KEY EVENTS TO WATCH FOR:
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 Dow closed slightly lower on Wednesday as it extends the decline off last-Thursday'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. If the Dow extends the aforementioned decline, the November 10th gap crossing at 33,065.11 is the next downside target. If the Dow renews the rally off October's low, the 75% retracement level of the January-October decline crossing at 34,893.55. First resistance is last-Thursday's high crossing at 34,595.51. Second resistance is the 75% retracement level of the January-October decline crossing at 34,901.54. First support is the November 11th gap crossing at 33,065.11. Second support is the November 3rd low crossing at 31,727.05.
The March NASDAQ 100 closed lower on Wednesday as it extended the decline off last-Thursday's high. Today's mid-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 sideways to lower prices are possible. Closes below the 50-day moving average crossing at 11,525.12 would confirm that a short-term top has been posted. If March renews the rally off November's low, the 62% retracement level of the August-October decline crossing at 12,618.67 is the next upside target. 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 50-day moving average crossing at 11,525.12. Second support is the November 9th low crossing at 10,932.75.
The March S&P 500 closed lower for the four-day in a row on Wednesday as it extends the decline off last-Thursday's high. The mid-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. If March extends the aforementioned decline, the 50-day moving average crossing at 3870.05 is the next downside target. If March renews the rally off October's low, the September 13th high crossing at 4194.25 is the next upside target. First resistance is last-Thursday's high crossing at 4142.50. Second resistance is the September 13th high crossing at 4194.25. First support is the November 17th low crossing at 3945.50. Second support is the 50-day moving average crossing at 3870.05.
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March T-bonds closed up 1-08-pts. at 131-21.
March T-bonds closed higher on Wednesday as they extend 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 March extends the rally off November's low, the 62% retracement level of the August-November decline crossing at 133-30 is the next upside target. Closes below the 20-day moving average crossing at 126-15 would signal that a short-term top has been posted. First resistance is today's high crossing at 131-31. Second resistance is the 62% retracement level of the August-October decline crossing at 133-30. First support is the 10-day moving average crossing at128-19. Second support is the 20-day moving average crossing at 126-15.
March T-notes closed up 220-pts. at 115.015.
March T-notes closed higher on Wednesday as it extends 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 turning 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 113,071 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 113.071. Second support is the 50-day moving average crossing at 112.034.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil closed lower for the fourth-day in a row on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are 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 2020-2022 rally crossing at $63.80 is the next downside target. Closes above the 50-day moving average crossing at $87.16 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $84.37. Second resistance is the 50-day moving average crossing at $87.16. First support is today's low crossing at $71.76. Second support is the 62% retracement level of the 2020-2022 rally crossing at $63.80.
January heating oil closed sharply lower for the fifth-day in a row on Wednesday as it extended the decline off November's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 the aforementioned decline, the 50% retracement level of the 2020-2022 rally crossing at $2.6219 is the next downside target. Closes above the 10-day moving average crossing at $3.3834 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.3834. Second resistance is last-Wednesday's high crossing at $3.7173. First support is today's low crossing at $2.7647. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.6219.
January unleaded gas closed sharply lower on Wednesday as it extended the decline off November'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 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 50% retracement level of the 2020-2022 rally crossing at 1.9894 is the next downside target. Closes above the 50-day moving average crossing at $2.5065 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $2.2667. Second resistance is the 20-day moving average crossing at $2.3585. First support is today's low crossing at $2.0698. Second support is the 50% retracement level of the 2020-2022 rally crossing at 1.9894.
January Henry natural gas closed higher on Wednesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a 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 January extends the decline off November's high, the 75% retracement level of the 2020-2022 rally crossing at 4.501 is the next downside target. Closes above the 50-day moving average crossing at 6.692 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at 6.221. Second resistance is the 50-day moving average crossing at 6.692. First support is the 62% retracement level of the 2020-2022 rally crossing at 5.500. Second support is the 75% retracement level of the 2020-2022 rally crossing at 4.501.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 30thhigh crossing at 106.775 would signal that a short-term low has been posted. If March extends the decline off September's high, the 75% retracement level of the January-September rally crossing at $101.331 is the next downside target. First resistance is the November 30thhigh crossing at 106.775. Second resistance is the November 21st high crossing at $107.500. First support is the 62% retracement level of the January-September rally crossing at $103.643. Second support is 75% retracement level of the January-September rally crossing at $101.331.
