KEY EVENTS TO WATCH FOR:
Wednesday, January 4, 2023
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 212.5)
Composite Idx, W/W% (previous +0.9%)
Purchase Idx-SA (previous 182.5)
Purchase Idx-SA, W/W% (previous -0.1%)
Refinance Idx (previous 371.4)
Refinance Idx, W/W% (previous +6.0%)
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 212.5)
Composite Idx, W/W% (previous +0.9%)
Purchase Idx-SA (previous 182.5)
Purchase Idx-SA, W/W% (previous -0.1%)
Refinance Idx (previous 371.4)
Refinance Idx, W/W% (previous +6.0%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, Y/Y% (previous +7.2%)
Latest Wk, Y/Y% (previous +9.6%)
10:00 AM ET. December ISM Report On Business Manufacturing PMI
Manufacturing PMI (expected 48.8; previous 49.0)
Prices Idx (previous 43.0)
Employment Idx (previous 48.4)
Inventories (previous 50.9)
New Orders Idx (previous 47.2)
Production Idx (previous 51.5)
10:00 AM ET. November Job Openings & Labor Turnover Survey
2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast
4:00 PM ET. December Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -1.3M)
Gasoline Stocks, Net Chg (Bbls) (previous +0.5M)
Distillate Stocks, Net Chg (Bbls) (previous +0.4M)
Thursday, January 5, 2023
N/A 1st Quarter Manpower U.S. Employment Outlook Survey
7:30 AM ET. December Challenger Job-Cut Report
Job Cuts, M/M% (previous +127%)
8:15 AM ET. December ADP National Employment Report
Private Sector Jobs, Net Chg (expected +158000; previous +127000)
8:30 AM ET. November U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -68.2B; previous -78.16B)
Exports (USD) (previous 256.63B)
Exports, M/M% (previous -0.7%)
Imports (USD) (previous 334.79B)
Imports, M/M% (previous +0.6%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 225K; previous 225K)
Jobless Claims, Net Chg (previous +9K)
Continuing Claims (previous 1710000)
Continuing Claims, Net Chg (previous +41K)
9:45 AM ET. December US Services PMI
PMI, Services (previous 46.2)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3112B)
Working Gas In Storage, Net Chg (previous -213B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 418.952M)
Crude Oil Stocks, Net Chg (Bbl) (previous +0.718M)
Gasoline Stocks (Bbl) (previous 223.008M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.105M)
Distillate Stocks (Bbl) (previous 120.212M)
Distillate Stocks, Net Chg (Bbl) (previous +0.283M)
Refinery Usage (previous 92.0%)
Total Prod Supplied (Bbl/day) (previous 22.822M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.898M)
11:00 AM ET. December Global Services PMI
PMI, Services (previous 48.1)
12:00 PM ET. December Monthly U.S. Retail Chain Store Sales Index
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, January 6, 2023
8:30 AM ET. December U.S. Employment Report
Non-Farm Payrolls (expected +180K; previous +263K)
Unemployment Rate (expected 3.7%; previous 3.7%)
Avg Hourly Earnings (USD) (previous 32.82)
Avg Hourly Earnings-Net Chg (USD) (previous +0.18)
Avg Hourly Earnings, M/M% (expected +0.4%; previous +0.55%)
Avg Hourly Earnings, Y/Y% (previous +5.09%)
Overall Workweek (previous 34.4)
Overall Workweek Net Chg (previous -0.1)
Government Payrolls (previous +42K)
Private Payroll (previous +221K)
Participation Rate (previous 62.1%)
Non-Farm Payrolls Bench Net Chg
8:30 AM ET. U.S. Weekly Export Sales
10:00 AM ET. December ISM Report On Business Services PMI
Services PMI (expected 55.1; previous 56.5)
Business Activity Idx (previous 64.7)
Prices Idx (previous 70.0)
Employment Idx (previous 51.5)
New Orders Idx (previous 56.0)
10:00 AM ET. November Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected -1.0%; previous +1.0%)
Orders, Ex-Defense, M/M% (previous +0.9%)
Orders, Ex-Transport, M/M% (previous +0.8%)
Durable Goods, M/M%
Monday, January 9, 2023
10:00 AM ET. December Employment Trends Index
ETI (previous 117.65)
ETI, Y/Y%
3:00 PM ET. November Consumer Credit
Consumer Credit Net Chg (USD) (previous +27.0B)
Tuesday, January 10, 2023
6:00 AM ET. December NFIB Index of Small Business Optimism
Small Business Idx (previous 91.9)
8:55 PM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, Y/Y%
Latest Wk, Y/Y%
10:00 AM ET. January IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 42.9)
6-Mo Economic Outlook (previous 37.7)
10:00 AM ET. November Monthly Wholesale Trade
Inventories, M/M% (previous +0.5%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls)
Gasoline Stocks, Net Chg (Bbls)
Distillate Stocks, Net Chg (Bbls)
N/A World Bank's Global Economic Prospects report
Wednesday, January 11, 2023
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx
Composite Idx, W/W%
Purchase Idx-SA
Purchase Idx-SA, W/W%
Refinance Idx
Refinance Idx, W/W%
10:00 AM ET. December Online Help Wanted Index
N/A EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl)
Crude Oil Stocks, Net Chg (Bbl) Gasoline Stocks (Bbl)
Gasoline Stocks, Net Chg (Bbl)
Distillate Stocks (Bbl)
Distillate Stocks, Net Chg (Bbl)
Refinery Usage
Total Prod Supplied (Bbl/day)
