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 March NASDAQ 100 closed lower on Tuesday as it consolidates some of this month's rally. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 6409.56 would confirm that a short-term top has been posted. If the NASDAQ 100 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 6409.56. Second support is the 50-day moving average crossing at 6319.63.
The March S&P 500 closed slightly higher in subdued post-holiday trading on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday'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 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 2660.31 would 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 10-day moving average crossing at 2679.42. Second support is the 20-day moving average crossing at 2660.31.
The Dow closed lower on Tuesday as investors returned from the long holiday break, with technology stocks coming under pressure as shares of Apple Inc. declined following a downward revision of expected demand. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 24,430.38 would confirm that a short-term top has been posted. First resistance is last Monday's high crossing at 24,876.07. Second resistance is unknown. First support is the 10-day moving average crossing at 24,678.80. Second support is the 20-day moving average crossing at 24,430.38.
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March T-bonds closed up 18/32's at 151-18.
March T-bonds closed higher on Tuesday as it consolidates some of the decline off December's high. Stochastics and the RSI are oversold 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 152-22 would confirm that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. If March resumes the aforementioned decline, October's low crossing at 149-07 is the next downside target. First resistance is December's high crossing at 154-18. Second resistance is the 75% retracement level of the September-October-decline crossing at 154-21. First support is last Wednesday's low crossing at 150-18. Second support is October's low crossing at 149-07.
March T-notes closed up 40/32's at 123-190.
March T-notes closed higher due to short covering on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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, weekly support crossing at 122.205 is the next downside target. Closes above the 50-day moving average crossing at 124.150 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 123.308. Second resistance is the 50-day moving average crossing at 124.150. 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 ""
February crude oil closed sharply higher on Tuesday marking an upside breakout of the trading range of the past two-months.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above November's high has renewed this year's rally while opening the door for a possible test of the 50% retracement level of the 2014-2016-decline crossing at 64.11. First resistance is today's high crossing at 60.00. Second resistance is weekly resistance crossing at 64.11. First support is the 20-day moving average crossing at 57.63. Second support is December's low crossing at 55.88.
February heating oil broke out to the topside of a two-month old trading range as it closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 October's low, the 75% retracement level of the 2014-2016-decline crossing at 208.51 is the next upside target. Closes below the 50-day moving average crossing at 190.13 would confirm that a short-term top has been posted. First resistance is today's high crossing at 204.16. Second resistance isthe 75% retracement level of the 2014-2016-decline crossing at 208.51. First support is the 20-day moving average crossing at 193.03. Second support is the 50-day moving average crossing at 190.13.
February unleaded gas closed higher on Tuesday as it extended this week's rally. The high-range close sets the stage for a steady to higher opening when Wednesday'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 this month's rally, the May-2015 high crossing at 186.01 is the next upside target. Closes below the 50-day moving average crossing at 172.09 would confirm that a short-term top has been posted. First resistance is today'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 160.72. Second support is December's low crossing at 166.19.
February Henry natural gas closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off November's high, weekly support crossing at 2.522 is the next downside target. Closes above the 20-day moving average crossing at 2.822 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 2.789. Second resistance is the 20-day moving average crossing at 2.822. First support is last Thusday's low crossing at 2.562. Second support is weekly support crossing at 2.522.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 last week's, the reaction low crossing at 92.69 is the next downside target. Closes above December's high crossing at 93.83 are needed to renew the rally off November's low. 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 92.69. Second support is the 62% retracement level of the September-November-rally crossing at 92.23.
The March Euro closed slightly higher on Tuesday while extending the trading range of the past seven-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. 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 120.44 or below the reaction low crossing at 117.97 are needed to confirm a breakout of the aforementioned trading range while pointing the direction of the next trending move. First resistance is November's high crossing at 120.44. Second resistance is the reaction high crossing at 121.50. First support is the reaction low crossing at 117.97. Second support is November's low crossing at 116.48.
