KEY EVENTS TO WATCH FOR:
Monday, December 10, 2018
10:00 AM ET. October Job Openings & Labor Turnover Survey
10:00 AM ET. November Employment Trends Index
ETI (previous 110.72)
ETI, Y/Y% (previous +4.6%)
10:00 AM ET. ISM Semiannual Report On Business & Economic Forecast
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The March NASDAQ 100 was lower overnight as it extends the decline off last-Monday's high.Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, November's low crossing at 6449.50 is the next downside target. Closes above last-Friday's low crossing at 6881.00 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 6851.63. Second resistance is the 50-day moving average crossing at 7036.53. First support is the overnight low crossing at 6579.00. Second support is November's low crossing at 6449.50.
The December S&P 500 was lower overnight as it extends last week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends last week's decline, October's low crossing at 2605.00 is the next downside target.Closes above the 10-day moving average crossing at 2708.30 would temper the near-term bearish outlook.First resistance is the 10-day moving average crossing at 2708.30. Second resistance is the 50-day moving average crossing at 2750.03. First support is the overnight low crossing at 2610.70. Second support is October's low crossing at 2605.00.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds was steady to slightly higher overnight as it extends the rally off November'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 the rally off November's low, August's high crossing at 144-06 is the next upside target. Closes below the 20-day moving average crossing at 139-25 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 143-28. Second resistance is August's high crossing at 144-06. First support is the 10-day moving average crossing at 141-01. Second support is the 20-day moving average crossing at 139-25.
March T-notes were slightly higher overnight as it extends the rally off November'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 the rally off November's low, weekly resistance crossing at 121.125 is the next upside target. Closes below the 20-day moving average crossing at 119.112 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 120.300. Second resistance is weekly resistance crossing at 121.125. First support is the 10-day moving average crossing at 119.283. Second support is the 20-day moving average crossing at 119.112.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil was slightly lower overnight as it extends the trading range of the past two-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off October's high, the June-2017 low crossing at 46.00 is the next downside target. Closes above the reaction high crossing at 54.55 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 54.55. Second resistance is the November 16th reaction high crossing at 58.16. First support is the 87% retracement level of the 2017-2018-rally crossing at 49.96. Second support is the June-2017 low crossing at 46.00.
January heating oil was slightly lower overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If January resumes the decline off October's high, the 75% retracement level of the 2017-2018-rally crossing at 173.08 is the next downside target. Closes above the 20-day moving average crossing at 194.43 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 194.43. Second resistance is the 50-day moving average crossing at 215.74. First support is November's low crossing at 178.37. Second support is the 75% retracement level of the 2017-2018-rally crossing at 173.08.
January unleaded gas 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 147.13 are needed to confirm that a short-term low has been posted. If January resumes the decline off October's high, the June-2017 low crossing at 129.88 is the next downside target. First resistance is the 20-day moving average crossing at 147.13. Second resistance is the November 16th reaction high crossing at 159.94. First support is November's low crossing at 135.41. Second support is the June-2017 low crossing at 129.88.
January Henry natural gas was slightly higher overnight as it continues to form a symmetrical triangle. The low-range late-overnight trade leaves the door open for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. A breakout in either direction of the symmetrical triangle will point the direction of the next trending move. If January resumes the rally off September's low, the 25% retracement level of the 2008-2016-decline crossing at 5.336 is the next upside target. Closes below last-Friday's low crossing at 4.231 would likely confirm a downside breakout of the aforementioned symmetrical triangle. First resistance is November's high crossing at 4.964. Second resistance is the 25% retracement level of 2008-2016-decline crossing at 5.336. First support is last-Friday's low crossing at 4.231. Second support is the 50-day moving average crossing at 3.788.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was slightly lower overnight. 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 95.64 would confirm that a short-term top has been posted. If March resumes this year's rally, weekly resistance crossing at 97.83 is the next upside target. First resistance is November's high crossing at 96.93. Second resistance is weekly resistance crossing at 97.83. First support is the 50-day moving average crossing at 95.64. Second support is November's low crossing at 94.91.
