KEY EVENTS TO WATCH FOR:
Monday, January 16, 2023
N/A U.S: Martin Luther King Day. Financial markets closed
Tuesday, January 17, 2023
8:30 AM ET. January Empire State Manufacturing Survey
Mfg Idx (previous -11.2)
Employment Idx (previous 14.0)
New Orders Idx (previous -3.6)
Prices Received (previous 25.2)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a higher opening when Tuesday's 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 the Dow extends the aforementioned rally, December's high crossing at 34,712.28 is the next upside target. Closes below the 20-day moving average 33,319.53 would signal that a short-term top has likely been posted while opening the door for additional weakness near-term. First resistance is Thursday's high crossing at 34,292.67. Second resistance is December's high crossing at 34,712.28. First support is the 20-day moving average 33,319.53. Second support is the December 22nd low crossing at 32,573.43.
The March NASDAQ 100 closed higher for the sixth-day in a row on Friday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. If March extends the rally off last-Friday's low, the 38% retracement level of the August-October decline crossing at 11,839.97 is the next upside target. Closes below the 20-day moving average crossing at 11,164.77 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the August-October decline crossing at 11,839.97. Second resistance is the 50% retracement level of the August-October decline crossing at 12,237.16. First support is the 20-day moving average crossing at 11,164.77. Second support is last-Friday's low crossing at 10,751.00.
The March S&P 500 closed slightly higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 62% retracement level of the August-October decline crossing at 4045.36 is the next upside target. Closes below the 20-day moving average crossing at 3892.15 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 4045.36. Second resistance is December's high crossing at 4180.00. First support is the 20-day moving average crossing at 3892.15. Second support is the December 22nd low crossing at 3788.50.
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March T-bonds closed down 17 pts. at 130-04.
March T-bonds closed lower on Friday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Tuesday's 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, December's high crossing at 132-15 is the next upside target. Closes below the 50-day moving average crossing at 126-28 would signal that a short-term top has been posted. First resistance is today's high crossing at 131-10. Second resistance is December's high crossing at 132-15. First support is the 50-day moving average crossing at 126-28. Second support is the 50% retracement level of the October-December rally crossing at 124-31.
March T-notes closed up 125-pts. at 114.265.
March T-notes closed lower on Friday as it consolidates some of the decline off December's low. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 December extends the aforementioned rally, the 62% retracement level of the August-October-2022 decline crossing at 116.235 is the next upside target. Closes below the 50-day moving average crossing at 113.074 would signal that a short-term top has been posted. First resistance is today's high crossing at 115.155. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 116.235. First support is the 50-day moving average crossing at 113.074. Second support is the December 30th low crossing at 111.280.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
February crude oil closed higher on Friday and above the 50-day moving average crossing at $79.07 as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, January's high crossing at $81.50 is the next upside target. Closes below the 10-day moving average crossing at $76.28 would signal that a short-term top has been posted. First resistance is today's high crossing at $79.93. Second resistance is December's high crossing at $83.27. First support is the 10-day moving average crossing at $76.28. Second support is the January 5thlow crossing at $72.46. Second support is December's low crossing at $70.31.
February heating oil closed higher on Friday as it extends the rally off the January 5th low. The high-range close sets the stage for a steady to higher opening when Tuesday's day trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off the January 5th low, December's high crossing at $3.3543 is the next upside target. Closes below the 10-day moving average crossing at $3.1204 would temper the near-term friendly outlook. First resistance is today's high crossing at $3.2882. Second resistance is December's high crossing at $3.3543. First support is the 10-day moving average crossing at $3.1204. Second support is the January 5th low crossing at $2.9200.
February unleaded gas closed higher on Friday as it extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 last-Friday's low, November's high crossing at $2.6682 is the next upside target. Closes below the 20-day moving average crossing at 2.3227 would signal that a short-term top has been posted. Closes below the 20-day moving average crossing at 2.3227 would signal that a short-term top has been posted. First resistance is today's high crossing at 2.5370. Second resistance is November's high crossing at $2.6682. First support is the 20-day moving average crossing at 2.3227. Second support is last-Friday's low crossing at $2.2356.
February Henry natural gas closed lower on Friday and below the 87% retracement level of the 2020-2022 rally crossing at 3.238. The low-range close sets the stage for a steady to lower opening when Tuesday'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 July-19th low crossing at 3.236 is the next downside target. Closes above the 20-day moving average crossing at 4.558 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.558. Second resistance is the December 27th high crossing at 5.245. First support is the 87% retracement level of the 2020-2022 rally crossing at 3.238. Second support is the July 19th low crossing at 3.236.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed slightly lower on Friday as it extended the decline off September's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 September's high, the 75% retracement level of the January-September rally crossing at $101.331 is the next downside target. Closes above the 20-day moving average crossing at $103.640 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $103.713. Second resistance is the 50-day moving average crossing at $105.224. First support is today's low crossing at $101.720. Second support is 75% retracement level of the January-September rally crossing at $101.331.
