KEY EVENTS TO WATCH FOR:

Friday, December 16, 2022 

9:45 AM ET. December US Flash Manufacturing PMI

                       PMI, Mfg (previous 47.6)

9:45 PM ET. December US Flash Services PMI

                       PMI, Services (previous 46.1)

10:00 AM ET. November State Employment and Unemployment

N/A               Latest deadline for new funding deal to avert U.S. Govt. shutdown

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes

The Dow closed sharply lower on Thursday and closed below last-Tuesday's low crossing at 33,418.59 confirming that a short-term top has been posted while opening the door for additional weakness near-term. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends today's decline, the 50-day moving average crossing at 32,522.10 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 Tuesday's high crossing at 34,712.28. Second resistance is the 75% retracement level of the January-October decline crossing at 34,901.54. First support today's low crossing at 33,016.16. Second support is the 50-day moving average crossing at 32,522.10.  

The March NASDAQ 100 closed sharply lower on Thursday and closed below the 50-day moving average crossing at 11,555.88 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible. If March extends today's decline, the November 9^th low crossing at 10,932.75 is the next downside target. 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 November 9^th low crossing at 10,932.75. Second support is November's low crossing at 10,746.75.

The March S&P 500 closed sharply lower on Thursday as it extended this week's decline. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the rally off October's low, the 87% retracement level of the August-November decline crossing at 4249.85 is the next upside target. Today's close below last-Wednesday's low crossing at 3945.75 confirms that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at 3901.28. First resistance is the 75% retracement level of the August-November decline crossing at 4150.59. Second resistance is the 87% retracement level of the August-November decline crossing at 4249.85. First support is the 50-day moving average crossing at 3898.68. Second support is the November 9^th low crossing at 3782.75.      

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March T-bonds closed up 28-pts. at 132-01. 

March T-bonds 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 have turned 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 128-22 would signal that a short-term top has been posted. First resistance is today's high crossing at 132-15. 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 at130-19. Second support is the 20-day moving average crossing at 128-22. 

March T-notes closed up 75-pts. at 114.305.

March T-notes 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 62% retracement level of the August-November decline crossing at 116.232 is the next upside target. Closes below the 20-day moving average crossing at 113,267 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 113.267. Second support is the 50-day moving average crossing at 112.090. 

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January crude oil closed lower on Thursday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $77.08 would signal that a short-term low has been posted. If January renews the decline off November's high, the 62% retracement level of the 2020-2022 rally crossing at $63.80 is the next downside target. First resistance is the 20-day moving average crossing at $77.08. Second resistance is the 50-day moving average crossing at $82.53. First support is last-Friday's low crossing at $70.08. Second support is the 62% retracement level of the 2020-2022 rally crossing at $63.80.

January heating oil closed slightly higher on Thursday as it extends the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends this week's rally, the 50-day moving average crossing at $3.3762 is the next upside target. Closes below the 10-day moving average crossing at $3.0156 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $3.3762. Second resistance is the November 15^th high crossing at $3.5789. First support is the 10-day moving average crossing at $3.0156. Second support is last-Wednesday's low crossing at $2.7750.

January unleaded gas closed lower on Thursday as it consolidated some of the rally off Monday's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $2.2491 would signal that a short-term low has been posted. If January renews the decline off November's high, the 50% retracement level of the 2020-2022 rally crossing at 1.9894 is the next downside target. First resistance is the 20-day moving average crossing at $2.2491. Second resistance is the 50-day moving average crossing at $2.3896. First support is Monday's low crossing at $2.0204. 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 extends the trading range of the past three-days. 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 January extends the rally off the December 6^th low, the August-November downtrend line crossing near 7.715 is the next upside target. Closes below the 10-day moving average crossing at 6.204 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 7.105. Second resistance is the August-November downtrend line crossing near 7.715. First support is the 10-day moving average crossing at 6.204. Second support is last-Tuesday's low crossing at 5.337. 

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The March Dollar posted a key reversal up as it closed higher on Thursday hinting that a short-term low might have been posted today. The high-range close sets the stage for a steady to higher opening when Friday's nights 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 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 20-day moving average crossing at 105.186 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 105.186. Second resistance is the November 30^thhigh crossing at 106.775. First support is today's low crossing at $102.875. Second support is 75% retracement level of the January-September rally crossing at $101.331.  

