KEY EVENTS TO WATCH FOR:
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 closed lower on Thursday as it consolidated some of Wednesday's huge rally. The high-range close sets the stage for a steady to slightly lower opening when Friday'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, 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 34,901.54. First support is the 20-day moving average crossing at 33,570.56. Second support is the November 9th low crossing at 32,478.87.
The March NASDAQ 100 closed slightly lower on Thursday. Today's mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible. If March renews the rally off November's low, the 50% retracement level of the August-October decline crossing at 12,229.32 is the next upside target. Closes below the 50-day moving average crossing at 11,499.03 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the August-October decline crossing at 12,229.32. Second resistance is the 62% retracement level of the August-October decline crossing at 12,618.67. First support is the 20-day moving average crossing at 11,669.24. Second support is the 50-day moving average crossing at 11,499.03.
The March S&P 500 closed slightly lower on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 aforementioned rally, the September 13th high crossing at 4194.25 is the next upside target. Closes below the 20-day moving average crossing at 3976.38 would signal that a short-term top has been posted. First resistance is today's high crossing at 4142.50. Second resistance is the September 13th high crossing at 4194.25. First support is the 20-day moving average crossing at 3976.38. Second support is the 50-day moving average crossing at 3846.78.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed up 2-23-pts. at 129-23.
March T-bonds closed higher on Thursday as they extend the rally off October's low. The high-range close sets the stage for a steady to higher opening when Friday'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 November's low, the 50% retracement level of the August-November decline crossing at 130-25 is the next upside target. Closes below the 20-day moving average crossing at 124-09 would signal that a short-term top has been posted. First resistance is today's high crossing at 129-17. Second resistance is the 50% retracement level of the August-October decline crossing at 130-25. First support is the 10-day moving average crossing at126-25. Second support is the 20-day moving average crossing at 124-09.
March T-notes closed up 1060-pts. at 114.220.
March T-notes closed higher on Thursday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Friday'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 March extends the rally off October's low, the 50% retracement level of the August-November decline crossing at 115.090 is the next upside target. Closes below the 20-day moving average crossing at 111,123 would signal that a short-term top has been posted. First resistance is the 50% retracement of the August-October decline crossing at 115.090. Second resistance is the 62% retracement of the August-October decline crossing at 116.232. First support is the 20-day moving average crossing at 112.123. Second support is the 50-day moving average crossing at 111.294.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil closed higher on Thursday as it extends the rally off Monday's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins. 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 $84.40 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 $84.40. 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 lower on Thursday as it consolidated some of the rally off Tuesday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 $4.4178 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 $3.4049. Second resistance is the 20-day moving average crossing at $4.4178. 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 lower on Thursday as it consolidated some of the rally off Monday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 $2.4423 would signal that a short-term low has been posted. If January renews the decline off November's high, September's low crossing at 2.1536. First resistance is the 50-day moving average crossing at $2.4202. Second resistance is the 20-day moving average crossing at $2.4423. 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 Thursday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday'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 50-day moving average crossing at 6.821 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 November'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 50-day moving average crossing at 6.821. 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 Thursday as it broke out to the downside of a three-week old trading range and renewed the decline off September's high. The low-range close sets the stage for a steady to lower opening when Friday's nights 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 September's high, the 62% retracement level of the January-September rally crossing at $103.643 is the next downside target. Closes above the November 21st high crossing at 107.500 would signal that a short-term low has been posted. First resistance is the November 21st high crossing at $107.500. Second resistance is the 50-day moving average crossing at $109.744. First support is today's low crossing at $104.185. Second support is the 62% retracement level of the January-September rally crossing at $103.643.
The March Euro closed higher on Thursday and above trading range resistance crossing at 1.05800 as it renewed the rally off September's low. The high-range close sets the stage for a steady to higher opening when Friday'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 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. Closes below the 20-day moving average crossing at 1.03469 would signal that a short-term top has been posted. First resistance is today's high crossing at $1.06145. 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 $1.03472. Second support is the 50-day moving average crossing at $1.00990.
The March British Pound closed higher on Thursday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Friday'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, the 50-week moving average crossing at 1.2438 is the next upside target. Closes below the 20-day moving average crossing at 1.1835 would confirm that a short-term top has been posted. First resistance is August's high crossing at 1.2324. Second resistance is the 50-week moving average crossing at 1.2438. First support is the 20-day moving average crossing at 1.1835. Second support is the 50-day moving average crossing at 1.1490.
The March Swiss Franc closed sharply higher on Thursday and spiked above the upper boundary of the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Friday'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 extends the rally off November's low, August's high crossing at 1.08700 is the next upside target. Closes below the 20-day moving average crossing at 1.05718 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.08080. Second resistance is August's high crossing at 1.08700. First support is the 20-day moving average crossing at 1.05718. Second support is the 50-day moving average crossing at 1.03695.
