INO Evening Market Comments
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Started by tallpine - Dec. 19, 2022, 4:28 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, December 20, 2022 



8:30 AM ET. November New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.425M)

                       Housing Starts, M/M% (previous -4.2%)

                       Building Permits (previous 1.526M)

                       Building Permits, M/M% (previous -2.4%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.8%)

                       Latest Wk, Y/Y% (previous +5.9%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +7.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +0.9M)

                       Distillate Stocks, Net Chg (Bbls) (previous +3.9M)

Wednesday, December 21, 2022 



7:00 PM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 210.7)

                       Composite Idx, W/W% (previous +3.2%)

                       Purchase Idx-SA (previous 182.6)

                       Purchase Idx-SA, W/W% (previous +4.0%)

                       Refinance Idx (previous 350.5)

                       Refinance Idx, W/W% (previous +2.8%)

8:30 AM ET. 3rd Quarter International Transactions

                       Current Account (USD) (previous -251.09B)

10:00 AM ET. November Existing Home Sales

                       Existing Sales (previous 4.43M)

                       Existing Sales, M/M% (previous -5.9%)

                       Unsold Homes Month's Supply (previous 3.3)

                       Median Price (USD) (previous 379100)

                       Median Home Price, Y/Y% (previous +6.6%)

10:00 AM ET. December Consumer Confidence Index

                       Cons Conf Idx (previous 100.2)

                       Expectation Idx

                       Present Situation Idx (previous 137.4)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 424.129M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +10.231M)

                       Gasoline Stocks (Bbl) (previous 223.583M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +4.496M)

                       Distillate Stocks (Bbl) (previous 120.171M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.364M)

                       Refinery Usage (previous 92.2%)

                       Total Prod Supplied (Bbl/day) (previous 19.956M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.33M)



Thursday, December 22, 2022 



8:30 AM ET. U.S. Weekly Export Sales

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 211K)

                       Jobless Claims, Net Chg (previous -20K)

                       Continuing Claims (previous 1671000)

                       Continuing Claims, Net Chg (previous +1K)

8:30 AM ET. November CFNAI Chicago Fed National Activity Index

                       NAI (previous -0.05)

                       NAI, 3-mo Moving Avg (previous 0.09)

8:30 AM ET. 3rd Quarter Revised Corporate Profits

8:30 AM ET. 3rd Quarter 3rd estimate GDP

                       Annual Rate, Q/Q% (previous +2.9%)

                       Chain-Weighted Price Idx, Q/Q% (previous +4.3%)

                       Corporate Profits, Q/Q%

                       PCE Price Idx, Q/Q% (previous +4.3%)

                       Purchase Price Idx, Q/Q% (previous +4.7%)

                       Real Final Sales, Q/Q% (previous +4%)

                       Core PCE Price Idx, Ex-Food/Energy, Q/Q% (previous +4.6%)

                       Personal Consumption, Q/Q% (previous +1.7%)

10:00 AM ET. November Leading Indicators

                       Leading Index, M/M% (previous -0.8%)

                       Leading Index

                       Coincident Index, M/M% (previous +0.2%)

                       Lagging Index, M/M% (previous +0.1%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3412B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -50B)

11:00 AM ET. Dec. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous -10)

                       6-Mo Exp Prod Idx (previous 6)

                       Mfg Composite Idx (previous -6)

                       6-Mo Exp Composite Idx (previous 0)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings



Friday, December 23, 2022  



8:30 AM ET. November Personal Income & Outlays

                       Personal Income, M/M% (previous +0.7%)

                       Consumer Spending, M/M% (previous +0.8%)

                       PCE Price Idx, M/M% (previous +0.3%)

                       PCE Price Idx, Y/Y% (previous +6%)

                       PCE Core Price Idx, M/M% (previous +0.2%)

                       PCE Core Price Idx, Y/Y% (previous +5%)

8:30 AM ET. November Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (previous +1.0%)

                       Dur Goods, Ex-Defense, M/M% (previous +0.8%)

                       Dur Goods, Ex-Transport, M/M% (previous +0.5%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M%(previous +0.7%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.3%)



10:00 AM ET. November New Residential Sales

                       New Home Sales (previous 632K)

                       New Home Sales, M/M% (previous +7.5%)