The March Euro was slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the overnight rally, the 50-day moving average crossing at 115.54 is the next upside target. If March resumes the decline off September's high, the 87% retracement level of the 2016-2018-rally crossing at 111.94 is the next downside target. First resistance is the 50-day moving average crossing at 115.54. Second resistance is November's high crossing at 116.45. First support is November's low crossing at 113.54. Second support is the 87% retracement level of the 2016-2018-rally crossing at 111.94.
The March British Pound was lower overnight as it renews the decline off September's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are turning neutral to bearish again 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 2016-2018-rally crossing at 1.2665 is the next downside target. Closes above the 20-day moving average crossing at 1.2870 would temper the bearish outlook. First resistance is the 20-day moving average crossing at 1.2870. Second resistance is the 50-day moving average crossing at 1.3018. First support is the overnight low crossing at 1.2716. Second support is the 87% retracement level of the 2016-2018-rally crossing at 1.2665.
The March Swiss Franc was slightly higher overnight as it renews the rally off November's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 1.0204 would confirm an upside breakout of the aforementioned trading range. Closes below the 20-day moving average crossing at 1.0132 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.0204. Second resistance is the reaction high crossing at 1.0291. First support is the reaction low crossing at 1.0097. Second support is November's low crossing at 1.0018.
The March Canadian Dollar was higher overnight as it consolidates some of the decline off October's high. 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 75.59 would confirm that a short-term low has been posted.If March extends the decline off October's high, the May-2017 low crossing at 73.67 is the next downside target. First resistance is the November 16th reaction high crossing at 76.33. Second resistance is the 50-day crossing at 76.37. First support is last-Thursday's low crossing at 74.55. Second support is weekly support crossing at 73.67.
The March Japanese Yen was steady to slightly higher overnight. 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 0.0899 are needed to confirm that a short-term low has been posted while opening the door for additional gains near-term. If March renews the decline off October's high, the January-2016 low crossing at 0.0877 is the next downside target. First resistance is November's high crossing at 0.0899. Second resistance is October's high crossing at 0.0907. First support is November's low crossing at 0.0885. Second support is the January-2016 low crossing at 0.0877.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: February gold was slightly lower overnight. 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 38% retracement level of the January-August-decline crossing at 1259.00 is the next upside target. Closes below the 50-day moving average crossing at 1228.00 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the April-August-Decline crossing at 1259.00. Second resistance is the 50% retracement level of the April-August-Decline crossing at 1285.70. First support is the reaction low crossing at 1216.80. Second support is November's low crossing at 1202.40.
March silver was lower overnight while extending the September-December trading range. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, October's high crossing at 15.055 is a potential upside target. If March resumes the decline off November's high, monthly support crossing at 13.620 is the next downside target. First resistance is October's high crossing at 15.055. Second resistance is the August 28th reaction high crossing at 15.175. First support is November's low crossing at 13.985. Second support is monthly support crossing at 13.620.
March copper was lower overnight. The mid-range trade sets the stage for a steady to 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. If March extends the decline off November's high, November's low crossing at 266.20 is the next downside target. Closes above the 50-day moving average crossing at 275.40 would temper the near-term bearish outlook. First resistance is September's high crossing at 288.80. Second resistance is the July 5th gap crossing at 295.45. First support is November's low crossing at 266.20. Second support is September's low crossing at 260.30.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was lower overnight as it extends last week's trading range. The low-range overnight 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 November's low, November's high crossing at 3.90 is the next upside target. Closes below the 20-day moving average crossing at 3.77 would confirm that a short-term top has been posted. First resistance is November's high crossing at 3.90. Second resistance is August's high crossing at 3.98 3/4. First support is November's low crossing at 3.67 1/4. Second support is September's low crossing at 3.54 3/4.
March wheat was lower overnight as it consolidates some of last-Friday's rally. The low-range overnight trade sets the stage for a steady to 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 November's low, the 38% retracement level of the August-November-decline crossing at 5.50 1/2 is the next downside target. Closes below the 20-day moving average crossing at 5.14 3/4 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 5.32. Second resistance is the 38% retracement level of the August-November-decline crossing at 5.50 1/2. First support is November's low crossing at 5.03 1/4. Second support is the 87% retracement level of the 2017-2018-rally crossing at 5.01.
March Kansas City Wheat closed up 16 1/2-cents at 5.12.