The March Canadian Dollar closed slightly higher on Thursday as it consolidates some of the decline off November's high. The mid-range close sets the stage for a steady to higher opening when Friday'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 last-Friday's high crossing at 75.16 would signal that a short-term low has been posted. 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. 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 sharply higher on Thursday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Friday’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 75% retracement level of the August-October decline crossing at 0.075398 is the next upside target. Closes below the 20-day moving average crossing at 0.071942 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the August-October decline crossing at 0.075398. Second resistance is the 87% retracement level of the August-October decline crossing at 0.076735. First support is the 20-day moving average crossing at 0.071942. Second support is the 50-day moving average crossing at 0.070579.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed sharply higher on Thursday as it renewed the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday'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 $1754.70 would signal that a short-term top has been posted. First resistance is today's high crossing at $1818.40. Second resistance is August's high $1836.70. First support is the 20-day moving average crossing at $1754.70. Second support is the 50-day moving average crossing at $1710.90.
March silver closed higher for the third day in a row on Thursday as it renewed the rally off September's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned 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 March-August decline crossing at 23.503 is the next upside target. Closes below Tuesday's low crossing at 21.060 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 23.005. Second resistance is the 62% retracement level of the March-September decline crossing at 23.503. First support is Tuesday's low crossing at 21.060. Second support is last-Monday's low crossing at 20.790.
March copper closed higher on Thursday as it extended the rally off Monday's low.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned 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 renews the decline off November's high, the 50-day moving average crossing at 3.5173 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 3.5173. Second support is October's low crossing at 3.2980.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.06 1/2-cents at $6.60 1/2.
March corn closed lower on Thursday due to spillover selling pressure from soybeans while extending the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned 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 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $6.81 1/4. 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 down $0.12 1/2-cents at $7.83.
March wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 $8.23 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.23 3/4. Second resistance is the 50-day moving average crossing at $8.64. 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 $0.09 1/2 at $8.90 1/4.
March Kansas City wheat closed lower on Thursday as it extended the decline off October's high. The low-range close sets the stage for a steady to lower opening when Friday'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 the decline off October's high, the September 's low crossing at $8.65 1/4 is the next downside target. Closes above the 50-day moving average crossing at $9.46 is the next upside target.First resistance is the 50-day moving average crossing at $9.46. Second resistance is November's high crossing at $9.87 1/2. First support is today's low crossing at $8.81 3/4. Second support is September's low crossing at $8.65 1/4.
March Minneapolis wheat closed down $0.05-cents at $9.38.
March Minneapolis wheat closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 $9.65 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.65 1/2. Second resistance is the November 15th high crossing at $9.91 1/4. First support is Wednesday'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 down $0.39 3/4-cents at $14.29 3/4.
January soybeans closed sharply lower on Thursday due to profit taking after testing resistance marked by the 62% retracement level of the June-July decline crossing at $14.76 3/4 on Wednesday. The low-range close sets the stage for a steady to lower opening when Friday's night trade begins. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the November 17th low crossing at $14.06 3/4 would renew the decline off November's high. If January extends the rally off October's low, the September 21st high crossing at $14.93 1/2 is the next upside 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 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 $3.50 at $421.30.
January soybean meal closed higher on Thursday as it extends the rally off November's low. The mid-range close sets the stage for a steady to higher opening when Friday'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, October's high crossing at $430.00 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 $426.50. 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 450-pts. At 67.38.
January soybean oil closed sharply lower on Thursday and closed below the 50-day moving average crossing at 68.51 signaling that a significant short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, the 50% retracement level of the July-November rally crossing at 65.17 is the next downside target. Closes above the 20-day moving average crossing at 72.44 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 74.46. Second resistance is November's high crossing at 75.94. First support is today's low crossing at 67.38. Second support is the 50% retracement level of the July-November rally crossing at 65.17.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $3.83 at $89.18.
February hogs closed sharply higher on Thursday following yesterday's key reversal up. The high-range close sets the stage for a steady to higher opening when Friday'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 extends the rally off Wednesday's low, the November 17th high crossing at $91.35 is the next upside target. If February renews the decline off November's high, the 62% retracement level of the October rally crossing at $82.29 is the next downside target. First resistance is the November 17th high crossing at $91.35 Second resistance is the October 26th high crossing at $91.80. 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 down $0.20 at $155.48.
February cattle posted an inside day with a lower close on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned 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 $153.86 would confirm 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 $153.86. Second support is the October 14th low crossing at $146.72.
January Feeder cattle closed up $0.63 at $181.10.
January Feeder cattle closed higher on Thursday and the high-range close sets the stage for a steady to higher opening when Friday'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 this week'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 posted a key reversal down as it closed lower on Thursday signaling that a short-term top may have been posted with today's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness that would signal sideways to lower prices are possible near-term. If March renews the decline off August's high, the 75% retracement level of the 2020-2022 rally crossing at $14.74 is the next downside target. If March extends the rally off November's low, November's high crossing at $17.82 is the next upside target. First resistance is November's high crossing at $17.82. Second resistance is the 50-day moving average crossing at $18.41. 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 Thursday as it extends the rally off the November 23rd low. The mid-range close sets the stage for a steady to higher opening on Friday. 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 23.88 is the next downside target.
March sugar closed slightly lower on Thursday. The mid-range close sets the stage for a steady to slightly lower opening on Friday. 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 renew the decline off November's high 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 slightly higher on Thursday as it extends the rally off Monday's low. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned 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 got obliterated -38c from a big increase in rains for Argentina drought areas that wasn't there earlier this week, along with being overbought and bumping up to resistance.
After trading modestly lower overnight, the market tried to come back after 7am, gaining +12c from the lows.......then shortly after the open the funds put consistent selling pressure on all day.