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. 3^rd 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. 3^rd Quarter Revised Corporate Profits

8:30 AM ET. 3^rd 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. 3^rd Quarter GDP by State

10:00 AM ET. 3^rd 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 STOCK INDEXES: The March NASDAQ 100 was slightly lower overnight as it extended the decline off last-Tuesday's high. Overnight tradingsets the stage for a lower 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 last-Tuesday's high, the November 9^th low crossing at 10,932.75 is the next downside target. Closes above the 20-day moving average crossing at 11,754.04 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 11,550.74. Second resistance is the 20-day moving average crossing at 11,754.04. 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 was steady to slightly higher in late-overnight trading as it consolidates some of the decline off last-Tuesday'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 November 9^th low crossing at 3735.00 is the next downside target. Closes above the 20-day moving average crossing at 4003.56 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3910.25. Second resistance is the 20-day moving average crossing at 4003.56. First support is the November 9^th low crossing at 3735.00. Second support is November's low crossing at 3735.00. 

INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"

INTEREST RATES: March T-bonds was lower overnight as it extends the decline off last-Thursday's high. Overnight trading sets the stage for a sharply 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 129-11 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 62% retracement level of the August-October 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 129-11. Second support is the 50-day moving average crossing at 125-00.  

March T-notes were lower overnight and sets the stage for a 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 114.021 would signal that a short-term top has been posted. If March renews the rally off October's low, the 62% retracement level of the August-October decline crossing at 116.232 is the next upside target. 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 114.021. Second support is the 50-day moving average crossing at 112.138. 

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

ENERGIES:Februarycrude oil was steady to slightly higher overnight and sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If February renews the decline 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 while opening the door for additional gains near-term. First resistance is last-Thursday's high crossing at $77.83. Second resistance is the 50-day moving average crossing at $81.12. First support is the December 9^th low crossing at $70.31. Second support is the 62% retracement level of the 2020-2022 rally crossing at $63.10.

February heating oil was steady to slightly higher overnight as it consolidates 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $2.9963 would signal that a short-term top has been posted. If February renews the rally off December's low, the 50-day moving average crossing at $3.2644 is the next upside target. First resistance is the 50-day moving average crossing at $3.2644. Second resistance is December's high crossing at $3.3439. First support is the 10-day moving average crossing at $2.9963. Second support is December's low crossing at $2.7517.  

February unleaded gas was steady to slightly higher overnight and sets the stage for a steady to slightly higher opening when the day 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 $2.3608. 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 natural gas was lower overnight as it extends the decline off last-Tuesday's high. Overnight trading sets the stage for a 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. If February extends the decline off last-Tuesday's high crossing at 6.871, December's low crossing at 5.256 is the next downside target. Closes above the 20-day moving average crossing at 6.371 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 6.871. Second resistance is the August-November downtrend line crossing near 7.452. First support is the overnight low crossing at 5.531. Second support is December's low crossing at 5.256. 

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

CURRENCIES:The March Dollar was lower overnight. Overnight trading sets the stage for a lower opening when the day 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 March-September rally crossing at $101.331 is the next downside target. Closes above the 20-day moving average crossing at $104.774 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $104.774. Second resistance is the November 30^th high crossing at $106.775. First support is last-Thursday's low crossing at $102.875. Second support is the 75% retracement level of the March-September rally crossing at $101.331.

The March Euro was steady to slightly higher overnight and sets the stage for a higher 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 $1.05831 would signal that a short-term top has been posted. If March extends the rally off September's low, the March 31^st high crossing at $1.09680 is the next upside target. First resistance is the 25% retracement level of the 2021-2022 crossing at $1.08062. Second resistance is the March 31^st high crossing at $1.09680. First support is the 20-day moving average crossing at $1.05831. Second support is the November 30^th low crossing at $1.03715.  

The March British Pound was steady to slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2198 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 September's low, the 62% retracement level of the 2021-2022 decline crossing at 1.2770 is the next upside target. First resistance is last-Tuesday's high crossing at 1.2477. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.2770. First support is the 20-day moving average crossing at 1.2198. Second support is the November 30^th low crossing at 1.1937.    

The March Swiss Franc was higher overnight as it consolidates some of the decline off last-Wednesday's high. Overnight trading sets the stage for a higher 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 March extends the rally off the November 21^st low, the 62% retracement level of the 2021-2022 decline crossing at 1.10351 is the next upside target. Closes below the 20-day moving average crossing at 1.07815 would temper the near-term friendly outlook. First resistance is last-Wednesday's high crossing at 1.09665. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.10351. First support is the 20-day moving average crossing at 1.07815. Second support is the November 30^th low crossing at 1.06060.