The March Euro posted an inside day with a lower close on Friday as it consolidated some of the rally off September's low. The mid-range close sets the stage for a steady to lower opening when Tuesday's 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 resumes the rally off September's low, the March 31st high crossing at $1.09680 is the next upside target. Closes below the 20-day moving average crossing at 1.07158 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $1.09115. Second resistance is the March 31st high crossing at $1.09680. First support is the 20-day moving average crossing at 1.07158. Second support is the 50-day moving average crossing at $1.05373.
The March British Pound closed slightly higher on Friday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off last-Friday's low, December's high crossing at 1.2229 is the next upside target. Closes below the 50-day moving average crossing at 1.2028 would signal that a short-term top has been posted while opening the door for a possible test of the December 6th low crossing at 1.1867. First resistance is today's high crossing at 1.2268. Second resistance is December's high crossing at 1.2479. First support is the January 6th low crossing at 1.1861. Second support is the 38% retracement level of the September-December rally crossing at 1.1698.
The March Swiss Franc closed higher on Friday as it consolidates some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 50-day moving average crossing at 1.07196 would signal that a short-term top has been posted. 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 last-Monday's high crossing at 1.09845. Second resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. First support is the 50-day moving average crossing at 1.07196. Second support is the January 6th low crossing at 1.06915.
The March Canadian Dollar closed lower on Friday as it consolidates some of the rally off the January 3rd low. The mid-range close sets the stage for a steady to lower opening when Tuesday's 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 this month's rally, November's high crossing at 75.71 is the next upside target. Closes below the 20-day moving average crossing at 73.91 would signal that a short-term top has been posted. First resistance is the November 25thhigh crossing at 75.16. Second resistance is November's high crossing at 75.71. First support is the 20-day moving average crossing at 73.91. Second support is the December 16th low crossing at 73.04.
The March Japanese Yen closed higher for the second day in a row on Friday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Tuesday’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, the May 24th -2021 high crossing at 0.080525 is the next upside target. Closes below the 20-day moving average crossing at 0.076114 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 0.079060. Second resistance is the May 24th -2021 high crossing at 0.080525. First support is the 20-day moving average crossing at 0.076114. Second support is last-Friday's low crossing at 0.074830.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Friday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 75% retracement level of the March-October decline crossing at $1975.80 is the next upside target. Closes below the 20-day moving average crossing at $1839.90 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 $1925.30. Second resistance is the 75% retracement level of the March-October decline crossing at $1975.80. First support is the 20-day moving average crossing at $1839.90. Second support is the 50-day moving average crossing at $1795.50.
March silver closed higher on Friday as it extended the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March 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. If March renews the decline off the January 3rd high, the 50-day moving average crossing at 22.708 is the next downside 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 December 16th low crossing at 22.735. Second support is the 50-day moving average crossing at 22.708.
March copper closed higher on Friday as it extends the rally off the January 4th low. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 September's low, the 62% retracement level of the March-July decline crossing at 4.2424 is the next upside target. Closes below the 20-day moving average crossing at 3.8863 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the March-July decline crossing at 4.2424. Second resistance is the 75% retracement level of the March-July decline crossing at 4.4773. First support is the 20-day moving average crossing at 3.8863. Second support is the 50-day moving average crossing at 3.7900.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.04-cents at $6.75.
March corn closed higher on Friday as it extends the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night 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 this week's rally, December's high crossing at $6.85 is the next upside target. Closes below Tuesday's low crossing at $6.48 1/4 would renew the decline off December's high. First resistance is today's high crossing at $6.76 3/4. Second resistance is December's high crossing at $6.85. First support is Tuesday's low crossing at $6.48 1/4. Second support is the December 19th low crossing at $6.44.
March wheat closed up $0.01-cents at $7.43 3/4.
March wheat closed higher on Friday as it consolidated some of the decline off October's high. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 $7.57 1/2 would signal that a short-term low has been posted. If March renews this month's decline, the September 6th 2021 low crossing at $6.93 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $7.57 1/2. Second resistance is the 50-day moving average crossing at $7.84. First support is Tuesday's low crossing at $7.20 1/2. Second support is the September 6th 2021 low crossing at $6.93 1/2.
March Kansas City Wheat closed up $0.08 3/4-cents at $8.43 3/4.