The March British Pound closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, the 50-day moving average crossing at 1.3332 is the next downside target. If March renews the rally off November's low, September's high crossing at 1.3695 is the next upside target. First resistance is November's high crossing at 1.3598. Second resistance is September's high crossing at 1.3695. First support is the 50-day moving average crossing at 1.3332. Second support is the reaction low crossing at 1.3273.
The March Swiss Franc closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, the 50% retracement level of the July-September-decline crossing at 1.0412 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-September-decline crossing at 1.0412. First support is December's low crossing at 1.0103. Second support is October's low crossing at 1.0064.
The March Canadian Dollar closed higher on Tuesday while extending the trading range for the past two-months. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. 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 79.31 or below December's low crossing at 77.52 are needed to confirm a breakout of the October-December trading range. First resistance is the reaction crossing at 79.31. Second resistance is October's high crossing at 80.42. First support is December's low crossing at 77.52. Second support is the July's low crossing at 77.16.
The March Japanese Yen closed higher on Tuesday as it consolidates some of last week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday’s night 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 0.8920 would confirm that a short-term low has been posted. If March renews the decline off November's high, November's low crossing at 0.8783 is the next downside target. First resistance is November's high crossing at 0.9073. 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.
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February gold closed sharply higher on Tuesday and above the 50-day moving average crossing at 1278.40 opening the door for a possible test of November's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher price are possible near-term. Closes below the 10-day moving average crossing at 1265.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1288.40. Second resistance is November's high crossing at 1303.40. 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 closed higher on Tuesday as it extends the rally off December's low. The high-range close set the stage for a steady to higher opening when Wednesday'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 March extends the aforementioned rally, the 50-day moving average crossing at 16.746 is the next upside target. Closes below the 10-day moving average crossing at 16.171 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 16.746. Second resistance is November's high crossing at 17.485. First support is the 87% retracement level of the July-September-rally crossing at 15.626. Second support is July's low crossing at 15.225.
March copper 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 night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices is possible near-term. If March extends the aforementioned rally, the August-2013 high crossing at 334.05 is the next upside target. Closes below the 20-day moving average crossing at 309.06 would confirm that a short-term top has been posted. First resistance is today's high crossing at 330.00. Second resistance is the August-13 high crossing at 334.05. First support is the 20-day moving average crossing at 309.06. Second support is December's low crossing at 294.30.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up a 1/2-cent at 3.52 1/2.
March corn closed fractionally higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.56 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 3.56. 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 closed down 2 1/2-cents at 4.22 1/2.
March wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 4.36 1/4 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 4.36 1/2. Second resistance is the reaction high crossing at 4.60 3/4. 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 closed down 3/4-cents at 6.11.
March Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are 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 1/4 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 6.29 1/4. 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 closed up 9-cents at 9.69 1/4.
March soybeans closed higher on Tuesday as it consolidates some of the decline off December's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night 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, the late-August low crossing at 9.50 is the next downside target. Closes above the 20-day moving average crossing at 9.89 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 9.89 1/2. Second resistance is December's high crossing at 10.15. 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 closed up $2.40 at 319.10.
March soybean meal closed higher on Tuesday as it consolidated some of the decline off December's high. The mid-range close sets the stage for a steady opening when Wednesday's night 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 329.40 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 329.40. Second resistance is December's high crossing at 351.20. First support is last Friday's low crossing at 316.60. Second support is November's low crossing at 315.00.
March soybean oil closed up 49 pts. At 33.43.
March soybean oil closed sharply higher on Tuesday as it consolidated some of the decline off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 33.54 are needed to confirm that a short-term low has been posted. If March extends the decline off November's high, June's low crossing at 32.20 is the next downside target. First resistance is the 20-day moving average crossing at 33.54. Second resistance is the 50-day moving average crossing at 34.26. First support is December's low crossing at 32.67. Second support is June's low crossing at 32.20.
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.