KEY EVENTS TO WATCH FOR:
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, (Bbl/day) Net Chg
Thursday, January 12, 2023
8:30 AM ET. U.S. Weekly Export Sales
8:30 AM ET. December CPI
CPI, M/M% (previous +0.1%)
Core CPI, M/M% (previous +0.2%)
Energy Idx, M/M% (previous -1.6%)
Food Idx, M/M% (previous +0.5%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.2%)
CPI, Y/Y% (previous +7.1%)
Core Annual, Y/Y% (previous +6.0%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 204K)
Jobless Claims, Net Chg (previous -19K)
Continuing Claims (previous 1694000)
Continuing Claims, Net Chg (previous -24K)
8:30 AM ET. December Real Earnings
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2891B)
Working Gas In Storage, Net Chg (Cbf) (previous -221B)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
12:00 PM ET. World Social Report launch
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, January 13, 2023
8:30 AM ET. December Import & Export Price Indexes
Import Prices (previous -0.6%)
Non-Petroleum Prices (previous -0.3%)
Petroleum Prices (previous -3.3%)
10:00 AM ET. January University of Michigan Survey of Consumers - preliminary data
Mid-Mo Sentiment (previous 59.1)
Mid-Mo Expectations (previous 58.4)
Mid-Mo Current Idx (previous 60.2)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The March NASDAQ 100 was higher overnight as it extends the trading range of the past two-weeks 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 11,252.26 would signal that a short-term low has been posted. If March resumes the decline off December's high, October's low crossing at 10,595.25 is the next downside target. First resistance is the 20-day moving average crossing at 11,237.21. Second resistance is the 50-day moving average crossing at 11,486.92. 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 steady to slightly higher overnight as it extends last-Friday's rally. 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 the 50-day moving average crossing at 3940.22 would signal that a short-term low has been posted. If March renews the decline off December's high, November's low crossing at 3735.00 is the next downside target. First resistance is the 50-day moving average crossing at 3940.22. Second resistance is the 75% retracement level of the August-October decline crossing at 4155.39. 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"
INTEREST RATES: March T-bonds was lower overnight and sets the stage for a 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 extends the rally off the December 30th low, December's high crossing at 132-15 is the next upside target. Closes below the 50-day moving average crossing at 126-06 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 129-16. 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 slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the December 30th low, December's high crossing at 115.115 is the next upside target. Closes below the 50-day moving average crossing at 112.304 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 114.115. Second resistance is December's high crossing at 115.115. 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 higher overnight and sets the stage for a higher opening when the 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 Tuesday's high crossing at $81.50 would renew the rally off December's low. If February extends last-week's decline, December's low crossing at $70.31 is the next downside target. First resistance is the 10-day moving average crossing at $77.01. Second resistance is the 50-day moving average crossing at $79.72. First support is last-Thursday's low crossing at $72.46. Second support is December's low crossing at $70.31.
February heating oil was higher overnight and sets the stage for a higher opening when the 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 50-day moving average crossing at $3.2055 would signal that a short-term low has been posted. If February extends last-week's decline, December's low crossing at $2.7517 is the next downside target. First resistance is the 10-day moving average crossing at $3.1508. Second resistance is the 50-day moving average crossing at $3.2055. First support is last-Thursday's low crossing at $2.9200. Second support is December's low crossing at $2.7517.
February unleaded gas was higher overnight as it consolidates above the 20-day moving average crossing at 2.2652. Overnight trading 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 last-Friday's low crossing at $2.2356 would renew the decline off December's high. If February resumes the rally off December's low, the November 14th high crossing at $2.5783 is the next upside target. First resistance is December's high crossing at $2.5233. Second resistance is the November 14th high crossing at $2.5783. First support is last-Friday's low crossing at $2.2356. Second support is the December 16th low crossing at $2.1157.
February natural gas was higher overnight as it consolidates some of the decline off August's high. 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 February extends the decline off November's high, the March-2022 low crossing at 2.598 is the next downside target, Closes above the 20-day moving average crossing at 5.137 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.330. Second resistance is the 20-day moving average crossing at 5.137. First support is the 87% retracement level of the 2020-2022 rally crossing at 3.491. Second support is the March-2022 low crossing at 2.598.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was lower overnight following last-Friday's key reversal down. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at $105.500 would mark an upside breakout of the December-January trading range. 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 last-Friday's high crossing at $105.500. Second resistance is the 50-day moving average crossing at $105.900. First support is the December 15th 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 higher overnight as it extends last-Friday's key reversal up signaling that sideways to higher prices are possible near-term. Overnight trading 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. If March renews the rally off September's low, the March 31st high crossing at $1.09680 is the next upside target. Closes below the December 7th low crossing at $1.5210 would open the door for a possible test of the 50-day moving average crossing at $1.04710. First resistance is the 25% retracement level of the 2021-2022 crossing at $1.08062. Second resistance is the March 31st high crossing at $1.09680. First support is the December 7th low crossing at $1.05210. Second support is the 50-day moving average crossing at $1.04710.
The March British Pound was higher overnight as it extends last-Friday's key reversal up 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 1.2151 would signal the a short-term low has been posted. If March extends the aforementioned decline, the 38% retracement level of the September-December rally crossing at 1.1697 is the next downside target. First resistance is the 20-day moving average crossing at 1.2151. Second resistance is December's high crossing at 1.2477. First support is last-Friday's low crossing at 1.1861. Second support is the 38% retracement level of the September-December rally crossing at 1.1697.