                       New Home Sales Months Supply (previous 8.9)

10:00 AM ET. 3rd Quarter GDP by State

10:00 AM ET. 3rd Quarter State Quarterly Personal Income

10:00 AM ET. December University of Michigan Survey of Consumers - final

                       End-Mo Sentiment Idx (previous 56.8)

                       End-Mo Expectations Idx (previous 55.6)

                       12-Month Inflation Forecast (previous 4.9%)

                       5-Year Inflation Forecast (previous 3.0%)

                       End-Mo Current Idx (previous 58.8)


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



The Dow closed lower for the fourth-day in a row on Monday as it extended the decline off last-Tuesday's high. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 the Dow extends the decline below the 50-day moving average crossing at 32,650.97 would open the door for a possible test of November's low crossing at 31,727.05. Closes above the 20-day moving average crossing at 33,835.95 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33,835.95. Second resistance is last-Tuesday's high crossing at 34,712.28. First support is the 50-day moving average crossing at 32,650.97. Second support is November's low crossing at 31,727.050.  



The March NASDAQ 100 closed lower for a fourth-day in a row on Monday as it extends the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible. If March extends the aforementioned decline, the November 9th low crossing at 10,932.75 is the next downside target. Closes above the 20-day moving average crossing at 11,779.38 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 11,548.65. Second resistance is the 20-day moving average crossing at 11,779.38. First support is the November 9th low crossing at 10,932.75. Second support is November's low crossing at 10,746.75.



The March S&P 500 closed lower for the fourth-day in a row on Monday as it extended the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 November 9th low crossing at 3782.75 is the next downside target. Closes above the 20-day moving average crossing at 4010.40 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3906.22. Second resistance is the 20-day moving average crossing at 4010.40. First support is the November 9th low crossing at 3782.75. Second support is November's low crossing at 3735.00.      



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March T-bonds closed down 1-18-pts. at 129-19. 



March T-bonds closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 129-06 would signal that a short-term top has been posted. If March resumes the rally off November's low, the 62% retracement level of the August-November decline crossing at 133-30 is the next upside target. First resistance is last-Thursday'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 20-day moving average crossing at 129-06. Second support is the November 30th low crossing at 126-00. 



March T-notes closed down 220-pts. at 114.040.



March T-notes closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 114,003 would signal that a short-term top has been posted. 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. 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 114.003. Second support is the 50-day moving average crossing at 112.122. 



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February crude oil closed higher on Monday following a two-day correction off last-Thursday's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are turning 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 2020-2022 rally crossing at $63.10 is the next downside target. Closes above last-Thursday's high crossing at $77.83 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $77.83. Second resistance is the 50-day moving average crossing at $81.34. First support is last-Friday's low crossing at $70.31. Second support is the 62% retracement level of the 2020-2022 rally crossing at $63.10.



February heating oil closed lower on Monday as it consolidates some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $2.9815 would signal that a short-term top has been posted. If February extends last-week's rally, the 50-day moving average crossing at $3.2737 is the next upside target. First resistance is the 50-day moving average crossing at $3.2737. Second resistance is the November 15th high crossing at $3.4722. First support is the 10-day moving average crossing at $3.9815. Second support is December's low crossing at $2.7517.



February unleaded gas closed higher on Monday following a two-day correction off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above last-Wednesday's high crossing at $2.2613 would signal that a short-term low has been posted. If February renews the decline off November's high, the 50% retracement level of the 2020-2022 rally crossing at 1.9539 is the next downside target. First resistance is last-Wednesday's high crossing at $2.2613. Second resistance is the 50-day moving average crossing at $2.3658. First support is last-Monday's low crossing at $2.0321. Second support is the 50% retracement level of the 2020-2022 rally crossing at 1.9539. 



February Henry natural gas closed lower on Monday as it extends the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 February renews the rally off the December 6th low, the August-November downtrend line crossing near 7.470 is the next upside target. If February extends the aforementioned decline, December's low crossing at 5.256 is the next downside target. First resistance is last-Tuesday's high crossing at 6.871. Second resistance is the August-November downtrend line crossing near 7.470. First support is today's low crossing at 5.640. Second support is December's low crossing at 5.256. 



