KEY EVENTS TO WATCH FOR:
Monday, December 5, 2022
9:45 AM ET. November US Services PMI
PMI, Services (previous 47.8)
10:00 AM ET. November ISM Report On Business Services PMI
Services PMI (previous 54.4)
Business Activity Idx (previous 55.7)
Prices Idx (previous 70.7)
Employment Idx (previous 49.1)
New Orders Idx (previous 56.5)
10:00 AM ET. November Employment Trends Index
ETI (previous 119.57)
ETI, Y/Y%
10:00 AM ET. October Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous +0.3%)
Orders, Ex-Defense, M/M% (previous +0.8%)
Orders, Ex-Transport, M/M% (previous -0.1%)
Durable Goods, M/M%
Durable Goods, M/M%
11:00 AM ET. November Global Services PMI
PMI, Services (previous 49.2)
Tuesday, December 6, 2022
8:30 AM ET. October U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -73.28B)
Exports (USD) (previous 258.00B)
Exports, M/M% (previous -1.1%)
Imports (USD) (previous 331.29B)
Imports, M/M% (previous +1.5%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +8.1%)
Latest Wk, Y/Y% (previous +10.4%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -7.9M)
Gasoline Stocks, Net Chg (Bbls) (previous +2.9M)
Distillate Stocks, Net Chg (Bbls) (previous +4.0M)
Wednesday, December 7, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 208.1)
Composite Idx, W/W% (previous -0.8%)
Purchase Idx-SA (previous 181)
Purchase Idx-SA, W/W% (previous +3.8%)
Refinance Idx (previous 325.5)
Refinance Idx, W/W% (previous -12.9%)
8:30 AM ET. 3rd Quarter Revised Productivity & Costs
Non-Farm Productivity (previous -4.1%)
Unit Labor Costs (previous +10.2%)
10:00 AM ET. 3rd Quarter Quarterly Financial Report - Retail Trade
10:00 AM ET. 3rd Quarter Quarterly Financial Report - Industry
10:00 AM ET. November Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 419.084M)
Crude Oil Stocks, Net Chg (Bbl) (previous -12.581M)
Gasoline Stocks (Bbl) (previous 213.768M)
Gasoline Stocks, Net Chg (Bbl) (previous +2.77M)
Distillate Stocks (Bbl) (previous 112.648M)
Distillate Stocks, Net Chg (Bbl) (previous +3.547M)
Refinery Usage (previous 95.2%)
Total Prod Supplied (Bbl/day) (previous 19.717M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.161M)
3:00 PM ET. October Consumer Credit
Consumer Credit Net Chg (USD) (previous +25.0B)
Thursday, December 8, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 225K)
Jobless Claims, Net Chg (previous -16K)
Continuing Claims (previous 1608000)
Continuing Claims, Net Chg (previous +57K)
8:30 AM ET. U.S. Weekly Export Sales
10:00 AM ET. 3rd Quarter Quarterly Services
10:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3483B)
Working Gas In Storage, Net Chg (Cbf) (previous -81B)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, December 9, 2022
8:30 AM ET. November PPI
PPI, M/M% (previous +0.2%)
Ex-Food & Energy PPI, M/M% (previous +0%)
Personal Consumption (previous +0.4%)
10:00 AM ET. October Monthly Wholesale Trade
Inventories, M/M% (previous +0.6%)
10:00 AM ET. December University of Michigan Survey of Consumers - preliminary
Mid-Mo Sentiment (previous 54.7)
Mid-Mo Expectations (previous 52.7)
Mid-Mo Current Idx (previous 57.8)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The March NASDAQ 100 was lower overnight as it consolidates some of last-week's rally. Overnight trading sets the stage for a lower opening when the day session begins trading.Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the rally off October's low, the 62% retracement level of the August-October crossing at 12,618.87 is the next upside target. Closes below the 20-day moving average crossing at 11,788.14 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the August-October crossing at 12,229.32. Second resistance is the 62% retracement level of the August-October crossing at 12,618.87. First support is the 20-day moving average crossing at 11,788.14. Second support is the 50-day moving average crossing at 11,519.97.
The March S&P 500 was lower overnight as it consolidates some of last-week's rally. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. 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 20-day moving average crossing at 4007.86 would signal that a short-term top has been posted. If March extends the rally off the October 13th low, the 75% retracement level of the August-October decline crossing at 4153.96 is the next upside target. First resistance is the 75% retracement level of the August-October declinecrossing at 4153.96. Second resistance is the September 13th high crossing at 4194.25. First support is the 20-day moving average crossing at 4007.86. Second support is the 50-day moving average crossing at 3845.13.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were slightly higher overnight as they extend the rally off October's low. Overnight trading sets the stage for a steady to slightly 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 March extends the rally off October's low, the 50% retracement level of the August-October decline crossing at 130-25 is the next upside target. Closes below the 20-day moving average crossing at 125-10 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 130-09. Second resistance is the 50% retracement level of the August-October decline crossing at 130-25. First support is last-Wednesday's low crossing at 126-00. Second support is the 20-day moving average crossing at 125-10.
