022 decline crossing at $1.07982 is the next upside target. Closes below the 20-day moving average crossing at 1.03166 would signal that a double top has been posted with Monday's high. First resistance is Monday's high crossing at $1.05800. 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 $1.03166. Second support is the 50-day moving average crossing at $1.00877.
The March British Pound closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 1.1797 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.2176. Second resistance is August's high crossing at 1.2324. First support is the 20-day moving average crossing at 1.1797. Second support is the 50-day moving average crossing at 1.1473.
The March Swiss Franc closed sharply higher on Wednesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Thursday'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 March renews this month's rally, August's high crossing at 1.08700 is the next upside target. Closes below the 20-day moving average crossing at 1.05406 would signal that a short-term top has been posted. First resistance is the November 15th 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 1.05406. Second support is the 50-day moving average crossing at 1.03647.
The March Canadian Dollar posted an inside day with a higher close on Wednesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. Close below Tuesday's low crossing at 73.42 would open the door for a possible test of the November 3rd low crossing at 72.58. Closes above last-Friday's high crossing at 75.16 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 75.16. Second resistance is November's high crossing at 75.71. First support is Tuesday's low crossing at 73.42. Second support is the November 3rd low crossing at 72.58.
The March Japanese Yen closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’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 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. Closes below the 20-day moving average crossing at 0.071662 would confirm that a short-term top has been posted. 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 0.071662. Second support is the 50-day moving average crossing at 0.070505.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 February extends the rally off November's low, August's high crossing at $1836.70 is the next upside target. Closes below the 20-day moving average crossing at $1748.20 would signal that a short-term top has been posted. First resistance is November's high crossing at $1806.00. Second resistance is August's high $1836.70. First support is the 20-day moving average crossing at $1748.20. Second support is the 50-day moving average crossing at $1708.80.
March silver closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 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. Closes below last-Monday's low crossing at 20.790 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is November'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 last-Monday's low crossing at 20.790. Second support is the 50-day moving average crossing at 20.202.
March copper closed higher on Wednesday as it extended the rally off Monday's low.The high-range close sets the stage for a steady to higher opening when Thursday'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 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. If March extends the decline off November's high, the 50-day moving average crossing at 3.5115 is the next downside target. First resistance is November'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 3.5115. Second support is October's low crossing at 3.2980.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.02 1/2-cents at $6.67.
March corn closed lower on Wednesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Thursday'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 renews 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 $6.81 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $6.81 3/4. 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 up $0.14-cents at $7.95 1/2.
March wheat closed higher on Wednesday as it consolidated some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 20-day moving average crossing at $8.27 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.27 3/4. Second resistance is the 50-day moving average crossing at $8.66 1/2. First support is Monday's low crossing at $7.73 1/4. Second support is August's low crossing at $7.60 1/4.
March Kansas City Wheat closed up $0.12 3/4 at $8.99 3/4.
March Kansas City wheat closed higher on Wednesday as it consolidates some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 's low crossing at $8.65 1/4 is the next downside target. Closes above the 50-day moving average crossing at $9.47 1/2 is the next upside target. First resistance is the 50-day moving average crossing at $9.47 1/2. Second resistance is November's high crossing at $9.87 1/2. First support is Tuesday's low crossing at $8.84 1/4. Second support is September's low crossing at $8.65 1/4.
March Minneapolis wheat closed up $0.08 1/2-cents at $9.43.
March Minneapolis wheat closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 week's decline, the September 19th low crossing at $9.15 is the next downside target. Closes above the 50-day moving average crossing at $9.66 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.66. Second resistance is the November 15th high crossing at $9.91 1/4. First support is today's low crossing at $9.30. Second support is the September 19th low crossing at $9.15.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed up $0.09 1/2-cents at $14.69.
January soybeans closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night trade begins. 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 September 21st high crossing at $14.93 1/2 is the next upside target. Closes below the November 17th low crossing at $14.06 3/4 would renew the decline off November's high. 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 the November 17th low crossing at $14.06 3/4. Second support is the October 28th low crossing at $13.80 1/2.
January soybean meal closed up $10.40 at $418.00.
January soybean meal closed sharply higher on Wednesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 aforementioned rally, the November 9th high crossing at $416.60 is the next upside target. Closes below Monday's low crossing at $403.30 would signal that a short-term top has been posted. First resistance is today's high crossing at $419.50. Second resistance is October's high crossing at $430.00. First support is Monday's low crossing at $403.30. Second support is the November 15th low crossing at $399.00.
January soybean oil closed down 122-pts. At 71.76.
January soybean oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 January renews the decline off November's high, the 50-day moving average crossing at 68.30 is the next downside target. If January extends the rally off November'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 68.44. Second support is the October 13th crossing at 62.40.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $1.48 at $85.63.
February hogs posted a key reversal up and closed higher on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Thursday's 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 February extends this week's decline, the 62% retracement level of the October rally crossing at $82.29 is the next downside target. Closes above the 20-day moving average crossing at $88.33 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $86.20 Second resistance is the 20-day moving average crossing at $88.33. First support is the 50% retracement level of the October rally crossing at $84.12. Second support is the 62% retracement level of the October rally crossing at $82.29.
February cattle closed up $0.85 at $155.65.
February cattle closed higher on Wednesday 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 Thursday. 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 September's low, monthly resistance crossing at $159.54 is the next upside target. Closes below the 50-day moving average crossing at $153.84 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 $153.84. Second support is the October 14th low crossing at $146.72.
January Feeder cattle closed up $2.73 at $180.73.
January Feeder cattle closed sharply higher on Wednesday as it consolidated some of the decline off last-Monday's high. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends today's rally, November's high crossing at $183.08 is the next upside target. If January renews the decline off November's high, the November 15th low crossing at $176.33 is the next downside target. First resistance is November'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 the November 15th low crossing at $176.33. Second support is October's low crossing at $172.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Wednesday as it extends the rally off last-week's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, November's high crossing at $17.82 is the next upside target. 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. First resistance is November's high crossing at $17.82. Second resistance is the 50-day moving average crossing at $18.51. 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 higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. If March extends this week's rally, November's high crossing at 25.77 is the next upside target. If March renews this month's decline, the 50-day moving average crossing at 23.84 is the next downside target.
March sugar closed higher on Wednesday. The low-range close sets the stage for a steady to slightly higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low 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 renews the rally off September's low, April's high crossing at 20.63 is the next upside target.
March cotton closed limit up on Wednesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, the reaction high crossing at 97.77 is the next upside target. If March extends the decline off November's high, October's low crossing at 70.10 is the next downside target.
Thanks tallpine!
Beans in an uptrend since the July 21st low.
Beans overcame some short term chart resistance today but 1489 is HUGE resistance
https://tradingeconomics.com/commodity/soybeans
