KEY EVENTS TO WATCH FOR:
Monday, October 5, 2020
9:00 AM ET. IMF Fiscal Monitor analytical chapter released
9:30 AM ET. SEC Fixed Income Market Structure Advisory Committee Meeting, held virtually
9:45 AM ET. September US Services PMI
PMI, Services (previous 55.0)
10:00 AM ET. September Employment Trends Index
ETI (previous 52.55)
ETI, Y/Y%
10:00 AM ET. September ISM Report on Business Services PMI
Non-Mfg Composite Idx (previous 56.9)
Non-Mfg Business Idx (previous 62.4)
Prices Idx (previous 64.2)
Employment Idx (previous 47.9)
New Orders Idx (previous 56.8)
11:00 AM ET. September Global Services PMI
PMI, Services (previous 51.9)
N/A G24 Committee of the Whole meeting
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Friday as investors weigh Trump’s coronavirus diagnosis, and today's September's jobs report, which came in weaker-than-expected. The U.S. economy created 661,000 new jobs in September while unemployment rate fell to 7.9% to the lowest level of the pandemic. The increase in hiring was the slowest pace since the economy reopened and pointed to a slow-down in the economic recovery. 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 overbought but remain neutral to bullish signaling that sideways to higher prices remain possible near-term. Close above last-Wednesday's high crossing at 28,364.77 would signal that a short-term low has been posted. If the Dow renews the decline off September's high, the 25% retracement level of the March-September-rally crossing at 26,464.30 is the next downside target. First resistance is September's high crossing at 29,199.35. Second resistance is February's high crossing at 29,568.57. First support is the 25% retracement level of the March-September-rally crossing at 26,464.30. Second support is the 38% retracement level of the March-September-rally crossing at 25,010.37.
The December NASDAQ 100 closed sharply lower on Friday. The low-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. Closes above today's high crossing at 11,604.75 would open the door for a possible test of September's high crossing at 12,465.25. If December renews the decline off September's high, the 38% retracement level of the March-September-rally crossing at 10,354.13 is the next downside target. First resistance is today's high crossing at 11,604.75. Second resistance is September's high crossing at 12,465.25. First support is last-Monday's low crossing at 10,656.50. Second support is the 38% retracement level of the March-September-rally crossing at 10,354.13.
The December S&P 500 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the July 24th low crossing at 3217.00 is the next downside target. Closes above the September 16th high crossing at 3412.00 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 3394.58. Second resistance is September's high crossing at 3568.80. First support is last-Friday's low crossing at 3210.70. Second support is the 38% retracement level of the March-September-rally crossing at 3049.78.
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December T-bonds closed down 17/32's at 175-26.
December T-bonds closed lower on Friday while extending September's trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off September's high, the August 28th low crossing at 173-16 is the next downside target. Multiple closes above the 50-day moving average crossing at 177-11 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 177-11. Second resistance is August's high crossing at 181-17. First support is the August 28th low crossing at 173-16. Second support is the June 5th low crossing at 171-16.
December T-notes closed down 45-pts. at 139.130.
December T-notes closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off September's high, the September 4th low crossing at 139.000 is the next downside target. If December renews the rally off August's low, August's high crossing at 140.110 is the next upside target. First resistance is September's high crossing at 139.290. Second resistance is August's high crossing at 140.110. First support is the August 28th low crossing at 138.185. Second support is the June 5th low crossing at 137.025.
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November crude oil closed sharply lower on Friday as President Donald Trump's COVID-19 diagnosis raised further concerns over a slowdown in the economy and energy demand. Rising coronavirus cases across the globe raising concerns of slowing world demand and recovery. The low-range close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November renews the decline off August's low, the June 12th low crossing at $35.54 is the next downside target. Closes above the 50-day moving average crossing at $41.19 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $41.19. Second resistance is August's high crossing at $43.78. First support is September's low crossing at $36.58. Second support is the June 12th low crossing at $35.54.
November heating oil closed lower on Friday as it renewed the decline off August's high. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off August's high, the 75% retracement level of the April-August-rally crossing at $103.63 is the next downside target. Closes above Thursday's high crossing at $116.08 are needed to confirm that a short-term low has been posted. First resistance is Thursday's high crossing at $116.08. Second resistance is the September 18th high crossing at $118.58. First support is the 62% retracement level of the April-August-rally crossing at $108.97. Second support is the 75% retracement level of the April-August-rally crossing at $103.63.
November unleaded gas closed lower on Friday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 November extends this week's decline, September's low crossing at 106.60 is the next downside target. If November renews the rally off September's low, August's high crossing at 124.62 is the next upside target. First resistance is Monday's high crossing at 121.86. Second resistance is August's high crossing at 124.62. First support is September's low crossing at 106.60. Second support is the July 30th low crossing at 105.01.
November Henry natural gas closed lower on Friday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower opening when Monday'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 November extends the decline off September's high, the 75% retracement level of the June-September-rally crossing at 2.348 is the next downside target. Closes above the 50-day moving average crossing at 2.715 is the next upside target. First resistance is the 50-day moving average crossing at 2.715. Second resistance is the September 24th high crossing at 2.928. First support is the 75% retracement level of the June-September-rally crossing at 2.348. Second support is the 87% retracement level of the June-September-rally crossing at 2.244.