The March Swiss Franc was higher overnight as it extends last-Friday's upside reversal, which likely marked a short-term low. 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 above December's high crossing at 1.09665 would open the door for a possible resumption of the rally off November's low. Closes below the 50-day moving average crossing at 1.06651 would open the door for a larger-degree decline during January. 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 1.06915. Second support is the 50-day moving average crossing at 1.06651.
The March Canadian Dollar was higher overnight as it extends last-Friday's key reversal up, which marked an upside breakout of December's trading range. Overnight trading sets the stage for a 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. If March extends the rally off last-Tuesday's low, November's high crossing at $75.71 is the next upside target. Closes below the 20-day moving average crossing at $73.70 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $74.84. Second resistance is November's high crossing at $75.71. First support is the December 20th low crossing at $73.04. Second support is November low crossing at $72.58.
The March Japanese Yen was slightly lower overnight as it consolidates some of last-Friday's rally. Overnight weakness sets the stage for a lower 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 last-Friday's low crossing at 0.074830 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off October's, the August high crossing at 0.078135 is the next upside target. First resistance is last-Tuesday's high crossing at 0.077935. Second resistance is the August high crossing at 0.078135. First support is last-Friday's low crossing at 0.074830. Second support is the 50-day moving average crossing at 0.073317.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Februarygold was higher overnight as it extends the rally off November's low. Overnight trading sets the stage for a 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. If February extends the rally off November's low, the 62% retracement level of the March-October decline crossing at $1915.10 is the next upside target. Closes below the 20-day moving average crossing at $1823.50 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $1885.40. 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 $1823.50. Second support is the December 15th low crossing at $1782.00.
March silver was steady to slightly higher overnight. Overnight trading sets the stage for a steady to slightly 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. Closes below last-Thursday's low crossing at $23.260 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 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-August decline crossing at $24.779. Second resistance is the 87% retracement level of the March-August decline crossing at $25.938. First support last-Thursday's low crossing at $23.260. Second support is the December 16th low crossing at $22.735.
March copper was higher overnight and has broken out to the upside of December's trading range crossing at 3.9470. The high-range overnight trade 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. If March resumes the rally off the November 28th low, the 50% retracement level of the March-July-2022 decline crossing at 4.0323 is the next upside target. Closes below the 20-day moving average crossing at 3.8211 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4.0135. Second resistance is the 50% retracement level of the March-July-2022 decline crossing at 4.0343. First support is the 20-day moving average crossing at 3.8211. Second support is the 50-day moving average crossing at 3.7306.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was steady to slightly higher overnight as it consolidates some of decline off the December 30th high. Overnight trading sets the stage for steady to fractionally 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 extends last-week's decline, the December 19th low crossing at $6.44 is the next downside target. Closes above the 10-day moving average crossing at $6.66 1/2 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $6.59 3/4. Second resistance is the 10-day moving average crossing at $6.66 1/2. First support is is the December 19th low crossing at $6.44. Second support is December's low crossing at $6.35.
March wheat was slightly higher overnight as it consolidates some of last-week's decline. 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 last-week's decline, the 75% retracement level of the 2020-2022 rally crossing at $7.24 1/4 is the next downside target. Closes above the 50-day moving average crossing at $7.95 1/2 would signal that a short-term low has been posted. First resistance is 50-day moving average crossing at $7.95 1/2. Second resistance is the November 25th high crossing at $8.20 1/4. 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 higher overnight as it consolidates some of last-week's decline. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-week's decline, December's low crossing at $8.21 3/4 is the next downside target. Closes above the 50-day moving average crossing at $8.92 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.92 3/4. Second resistance is the 25% retracement level of the May-August-2022 decline crossing at $9.50. 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 was higher overnight as it consolidates some of last-week's decline. 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 March extends last-week's decline, the December 6th low crossing at $8.90 is the next downside target. Closes above the 50-day moving average crossing at $9.37 1/4 would open the door for additional short-term gains. First resistance is the 50-day moving average crossing at $9.37 1/4. 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 were higher overnight as it consolidates some of last-week's decline. Overnight trading sets the stage for a higher opening. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at $14.96 1/4 would temper the near-term bearish outlook. If March extends last-week's decline, the 50-day moving average crossing at $14.63 1/2 is the next downside target. If March renews the rally off October's low, December's high crossing at $15.37 1/2 is the next upside target. First resistance is December's high crossing at $15.37 1/2. Second resistance is last-June's high crossing at $15.72 1/2. First support is the 50-day moving average crossing at $14.63 1/2. Second support is December's low crossing at $14.31 3/4.
March soybean meal was a lower overnight as it consolidates some of last-Friday's rally. Overnight weakness sets the stage for a 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 extends the rally off October's low, the August 29th high on the monthly continuation chart crossing at $488.40 is the next upside target. Closes below the 20-day moving average crossing at $458.30 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $479.00. Second resistance is the August 29th high on the monthly continuation chart crossing at $488.40. First support is the 20-day moving average crossing at $458.30. Second support is the December 19th low crossing at $443.40.
March soybean oil was higher overnight as it consolidates some of the decline off the December 27th 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. Closes above the 50-day moving average crossing at 66.66 confirm that a low has been posted while opening the door for additional short-term gains. If March extends last-week's decline, the December 16th low crossing at 61.47 is the next downside target. First resistance is the 50-day moving average crossing at 66.66. Second resistance is broken support crossing at 67.52. First support is the December 16th low crossing at 61.47. Second support is December's low crossing at 58.50.
Thanks tallpine!
Pattern change to colder spiking NG higher.
Increasing rain chances coming but beans have major drought damage already in Argentina.