KEY EVENTS TO WATCH FOR:
Wednesday, December 27, 2017
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +2.8%)
Chain Store Sales, M/M% (previous +2.8%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -0.4%)
Ret Sales Mo-to-Date, Y/Y% (previous +3.6%)
Latest Wk, Y/Y% (previous +4.4%)
10:00 AM ET. December Consumer Confidence Index
Cons Conf Idx (expected 128.5; previous 129.5)
Expectation Idx (previous 113.3)
Present Situation Idx (previous 153.9)
10:00 AM ET. November Pending Home Sales Index
Pending Home Sales (previous 109.3)
Pending Home Sales Idx, M/M% (expected -0.5%: previous +3.5%)
Pending Home Sales Idx , Y/Y% (previous -0.6%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -5.2M)
Gasoline Stocks, Net Chg (Bbls) (previous +2.0M)
Distillate Stocks, Net Chg (Bbls) (previous -2.9M)
Refinery Runs
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The March NASDAQ 100 was slightly higher in quiet trading overnight. Wall Street is set for another day of subdued trade today as U.S. stock futures are left struggling for direction as volumes remained low. On a positive note, Boeing Co. was among stand out stocks after a deal with Royal Air Maroc was announced. Nevertheless, stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 6410.69 would temper the near-term friendly outlook. If the NASDAQ 100 index resumes this year's rally into record territory, upside targets will be hard to project. First resistance is last Tuesday's high crossing at 6545.75. Second resistance is unknown. First support is the 20-day moving average crossing at 6410.69. Second support is the 50-day moving average crossing at 6326.21.
The March S&P 500 was slightly lower overnight in quiet holiday 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 year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2663.44 are needed to confirm that a short-term top has been posted. First resistance is last Tuesday's high crossing at 2697.80. Second resistance is unknown. First support is the 20-day moving average crossing at 2663.44. Second support is the 50-day moving average crossing at 2613.20.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were higher overnight as it extends the rebound off last Wednesday's low. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in place. Closes above the 20-day moving average crossing at 152-21 are needed to confirm that a short-term low has been posted. If March renews the decline off December's high, October's low crossing at 149-07 is the next downside target. First resistance is the 20-day moving average crossing at 152-21. Second resistance is December's high crossing at 154-18. First support is last Wednesday's low crossing at 150-14. Second support is October's low crossing at 149-07.
March T-notes were slightly lower overnight. 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 November's high, weekly support crossing at 122.205 is the next downside target. Closes above the 20-day moving average crossing at 124.032 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 124.210. Second resistance is the reaction high crossing at 125.000. First support is last Thursday's low crossing at 123.125. Second support is weekly support crossing at 122.205.
ENERGY MARKETS http://quotes.ino.com/ex changes/?c=energy"
ENERGY MARKETS: FebruaryNymex crude oil was lower overnight as it consolidated some of Tuesday's rally, which marked an upside breakout of a two-month-old trading range. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the 50% retracement level of the 2014-2016-decline crossing at 64.11 is the next upside target. Closes below the 20-day moving average crossing at 57.70 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 60.01. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 64.11. First support is the 20-day moving average crossing at 57.70. Second support is the 50-day moving average crossing at 56.35.
February heating oil was slightly lower overnight as it consolidates some of Tuesday's rally. 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 October's low, the 75% retracement level of the 2014-2016-decline crossing at 208.51 is the next upside target. Closes below the 20-day moving average crossing at 193.42 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 204.22. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 208.51. First support is the 20-day moving average crossing at 193.42. Second support is the 50-day moving average crossing at 190.56.
February unleaded gas was lower overnight as it consolidates some of the rally off December's low. Stochastics and the RSI are overbought and are turning neutral to bearish hiinting that a double top with November's high might be forming. Closes below the 50-day moving average crossing at 172.41 would confirm that a double top has been posted. If February extends the rally off December's low, the May-2015 high crossing at 186.01 is the next upside target. First resistance is Tuesday's high crossing at 181.53. Second resistance is the May-2015 high crossing at 186.01. First support is the 50-day moving average crossing at 172.41. Second support is December's low crossing at 166.19.