The March Euro posted a key reversal down as it closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 2018-2022 decline crossing at $1.07982 is the next upside target. Closes below the 20-day moving average crossing at 1.05416 would signal that a short-term top has been posted. First resistance is today's high crossing at $1.08070. 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 $1.05416. Second support is the November 21^st low crossing at $1.03165. 

The March British Pound closed sharply lower on Thursday as it consolidated some of the rally off September'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, diverging and are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2155 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 Wednesday's high crossing at 1.2479. Second resistance is the 62% retracement level of the May-September decline crossing at 1.2770. First support is the 20-day moving average crossing at 1.2155. Second support is the November 30^th low crossing at 1.1937.    

The March Swiss Franc closed lower on Thursday as it consolidates some of the rally off November's low. 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 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 2018-2022 decline crossing at 1.10351 is the next upside target. Closes below the 20-day moving average crossing at 1.07453 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.09665. Second resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. First support is the 20-day moving average crossing at 1.07453. Second support is the November 30^th low crossing at 1.06060.

The March Canadian Dollar closed lower on Thursday as it extended the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 74.13 would confirm that a short-term low has been posted. If March renews the decline off November's high, the November 3^rd low crossing at 72.58 is the next downside target. First resistance is the December 5^th high crossing at 74.82. Second resistance is the November 25^thhigh crossing at 75.16. First support is last-Wednesday's low crossing at 73.12. Second support is the November 3^rd low crossing at 72.58.

The March Japanese Yen closed sharply lower on Thursday and closed below the 20-day moving average crossing at 0.073552 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish with today's decline signaling that sideways to lower prices are possible near-term. If March extends today's decline, the 50-day moving average crossing at 0.071267 is the next downside target. 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 November 30^th low crossing at 0.072510. Second support is the November 21^st low crossing at 0.071410.  

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February gold closed lower on Thursday and 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1784.30 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If February extends the rally off November's low, the 50% retracement level of the March-October decline crossing at $1861.40 is the next upside target. First resistance is Tuesday's high crossing at $1836.90. Second resistance is the 50% retracement level of the  March-October decline crossing at $1861.40. First support is the 20-day moving average crossing at $1784.30. Second support is the November 23^rd low crossing at $1733.50.

March silver closed sharply lower on Thursday as it consolidated some of the rally off September'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 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 22.385 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 24.390. Second resistance is the 75% retracement level of the March-September decline crossing at 24.779. First support is the 10-day moving average crossing at 23.274. Second resistance is the 20-day moving average crossing at 22.385.    

March copper closed sharply lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.7483 would signal that a short-term top has been posted. 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. 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 3.7483. Second support is the 50-day moving average crossing at 3.6083.

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

March Corn closed up $0.03-cents at $6.53 1/2. 

March corn closed higher on Thursday following a two-day correction. 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. Closes above the 20-day moving average crossing at $6.56 1/2 would signal that a short-term low has been posted. If March renews the decline off October's high, the 62% retracement level of the July-October rally crossing at $6.23 is the next downside target. First resistance is the 20-day moving average crossing at $6.56 1/2. Second resistance is the 50-day moving average crossing at $6.74. First support is last-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 up $0.08-cents at $7.57 1/4.  

March wheat closed higher on Thursday as it extends the trading range of the past eight-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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $7.74 3/4 would signal that a short-term low has been posted. If March renews the decline off October's high, the September 9, 2021 low crossing at $6.94 is the next downside target. First resistance is the 20-day moving average crossing at $7.74 3/4. Second resistance is the 50-day moving average crossing at $8.31 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 $0.10 1/4-cents at $8.60 1/2.

March Kansas City wheat 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $8.79 3/4 would confirm that a short-term low has been posted. If March renews the decline off October's high, August's low crossing at $8.18 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $8.79 3/4. Second resistance is the 50-day moving average crossing at $9.25 1/2. First support is last-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 $0.01 1/2-cents at $9.18 3/4.