Total Prod Supplied, Net Chg (Bbl/day)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Tuesday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the December 22nd low 32,573.43 would mark a resumption of the decline off December's high while opening the door for a possible test of November's low crossing at 31,727.05. Closes above the 20-day moving average crossing at 33,703.85 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33,703.85. Second resistance is December's high crossing at 34,712.28. First support is the December 22nd low crossing at 32,573.43. Second support is November's low crossing at 31,727.050.
The March NASDAQ 100 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's day 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, November's low crossing at 10,746.75 is the next downside target. Closes above the 50-day moving average crossing at 11,533.76 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 11,380.10. Second resistance is the 50-day moving average crossing at 11,533.76. 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 closed lower on Tuesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's 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, November's low crossing at 3735.00 is the next downside target. Closes above the 50-day moving average crossing at 3937.06 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3937.06. Second resistance is the 62% retracement level of the August-October crossing at 4045.36. 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 up 1-05-pts. at 126-16.
March T-bonds closed higher on Tuesday as it consolidates some of the decline off December's high.The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 128-26 would signal that a short-term low has been posted. If March extends the decline off last-Thursday's high, the 62% retracement level of the October-December rally crossing at 123-06 is the next downside target. First resistance is the 10-day moving average crossing at 126-29. Second resistance is the 20-day moving average crossing at 128-26. 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 closed up 155-pts. at 112.250.
March T-notes closed higher on Tuesday as it consolidates some of the decline off December's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's 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 113.236 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 113.313. Second resistance is the 20-day moving average crossing at 113.236. First support is last-Friday's low crossing at 111.280. 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 ""
February crude oil closed sharply lower on Tuesday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $76.21 would signal that a short-term top has been posted. If February extends the aforementioned rally, December's high crossing at $83.27 is the next upside target. First resistance is the 50-day moving average crossing at $80.46. Second resistance is December's high crossing at $83.27. First support is the December 16th low crossing at $73.40. Second support is the December 9thlow crossing at $70.31.
February heating oil closed sharply lower on Tuesday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day trading session begins. 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 $3.0743 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If February renews the rally off the December 9th low, the November 15th high crossing at $3.4722 is the next upside target. First resistance is last-Tuesday's high crossing at $3.3543. Second resistance is the November 15th high crossing at $3.4722. First support is the 20-day moving average crossing at $3.0743. Second support is the December 20th low crossing at $3.9682.
February unleaded gas closed sharply lower on Tuesday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2.2364 would signal that a short-term top has been posted. If February extends the rally off December's low, the November 14th high crossing at $2.5783 is the next upside target. First resistance is last-Friday's high crossing at $2.4866. Second resistance is the November 14th high crossing at $2.5783. First support is the 10-day moving average crossing at $2.3289. Second support is the 20-day moving average crossing at 2.2364.
February Henry natural gas closed lower on Tuesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 aforementioned decline, the 87% retracement level of the 2020-2022 rally crossing at 3.491 is the next downside target. Closes above the 20-day moving average crossing at 5.478 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.892. Second resistance is the 20-day moving average crossing at 5.478. First support is today's low crossing at 3.894. Second support is the 87% retracement level of the 2020-2022 rally crossing at 3.391.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Tuesday as it extends December's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's day 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 December 7th high crossing at $105.445 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 January-September rally crossing at $101.331 is the next downside target. First resistance is the December 7th high crossing at $105.445. Second resistance is the 50-day moving average crossing at $106.405. First support is the December 15th low crossing at $102.875. Second support is 75% retracement level of the January-September rally crossing at $101.331.
