KEY EVENTS TO WATCH FOR:
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 higher on Wednesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Thursday'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 33,330.77 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33,330.77. 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 posted an inside day with a higher close on Wednesday 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 Thursday'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 decline off December's high, October's low crossing at 10,595.25 is the next downside target. Closes above the 50-day moving average crossing at 11,525.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 11,336.49. Second resistance is the 50-day moving average crossing at 11,525.00. 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 higher on Wednesday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Thursday'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 renews the decline off December's high, November's low crossing at 3735.00 is the next downside target. Closes above the 50-day moving average crossing at 3939.05 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3939.05. 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.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed up 1-11-pts. at 127-18.
March T-bonds closed higher on Wednesday 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 Thursday's day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 128-23 would signal that a short-term low has been posted. If March renews 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 20-day moving average crossing at 128-23. 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 closed up 235-pts. at 113.120.
March T-notes closed higher on Wednesday 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 Thursday'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 20-day moving average crossing at 113.226 would signal that a short-term low has been posted. If March renews the decline off December's high, the 62% retracement level of the October-December rally crossing at 111.174 is the next downside target. First resistance is the 20-day moving average crossing at 113.226. Second resistance is December's high crossing at 115.115. 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 for the second day in a row on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, December's low crossing at $70.31 is the next downside target. If February renews 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 $80.27. Second resistance is December's high crossing at $83.27. First support is today's low crossing at $72.73. Second support is December's low crossing at $70.31.
February heating oil closed sharply lower for the second day in a row on Wednesday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Thursday's day trading session begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, December's low crossing at $2.7517 is the next downside target. Closes above the 50-day moving average crossing at $3.2274 would signal that a short-term low has been posted. 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 today's low crossing at $2.9215. Second support is December's low crossing at $2.7517.
February unleaded gas closed sharply lower for the second day in a row on Wednesday 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 Thursday'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 20-day moving average crossing at 2.2393 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 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 20-day moving average crossing at $2.2394. Second support is the December 16th crossing at 2.1157.
February Henry natural gas posted an inside day with a higher close on Wednesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 5.410 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.734. Second resistance is the 20-day moving average crossing at 5.410. First support is Tuesday'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 posted an inside day with a lower close on Wednesday as it extends December's trading range. The mid-range close sets the stage for a steady to lower opening when Thursday'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 $106.255. 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 posted an inside day with a higher close on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 Tuesday's decline, the 50-day moving average crossing at 1.04359 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 Tuesday's low crossing at $1.05700. Second support is the December 7th low crossing at $1.05210.
The March British Pound closed higher on Wednesday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 1.1942 would open the door for additional weakness during the first half of January. Closes above the 20-day moving average crossing at 1.2176 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2176. Second resistance is December's high crossing at 1.2479. First support is the 50-day moving average crossing at 1.1942. Second support is the 38% retracement level of the September-December rally crossing at 1.1697.
The March Swiss Franc posted an inside day with a higher close on Thursday as it consolidated some of Tuesday's decline. The mid-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends Tuesday's decline, the 50-day moving average crossing at 1.06279 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 Tuesday's low crossing at 1.07175. Second support is the 50-day moving average crossing at 1.06279.
The March Canadian Dollar closed sharply higher on Wednesday as it extends December's trading range. The high-range close sets the stage for a steady to higher opening when Thursday'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 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. If March renews the decline off November's high, the November 3rd low crossing at 72.58 is the next downside target. 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 sharply lower on Wednesday 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 Thursday’s day session begins trading. Stochastics and the RSI are becoming overbought but remains 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 0.075202 would confirm that a short-term top has been posted. First resistance is Tuesday'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 0.075202. Second support is the December 15th crossing at 0.073210.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Wednesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 62% 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 $1915.10 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 $1871.30. Second resistance is the 62% retracement level of the March-October decline crossing at $1915.10. First support is the 20-day moving average crossing at $1813.10. Second support is the December 15th low crossing at $1782.00.
March silver closed lower on Wednesday as it extended the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's 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 23.704 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 October's low, the 87% retracement level of the March-August decline crossing at 25.938 is the next upside target.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 23.704. Second support is the December 16th low crossing at 22.735.
March copper closed lower for the second day in a row on Wednesday as it extends December's trading range. The mid-range close sets the stage for a steady to lower opening when Thursday's 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 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 3.7028.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.16 3/4-cents at $6.53 3/4.