February Henry natural gas was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2.800 are needed to confirm that a short-term low has been posted. If February resumes the decline off November's high, weekly support crossing at 2.522 is the next downside target. First resistance is the 20-day moving average crossing at 2.800. Second resistance is the 38% retracement level of the September-December-decline crossing at 2.900. First support is last Thursday's low crossing at 2.562. Second support is weekly support crossing at 2.522.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was lower overnight as it extends the decline off December's high. 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 reaction low crossing at 92.26 is the next downside target. Closes above the 50-day moving average crossing at 93.40 would confirm that a short-term low has been posted. First resistance is December's high crossing at 93.83. Second resistance is November's high crossing at 94.76. First support is the reaction low crossing at 92.26. Second support is November's low crossing at 92.13.
The March Euro was slightly higher overnight while extending the trading range of the past two-months. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above November's high crossing at 120.43 or below November's low crossing at 116.49 are needed to confirm a breakout of the aforementioned trading range and point the direction of the next trending move. First resistance is November's high crossing at 120.43. Second resistance is the reaction high crossing at 121.49. First support is December's low crossing at 117.97. Second support is November's low crossing at 116.49.
The March British Pound was slightly higher overnight while extending this month's trading range. 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 November's low, September's high crossing at 1.3666 is the next upside target. If March extends the decline off November's high, the 50-day moving average crossing at 1.3335 are the next downside target. First resistance is November's high crossing at 1.3598. Second resistance is September's high crossing at 1.3666. First support is the 50-day moving average crossing at 1.3335. Second support is the reaction low crossing at 1.3273.
The March Swiss Franc were steady to slightly higher overnight while extending the trading range of the past four-weeks. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, December's high crossing at 1.0352 is the next upside target. If March resumes the decline off December's high, November's low crossing at 1.0062 is the next downside target. First resistance is December's high crossing at 1.0352. Second resistance is the 50% retracement level of the July-October-rally crossing at 1.0411. First support is December's low crossing at 1.0103. Second support is November's low crossing at 1.0062.
The March Canadian Dollar was higher overnight and poised to test the upper boundary of the trading range of the past two-months. Stochastics and the RSI are 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 79.31 is the next upside target. Closes above December's high crossing at 79.31 or below December's low crossing at 77.52 are needed to confirm a breakout of the trading range of the past two-months and point the direction of the next trending move. First resistance is December's high crossing at 79.31. Second resistance is October's high crossing at 80.42. First support is the late-November's low crossing at 77.58. Second support is December's low crossing at 77.52.
The March Japanese Yen was steady to slightly lower overnight. 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 0.8912 are needed to confirm that a short-term low has been posted. If March renews the decline off November's high, November's low crossing at 0.8782 is the next downside target. First resistance is the 50% retracement level of the September-November-decline crossing at 0.9072. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9141. First support is December's low crossing at 0.8840. Second support is November's low crossing at 0.8782.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: February gold were higher overnight as it extends the rally off December's low. 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 aforementioned rally, November's high crossing at 1303.40 is the next upside target. Closes below the 20-day moving average crossing at 1267.30 would confirm that a short-term top has been posted. First resistance is November's high crossing at 1303.40. Second resistance is October's high crossing at 1312.70. First support is December's low crossing at 1238.30. Second support is the 87% retracement level of the July-September-rally crossing at 1233.90.
March silver was slightly higher overnight as it extends the rally off December's low. 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, the 50-day moving average crossing at 16.733 is the next upside target. Closes below the 20-day moving average crossing at 16.182 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 16.733. Second resistance is November's high crossing at 17.485. First support is December's low crossing at 15.635. Second support is the 87% retracement level of the July-September-rally crossing at 15.626.
March copper was lower due to profit taking overnight as it consolidates some of the rally off December's low. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the August-2013 high crossing at 334.05 is the next upside target. Closes below the 20-day moving average crossing at 309.90 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 330.00. Second resistance is the August-2013 high crossing at 334.05. First support is the 10-day moving average crossing at 317.61. Second support is the 20-day moving average crossing at 309.90.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was steady to fractionally lower overnight but remains above the 20-day moving average crossing at 3.51 1/4. The mid-range close sets the stage for a steady to 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. Closes above the 50-day moving average crossing at 3.55 3/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off November's high, weekly support crossing at 3.32 is the next downside target. First resistance is the 50-day moving average crossing at 3.55 3/4. Second resistance is the reaction high crossing at 3.69 1/4. First support is last Tuesday's low crossing at 3.46 1/2. Second support is weekly support crossing at 3.32.