The March Euro closed sharply lower on Tuesday as it posted a downside breakout of December's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's day 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 50-day moving average crossing at 1.04220 is the next downside target. If March resumes 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 today's low crossing at $1.05700. Second support is the December 7th low crossing at $1.05210.
The March British Pound closed lower on Tuesday as it extended the decline off December's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.1926 would open the door for additional weakness during the first half of January. Closes above the 20-day moving average crossing at 1.2182 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2182. Second resistance is December's high crossing at 1.2479. First support is the 50-day moving average crossing at 1.1926. Second support is the 38% retracement level of the September-December rally crossing at 1.1697.
The March Swiss Franc closed sharply lower on Tuesday as it marked a downside breakout of December's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 today's decline, the 50-day moving average crossing at 1.06146 is the next downside target. If March renews the rally off September's low, the 62% retracement level of the 2018-2022 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 2018-2022 decline crossing at 1.10351. First support is today's low crossing at 1.07175. Second support is the 50-day moving average crossing at 1.06146.
The March Canadian Dollar closed sharply lower on Tuesday as it extends December's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 November's high, the November 3rd low crossing at 72.58 is the next downside target. Closes above last-Tuesday's high crossing at 74.22 would confirm that a short-term low has been posted while opening the door for additional short-term gains. First resistance is the December 5th high crossing at 74.82. Second resistance is the November 25thhigh crossing at 75.16. First support is the December 16th low crossing at 73.04. Second support is the November 3rd low crossing at 72.58.
The March Japanese Yen closed slightly higher on Tuesday and posted a new high close for the rally off October's low. The low-range close sets the stage for a steady to higher opening when Wednesday’s day 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 October's low, August's high crossing at 0.078135 is the next upside target. Closes below the 20-day moving average crossing at 0.075100 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.077935. Second resistance is August's high crossing at 0.078135. First support is the 20-day moving average crossing at 0.075100. Second support is the December 15th crossing at 0.073210.
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February gold closed higher on Tuesday as it extends the rally off November's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible 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. Closes below the 20-day moving average crossing at $1809.10 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at $1856.60. 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 $1809.10. Second support is the December 15th low crossing at $1782.00.
March silver closed slightly higher on Tuesday as it extended the trading range of the past three-weeks. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March extends the rally off October's low, the 87% retracement level of the March-August decline crossing at 25.938 is the next upside target. Closes below the 20-day moving average crossing at 23.626 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 75% retracement level of the March-September decline crossing at 24.779. Second resistance is the 87% retracement level of the March-August decline crossing at 25.938. First support is the 20-day moving average crossing at 24.095. Second support is the December 16th low crossing at 22.735.
March copper closed lower on Tuesday as it extends December's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 December 20th low crossing at 3.7230 would confirm a downside breakout of the aforementioned trading range. 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 December 20th low crossing at 3.7230. Second support is the 50-day moving average crossing at 3.6971.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.08-cents at $6.70 1/2.
March corn closed lower on Tuesday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $6.67 1/2 would signal that a short-term top has been posted. Closes above the October downtrend line crossing near $6.84 3/4 would open the door for a possible test of the 75% retracement level of the October-December decline crossing at $6.92 1/2. First resistance is October's downtrend line crossing near $6.84 3/4. Second resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. First support is the 10-day moving average crossing at $6.67 1/2. Second support is the 50-day moving average crossing at $6.57 1/4.
March wheat closed down $0.16 1/2-cents at $7.75 1/2.
March wheat closed lower on Tuesday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's 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 $7.58 1/2 would signal that a short-term top has been posted. If March extends the rally off December's low, the 50-day moving average crossing at $8.04 3/4 is the next upside target. First resistance is last-Friday's high crossing at $7.99. Second resistance is the 50-day moving average crossing at $8.04 3/4. First support is the 20-day moving average crossing at $7.58 1/2. Second support is the 75% retracement level of the 2018-2022 rally crossing at $7.24 1/4.
March Kansas City Wheat closed down $0.18 3/4-cents at $8.69 1/4.
March Kansas City wheat closed lower on Tuesday as exports hit an all-time low volume. The low-range close sets the stage for a steady to lower opening when Wednesday's day 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 $8.58 would signal that a short-term top has been posted. If March extends the rally off December's low, the 50-day moving average crossing at $9.01. First resistance is last-Tuesday's high crossing at $8.94 3/4. Second resistance is the 50-day moving average crossing at $9.01. First support is the 19th low crossing at $8.30 3/4. Second support is the December 6th low crossing at $8.21 3/4.
March Minneapolis wheat closed up $0.19 1/2-cents at $9.19 1/4.