The March Euro closed higher on Wednesday ending a two-day decline off Monday'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 to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.04530 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 Monday's high crossing at $1.06745. 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 $1.04530. Second support is the November 21st low crossing at $1.03165.
The March British Pound closed higher on Wednesday ending a two-day correction off Monday'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 have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.1994 would confirm that a short-term top has been posted. If March extends the rally off September's low, the 62% retracement level of the May-September decline crossing at 1.2770 is the next upside target. 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 1.1994. Second support is the 50-day moving average crossing at 1.1598.
The March Swiss Franc closed higher on Wednesday. The mid-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 bearish signaling that a double top with August's high might have been posted with Monday's high. If March extends the rally off November's low, the 38% retracement level of the 2018-2022 decline crossing at 1.09661 is the next upside target. Closes below the 20-day moving average crossing at 1.06823 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.08460. Second resistance is the 38% retracement level of the 2018-2022 decline crossing at 1.09661. First support is the 20-day moving average crossing at 1.06823. Second support is the November 21st low crossing at 1.05670.
The March Canadian Dollar closed slightly higher on Wednesday. The mid-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 the decline off November's high, the November 3rd low crossing at 72.58 is the next downside target. Closes above Monday's high crossing at 74.82 would signal that a short-term low has been posted. First resistance is Monday's high crossing at 74.82. Second resistance is the November 25thhigh crossing at 75.16. First support is today's low crossing at 73.12. Second support is the November 3rd low crossing at 72.58.
The March Japanese Yen closed higher on Wednesday as it consolidates some of the decline off last-Friday'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 to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.072973 would confirm that a short-term top has been posted. If March renews the rally off October's low, the 87% retracement level of the August-October decline crossing at 0.076735 is the next upside target. 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 0.072973. Second support is the November 21st low crossing at 0.071410.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Thursday as it consolidates some of the decline off Monday'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 trading is 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 $1775.40 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $1822.90. Second resistance is August's high $1836.70. First support is the 20-day moving average crossing at $1775.40. Second support is the November 23rd low crossing at $1733.50.
March silver closed higher on Wednesday as it consolidates some of the decline off Monday'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 trading is possible near-term. If March renews 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 21.837 would confirm that a short-term top has been posted while opening the door for additional weakness near-term.First resistance is the 62% retracement level of the March-September decline crossing at 23.503. Second resistance is the 75% retracement level of the March-September decline crossing at 24.779. First support is the 20-day moving average crossing at 21.837. Second resistance is the November 28th low crossing at 21.045.
March copper closed higher on Wednesday and 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 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. Closes below the 20-day moving average crossing at 3.7334 would signal that a short-term top has been posted. If March renews the decline off November's high, the 50-day moving average crossing at 3.5569 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 3.5569. Second support is October's low crossing at 3.2980.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.04-cents at $6.41 1/4.
March corn 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 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 62% retracement level of the July-October rally crossing at $6.23 is the next downside target. Closes above the 20-day moving average crossing at $6.61 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.61. Second resistance is the 50-day moving average crossing at $6.78 1/4. First support is today's low crossing at $6.35. Second support is the 62% retracement level of the July-October rally crossing at $6.23.
March wheat closed up $0.20 1/2-cents at $7.49 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, the September 6th low crossing at $6.93 1/2 is the next downside target. Closes above the 20-day moving average crossing at $8.00 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.00 3/4. Second resistance is the 50-day moving average crossing at $8.52 1/4. First support is the 75% retracement level of the 2018-2022 rally crossing at $7.24 1/4. Second support is the September 6th low crossing at $6.93 1/2.
March Kansas City Wheat closed up $0.18 3/4-cents at $8.48 3/4.
March Kansas City 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 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 $8.18 3/4 is the next downside target. Closes above the 20-day moving average crossing at $9.06 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.06. Second resistance is the 50-day moving average crossing at $9.38 1/4. First support is Tuesday's low crossing at $8.21 3/4. Second support is August's low crossing at $8.18 3/4.
