KEY EVENTS TO WATCH FOR:

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 higher on Thursday as it consolidates some of the decline off last-Thursday's high. The low-range close sets the stage for a steady to slightly higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the aforementioned decline, the November 10^th 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 11^th gap crossing at 33,065.11. Second support is the November 3^rd low crossing at 31,727.05. 

The March NASDAQ 100 closed higher on Thursday as it consolidated some of the decline off last-Thursday's high. Today's 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 bearish signaling sideways to lower prices are possible. Closes below the 50-day moving average crossing at 11,526.34 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 11,526.34. Second support is the November 9^th low crossing at 10,932.75.  

The March S&P 500 closed higher on Thursday as it consolidated some of the decline off last-Thursday's high. 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 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 3874.59 is the next downside target. If March renews the rally off October's low, the September 13^th 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 13^th high crossing at 4194.25. First support is the November 17^th low crossing at 3945.50. Second support is the 50-day moving average crossing at 3874.59.      

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March T-bonds closed down 24-pts. at 131-06. 

March T-bonds posted an inside day with a lower close on Thursday as they consolidated some of this week's rally. 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 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 127-02 would signal that a short-term top has been posted. First resistance is Thursday'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 at128-31. Second support is the 20-day moving average crossing at 127-02. 

March T-notes closed down 225-pts. at 114.150.

March T-notes posted an inside day closed lower on Thursday as it consolidated the rally off October'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 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-November decline crossing at 116.232 is the next upside target. Closes below the 20-day moving average crossing at 113,134 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 113.134. Second support is the 50-day moving average crossing at 112.044. 

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

January crude oil closed lower for the fifth-day in a row 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. 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 2020-2022 rally crossing at $63.80 is the next downside target. Closes above the 20-day moving average crossing at $79.95 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $79.95. Second resistance is the 50-day moving average crossing at $83.24. First support is today's low crossing at $71.12. Second support is the 62% retracement level of the 2020-2022 rally crossing at $63.80.

January heating oil posted an inside day with a higher close on Thursday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Friday'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 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 10-day moving average crossing at $3.0921 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.0921. Second resistance is the 20-day moving average crossing at $3.2521. First support is today's low crossing at $2.7750. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.6219.

January unleaded gas closed lower on Thursday as it extended 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 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 $2.3370 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $2.2319. Second resistance is the 20-day moving average crossing at $2.3370. First support is today's low crossing at $2.0463. Second support is the 50% retracement level of the 2020-2022 rally crossing at 1.9894. 

January Henry natural gas closed 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 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 6.663 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 6.663. 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 Thursday. 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 75% retracement level of the January-September rally crossing at $101.331 is the next downside target. Closes above the November 30^thhigh crossing at 106.775 would signal that a short-term low has been posted. First resistance is the November 30^thhigh crossing at 106.775. Second resistance is the November 21^st 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 Thursday. 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 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 1.04797 would signal that a short-term top has been posted. 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 $1.04797. Second support is the November 21^st low crossing at $1.03165. 

The March British Pound closed higher on Thursday. 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 sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at 1.2038 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 1.2038. Second support is the 50-day moving average crossing at 1.1626.    

The March Swiss Franc closed higher on Thursday. 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 bearish signaling that sideways to higher prices are possible near-term. 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 Tuesday's low crossing at 1.07000 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 Tuesday's low crossing at 1.0700. Second support is the November 21^st low crossing at 1.05670.    

The March Canadian Dollar closed higher on Thursday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when 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 November's high, the November 3^rd 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 25^thhigh crossing at 75.16. First support is Wednesday's low crossing at 73.12. Second support is the November 3^rd low crossing at 72.58.

The March Japanese Yen posted an inside day with a lower close 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.073210 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 0.073210. Second support is the November 21^st low crossing at 0.071410.  

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

February gold closed slightly higher on Thursday as it consolidates some of the decline off Monday'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 neutral to bullish signaling that sideways to lower 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 $1778.80 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 $1778.80. Second support is the November 23^rd low crossing at $1733.50.

March silver closed higher on Thursday 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 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 21.926 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 21.926. Second resistance is the November 28^th low crossing at 21.045.    

