KEY EVENTS TO WATCH FOR:

Thursday, December 29, 2022  

8:30 AM ET. 3^rd Quarter U.S. International Investment Position

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

                       Jobless Claims (expected 223K; previous 216K)

                       Jobless Claims, Net Chg (previous +2K)

                       Continuing Claims (previous 1672000)

                       Continuing Claims, Net Chg (previous -6K)

10:00 AM ET. November Metropolitan Area Employment & Unemployment

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

                       Working Gas In Storage (Cbf) (expected 3124B; previous 3325B)

                       Working Gas In Storage, Net Chg (Cbf) (expected -201B; previous -87B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 418.234M)

                       Crude Oil Stocks, Net Chg (Bbl) (expected -0.7M; previous -5.895M)

                       Gasoline Stocks (Bbl) (previous 226.113M)

                       Gasoline Stocks, Net Chg (Bbl) (expected -0.1M; previous +2.53M)

                       Distillate Stocks (Bbl) (previous 119.929M)

                       Distillate Stocks, Net Chg (Bbl) (expected -2.1M; previous -0.242M)

                       Refinery Usage (expected 89.6%; previous 90.9%)

                       Total Prod Supplied (Bbl/day) (previous 20.924M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.968M)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

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

The STOCK INDEXES: The March NASDAQ 100 was higher overnight as it consolidates some of this week's decline. Overnight tradingsets the stage for a higher opening when the day session begins trading.Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, October's low crossing at 10,595.25 is the next downside target. Closes above the 20-day moving average crossing at 11,489.60 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 11,116.73. Second resistance is the 20-day moving average crossing at 11,489.60. First support is November's low crossing at 10,746.75. Second support is October's low crossing at 10,595.25.

The March S&P 500 was slightly higher overnight as it 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, November's low crossing at 3735.00 is the next downside target. Closes above the 20-day moving average crossing at 3944.61 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3931.24. Second resistance is the 20-day moving average crossing at 3944.61. First support is the November 9^th low crossing at 3782.75. 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 steady to slightly lower overnight as it extends the decline off December's high. Overnight trading sets the stage for a steady to 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 aforementioned decline, the 62% retracement level of the October-December rally crossing at 123-06 is the next downside target. Closes above the 20-day moving average crossing at 129-05 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 129-05. Second resistance is December's high crossing at 132-15. First support is the 50% retracement level of the October-December rally crossing at 124-31. Second support is the 62% retracement level of the October-December rally crossing at 123-06.  

March T-notes were steady to higher overnight as it consolidates some of this month's decline. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 62% retracement level of the October-December rally crossing at 111.174 is the next downside target. Closes above the 20-day moving average crossing at 113.302 would signal that a low has been posted. First resistance is the 50-day moving average crossing at 112.194. Second resistance is the 10-day moving average crossing at 113.138. First support is the 50% retracement level of the October-December rally crossing at 112.087. Second support is the 62% retracement level of the October-December rally crossing at 111.174. 

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

ENERGIES:Februarycrude oil was lower overnight as it consolidates some of this month's gains. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought 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 $76.39 would signal that a short-term top has been posted. If February resumes the rally off December's low, December's high crossing at $83.27 is the next upside target. First resistance is the 50-day moving average crossing at $80.59. Second resistance is December's high crossing at $83.27. First support is the 20-day moving average crossing at $76.39. Second support is the December 16^th low crossing at $73.40.  

February heating oil was lower overnight as it consolidates some of this month's rally but remains above the 50-day moving average crossing at 3.2391. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the November 15^th high crossing at $3.4722 is the next upside target. Closes below the 20-day moving average crossing at $3.0714 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $3.3543. Second resistance is the November 15^th high crossing at $3.4722. First support is the 20-day moving average crossing at $3.0714. Second support is last-Tuesday's low crossing at $2.9682.    

February unleaded gas was lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the November 14^th high  crossing at $2.5783 is the next upside target. Closes below the 20-day moving average crossing at $2.2244 would signal that a short-term top has been posted. First resistance is Tuesday's highcrossing at $2.4241. Second resistance is the November 14^th high crossing at $2.5783. First support is the 20-day moving average crossing at $2.2244. Second support is the December 16^th low crossing at $2.1157.  

February natural gas was slightly higher overnight as it consolidates some of the decline off November's high. Overnight trading sets the stage for a 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 February extends the decline off November's high, the 75% retracement level of the 2020-2022 rally crossing at 4.332 is the next downside target, Closes above the 20-day moving average crossing at 5.704 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.354. Second resistance is the 20-day moving average crossing at 5.704. First support is Wednesday's low crossing at 4.462. Second support is the 75% retracement level of the 2020-2022 rally crossing at 4.332. 

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

CURRENCIES:The March Dollar was steady to slightly lower overnight as it extends the trading range of the past two-weeks. Overnight trading sets the stage for a slightly lower 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 reaction high crossing at $104.560 would signal that a short-term low has been posted. If March renews the decline off September's high, the 75% retracement level of the March-September rally crossing at $101.331 is the next downside target. First resistance is the reaction high crossing at $104.560. Second resistance is the November 30^th high crossing at $106.775. First support is the December 15^th 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 as it extends the trading range of the past two-weeks. 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 reaction low crossing at $1.05785 would signal that a short-term top has been posted. If March renews 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 reaction low crossing at $1.05785. Second support is the 50-day moving average crossing at $1.03894.  

