KEY EVENTS TO WATCH FOR:

Friday, November 8, 2019  

10:00 AM ET. September Monthly Wholesale Trade

                       Inventories, M/M% (expected -0.3%; previous +0.2%)

10:00 AM ET. November University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (expected 95.3; previous 96.0)

                       Mid-Mo Expectations (previous 84.8)

                       Mid-Mo Current Idx (previous 113.4)

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)

Monday, November 11, 2019   

  N/A               Marianas: Veterans' Day

The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"  

The STOCK INDEXES:The December NASDAQ 100 was slightly lower in overnight as the index consolidates some of this week's gains.The mid-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 December extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8045.68 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 8282.25. Second resistance is unknown. First support is the 10-day moving average crossing at 8163.57. Second support is the 20-day moving average crossing at 8045.68.

The December S&P 500 was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.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 rally off October's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3029.45 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 3095.00. Second resistance is unknown. First support is the 10-day moving average crossing at 3061.82. Second support is the 20-day moving average crossing at 3029.45.  

INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"

INTEREST RATES: December T-bonds were steady to slightly higher overnight as they consolidate some of decline off October's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, the 62% retracement level of the April-August-rally crossing at 153-06 is the next downside target. Closes above the 20-day moving average crossing at 159-16 are needed to confirm that a short-term low has been posted. First resistance the 20-day moving average crossing at 159-16. Second resistance is the 50-day moving average crossing at 161-06. First support is the 50% retracement level of the April-August-rally crossing at 155-25. Second support is the 62% retracement level of the April-August-rally crossing at 153-06.

December T-notes were lower overnight as they extend the decline off October's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, the 50% retracement level of the April-August-rally crossing at 127.171 is the next downside target. Closes above the 20-day moving average crossing at 129.188 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 129.188. Second resistance is the 50-day moving average crossing at 130.050. First support is the 50% retracement level of the April-August-rally crossing at 127.171. Second support is the 62% retracement level of the April-August-rally crossing at 126.122.

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

December crude oil 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 diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Multiple closes below the 20-day moving average crossing at 55.21 would confirm that a short-term top has been posted. If December extends the rally off October's low, the 62% retracement level of the September-October-decline crossing at 58.25 is the next upside target. First resistance is Thursday's high crossing at 57.88. Second resistance is the 62% retracement level of the September-October-decline crossing at 58.25. First support is the 20-day moving average crossing at 55.21. Second support is the reaction low crossing at 52.46.  

December heating oil 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at 185.94 would open the door for a possible test of October's low crossing at 181.51. If December renews the rally off last-Thursday's low, the September 19^th high crossing at 201.38 is the next upside target. First resistance is October's high crossing at 197.99. Second resistance is the September 19^th high crossing at 201.38. First support is last-Thursday's low crossing at 185.94. Second support is October's low crossing at 181.51.  

December unleaded gas was lower overnight as it extended this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 161.20 would confirm that a short-term top has been posted. If December resumes the rally off October's low, September's high crossing at 171.96 is the next upside target.First resistance is Tuesday's high crossing at 168.43. Second resistance is September's high crossing at 171.96. First support is the 20-day moving average crossing at 161.20. Second support is the 50-day moving average crossing at 157.53.  

December Henry natural gas was 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 and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below Monday's gap crossing at 2.718 are needed to confirm that a short-term top has been posted. If December extends the rally off October's low, the 75% retracement level of the March-August-decline crossing at 2.960 is the next upside target.First resistance is Tuesday's high crossing at 2.905. Second resistance is the 75% retracement level of the March-August-decline crossing at 2.960. First support is Monday's gap crossing at 2.718. Second support is the 20-day moving average crossing at 2.607.  

CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"

CURRENCIES:The December Dollar was a higher overnight as it extends the rally off October's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the October 15^th high crossing at 98.38 is the next upside target. Closes below the 20-day moving average crossing at 97.50 would confirm that a short-term top has been posted. First resistance is the October 15^th high crossing at 98.38. Second resistance is the October 8^th high crossing at 98.96. First support is the 62% retracement level of the June-October-high crossing at 96.63. Second support is the 75% retracement level of the June-October-high crossing at 96.06.  

The December Euro was lower overnight as it extends this week's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the October 15^th low crossing at 110.37 is the next downside target. Closes above the 20-day moving average crossing at 110.40 would confirm that a short-term low has been posted. First resistance is the the 50% retracement level of the June-October-decline crossing at 112.48. Second resistance is the 62% retracement level of the June-October-decline crossing at 113.22. First support is the October 15^th low crossing at 110.37. Second support is October's low crossing at 109.38.  

The December British Pound was lower overnight.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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the 50-day moving average crossing at 1.2590 is the next downside target. If December resumes the rally off October's low, the 75% retracement level of the February-September-decline crossing at 1.3161 is the next upside target. First resistance is the 62% retracement level of the February-September-decline crossing at 1.2958. Second resistance is  the 75% retracement level of the February-September-decline crossing at 1.3161. First support is Thursday's low crossing at 1.2804. Second support is the 50-day moving average crossing at 1.2590.

The December Swiss Franc was lower overnight as it extends this week's decline. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at 1.0029 is the next downside target. Closes above last-Friday's high crossing at 1.0182 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 1.0182. second resistance is October's high crossing at 1.0205. First support is the October 15^th low crossing at 1.0050. Second support is October's low crossing at 1.0029.