March T-notes were slightly lower overnight as they consolidates some of the rally off October's low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are 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 50% retracement level of the August-October decline crossing at 115.090 is the next upside target. Closes below the 20-day moving average crossing at 112.259 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 114.285. Second resistance is the 50% retracement level of the August-October decline crossing at 115.090. First support is the 20-day moving average crossing at 112.259. Second support is the 50-day moving average crossing at 111.315.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:Januarycrude oil was higher overnight and remains poised to extend the rally off last-Monday's low. 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. Closes above the 50-day moving average crossing at $83.63 would signal that a short-term low has been posted. If January renews the decline November's high, the 50% retracement level of the 2020-2022 rally crossing at $72.40 is the next downside target. First resistance is the 50-day moving average crossing at $83.63. Second resistance is the November 11th high crossing at $89.20. First support is last-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 was higher overnight as it consolidates some of the decline off last-Thursday's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off November's high, the 87% retracement level of the September-November rally crossing at $3.0325 is the next downside target. Closes above the 50-day moving average crossing at $3.4077 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $3.4077. Second resistance is the November 15th high crossing at $3.5789. First support is the 75% retracement level of the September-November rally crossing at $3.1276. Second support is the 87% retracement level of the September-November rally crossing at $3.0325.
January unleaded gas was higher overnight as it consolidated some of the decline off last-Thursday's high. 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. Closes above the 50-day moving average crossing at $2.4214 would confirm that a short-term low has been posted. If January renews the decline off November's high, September's low crossing at $2.1536 is the next downside target. First resistance is the 50-day moving average crossing at $2.4214. Second resistance is the November 14th high crossing at $2.5951. First support is last-Monday's low crossing at $2.2196. Second support is September's low crossing at $2.1536.
January natural gas gapped down and was lower overnight as it extends the decline off November's high. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, October's low crossing at 5.645 is the next downside target. Closes above the 10-day moving average crossing at 6.991 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 6.765. Second resistance is the 10-day moving average crossing at 6.991. First support is October's low crossing at 5.645. Second support is the 62% retracement level of the 2020-2022 rally crossing at 5.500.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was lower overnight as it extends the decline off September's high. Overnight weakness sets the stage for a lower 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 March extends the decline off September's high, the June 27th low crossing at $102.883 is the next downside target. Closes above last-Wednesday's high crossing at $106.775 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $106.775. Second resistance is the November 21st high crossing at $107.500. First support is the 62% retracement level of this year's rally crossing at $103.643. Second support is the June 27th low crossing at $102.883.
The March Euro was steady to higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 25% retracement level of the 2021-2022 decline crossing at $1.08062 is the next upside target. Closes below the 20-day moving average crossing at $1.04150 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $1.06630. Second resistance is the 25% retracement level of the 2021-2022 crossing at $1.08062. First support is the 20-day moving average crossing at $1.04150. Second support is the November 21st low crossing at $1.03165.
The March British Pound was steady to slightly lower overnight. Overnight trading sets the stage for a steady to slightly lower 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 March extends the rally off September's low, the June 16th high crossing at 1.2424 is the next upside target. Closes below the 20-day moving average crossing at 1.1891 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the 2021-2022 decline crossing at 1.2318. Second resistance is the June 16th high crossing at 1.2424. First support is the 20-day moving average crossing at 1.1937. Second support is the 50-day moving average crossing at 1.1540.
The March Swiss Franc was higher overnight and 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 March extends the rally off the November 21st low, August's high crossing at 1.08700 is the next upside target. Closes below the 20-day moving average crossing at 1.06406 would signal that a short-term top has been posted. First resistance is August's high crossing at 1.08700. Second resistance is the March 30th high crossing at 1.10880. First support is the 20-day moving average crossing at 1.06406. Second support is the November 21st low crossing at 1.05670.
The March Canadian Dollar was higher overnight and sets the stage for a higher opening when the day 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 November 25th high crossing at $75.16 would signal that a short-term low has been posted. Closes below last-Tuesday's low crossing at $73.42 would open the door for a possible test of November's low crossing at $72.44. First resistance is the November 25th high crossing at $75.16. Second resistance is November's high crossing at $75.71. First support is last-Tuesday's low crossing at $73.42. Second support is November's low crossing at $72.58.