March Minneapolis wheat closed up $0.06-cents at $9.02.
March Minneapolis wheat closed higher on Wednesday as it consolidated some of the decline off October's high. The mid-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 the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 20-day moving average crossing at $9.44 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.44 1/4. Second resistance is the 50-day moving average crossing at $9.61 1/2. First support is Tuesday's low crossing at $8.90. Second support is the August's low crossing at $8.75 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed up $0.17-cents at $14.72.
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 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 50-day moving average crossing at $14.19 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 50-day moving average crossing at $14.19 3/4. Second support is the October 17th low crossing at $14.06 3/4.
January soybean meal closed up $10.40 at $459.00.
January soybean meal closed sharply higher for the sixth day in a row 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the aforementioned rally, monthly support on the continuation chart crossing at $478.60 is the next upside target. Closes below the 20-day moving average crossing at $414.40 would signal that a short-term top has been posted. First resistance is today's high crossing at $463.20. Second resistance is monthly resistance crossing at $478.60. First support is the 10-day moving average crossing at $423.60. Second support is the 20-day moving average crossing at $414.40.
January soybean oil closed down 66-pts. At 60.96.
January soybean oil closed lower for the sixth-day in a row 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 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 75% retracement level of the July-November rally crossing at 59.72 is the next downside target. Closes above the 50-day moving average crossing at 68.49 would signal that a short-term low has been posted. First resistance is last-Friday's gap crossing at 67.38. Second resistance is the 50-day moving average crossing at 68.49. First support is today's low crossing at 60.73. Second support is the 75% retracement level of the July-November rally crossing at 59.72.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $0.40 at $86.52.
February hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. 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. If February renews the rally off last-Wednesday's low, September's high crossing at $92.58 is the next upside target. First resistance is Monday's high crossing at $91.90 Second resistance is September's high crossing at $92.58. 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 $0.03 at $153.60.
February cattle closed lower on Wednesday as it extends Tuesday's close below the 50-day moving average crossing at $154.06 confirming that a short-term top has been posted. The high-range close sets the stage for a steady to slightly lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, November's low crossing at $152.28 is the next downside target. Closes above Monday's high crossing at $156.38 would signal that a short-term low has been posted. First resistance is Monday's high crossing at $156.38. Second resistance is November's high crossing at $156.95. First support is November's low crossing at $152.28. Second support is the October 14th low crossing at $146.72.
January Feeder cattle closed down $0.68 at $181.12.
January Feeder cattle closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening when Thursday's 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 50-day moving average crossing at $179.08 would signal that a short-term top has been posted. If January renews the rally last-week's low, the 62% retracement level of the August-October decline crossing at $184.60 is the next upside target. First resistance is Monday's high crossing at $184.20. Second resistance is the 62% retracement level of the August-October decline crossing at $184.56. First support is the 20-day moving average crossing at $180.10. Second support is the 50-day moving average crossing at $179.08.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Wednesday as it renewed the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off August's high, November's low crossing at $15.41 is the next downside target. If March renews the rally off November's low, the 50-day moving average crossing at $17.98 is the next upside target. First resistance is last-Thursday's high crossing at $17.44. Second resistance is the 50-day moving average crossing at $17.98. First support is November's low crossing at $15.41. Second support is the 75% retracement level of the 2020-2022 rally crossing at $14.74.
March cocoa closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral signaling sideways trading is possible near-term. If March renews last-month's decline, the 50-day moving average crossing at 24.06 is the next downside target. If March extends the rally off the November 23rd low, November's high crossing at 25.77 is the next upside target.
March sugar closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 19.05 would renew the decline off November's high while opening the door for additional weakness near-term. Closes above Monday's high crossing at 19.94 would confirm that a short-term low has been posted.
March cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the November 28th low crossing at 77.50 is the next downside target. If March renews the rally off October's low, November's high crossing at 89.92 is the next upside target.
Thanks tallpine!
SA weather is bullish beans.
US weather is bullish Nat Gas.