KEY EVENTS TO WATCH FOR:
Thursday, December 28, 2017
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 240K; previous 245K)
Jobless Claims, Net Chg (previous +20K)
Continuing Claims (previous 1932000)
Continuing Claims, Net Chg (previous +43K)
8:30 AM ET. November Advance Economic Indicators Report
8:30 AM ET. 3rd Quarter U.S. International Investment Position
9:45 AM ET. December ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 61.5; previous 63.9)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3444B)
Working Gas In Storage, Net Chg (Cbf) (previous -182B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 436.491M)
Crude Oil Stocks, Net Chg (Bbl) (previous -6.495M)
Gasoline Stocks (Bbl) (previous 227.783M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.237M)
Distillate Stocks (Bbl) (previous 128.845M)
Distillate Stocks, Net Chg (Bbl) (previous +0.769M)
Refinery Usage (previous 94.1%)
Total Prod Supplied (Bbl/day) (previous 21.111M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.64M)
3:00 PM ET. December Agricultural Prices
Farm Prices, M/M% (previous -5.2%)
Friday, December 29, 2017
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1560.6K)
Soybeans (Metric Tons) (previous 1762.9K)
Wheat (Metric Tons) (previous 833.2K)
Tuesday, January 2, 2018
9:45 AM ET. December US Manufacturing PMI
PMI, Mfg (previous 53.9)
11:00 AM ET. December Global Manufacturing PMI
PMI, Mfg (previous 54)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The March NASDAQ 100 was higher overnight. U.S. stocks were set for small gains at the open on Thursday, with energy stocks underpinning the rally as oil prices lingered around 2 1/2-year highs. Later in the day session, attention turns to a trio of data releases, including weekly jobless claims. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 6417.46 are needed to confirm that a short-term top has been posted. 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 6417.46. Second support is the 50-day moving average crossing at 6332.67.
The March S&P 500 was slightly higher overnight as it extends the narrow trading range that began last Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2666.28 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 2666.28. Second support is the 50-day moving average crossing at 2615.73.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were lower overnight as they consolidate some of the rally off last Wednesday's low. 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 154-18 is the next upside target. Closes below the 10-day moving average crossing at 152-08 would temper the near-term friendly outlook. First resistance is Wednesday's high crossing at 153-04. 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 lower in overnight trading as it consolidated some of Wednesday's rally. 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 124.032 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 122.205 is the next downside target. First resistance is the 20-day moving average crossing at 124.032. Second resistance is the 50-day moving average crossing at 124.135. 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 slightly higher overnight and remains poised to extend 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 aforementioned rally, 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 57.82 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 57.82. Second support is the 50-day moving average crossing at 56.49.
February heating oil was slightly higher 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 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 194.01 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 205.52. 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 194.01. Second support is the 50-day moving average crossing at 191.05.
February unleaded gas was steady to slightly lower overnight as it consolidates some of 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 rally off December's low, the May-2015 high crossing at 186.01 is the next upside target. Closes below the 50-day moving average crossing at 172.80 would confirm that a double top with November's high has been posted. 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 172.80. Second support is December's low crossing at 166.19.
February Henry natural gas was higher overnight as it extends the rally off December's low. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2.784 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 2.784. Second resistance is the 38% retracement level of the September-December-decline crossing at 2.900. First support is December'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, November's low crossing at 92.13 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 November's low crossing at 92.13. Second support is the 75% retracement level of the September-November-rally crossing at 91.69.
The March Euro was slightly higher overnight while extending the trading range of the past two-months. Stochastics and the RSI are overbought but remain 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 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 resumes the decline off November's high, the 50-day moving average crossing at 1.3339 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 1.3339. Second support is the reaction low crossing at 1.3273.
The March Swiss Franc were higher overnight and poised to breakout to the topside of 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 trading above the upper boundary of the trading range of the past two-months. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term.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 higher 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 0.8906 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 1267.80 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 the 20-day moving average crossing at 1267.80. Second support is December's low crossing at 1238.30. Third 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 reaction high crossing at 17.270 is the next upside target. Closes below the 20-day moving average crossing at 16.197 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 17.270. Second resistance is November's high crossing at 17.485. First support is the 20-day moving average crossing at 16.197. Second support is December's low crossing at 15.635. Third support is the 87% retracement level of the July-September-rally crossing at 15.626.
March copper was higher overnight as it extends the rally off December's low. The mid-range 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 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 311.15 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 332.20. Second resistance is the August-2013 high crossing at 334.05. First support is the 10-day moving average crossing at 320.21. Second support is the 20-day moving average crossing at 311.15.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was 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 1/2 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 1/2. Second resistance is December's high crossing at 3.60 1/2. 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 lower overnight. The low-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 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 4.35 1/4. 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 up 5 1/2-cents at 4.25 1/2.
March Kansas City wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 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. 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 a 1/4-cent at 6.21 1/2.
March Minneapolis wheat was steady to fractionally higher overnight. 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 50-day moving average crossing at 6.29 are needed confirm that a short-term low has been posted. 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. 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 lower overnight. The mid-range close 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 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 9.85 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 9.85 1/2. 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 slightly lower overnight. The mid-range close 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 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 328.10 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 320.00. Second resistance is the 20-day moving average crossing at 328.10. First support is Wednesday's low crossing at 315.70. Second support is November's low crossing at 315.00.
March soybean oil were lower overnight. The low-range close 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 33.43 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 33.43. Second resistance is the 50-day moving average crossing at 34.23. 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
April hogs closed up $0.51 at $72.28.
April hogs closed higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday's 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 April extends the rally off December's low, the reaction high crossing at 75.82 is the next upside target. Closes below the 10-day moving average crossing at 73.19 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 75.82. Second resistance is November's high crossing at 75.90. First support is the 10-day moving average crossing at 73.19. Second support is December's low crossing at 70.97.
February cattle closed down $0.48 at 121.00.
February cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower 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 this week's rally, the 50-day moving average crossing at 123.63 is the next upside target. Closes below the reaction low crossing at 118.15 would confirm that a short-term top has been posted. 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 $0.38 at $141.73.
March Feeder cattle closed higher on Wednesday 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 Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 144.62 would confirm that a short-term low has been posted. If March resumes the decline off November's high, the 87% retracement level of the February-October-rally crossing at 137.19 is the next downside target. First resistance is the 20-day moving average crossing at 144.62. Second resistance is the 50-day moving average crossing at 149.43. 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 Wednesday and above the 20-day moving average crossing at 12.36 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. 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, the 50-day moving average crossing at 12.66 is the next upside target. If March renews the decline off November's high, weekly support crossing at 11.34 is the next downside target.
March cocoa closed higher on Wednesday 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 Thursday. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 19.25 would confirm that a short-term low has been posted. If March renews the decline off November's high, weekly support crossing at 17.91 is the next downside target.
March sugar closed higher on Wednesday and has renewed the rally off December's low. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, November's high crossing at 15.49 is the next upside target. Closes below the 10-day moving average crossing at 15.19 would confirm that a short-term top has been posted.
March cotton closed higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening on Thursday. 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 74.74 are needed to confirm a short-term top has been posted.