March Minneapolis wheat closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 November's high, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 50-day moving average crossing at $9.42 3/4 would open the door for additional short-term gains. First resistance is the 50-day moving average crossing at $9.41 3/4. Second resistance is the November 15th high crossing at $9.91 1/4. First support is the December 19th low crossing at $9.00 3/4. Second support is the December 6th low crossing at $8.90.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed down $0.31 3/4-cents at $14.92 1/4.
March soybeans closed sharply lower on Tuesday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day trade begins. 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 $14.84 would signal that a short-term top has been posted. If March extends the rally off October's low, June's high crossing at $15.72 1/4 is the next upside target. First resistance is the 87% retracement level of the June-July decline crossing at $15.37 1/2. Second resistance is June's high crossing at $15.72 1/4. First support is the 10-day moving average crossing at $14.92. Second support is the 20-day moving average crossing at $14.84.
March soybean meal closed down $5.90 at $465.10.
March soybean meal posted an inside day with a lower close on Tuesday leaving last-Friday's breakout above the upper boundary of December's trading range unconfirmed. The low-range close sets the stage for a steady to lower opening when Wednesday's day 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, monthly resistance on the continuation chart crossing at $478.60 is the next upside target. Closes below the December 19th low crossing at $443.40 would confirm a downside breakout of the aforementioned trading range. First resistance is last-Friday's high crossing at $476.10. Second resistance is monthly resistance crossing at $478.60. First support is the December 19th low crossing at $443.40. Second support is the 50-day moving average crossing at $424.20.
March soybean oil closed down 87-pts. At 63.20.
March soybean oil closed lower on Tuesday following last-Friday's key reversal down. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are overbought but have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 63.17 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 66.96 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 66.96. Second resistance is the November 29th high crossing at 72.49. First support is the 20-day moving average crossing at 63.17. Second support is the December 16th crossing at 61.47.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $2.43 at $85.28.
February hogs closed sharply lower on Tuesday as it extended the decline off the December 27th high. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, the December 21st low crossing at $83.90 is the next downside target. Closes above the 50-day moving average crossing at $87.87 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $87.87. Second resistance is the December 27th high crossing at $91.60 First support is the December 21st low crossing at $83.90. Second support is December's low crossing at $81.52.
February cattle closed down $0.88 at $157.03.
February cattle closed lower on Tuesday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 $156.25 would signal that a short-term top has been posted. If February renews the rally off November's low, the 87% retracement level of the monthly continuation chart crossing at $159.54 is the next upside target. First resistance is last-Thursday's high crossing at $159.18. Second resistance is the 87% retracement level of the monthly continuation chart crossing at $159.54. First support is the 20-day moving average crossing at $156.25. Second support is the 50-day moving average crossing at $155.66.
March Feeder cattle closed down $1.40 at $184.82.
March Feeder cattle closed lower on Tuesday and below last-Wednesday's low crossing at $184.80 signaling 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 Wednesday's day session begins trading. Stochastics and the RSI are diverging, and turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the 50-day moving average crossing at $183.55 is the next downside target. If March renews the rally off the September 20th high crossing at $188.23 is the next upside target. First resistance is last-Thursday's high crossing at $187.30. Second resistance is the 75% retracement level of the August-October decline crossing at $188.29. First support is the 50-day moving average crossing at $183.55. Second support is the December 20th low crossing at $182.87.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are 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 last-Wednesday's high crossing at $17.50 would open the door for additional gains near-term. First resistance is last-Wednesday's high crossing at $17.50. Second resistance is November's high crossing at $17.82. First support is the November 19th low crossing at $16.26. Second support is December's low crossing at $15.46.
March cocoa closed lower on Tuesday. The high-range close sets the stage for a steady to slightly lower opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 25.41 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March extends the rally off September low, the March-2022 high on the weekly continuation chart crossing at 27.10 is the next upside target.
March sugar closed lower on Tuesday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to 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 19.47 would signal that a short-term top has been posted. Closes above the 10-day moving average crossing at 20.38 would signal that a short-term low has been posted.
March cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 82.08 would signal that a short-term top has been posted. If March resumes the rally off October's low, the 50% retracement level of the August-October decline crossing at 93.31 is the next upside target.
Thanks tallpine!
The long lived La Nina is ending........and causing a change in the weather regime which will increase rain chances to Argentina later this month......bearish beans.
https://www.marketforum.com/forum/topic/91550/
Also keeping a strong zonal jet stream (firehose/atmospheric river) aimed at the US with mild oceanic air flooding the country and deflecting all the cold into Canada.
https://www.marketforum.com/forum/topic/91060/