March wheat was steady to fractionally lower overnight 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 the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 4.35 3/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off July's high, psychological support crossing at 4.00 is the next downside target. First resistance is the 50-day moving average crossing at 4.35 3/4. Second resistance is December's high crossing at 4.43. First support is December's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.
March Kansas City Wheat closed down 2 1/4-cents at 4.20.
March Kansas City wheat 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 bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 4.34 3/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off September's high, psychological support crossing at 4.00 is the next downside target. First resistance is the 50-day moving average crossing at 4.34 3/4. Second resistance is reaction high crossing at 4.51 1/2. First support is December's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.
March Minneapolis wheat was up 2 1/2-cents at 6.13 1/2.
March Minneapolis wheat was higher overnight. 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 neutral signaling that sideways trading is possible near-term. If March renews the decline off November's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. Closes above the 50-day moving average crossing at 6.29 are needed confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 6.29. Second resistance is December's high resistance crossing at 6.34. First support is December's low crossing at 6.05. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans were higher overnight as they consolidate some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 9.87 3/4 are needed to confirm that a short-term low has been posted. If March extends this month's decline, the late-August low crossing at 9.50 is the next downside target. First resistance is the 20-day moving average crossing at 9.87 3/4. Second resistance is December's high crossing at 10.27. First support is September's low crossing at 9.56 1/2. Second support is the late-August low crossing at 9.50.
March soybean meal were higher overnight as they consolidate some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, November's low crossing at 315.00 is the next downside target. Closes above the 20-day moving average crossing at 328.90 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 321.70. Second resistance is the 20-day moving average crossing at 328.90. First support is last Friday's low crossing at 316.60. Second support is November's low crossing at 315.00.
March soybean oil were higher overnight as they consolidate some of the decline off November's low. The high-range close sets the stage for a steady to 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 33.50 are needed to confirm that a short-term low has been posted. If March resumes the decline off November's high, the 87% retracement level of the June-September-rally crossing at 32.44 is the next downside target. First resistance is the 20-day moving average crossing at 33.50. Second resistance is the 50-day moving average crossing at 34.25. First support is December's low crossing at 32.67. Second support is the 87% retracement level of the June-September-rally crossing at 32.44.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $1.55 at $71.53.
February hogs closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 December's low, the reaction high crossing at 72.25 is the next upside target. Closes below the 10-day moving average crossing at 68.22 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 72.25. Second resistance is November's high crossing at 73.30. First support is the 10-day moving average crossing at 68.22. Second support is December's low crossing at 66.25.
February cattle closed up $2.90 at 121.48.
February cattle closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 120.61 confirm that a short-term low has been posted. If February renews the decline off November's high, the 75% retracement level of the August-November-rally crossing at 115.06 is the next downside target. First resistance is the 50-day moving average crossing at 123.63. Second resistance is the reaction high crossing at 126.78. First support is December's low crossing at 117.58. Second support is the 75% retracement level of the August-November-rally crossing at 115.06.
March Feeder cattle closed up $2.80 at $141.35.
March Feeder cattle closed higher on Tuesday 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 Wednesday's 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 November's high, the 87% retracement level of the February-October-rally crossing at 137.19 is the next downside target. Closes above the 20-day moving average crossing at 145.18 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 145.18. Second resistance is the 50-day moving average crossing at 149.59. First support is last Friday's low crossing at 138.30. Second support is the 87% retracement level of the February-October-rally crossing at 137.19.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 12.39 would confirm that a short-term low has been posted. If March renews the decline off November's high, weekly support crossing at 11.34 is the next downside target.
March cocoa posted an inside day with a higher close on Tuesday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 19.33 would confirm that a short-term low has been posted. If March extends the decline off November's high, weekly support crossing at 17.91 is the next downside target.
March sugar posted an inside day with a higher close on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the decline off November's high, June's low crossing at 13.50 is the next downside target.
March cotton closed 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 on Wednesday. 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, weekly resistance crossing at 79.29 is the next upside target. Closes below the 20-day moving average crossing at 74.39 are needed to confirm a short-term top has been posted.