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 STOCK INDEXES: The March NASDAQ 100 was steady to higher overnight and 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 this week's decline, the 50-day moving average crossing at 11,524.51 is the next downside target. Closes above the 10-day moving average crossing at 11,859.55 would signal that a short-term low 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 50-day moving average crossing at 11,524.51. Second support is the November 9th low crossing at 10,932.75.
The March S&P 500 was steady to slightly higher overnight as it consolidated some of the decline off last-Thursday's high. Overnight trading sets the stage for a steady to slightly 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 aforementioned decline, the 50-day moving average crossing at 3874.32 is the next downside target. Closes above the 10-day moving average crossing at 4036.05 would signal that a short-term low has been posted. 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 50-day moving average crossing at 3874.32. Second support is the November 9th low crossing at 3782.75.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were lower overnight as they consolidate 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 62% retracement level of the August-October decline crossing at 133-30 is the next upside target. Closes below the 20-day moving average crossing at 127-03 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 132-00. Second resistance is the 62% retracement level of the August-October decline crossing at 133-30. First support is the 20-day moving average crossing at 127-03. Second support is the 50-day moving average crossing at 124-12.
March T-notes were lower overnight as they consolidated some of Wednesday's rally. 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 113.142 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the August-October decline crossing at 115.090. Second resistance is the 62% retracement level of the August-October decline crossing at 116.232. First support is the 20-day moving average crossing at 113.141. Second support is the 50-day moving average crossing at 112.047.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:Januarycrude oil was slightly higher overnight as it consolidated some of this week's decline. 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 January extends the decline November's high, the 62% retracement level of the 2020-2022 rally crossing at $63.80 is the next downside target. Closes above the 20-day moving average crossing at $84.41 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $84.41. Second resistance is the 50-day moving average crossing at $87.18. First support is the 50% retracement level of the 2020-2022 rally crossing at $72.40. Second support is the 62% retracement level of the 2020-2022 rally crossing at $63.80.
January heating oil was slightly higher overnight due to short covering as it consolidates some of the decline off November'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 January extends the decline off November's high, the 50% retracement level of the 2020-2022 rally crossing at $2.6219 is the next downside target. Closes above the 20-day moving average crossing at $3.2482 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.0842. Second resistance is the 20-day moving average crossing at $3.2482. First support is Wednesday'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 was higher overnight as it consolidates some of the decline off November'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 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 20-day moving average crossing at $2.3393 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $2.2367. Second resistance is the 20-day moving average crossing at $2.3393. First support is Wednesday's low crossing at $2.0698. Second support is the 50% retracement level of the 2020-2022 rally crossing at $1.9894.
January natural gas was higher overnight as it consolidates some of the decline off November's high. Overnight strength 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 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 Monday's gap crossing at 6.221 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 6.759. 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.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March 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 last-Wednesday's high crossing at $106.775 would confirm that a short-term low has been posted. If March renews the decline off September's high, the June 27th low crossing at $102.883 is the next downside target. 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 slightly lower overnight and sets the stage for a slightly lower 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 20-day moving average crossing at $1.04768 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 2021-2022 decline crossing at $1.08062 is the next upside target. First resistance is Monday's high crossing at $1.06745. 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 $1.04768. Second support is the November 21st low crossing at $1.03165.
The March British Pound was steady to slightly lower overnight and sets the stage for a steady to slightly lower opening when the day session begins trading. However, stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2035 would signal that a short-term top has been posted. If March extends the rally off September's low, the June 16th high crossing at 1.2424 is the next upside target. 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 1.2035. Second support is the 50-day moving average crossing at 1.1624.
The March Swiss Franc was lower overnight and sets the stage for a lower 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. Closes below the 20-day moving average crossing at 1.07042 would temper the near-term friendly outlook. If March extends the rally off the November 21st low, August's high crossing at 1.08700 is the next upside target. 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 1.07042. Second support is the November 30th low crossing at 1.06060.
The March Canadian Dollar 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 slightly 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 aforementioned decline, November's low crossing at $72.44 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 the November 25th high crossing at $75.16. Second resistance is November's high crossing at $75.71. First support is Wednesday's low crossing at $73.12. Second support is November's low crossing at $72.58.
The March Japanese Yen was lower overnight. Overnight trading sets the stage for a lower 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. Closes below the 20-day moving average crossing at 0.073208 would signal that a short-term top has been posted. If March renews the rally off October's, the 87% retracement level of the August-October decline crossing at 0.076735 is the next upside target. 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 0.073208. Second support is the November 21's low crossing at 0.071410.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Februarygold was steady to slightly lower overnight. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews the rally off November's low, August's high crossing at $1836.70 is the next upside target. Closes below the 20-day moving average crossing at $1778.60 would confirm that a short-term top has been posted. First resistance is Monday's 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 $1778.60. Second support is the November 23rd low crossing at $1733.50.
March silver was steady to slightly higher overnight and sets the stage for a steady to slightly higher opening when the day session begins trading later this morning. 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 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 $21.909 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 $21.909. Second support is the November 21st low crossing at $20.790.
March copper was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to 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. Closes below the 20-day moving average crossing at 3.7431 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 3.5676 is the next downside target. First resistance is Monday's high crossing at 3.8945. Second resistance is November's high crossing at 3.9470. First support is the 20-day moving average crossing at 3.9470. Second support is the 50-day moving average crossing at 3.5676.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was steady to fractionally higher overnight as it consolidates around the 50% retracement level of the July-October trading range crossing at $6.40. Overnight trading sets the stage for a steady to fractionally higher 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 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 $6.59 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.54 1/2. Second resistance is the 20-day moving average crossing at $6.59 1/2. First support is Wednesday's low crossing at $6.35. Second support is the 62% retracement level of the July-October rally crossing at $6.23.
March wheat was steady to higher due to short covering overnight as it consolidates some of the decline off October'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 March extends the decline off October's high, the 87% retracement level of the 2020-2022 rally crossing at $6.36 1/4 is the next downside target. Closes above the 20-day moving average crossing at $7.97 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.97. Second resistance is the 50-day moving average crossing at $8.48 3/4. First support is the 75% retracement level of the 2020-2022 rally crossing at $7.24 1/4. Second support is the 87% retracement level of the 2020-2022 rally crossing at $6.36 1/4.
March Kansas City wheat was steady to fractionally lower overnight. Overnight trading sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold and 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 $9.02 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $8.72 1/4. Second resistance is the 20-day moving average crossing at $9.02. First support is Tuesday's low crossing at $8.21 3/4. Second support is August's low crossing at $8.11 3/4.
March Minneapolis wheat was steady to fractionally 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 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 $9.41 3/4 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $9.22 3/4. Second resistance is the 20-day moving average crossing at $9.41 3/4. First support is September's low crossing at $8.93. Second support is August's low crossing at $8.75 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans were higher overnight as they extends this week's rally. 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. If January renews 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 $14.21 would signal that a short-term top has been posted. 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 steady to higher overnight as it extends the rally off November's low. Overnight trading 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 January extends the rally off November's low, monthly support on the continuation chart crossing at $478.60 is the next upside target is the next upside target. Closes below the 10-day moving average crossing at $428.90 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $463.20. Second resistance is monthly support on the continuation chart crossing at $478.60. First support is the 10-day moving average crossing at $428.90. Second support is the 20-day moving average crossing at $416.80.
January soybean oil was higher overnight as it consolidates some of the decline off November'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 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 Wednesday's low crossing at 60.73. Second support is the 75% retracement level of the July-November rally crossing at 59.72.
Thanks tallpine!
Weather is bullish for beans and natural gas.