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The March Dollar closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's nights 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 104.932 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 20-day moving average crossing at 104.932. Second resistance is the November 30thhigh crossing at 106.775. First support is last- Thursday'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 an inside day with a slightly higher close on Monday. The low-range close sets the stage for a steady to higher opening when Tuesday'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 1.05642 would signal that a short-term top has been posted. If March extends the rally off September's low, the March 31st high crossing at $1.09680 is the next upside target. First resistance is the 25% retracement level of the 2018-2022 decline crossing at $1.07982. Second resistance is the March 31st high crossing at $1.09680. First support is the 20-day moving average crossing at $1.05642. Second support is the November 30th low crossing at $1.03715. 



The March British Pound closed lower on Monday as it extends the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2182 would confirm that a short-term top has been posted. If March renews 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 last-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 1.2182. Second support is the November 30th low crossing at 1.1937.    

 

The March Swiss Franc closed higher on Monday as it consolidates some of the correction off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 1.07648 would signal that a short-term top has been posted. 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. First resistance is last-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 1.07647. Second support is the November 30th low crossing at 1.06060.



The March Canadian Dollar posted an inside day with a higher close on Monday as it extended the trading range of the past two-weeks. The low-range close sets the stage for a steady to higher opening when Tuesday'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 renews the decline off November's high, the November 3rd low crossing at 72.58 is the next downside target. Closes above the 20-day moving average crossing at 73.95 would confirm that a short-term low has been posted. First resistance is the December 5th high crossing at 74.82. Second resistance is the November 25thhigh crossing at 75.16. First support is last-Friday's low crossing at 73.04. Second support is the November 3rd low crossing at 72.58.



The March Japanese Yen closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’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 last-Thursday's decline, the November 30th low crossing at 0.072510 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 30th low crossing at 0.072510. Second support is the November 21st low crossing at 0.071410.  



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February gold closed lower on Monday and the low-range close sets the stage for a steady to lower opening when Tuesday'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 $1786.80 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If February renews 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 last-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 $1786.80. Second support is the November 23rd low crossing at $1733.50.



March silver closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 22.588 would confirm that a short-term top has been posted while opening the door for additional weakness 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. First resistance is last-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 20-day moving average crossing at 22.588. Second resistance is the 50-day moving average crossing at 21.099.    



March copper closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night 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 3.7568 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 3.7568. Second support is the 50-day moving average crossing at 3.6225.



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March Corn closed down a $0.05 3/4-cents at $6.47 1/2. 



March corn closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness on Tuesday that would signaling that sideways to lower prices are possible near-term. Closes above last-Tuesday's high crossing at $6.60 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 last-Tuesday's high crossing at $6.60. Second resistance is the 50-day moving average crossing at $6.72 1/2. First support is the December 7th 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 $0.05-cents at $7.48 1/2.  



March wheat closed lower on Monday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 $7.67 1/2 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 $7.67 1/2. Second resistance is the 50-day moving average crossing at $8.26. 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 down $0.00 1/2-cents at $8.43 1/2.



March Kansas City wheat closed fractionally lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at $8.71 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 $8.71 3/4. Second resistance is the 50-day moving average crossing at $9.18 1/4. First support is the December 6th low crossing at $8.21 3/4. Second support is August's low crossing at $8.18 3/4.



March Minneapolis wheat closed down $0.01 1/4-cents at $9.08 1/4.



March Minneapolis wheat closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 renews 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 $9.24 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.24 1/4. Second resistance is the 50-day moving average crossing at $9.50 3/4. First support is the December 6th low crossing at $8.90. Second support is the August's low crossing at $8.75 3/4.  

       

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March soybeans closed down $0.20 1/4-cents at $14.63 1/2.



March soybeans closed lower on Monday due to wetter South American weather forecast. The low-range close sets the stage for a steady to lower opening when Tuesday's night trade begins. 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 $14.63 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off October's low, September's high crossing at $15.08 is the next upside target. First resistance is the December 9th high crossing at $14.97 1/4. Second resistance is September's high crossing at $15.08. First support is the 20-day moving average crossing at $14.63 1/2. Second support is the 50-day moving average crossing at $14.39 3/4.    



March soybean meal closed down $14.10 at $446.10. 