March corn closed sharply lower on Wednesday and below the 20-day moving average crossing at $6.57 3/4 confirming that an important top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above last-Friday's high crossing at $6.85 would renew the rally off December's low while opening 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 last-Friday's high crossing near $6.85. Second resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. First support is the December 19th low crossing at $6.44. Second support is December's low crossing at $6.35.
March wheat closed down $0.30-cents at $7.45 1/2.
March wheat closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, December's low crossing at $7.23 1/2 is the next downside target. Closes above the 50-day moving average crossing at $8.02 1/4 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $7.99. Second resistance is the 50-day moving average crossing at $8.02 1/4. First support is today's low crossing at $7.44 1/4. Second support is December's low crossing at $7.23 1/2.
March Kansas City Wheat closed down $0.28 1/2-cents at $8.40 3/4.
March Kansas City wheat closed sharply lower on Wednesday as it extended the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the December 19th low crossing at $8.30 3/4 is the next downside target. Closes above the 50-day moving average crossing at $8.99 would renew the rally off December's low. First resistance is last-Tuesday's high crossing at $8.94 3/4. Second resistance is the 50-day moving average crossing at $8.99. First support is the December 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 down $0.15 3/4-cents at $9.03 1/2.
March Minneapolis wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 $9.40 1/2 would open the door for additional short-term gains. First resistance is the 50-day moving average crossing at $9.40 1/2. 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 $0.08 3/4-cents at $14.83 1/2.
March soybeans closed lower on Wednesday 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 Thursday's day trade begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at $14.85 3/4 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 20-day moving average crossing at $14.85 3/4. Second support is the 50-day moving average crossing at $14.58 1/4.
March soybean meal closed down $2.40 at $462.70.
March soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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, monthly resistance on the continuation chart crossing at $478.60 is the next upside target. Closes below the 20-day moving average crossing at $455.80 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $476.10. Second resistance is monthly resistance crossing at $478.60. First support is the 20-day moving average crossing at $455.80. Second support is the December 19th low crossing at $443.40.
March soybean oil closed down 35-pts. At 62.85.
March soybean oil closed lower on Wednesday and below the 20-day moving average crossing at 63.19 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the December 16th low crossing at 61.47 is the next downside target. Closes above the 50-day moving average crossing at 66.88 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 66.88. Second resistance is the November 29th high crossing at 72.49. First support is the December 16th low crossing at 61.47. Second support is December's low crossing at 58.50.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $1.57 at $83.50.
February hogs closed lower for the fourth-day in a row on Wednesday as it extended the decline off the December 27th high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, December's low crossing at $81.52 is the next downside target. Closes above the 50-day moving average crossing at $87.73 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 December's low crossing at $81.52. Second support is fib support crossing at 80.27.
February cattle closed up $0.43 at $157.27.
February cattle posted an inside day with a higher closed on Wednesday as it consolidated some of the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening on Thursday. 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 $156.32 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 $156.32. Second support is the 50-day moving average crossing at $155.69.
March Feeder cattle closed up $3.38 at $188.15.
March Feeder cattle closed sharply higher on Wednesday as it renewed the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the 85% retracement level of the August-October decline crossing at $190.38 is the next upside target. Closes below the 50-day moving average crossing at $183.67 is needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the August-October decline crossing at $188.29. Second resistance is the 85% retracement level of the August-October decline crossing at $190.38. First support is the 50-day moving average crossing at $183.67. Second support is the December 20th low crossing at $182.87.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed sharply lower on Wednesday as it extended the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off December's high, December's low crossing at $15.46 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 December's low crossing at $15.46. Second support is November's low crossing at $15.41.
March cocoa closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible 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. Closes below the 20-day moving average crossing at 25.47 would signal that a short-term top has been posted while opening the door for additional weakness near-term.
March sugar closed lower on Wednesday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening on Thursday. 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 19.49 would confirm that a short-term top has been posted while opening the door for additional weakness and a possible test of the November 28th low crossing at 19.05. Closes above the 10-day moving average crossing at 20.32 would signal that a short-term low has been posted.
March cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 82.12 signals 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!
mild and bearish, NG but a huge drawdown coming on Thursday.
possible weather pattern change in Argentina as the La Niña causing the drought is dying fast.