The March Canadian Dollar was slightly higher overnight as it extends the trading range of the past two-weeks. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional strength that would signal sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $73.90 would signal that a short-term low has been posted. If March extends the decline off November's high, November's low crossing at $72.58 is the next downside target. First resistance is the 20-day moving average crossing at $73.90. Second resistance is the December 5^th high crossing at $74.82. First support is last-Friday's low crossing at $73.04. Second support is November low crossing at $72.58.

The March Japanese Yen was sharply higher overnight as it renewed the rally off October's low. Overnight strength sets the stage for a sharply higher 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 March extends the rally off October's, the August high crossing at 0.078135 is the next upside target. Closes below last-Thursday's low crossing at 0.073210 would signal that a short-term top has been posted. First resistance is the the 87% retracement level of the August-October decline crossing at 0.076735. Second resistance is the August high crossing at 0.078135. First support is last-Thursday's low crossing at 0.073210. Second support is the November 30^th low crossing at 0.072510.  

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

PRECIOUS METALS: Februarygold was higher overnight and sets the stage for a steady to higher 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, the 50% retracement level of the March-October decline crossing at $1861.40 is the next upside target. Closes below the 20-day moving average crossing at $1790.00 would signal that a short-term top has been posted. 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 $1790.00. Second support is the November 23^rd low crossing at $1733.50.

March silver was higher overnight and is poised to renew the rally off September's low. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $22.737 would confirm that a short-term top has been posted. If March resumes 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 the 75% retracement level of the March-August decline crossing at $24.779. Second resistance is the 87% retracement level of the March-August decline crossing at $25.938. First support the 20-day moving average crossing at $22.737. Second support is the 50-day moving average crossing at $21.184.    

March copper was steady to slightly higher overnight as it extends this month's trading range. The high-range overnight trade sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.7689 would signal that a short-term top has been posted. If March resumes the rally off the November 28^th 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 3.7689. Second support is the 50-day moving average crossing at 3.6306.

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

March corn was slightly higher overnight and sets the stage for a higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off the October 31^st high, the 62% retracement level of the July-October rally crossing at $6.23 is the next downside target. Closes above last-Tuesday's high crossing at $6.60 would signal that a short-term low has been posted while opening the door for additional short-covering gains. First resistance is last-Tuesday's high crossing at $6.60. Second resistance is the 50-day moving average crossing at $6.71 1/2. First support is the December 7^th low crossing at $6.35. Second support is the 62% retracement level of the July-October rally crossing at $6.23.

March wheat was slightly lower overnight as it extends this month's trading range above the 75% retracement level of the 2020-2022 rally crossing at $7.24 1/4. Overnight trading sets the stage for a steady to slightly lower opening when the day 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 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 $7.64 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.64. Second resistance is the 50-day moving average crossing at $8.22. 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 higher overnight and sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes 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 $8.67 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.67 3/4. Second resistance is the 50-day moving average crossing at $9.14 3/4. First support is the December 6^th low crossing at $8.21 3/4. Second support is August's low crossing at $8.11 3/4.

March Minneapolis wheat was higher overnight and 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. Closes above the 20-day moving average crossing at $9.22 1/4 would temper the near-term bearish outlook. 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 $9.22 1/4. Second resistance is the 50-day moving average crossing at $9.48 3/4. First support is the December 6^th low crossing at $8.90. Second support is August's low crossing at $8.75 3/4. 

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

March soybeans were higher overnight and sets the stage for a higher opening as it extends the trading range of the past two-weeks. 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 $14.64 3/4 would signal that a short-term top has been posted. 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 9^th 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 $14.64 3/4. Second support is the 50-day moving average crossing at $14.41 1/4.  

March soybean meal was higher overnight as it consolidated some of Monday's sharp decline. Overnight trading sets the stage for a higher opening when the day session begins trading. However, stochastics and the RSI are diverging and turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 20-day moving average crossing at $435.50 is the next downside target. If March renews the rally off November's low, monthly resistance on the continuation chart crossing at $478.60 is the next upside target is the next upside target. First resistance is the December 9^th high crossing at $469.30. Second resistance is monthly resistance on the continuation chart crossing at $478.60. First support is Monday's low crossing at $443.40. Second support is the 20-day moving average crossing at $435.50.     

March soybean oil was steady to slightly higher overnight and sets the stage for a slightly 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. Closes above the 20-day moving average crossing at 64.84 would signal that a short-term low has been posted. 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 the 20-day moving average crossing at 64.84. Second resistance is the 50-day moving average crossing at 66.76. First support is last-Monday's low crossing at 58.50. Second support is the 87% retracement level of the July-November rally crossing at 56.49.