The March British Pound was steady to slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 50-day moving average crossing at 1.1894 is the next downside target. 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 December'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 November 30^th low crossing at 1.1937. Second support is the 50-day moving average crossing at 1.1894.    

The March Swiss Franc was steady to higher overnight as it extends the trading range of the past three-weeks. 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. Closes below last-Friday's low crossing at 1.07930 would signal that a short-term top has been posted. If March resumes 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. First resistance is December'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 last-Friday's low crossing at 1.07930. Second support is the November 30^th low crossing at 1.06060.

The March Canadian Dollar was steady to slightly higher overnight as it extends the trading range of the past four-weeks. Overnight trading 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 Tuesday's high crossing at $74.22 would signal that a short-term low has been posted. If March resumes the decline off November's high, November's low crossing at $72.58 is the next downside target. First resistance is Tuesday's high crossing at $74.22. Second resistance is the December 5^th high crossing at $74.82. First support is the December 20^th low crossing at $73.04. Second support is November low crossing at $72.58.

The March Japanese Yen was higher overnight as it consolidates some of the decline off last-Tuesday's. Overnight trading sets the stage for a steady to 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 0.07488 would signal that a short-term top has been posted. If March renews the rally off October's, the August high crossing at 0.078135 is the next upside target. 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 the 20-day moving average crossing at 0.07488. Second support is the December 15^th low crossing at 0.073210.  

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

PRECIOUS METALS: Februarygold was steady to slightly lower overnight as it extends this month's back and fill sideways trading pattern. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the December 15^th low crossing at $1782.00 would signal that a short-term top has been posted. 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 $1841.90. 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 $1806.20. Second support is the December 15^th low crossing at $1782.00.

March silver was higher overnight as it extends the trading range of the past six-days. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at $23.512 would signal that a short-term top has been posted. 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. 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 $23.512. Second support is the December 16^th low crossing at $22.735.    

March copper was slightly lower overnight while extending this month's trading range. The low-range overnight trade sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March 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. Closes below last-Tuesday's low crossing at 3.7230 would mark a downside breakout of the aforementioned trading range. 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 last-Tuesday's low crossing at 3.7230. Second support is the 50-day moving average crossing at 3.6797.

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

March corn was lower overnight as it consolidates some of this month's rally. Overnight trading sets the stage for lower opening when the day sessions 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 this month's rally, October's downtrend line crossing near $6.85 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.55 would temper the near-term friendly outlook. First resistance is October's downtrend line crossing near $6.85 3/4. Second resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. First support is is the 50-day moving average crossing at $6.68 1/2. Second support is the 20-day moving average crossing at $6.55.  

March wheat was lower overnight and sets the stage for a low opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 50-day moving average crossing at $8.07 3/4 is the next upside target. Closes below the 20-day moving average crossing at $7.57 would temper the near-term friendly outlook. 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. First resistance is the November 30^th high crossing at $7.99 1/4. Second resistance is the 50-day moving average crossing at $8.07 3/4. First support is the 75% retracement level of the 2020-2022 rally crossing at $7.24 1/4. Second support is the 87% retracement level of the 2020-2022 rally crossing at $6.36 1/4.  

March Kansas City wheat was lower overnight and sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought 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 $8.58 1/4 would signal that a short-term top while opening the door for a test of August's low crossing at $8.11 3/4. If March extends this month's rally, the 50-day moving average crossing at $9.03 3/4 is the next upside target. First resistance is Tuesday's high crossing at $8.94 3/4. Second resistance is the 50-day moving average crossing at $9.03 3/4. First support is the December 19^th low crossing at $8.30 3/4. Second support is the December 6^th low crossing at $8.21 3/4.

March Minneapolis wheat was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought 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 $9.17 1/2 would temper the near-term outlook. Closes above the 50-day moving average crossing at $9.43 1/2 would open the door for additional short-term gains. First resistance is the 50-day moving average crossing at $9.43 1/2. Second resistance is the November 15^th high crossing at $9.91 1/4. First support is the December 19^th low crossing at $9.00 3/4. Second support is the December 6^th low crossing at $8.90.  

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

March soybeans were lower overnight as it consolidates some of Wednesday's rally. Overnight trading sets the stage for a steady to lower opening as it extends the trading range of the past three-weeks. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 87% retracement level of the June-July decline crossing at $15.37 1/2 is the next upside target. Closes below last-Tuesday's low crossing at $14.62 1/4 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $15.22 3/4. Second resistance is the 87% retracement level of the June-July decline crossing at $15.37 1/2. First support is last-Tuesday's low crossing at $14.62 1/4. Second support is the 50-day moving average crossing at $14.52 1/4.  

March soybean meal was a lower overnight as it extends this month's trading range. Overnight trading sets the stage for a lower opening when the day session begins trading. However, stochastics and the RSI have turned neutral signaling that sideways trading is possible near-term. Closes below the December 19^th low crossing at $443.40 would mark a possible downside breakout of this month's trading while opening the door for additional weakness near-term. 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 the December 19^th low crossing at $443.40. Second support is the 38% retracement level of the July-December rally crossing at $433.00.     

March soybean oil was higher overnight as it consolidates some of Wednesday's decline. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 67.01 would open the door for additional short-term gains. Closes below the 20-day moving average crossing at 63.26 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 67.01. Second resistance is broken support crossing at 67.52. First support is last-Thursday's low crossing at 63.50. Second support is the December 16^th low crossing at 61.47.