March Kansas City wheat closed higher on Friday as it consolidates some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $8.51 3/4 would signal that a short-term low has been posted. If March renews the decline off December's high, the January 10th 2022 low crossing at $7.68 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $8.51 3/4. Second resistance is the 50-day moving average crossing at $8.82 3/4. First support is Tuesday's low crossing at $8.03 1/4. Second support is the January 10th 2022 low crossing at $7.68 3/4.
March Minneapolis wheat closed unchanged at $9.12 1/4.
March Minneapolis wheat closed unchanged on Friday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 $9.15 1/4 would signal that a short-term low has been posted. If March renews the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $9.15 1/4. Second resistance is the 50-day moving average crossing at $9.31 1/2. First support is Wednesday's low crossing at $8.90. Second support is August's low crossing at $8.75 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed up $0.09 1/4-cents at $15.27 3/4.
March soybeans closed higher on Friday as it extends the rally off the January 5th low. The high-range close sets the stage for a steady to higher opening when Tuesday's day trade begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally. December's high crossing at $15.37 1/2 is the next upside target. Closes below the 50-day moving average crossing at $14.70 would signal that a short-term top has been posted. First resistance is December's high crossing at $15.37 1/2. Second resistance is June's high crossing at $15.72 1/4. First support is the January 5th low crossing at $14.65. Second support is the 50% retracement level of the October-December rally crossing at $14.54 1/4.
March soybean meal closed down $5.00 at $476.30.
March soybean meal closed lower on Friday as it consolidated some the rally off July's low. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 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 $462.00 would signal that a short-term top has been posted. First resistance is today's high crossing at $485.30. Second resistance is the August 29th high on the monthly continuation chart crossing at $488.40 is the next upside target. First support is the 20-day moving average crossing at $462.00. Second support is the December 19th low crossing at $443.40.
March soybean oil closed down 19-pts. At 63.06.
March soybean oil closed slightly lower on Friday. The high-range close sets the stage for a steady to slightly higher opening when Tuesday'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 the December 27th high, the December 16th low crossing at 61.47 is the next downside target. Closes above Monday's high crossing at 64.43 would signal that a short-term low has been posted. First resistance is Monday's high crossing at 64.43. Second resistance is the 50-day moving average crossing at 66.26. 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 $0.23 at $78.53.
February hogs closed slightly lower on Friday as it extended the decline off the December 27th high. The mid-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, October's low crossing at $76.40 is the next downside target. Closes above the 20-day moving average crossing at $84.52 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $82.68. Second resistance is the 20-day moving average crossing at $84.52. First support is Thursday's low crossing at $77.58. Second support is October's low crossing at $76.40.
February cattle closed up $0.30 at $157.85.
February cattle posted a key reversal up as it closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at $156.53 would confirm 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 December'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 Monday's low crossing at $156.53. Second support is the 50-day moving average crossing at $155.85.
March Feeder cattle closed down $1.48 at $182.80.
March Feeder cattle closed lower on Friday as it extended the decline off the January 4th high. The low-range close sets the stage for a steady to lower opening when Tuesday'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. Today's close below the 50-day moving average crossing at $184.10 confirms that a short-term top has been posted while opening the door for additional weakness near-term. Closes above the 10-day moving average crossing at $185.69 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $185.69. Second resistance is the 75% retracement level of the August-October decline crossing at $188.29. First support is today's low crossing at $182.00. Second support is the November 28th low crossing at $180.28.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Friday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off December's high, the 87% retracement level of the 2020-2022 rally crossing at $13.20 is the next downside target. Closes above the 50-day moving average crossing at $16.38 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $16.38. Second resistance is December's high crossing at $17.50. First support is Wednesday's low crossing at $14.21. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.20.
March cocoa closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 25.89 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 Monday's low, the March-2022 high on the weekly continuation chart crossing at 27.10 is the next upside target.
March sugar closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 19.98 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 September-December rally crossing at 18.71 is the next downside target.
March cotton closed slightly higher on Friday. The low-range close sets the stage for a steady to slightly higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off Monday's high, the January 4th low crossing at 80.37 is the next downside target. 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!
LESS rain for key bean production areas of Argentina and yesterdays very bullish USDA report.
https://www.cpc.ncep.noaa.gov/products/Precip_Monitoring/Figures/global/n.90day.figb.gif
South America soybean production below
https://ipad.fas.usda.gov/rssiws/al/ssa_cropprod.aspx
https://ipad.fas.usda.gov/rssiws/al/crop_production_maps/Brazil/Municipality/Brazil_Soybean.png
Beans continue their upward march, closing just above the Dec 30, 2022 high!
https://tradingeconomics.com/commodity/soybeans