The March Japanese Yen was lower overnight as it consolidates some of the rally off October's low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's, the 87% retracement level of the August-October decline crossing at 0.076735 is the next upside target. Closes below the 20-day moving average crossing at 0.072560 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 0.075820. 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 0.072560. Second support is the 50-day moving average crossing at 0.070727.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Februarygold was slightly lower overnight as it consolidates some of the rally off November's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming overbought, diverging but remain 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 $1768.70 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $1822.90. Second resistance is August's high crossing at $1836.70. First support is the 20-day moving average crossing at $1768.70. Second support is the November 23rd low crossing at $1733.50.
March silver was slightly lower in late-overnight trading and sets the stage for a slightly lower opening when the day session begins trading later this morning. Stochastics and the RSI are becoming 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 75% retracement level of the March-August decline crossing at $24.779 is the next upside target. Closes below the 20-day moving average crossing at $21.750 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the March-August decline crossing at $23.503. Second resistance is the 75% retracement level of the March-August decline crossing at $24.779. First support the 20-day moving average crossing at $21.750. Second support is the November 21st low crossing at $20.790.
March copper was steady to slightly higher overnight as it extends the rally off the November 28th low. The low-range overnight trade sets the stage for a steady to slightly 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 March extends the rally off the November 28th low, November's high crossing at 3.9470 is the next upside target. If March renews the decline off November's high, the 50-day moving average crossing at 3.5359 is the next downside target. First resistance is the overnight high crossing at 3.8945. Second resistance is November's high crossing at 3.9470. First support is the 10-day moving average crossing at 3.6957. Second support is the 50-day moving average crossing at 3.5359.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was steady to fractionally lower overnight as it extends last-week's decline. Overnight trading sets the stage for a steady to lower 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 March extends the decline off the October 31st high, the 50% retracement level of the July-October rally crossing at $6.40 is the next downside target. Closes above last-Tuesday's high crossing at $6.74 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $6.74. Second resistance is the 50-day moving average crossing at $6.79 1/2. First support is the 50% retracement level of the July-October rally crossing at $6.40. Second support is the 62% retracement level of the July-October rally crossing at $6.23.
March wheat 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 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 75% retracement level of the 2020-2022 rally crossing at $7.24 1/4 is the next downside target. Closes above the 20-day moving average crossing at $8.13 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.13 3/4. Second resistance is the 50-day moving average crossing at $8.58 1/4. First support is last-Friday's low crossing at $7.55 3/4. Second support is the 75% retracement level of the 2020-2022 rally crossing at $7.24 1/4.
March Kansas City wheat 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 session begins trading later this morning. 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, August's low crossing at $8.11 3/4 is the next downside target. Closes above the 20-day moving average crossing at $9.18 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.18 1/4. Second resistance is the 50-day moving average crossing at $9.42 1/2. First support is last-Friday's low crossing at $8.60 1/4. Second support is August's low crossing at $8.11 3/4.
March Minneapolis wheat was steady to slightly higher overnight as it extends the July-November trading range. Overnight trading sets the stage for a steady to 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 March extends the decline off November's high, the September 19th low crossing at $9.15 is the next downside target. Closes above the 50-day moving average crossing at $9.63 3/4 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at $9.63 3/4. Second resistance is the November 15th high crossing at $9.91 1/4. First support is the September 19th low crossing at $9.15. Second support is the November 7th low crossing at $8.93.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans was higher overnight as it consolidates some of last-Thursday's decline. Overnight trading sets the stage for a higher opening when the day 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 50-day moving average crossing at $14.18 would signal that a short-term top has been posted. If January renews 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 September-October decline crossing at $14.55 1/4. Second resistance is the September 21st high crossing at $14.93 1/2. First support is the November 17th low crossing at $14.06 3/4. Second support is the October 26th low crossing at $13.80 1/2.
January soybean meal 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 January extends the rally off November's low, October's high crossing at $430.00 is the next upside target. Closes below the 50-day moving average crossing at $407.60 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $426.50. Second resistance is October's high crossing at $430.00. First support is last-Monday's low crossing at $401.40. Second support is November's low crossing at $394.50.
January soybean oil was steady to slightly higher overnight as it consolidates some of the decline off November's high. Overnight trading sets the stage for a steady to 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 January extends the decline off November's high, the 62% retracement level of the July-November rally crossing at 62.60 is the next downside target. Closes above the 50-day moving average crossing at 68.56 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 68.56. Second resistance is the 20-day moving average crossing at 71.57. First support is last-Friday's low crossing at 64.50. Second support is the 62% retracement level of the July-November rally crossing at 62.60.
Thanks tallpine,
beans are getting some support from the drought in SA.
some rain but still not enough With this Parker’s.
NG had a huge gap down from the change in expectations that major cold was coming up in the East in short order to it changing to warmth, instead, while teasing a delay in the cold until later this month that could put in a bottom….if it ever comes.