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The December Dollar closed slightly higher on Friday as it consolidates some of this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 93.28 would signal that a short-term top has been posted. If December renews the rally off September's low, the 25% retracement level of the March-September-decline crossing at 94.72 is the next upside target. First resistance is the 25% retracement level of the March-September-decline crossing at 94.72. Second resistance is the 38% retracement level of the March-September-decline crossing at 96.33. First support is the September 10-day moving average crossing at 92.68. Second support is September's low crossing at 91.75.
The December Euro closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 118.25 would confirm that a short-term low has been posted. If December extends the decline off September's high, the 38% retracement level of the March-September-rally crossing at 115.42 is the next downside target. First resistance is September's high crossing at 120.38. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at 121.47. First support is last-Friday's low crossing at 116.30. Second support is the 38% retracement level of the March-September-rally crossing at 115.42.
The December British Pound closed slightly higher on Friday as it consolidated some of the decline off September's high. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.3031 are needed to confirm that a short-term low has been posted. If December renews this month's decline, the 50% retracement level of the March-September rally crossing at 1.2502. First resistance is the 50-day moving average crossing at 1.3031. Second resistance is September's high crossing at 1.3488. First support isthe 38% retracement level of the March-September rally crossing at 1.2733. Second support is the 50% retracement level of the March-September rally crossing at 1.2502.
The December Swiss Franc closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 1.0981 would signal that a short-term low has been posted. If December renews the decline off August's high, the 38% retracement level of the March-August-rally crossing at 1.0789 is the next downside target. First resistance is September's high crossing at 1.1081. Second resistance is August's high crossing at 1.1138. First support is last-Friday's low crossing at 1.0781. Second support is the 38% retracement level of the March-August-rally crossing at 1.0789.
The December Canadian Dollar closed slightly 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 75.49 would signal that a short-term low has been posted. If December renews the decline off August's high, the 38% retracement level of the March-September-rally crossing at 73.72 is the next downside target. First resistance is the 50-day moving average crossing at 75.49. Second resistance is September's high crossing at 76.97. First support is Wednesday's low crossing at 74.53. Second support is the 38% retracement level of the March-September-rally crossing at 73.72.
The December Japanese Yen closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. 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 0.0947 would confirm that a short-term top has been posted. If December renews the rally off August's low, the 75% retracement level of the February-March high crossing at 0.0968 is the next upside target. First resistance is September's high crossing at 0.0963. Second resistance is the 75% retracement level of the February-March high crossing at 0.0968. First support is the 50-day moving average crossing at 0.0947. Second support is September's low crossing at 0.0940.
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December gold closed lower on Friday as it consolidated some of this week's rally.The mid-range close sets the stage for a steady to slightly lower opening when Monday'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 $1954.20 would confirm that a short-term low has been posted. If December extends the decline off August's high, the 38% retracement level of the March-August-rally crossing at $1771.40 is the next downside target. First resistance is the 50-day moving average crossing at $1954.20. Second resistance is the September 16th high crossing at $1983.80. First support is the September 24th low crossing at $1851.00. Second support is the 38% retracement level of the 2018-2020-rally crossing at $1771.40.
December silver closed slightly higher on Friday. The mid-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 to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 25.457 would signal that a short-term low has been posted. If December extends this month's decline, the 50% retracement level of the March-August-rally crossing at 20.953 is the next downside target. First resistance is the 20-day moving average crossing at 25.457. Second resistance is the 50-day moving average crossing at 26.229. First support is last-Thursday's low crossing at 21.810. Second support is the 50% retracement level of the March-August-rally crossing at 20.953.
December copper closed higher on Friday as it consolidates some of Thursday's decline but remains below the 50-day moving average crossing at 297.52. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, August's low crossing at 279.60 is the next downside target. If December renewed the rally off March's low, the 87% retracement level of the 2018-2020 decline crossing at 323.02 is the next upside target. First resistance is Monday's high crossing at 312.10. Second resistance is the 87% retracement level of the 2018-2020 decline crossing at 323.02. First support is today's low crossing at 283.45. Second support is August's low crossing at 279.60.
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December Corn closed down $0.03 1/4-cents at $3.79 1/2.
December corn closed lower on Friday as it consolidates some of this week's rally. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 75% retracement level of the 2019-2020-decline crossing at $3.98 is the next upside target. First resistance is the 62% retracement level of the 2019-2020-decline crossing at $3.84 1/4. Second resistance is the 75% retracement level of the 2019-2020-decline crossing at $3.98 is the next upside target. First support is Monday's low crossing at $3.60 1/2. Second support is September's low crossing at $3.51.
December wheat closed up $0.03-cents at $5.73 1/4.
December wheat closed higher on Friday as it consolidated some of Thursday's decline. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off June's low, January's high crossing at $5.92 1/2 is the next upside target. Closes below the 50-day moving average crossing at $5.36 would open the door for a larger-degree decline near-term. First resistance is the 87% retracement level of the March-June-decline crossing at $5.84. Second resistance is January's high crossing at $5.92 1/2. First support is the 20-day moving average crossing at $5.53 1/2. Second support is the 50-day moving average crossing at $5.38 3/4.