March soybean meal closed sharply lower on Monday as it extended the decline off the December 9th high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 extends this month's decline, the 25% retracement level of the 2021-2022 rally crossing at $432.40 is the next downside target. If March renews the rally off October's low, monthly resistance on the continuation chart crossing at $478.60 is the next upside target. First resistance is the December 9th high crossing at $469.30. Second resistance is monthly resistance crossing at $478.60. First support is today's low crossing at $443.40. Second support is the 25% retracement level of the 2021-2022 rally crossing at $432.40. 



March soybean oil closed up 95-pts. At 63.41. 



March soybean oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 extends the rally off December's low, the 20-day moving average crossing at 65.12 is the next upside target. If March renews the decline off November's high, the 87% retracement level of the July-November rally crossing at 56.49 is the next downside target. First resistance is last-Wednesday's high crossing at 64.02. Second resistance is the 20-day moving average crossing at 65.12. First support is the 75% retracement level of the July-November rally crossing at 58.84. Second support is the 87% retracement level of the July-November rally crossing at 56.49. 

 

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



February hogs closed down $0.15 at $85.62. 



February hogs closed lower on Monday as it consolidated some of last-Friday's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday's 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 50-day moving average crossing at $87.23 would signal that a short-term low has been posted. If February renews the decline off November's high, the 75% retracement level of the October rally crossing at $80.25 is the next downside target. First resistance is the 20-day moving average crossing at $86.45 Second resistance is the 50-day moving average crossing at $87.23. First support is last-Thursday's low crossing at $81.53. Second support is the 75% retracement level of the October rally crossing at $80.25.



February cattle closed up $0.25 at $156.03. 



February cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews this month's rally. November's high crossing at $156.95 is the next upside target. Closes below the 50-day moving average crossing at $154.74 would signal that a short-term top has been posted. First resistance is last-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 $154.74. Second support is the December 7th low crossing at $152.75.  



March Feeder cattle closed down $0.67 at $184.03. 



March Feeder cattle closed lower on Monday as it extended this month's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday'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 20-day moving average crossing at $184.11 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off the November 28th low, the 75% retracement level of the August-October decline crossing at $188.29 is the next upside target. First resistance is the 62% retracement level of the August-October decline crossing at $185.98. Second resistance is the 75% retracement level of the August-October decline crossing at $188.29. First support is the 20-day moving average crossing at $184.11. Second support is the 50-day moving average crossing at $182.29.      



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



March coffee closed slightly higher on Monday leaving last-Friday's key reversal down unconfirmed at this time. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If March renews the decline off August's high, November's low crossing at $15.41 is the next downside target. Closes above the 50-day moving average crossing at $17.22 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at $17.22. Second resistance is November's high crossing at $17.82. 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 Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 24.68 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off the November 23rd low, November's high crossing at 25.77 is the next upside target.          



March sugar closed slightly higher on Monday. The low-range close sets the stage for a steady to slightly higher opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the rally off September's low, monthly resistance on the monthly continuation chart crossing at 22.64 is the next upside target. Closes below the 20-day moving average crossing at 19.67 would signal that a short-term top has been posted.  



March cotton closed higher on Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, November's high crossing at 89.92 is the next upside target. If March extends this month's decline, the November 28th low crossing at 77.50 is the next downside target.    

Comments
By metmike - Dec. 19, 2022, 7:13 p.m.
Like Reply

Thanks tallpine!


Bone chilling cold will be flushed out by a new milder pattern to end December. Very bearish NG:

https://www.marketforum.com/forum/topic/91385/#91565

Natural Gas Futures Drop as Arctic Cold Forecast to Diminish; Cash Prices Climb

 Natural gas futures flopped a second consecutive trading day as the weather outlook for later this month and early next pointed to milder conditions and easing demand. The January Nymex gas futures contract settled at $5.851/MMBtu on Monday, down 74.9 cents day/day. February fell 59.3 cents to $5.710. At A Glance: Forecasts for soft start… 

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Yep. As mentioned the last several posts. The market starting seeing this with confidence last week when it crashed several times and opened sharply lower Sunday evening. 

https://www.cpc.ncep.noaa.gov/products/predictions/814day/index.php

8 to 14 Day Outlook - Temperature Probability

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Better chances for rain caused selling pressure for beans.

https://www.marketforum.com/forum/topic/91550/