The December Canadian Dollar was lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 75.75 would open the door for a possible decline to test October's low crossing at 74.97. Closes above the 20-day moving average crossing at 76.14 would temper the near-term bearish outlook.First resistance is the 20-day moving average crossing at 76.14. Second resistance is the 87% retracement level of the July-September decline crossing at 76.68. First support is the 50-day moving average crossing at 75.75. Second support is October's low crossing at 74.97.

The December Japanese Yen was lower overnight as it extends the decline off August's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, April's low crossing at 0.0907 is the next downside target. Closes above last-Friday's high crossing at 0.0929 are needed to confirm that a low has been posted. First resistance is last-Friday's high crossing at 0.0929. Second resistance is the 50-day moving average crossing at 0.0930. First support is Thursday's low crossing at 0.0915. Second support is April's low crossing at 0.0907.

PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"

PRECIOUS METALS: December gold was lower overnight and is breaking out below the lower boundary of the August-November trading range crossing at 1465.00. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the 50% retracement level of the May-September rally crossing at 1426.60 is the next downside target. Closes above last-Friday's high crossing at 1519.00 would signal that a short-term low has been posted. First resistance is the reaction high crossing at 1543.30. Second resistance is September's high crossing at 1566.20. First support is the 38% retracement level of the May-September rally crossing at 1459.80. Second support is the 50% retracement level of the May-September rally crossing at 1426.60.

December silver was lower overnight and is breaking out below the lower boundary of this fall's trading range crossing at 16.940. The low-range overnight trade sets the stage for a steady to lower 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 December extends the decline off September's high, the 62% retracement level of the June-September-rally crossing at 16.547 is the next downside target. Closes above the 50-day moving average crossing at 17.867 are needed to confirm that a short-term low has been posted. First resistance is the October's  high crossing at 18.350. Second resistance is the September 24^th high crossing at 18.810. First support is the 62% retracement level of the June-September-rally crossing at 16.547. Second support is the 75% retracement level of the June-September-rally crossing at 15.859.

December copper was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging but have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 87% retracement level of the July-September-decline crossing at 276.34 is the next upside target. Closes below the 20-day moving average crossing at 265.92 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 273.00. Second resistance is the 87% retracement level of the July-September-decline crossing at 276.34. First support is the 20-day moving average crossing at 265.92. Second support is the 50-day moving average crossing at 262.39.      

GRAINS http://quotes.ino.com/ex changes/?c=grains

March corn was lower overnight as it extends some of its decline off October's high.The low-range trade overnight sets the stage for a steady to lower 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 the aforementioned decline, the September 26^th low crossing at 3.80 3/4 is the next downside target. Closes above the 20-day moving average crossing at 3.97 are needed to confirm that a low has been posted. First resistance is the 38% retracement level of the June-September-decline crossing at 4.07 3/4. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.20 3/4. First support is Thursday's low crossing at 3.82 1/4. Second support is the September 26^th low crossing at 3.80 3/4.      

March 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 bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off October's high, the 50-day moving average crossing at 5.02 1/4 is the next downside target. If March resumes the rally off September's low, the 75% retracement level of the June-September-decline crossing at 5.44 1/4 is the next upside target. First resistance is October's high crossing at 5.39 1/4. Second resistance is the 75% retracement level of the June-September-decline crossing at 5.44 1/4. First support is the 50-day moving average crossing at 5.02 1/4. Second support is the September 25^th low crossing at 4.82 3/4.   

March Kansas City Wheat closed down 3-cents at 4.24 3/4.

March Kansas City wheat closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday night 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 September's low, the 38% retracement level of the June-September-decline crossing at 4.53 1/4 is the next upside target. Closes below the 50-day moving average crossing at 4.11 1/4 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-September-declinecrossing at 4.53 1/4. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.70 3/4. First support is the 50-day moving average crossing at 4.11 1/4. Second support is October's low crossing at 4.13 1/2.     

March Minneapolis wheat was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the decline off October's high, the reaction low crossing at 5.20 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.49 would temper the near-term bearish outlook. First resistance is the October 24th high crossing at 5.63. Second resistance is October's high crossing at 5.71 1/4. First support is the reaction low crossing at 5.35. Second support is the reaction low crossing at 5.20 1/4.

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

January soybeans were lower in overnight trading.The mid-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 bearish signaling that sideways to lower prices are possible near-term. If January resumes the decline off October's high, the 50-day moving average crossing at 9.20 1/4 is the next downside target. Closes above the 20-day moving average crossing at 9.40 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 9.40 1/4. Second resistance is October's high crossing at 9.59 1/2. First support is the 38% retracement level of the September-October-rally crossing at 9.23 1/4. Second support is the 50-day moving average crossing at 9.20 1/4.  

January soybean meal 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. Closes above the 20-day moving average crossing at 307.70 would temper the near-term bearish outlook. If January resumes the decline off October's high, the September 27^th low crossing at 296.30 is the next downside target. First resistance is the 50% retracement level crossing at 315.50. Second resistance is the 62% retracement level of the June-September decline crossing at 320.70. First support is the September 27^th low crossing at 296.30. Second support is September's low crossing at 293.80.    

March soybean oil was higher overnight. The mid-range overnight trade sets the stage for a steady to higher 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. Closes below the 20-day moving average crossing at 31.40 would confirm that a short-term top has been posted. If March extends the rally off September's low, February's high crossing at 32.45 is the next upside target. First resistance is Tuesday's high crossing at 32.44. Second resistance is February's high crossing at 32.45. First support is the 20-day moving average crossing at 31.40. Second support is the 50-day moving average crossing at 30.45.