March copper closed higher on Thursday 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 overbought but remain 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 3.7431 would signal that a short-term top has been posted. Closes below the 20-day moving average crossing at 3.7431 would signal that a short-term top has been posted. 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 20-day moving average crossing at 3.7431. Second support is the 50-day moving average crossing at 3.5677.

GRAINS? http://quotes.ino.com/ex?changes/?c=grains "

March Corn closed up $0.01 1/2-cents at $6.44 1/4. 

March corn posted an inside day with a higher close on Thursday as it extended the trading range of the past three-days. 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 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 $6.59 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.59 1/2. Second resistance is the 50-day moving average crossing at $6.77 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 closed down $0.03 1/4-cents at $7.46 1/4.  

March 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 and 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 9, 2021 low crossing at $6.94 is the next downside target. Closes above the 20-day moving average crossing at $7.96 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.96 3/4. Second resistance is the 50-day moving average crossing at $8.48 3/4. First support is the 75% retracement level of the 2018-2022 rally crossing at $7.24 1/4. Second support is the September 9, 2021 low crossing at $6.94.

March Kansas City Wheat closed up $0.04-cents at $8.44 3/4.

March Kansas City wheat closed lower on Thursday. 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 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 $9.02 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.04. Second resistance is the 50-day moving average crossing at $9.35 3/4. 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 $0.07 1/2-cents at $9.09 1/2.

March Minneapolis wheat closed higher on Thursday 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 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 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 $9.42 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.23 1/2. Second resistance is the 20-day moving average crossing at $9.42 1/4. 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 $0.14 1/4-cents at $14.86 1/4.

January soybeans 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 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, September's high crossing at $15.12 1/4 is the next upside target. Closes below the 20-day moving average crossing at $14.44 1/4 would renew the decline off November's high. First resistance is the September 21^st high crossing at $14.93 1/2. Second resistance is the 75% retracement level of the June-July decline crossing at $15.15 1/2. First support is the 20-day moving average crossing at $14.44 1/4. Second support is the 50-day moving average crossing at $14.21.    

January soybean meal closed up $7.40 at $466.40. 

January soybean meal closed sharply higher for the seventh-day in a row on Thursday as it extends 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 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 10-day moving average crossing at $429.50 would signal that a short-term top has been posted. First resistance is today's high crossing at $468.60. Second resistance is monthly resistance crossing at $478.60. First support is the 10-day moving average crossing at $429.50. Second support is the 20-day moving average crossing at $417.10.  

January soybean oil closed up 35-pts. At 61.31. 

January soybean oil posted an inside day with a higher close 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 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 68.48 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 68.48. 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.

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

February hogs closed down $1.93 at $84.72. 

February hogs gapped down and closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 extends the decline off November's high, the 62% retracement level of the October rally crossing at $82.29 is the next downside target. Closes above the 20-day moving average crossing at $88.36 is the next upside target. First resistance is the 50-day moving average crossing at $86.54 Second resistance is the 20-day moving average crossing at $88.36. First support is today's low crossing at $83.10. Second support is the 62% retracement level of the October rally crossing at $82.29.

February cattle closed up $0.38 at $153.93. 

February cattle closed higher on Thursday as it consolidates some of this week's decline but remains below the 50-day moving average crossing at $154.13. The mid-range close sets the stage for a steady to higher opening on Friday. 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 the 10-day moving average crossing at $154.85 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 14^th low crossing at $146.72. 

January Feeder cattle closed up $2.68 at $183.58. 

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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at $179.23 would signal that a short-term top has been posted. 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 $180.29. Second support is the 50-day moving average crossing at $179.23.     

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

March coffee closed lower on Thursday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening on Friday. 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 $17.86 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 $17.86. 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 sharply higher on Thursday as it renewed the rally off the November 23^rd low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have  turned neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off the November 23^rd low, November's high crossing at 25.77 is the next upside target. If March renews last-month's decline, the 50-day moving average crossing at 24.12 is the next downside target.        

March sugar closed higher on Thursday. 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 that sideways to higher prices are possible near-term. Closes above Monday's high crossing at 19.94 would confirm that a short-term low has been posted. 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.  

March cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the November 28^th 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.