March Minneapolis wheat closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $9.29 1/4 would signal that a short-term low has been posted. If March renews the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $9.29 1/4. Second resistance is the 50-day moving average crossing at $9.53 1/2. First support is last-Tuesday's low crossing at $8.90. Second support is the August's low crossing at $8.75 3/4.  

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January soybeans closed down $0.08 3/4-cents at $14.73 1/2.

January soybeans closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night trade begins. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at $14.53 1/4 would signal that a short-term top has been posted. If January extends the rally off October's low, September's high crossing at $15.12 1/4 is the next upside target. First resistance is the September 21^st high crossing at $14.93 1/2. Second resistance is September's high crossing at $15.12 1/4. First support is the 20-day moving average crossing at $14.53 1/4. Second support is the 50-day moving average crossing at $14.29 1/2.    

January soybean meal closed down $4.80 at $455.30. 

January soybean meal closed lower on Thursday ending a two-day bounce off Monday's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at $448.60 would signal that a short-term top has been posted. If January renews the rally off October's low, monthly support on the continuation chart crossing at $478.60 is the next upside target. First resistance is last-Friday's high crossing at $474.40. Second resistance is monthly resistance crossing at $478.60. First support is Monday's low crossing at $448.60. Second support is the 20-day moving average crossing at $430.60.  

January soybean oil closed up 27-pts. At 63.82. 

January soybean oil 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends this week's rally, the December 2^nd gap crossing at 67.38 is the next upside target. If January renews the decline off November's high, the 87% retracement level of the July-November rally crossing at 57.11 is the next downside target. First resistance is Wednesday's high crossing at 64.76. Second resistance is the December 2^nd gap crossing at 67.38. First support is the 75% retracement level of the July-November rally crossing at 59.72. Second support is the 87% retracement level of the July-November rally crossing at 57.11. 

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

February hogs closed down $1.58 at $81.83. 

February hogs closed lower on Thursday as it renewed the decline off December's high. The low-range close sets the stage for a steady to lower opening when Friday's 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 February extends the decline off November's high, the 75% retracement level of the October rally crossing at $80.25 is the next downside target. Closes above the 20-day moving average crossing at $86.90 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $85.67 Second resistance is the 20-day moving average crossing at $86.90. First support is today's low crossing at $81.53. Second support is the 75% retracement level of the October rally crossing at $80.25.

February cattle closed down $0.98 at $154.73. 

February cattle gapped down and closed lower on Thursday as it extended the decline off Tuesday's high. 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. Closes below the 50-day moving average crossing at $154.57 would signal that a short-term top has been posted. If February renews this month's rally. November's high crossing at $156.95 is the next upside target. First resistance is Tuesday's high crossing at $156.78. Second resistance is November's high crossing at $156.95. First support is the 50-day moving average crossing at $154.57. Second support is the December 7^th low crossing at $152.75.  

January Feeder cattle closed down $0.48 at $183.13. 

January Feeder cattle closed lower on Thursday and the low-range close sets the stage for a steady to lower opening when Friday's 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 the November 28^th low, the 75% retracement level of the August-October decline crossing at $187.00 is the next upside target. Closes below the 20-day moving average crossing at $181.50 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at $184.56. Second resistance is the 75% retracement level of the August-October decline crossing at $187.00. First support is the 20-day moving average crossing at $181.50. Second support is the 50-day moving average crossing at $179.89.      

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

March coffee closed higher on Thursday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If March extends this week's rally, the 50-day moving average crossing at $17.40 is the next upside target. If March renews the decline off August's high, November's low crossing at $15.41 is the next downside target. First resistance is the 50-day moving average crossing at $17.40. Second resistance is December's high crossing at $17.44. 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 slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral signaling sideways trading 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. Closes below last-Monday's low crossing at 24.70 would signal that a short-term top has been posted.          

March sugar posted a downside reversal and closed sharply lower on Thursday as it consolidated some of the rally off the November 28^th low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, monthly resistance on the monthly continuation chart crossing at 22.64 is the next upside target. Closes below Tuesday's low crossing at 19.31 would signal that a short-term top has been posted.  

March cotton closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month'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.