March Kansas City wheat closed sharply higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 50-day moving average crossing at 5.20 3/4 is the next upside target. If March renews the decline off October's high, weekly support crossing at 4.53 is the next downside target. First resistance is the 50-day moving average crossing at 5.20 3/4. Second resistance is November's high crossing at 5.33 3/4. First support is November's low crossing at 4.82 1/4. Second support is weekly support crossing at 4.53.
March Minneapolis wheat was lower overnight. The low-range overnight trade sets the stage for a steady to 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 November's low, the 50-day moving average crossing at 5.86 is the next upside target. If March renews the decline off October's high, July's low crossing at 5.59 is the next downside target. If First resistance is the 50-day moving average crossing at 5.86. Second resistance is November's high crossing at 5.93. First support is November's low crossing at 5.67 1/2. Second support is July's low crossing at 5.59.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans was lower overnight while extending last-week's trading range. The high-range overnight trade sets the stage for a steady to 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 January renews the rally off November's low, the 50% retracement level of the May-September-decline crossing at 9.45 1/4 is the next upside target. Closes below the 50-day moving average crossing at 8.81 3/4 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the May-September-decline crossing at 9.17. Second resistance is the 50% retracement level of the May-September-decline crossing at 9.45 1/4. First support is the 50-day moving average crossing at 8.81 3/4. Second support is the reaction low crossing at 8.57.
March soybean meal was steady to slightly lower overnight. The high-range overnight trade sets the stage for a steady to 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. If March resumes the decline off October's high, September's low crossing at 303.40 is the next downside target. Closes above last-Monday's high crossing at 321.70 would confirm that a short-term low has been posted. First resistance is last-Monday's high crossing at 321.70. Second resistance is October's high crossing at 327.40. First support is November's low crossing at 305.30. Second support is September's low crossing at 303.40.
March soybean oil was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to 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 November's low, the 62% retracement level of the October-November decline crossing at 29.33 is the next upside target. Closes below the 20-day moving average crossing at 28.28 would temper the near-term friendly outlook. First resistance is the 62% retracement level of the October-November decline crossing at 29.33. Second resistance is the 75% retracement level of the October-November decline crossing at 29.74. First support is the 10-day moving average crossing at 28.59. Second support is the 20-day moving average crossing at 28.28.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.98 at $67.88.
February hogs closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If February renews the rally off October's low, weekly resistance crossing at 72.88 is the next upside target. Closes below the 50-day moving average crossing at 64.62 would confirm that a short-term top has been posted. First resistance is November's high crossing at 69.50. Second resistance is weekly resistance crossing at 72.88. First support is the 50-day moving average crossing at 64.62. Second support is November's low crossing at 59.25.
February cattle closed down $0.28 at 121.53.
February cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night 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 October 26th reaction high crossing at 123.68 is the next upside target. Closes below last-Thursday's low crossing at 118.57 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 122.55. Second resistance is the reaction high crossing at 123.68. First support is last-Thursday's low crossing at 118.57. Second support is November's crossing at 116.67.
January Feeder cattle closed up $0.18 at $144.38.
January Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, November's low crossing at 142.67 is the next downside target. Closes above the 20-day moving average crossing at 146.37 are needed to renew the rally off November's low. First resistance is the 20-day moving average crossing at 146.37. Second resistance is the 50-day moving average crossing at 149.10. First support is Tuesday's low crossing at 143.13. Second support is November's low crossing at 142.67.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Friday as it extends the decline off October's high. The low-range close sets the stage for a steady to lower opening on Monday. 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 October's high, the reaction low crossing at 10.00 is the next downside target. Closes above the 20-day moving average crossing at 11.17 would confirm that a short-term low has been posted.
March cocoa closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 21.88 would confirm that a short-term low has been posted. If March extends the decline off November's high, October's low crossing at 20.08 is the next downside target.
March sugar closed higher on Friday. The mid-range close set the stage for a steady to higher opening on Monday. 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, the reaction high crossing at 13.54 is the next upside target. If March renews the decline off October's high, the reaction low crossing at 11.91 is the next downside target.
March cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the rally off November's low, September's high crossing at 84.22 is the next upside target. Closes below the 50-day moving average crossing at 78.89 would confirm that a short-term top has been posted.
Thanks tallpine!