December Kansas City Wheat closed up a $0.04 1/2-cent at $5.11.
December Kansas City wheat closed higher on Friday as it extended this week's rally. 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 neutral to bullish signaling that sideways to higher prices are possible. If December extends the rally off August's low, the 50% retracement level of the 2018-2020-decline crossing at $5.26 3/4 is the next upside target. Closes below the 20-day moving average crossing at $4.84 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $5.15 1/2. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $5.26 3/4. First support is the 20-day moving average crossing at $4.84. Second support is the 50-day moving average crossing at $4.63 3/4.
December Minneapolis wheat closed down $0.01 3/4-cents at $5.31 3/4.
December Minneapolis wheat closed lower on Friday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways trading is possible near-term. Closes below September's low crossing at crossing at $5.22 1/2 would confirm that a short-term top has been posted. If December renews the rally off August's low, the April 4th high crossing at $5.67 is the next upside target. First resistance is June's high crossing at $5.54 1/4. Second resistance is the April 4th high crossing at $5.67. First support is September's low crossing at $5.22 1/2. Second support is August's low crossing at $5.06 1/2.
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November soybeans closed down $0.03 1/2-cents at $10.20.
November soybeans 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If November resumes this summer's rally, monthly resistance on the weekly continuation chart crossing at $10.82 1/2 is the next upside target. Closes below Tuesday's low crossing at $9.85 3/4 would confirm that a short-term top has been posted. First resistance is September's high crossing at $10.46 3/4. Second resistance is monthly resistance on the monthly continuation chart crossing at $10.82 1/2. First support is Tuesday's low crossing at $9.85 3/4. Second support is September's low crossing at $9.42 3/4.
December soybean meal closed up $3.70 to $351.60.
December soybean meal closed higher on Friday as it extends the rally off August's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, monthly resistance crossing at $354.50 is the next upside target. Closes below the 20-day moving average crossing at $332.10 would confirm that a short-term top has been posted. First resistance is today's high crossing at $354.10. Second resistance is monthly resistance crossing at $354.50. First support is Tuesday's crossing at $329.70. Second support is the September 16th low crossing at $317.90.
December soybean oil closed down 79-pts. at 31.63.
December soybean oil closed sharply lower on Friday and below the 50-day moving average crossing at 32.30 as it renewed the decline off September's high. The low-range close sets the stage for a steady to lower opening when Monday'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 December extends today's decline, the 50% retracement level of the March-September-rally crossing at 30.68 is the next downside target. Closes above the 20-day moving average crossing at 33.44 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33.44. Second resistance is September's high crossing at 35.49. First support is today's low crossing at 31.50. Second support is the 50% retracement level of the March-September-rally crossing at 30.68.
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October hogs closed up $0.33 at $74.48.
October hogs closed higher on Friday. The low-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 higher signaling that sideways to higher prices are possible near-term. If October extends the rally off June's low, the 75% retracement level of the 2019-2020-decline crossing at $78.10 is the next upside target. Closes below the 20-day moving average crossing at $67.53 would signal that a short-term top has been posted. First resistance is today's high crossing at $75.43. Second resistance is the 75% retracement level of the 2019-2020-decline crossing at $78.10. First support is the 10-day moving average crossing at $71.08. Second support is the 20-day moving average crossing at $67.53.
October cattle closed down $0.33 at $108.20
October cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. 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 $106.97 would signal that short-term top has been posted. If October extends the rally off September's low, August's high crossing at $111.15 is the next upside target. First resistance is last-Friday's high crossing at $109.43. Second resistance is August's high crossing at $111.15. First support is September's low crossing at $103.37. Second support is the July 15th low crossing at $102.65.
October Feeder cattle closed down $1.13-cents at $139.80.
October Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower 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 October renews the decline off Tuesday's high, September's low crossing at $137.25 is the next downside target. If October resumes the rally off September's low, August's high crossing at $150.20 is the next upside target. First resistance is September's high crossing at $144.00. Second resistance is August's high crossing at $150.20. First support is September's low crossing at $137.25. Second support is July's low crossing at $132.38.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed higher on Friday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher 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 December extends the decline off September's high, the 87% retracement level of the June-September rally crossing at 10.18 is the next downside target. Closes above the 20-day moving average crossing at 11.78 would confirm that a short-term low has been posted.
December cocoa closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Friday. 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, August's low crossing at 23.55 is the next downside target. Closes above the 20-day moving average crossing at 25.79 would signal that a short-term low has been posted.
March sugar closed slightly lower on Friday. The high-range close set the stage for a steady to higher opening on Monday. 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 September's low, August's high crossing at 13.77 is the next upside target. Closes below the 20-day moving average crossing at 13.08 would signal that a short-term top has been posted.
December cotton closed slightly lower 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 a short-term top might be in or is near. Closes below the 50-day moving average crossing at 64.39 would confirm that a short-term top has been posted. If December renews the rally off April's low, the 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target.