KEY EVENTS TO WATCH FOR:

Thursday, November 19, 2020  

8:30 AM ET. November Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 22.0; previous 32.3)

                       Prices Paid (previous 28.5)

                       Employment (previous 12.7)

                       New Orders (previous 42.6)

                       Prices Received (previous 14.0)

                       Delivery Times (previous 20.5)

                       Inventories (previous -2.5)

                       Shipments (previous 46.5)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 710K; previous 709K)

                       Jobless Claims, Net Chg (previous -48K)

                       Continuing Claims (previous 6786000)

                       Continuing Claims, Net Chg (previous -436K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 978.3K)

                       Soybeans (Metric Tons) (previous 1468.5K)

                       Wheat (Metric Tons) (previous 300.5K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. October Existing Home Sales

                       Existing Sales (expected 6.46M; previous 6.54M)

                       Existing Sales, M/M% (expected -1.2%; previous +9.4%)

                       Unsold Homes Month's Supply (previous 2.7)

                       Median Price (USD) (previous 311800)

                       Median Home Price, Y/Y% (previous +14.8%)

10:00 AM ET. October Leading Indicators

                       Leading Index, M/M% (expected +0.7%; previous +0.7%)

                       Leading Index (previous 107.2)

                       Coincident Index, M/M% (previous +0.2%)

                       Lagging Index, M/M% (previous -0.1%)

10:00 AM ET. 3^rd Quarter Quarterly Retail E-Commerce Sales

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3927B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +8B)

11:00 AM ET. Nov. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous 23)

                       6-Mo Exp Prod Idx (previous 31)

                       Mfg Composite Idx (previous 13)

                       6-Mo Exp Composite Idx (previous 31)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

Friday, November 20, 2020  

10:00 AM ET. October Regional & State Employment & Unemployment

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

The STOCK INDEXES:The December NASDAQ 100 was steady to lower overnight.The high-range trade sets the stage for a steady to slightly 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 50-day moving average crossing at 11,526.38 would signal that a short-term top has been posted. If the NASDAQ 100 renews this month's rally, September's high crossing at 12,444.75 is the next upside target. First resistance September's high crossing at 12,444.75. Second resistance is monthly resistance crossing at 12,465.25. First support is the 20-day moving average crossing at 11,673.78. Second is the 50-day moving average crossing at 10,526.38.  

The December S&P 500 was lower overnight.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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3414.77 would confirm that a short-term top has been posted. If December resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Monday's high crossing at 3658.40. Second resistance is unknown. First support is the 20-day moving average crossing at 3463.67. Second support is the 50-day moving average crossing at 3414.77. 

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

INTEREST RATES: December T-bonds were higher in late-overnight trading. The mid-range overnight trade sets the stage for a 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. If December extends the rally off November's low, the 50-day moving average crossing at 174-10 is the next upside target. If December renews the decline off November's high, the 87% retracement level of the March-August-rally crossing at 167-19 is the next downside target. First resistance is the 50-day moving average crossing at 174-10. Second resistance is November's high crossing at 175-27. First support is the 75% retracement level of the March-August-rally crossing at 169-17. Second support is the 87% retracement level of the March-August-rally crossing at 167-19.

December T-notes were steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to slightly higher opening with the day session 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 November's low, the 50-day moving average crossing at 138.273 is the next upside target. If December renews the decline off November's high, June's low crossing at 137.025 is the next downside target. First resistance is the 50-day moving average crossing at 138.273. Second resistance is November's high crossing at 139.085. First support is the 87% retracement level of the June-August-rally crossing at 137.160. Second support is June's low crossing at 137.025. 

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

December crude oil was slightly 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off November's low, August's high crossing at $44.33 is the next upside target. Closes below the 20-day moving average crossing at $39.35 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $43.06. Second resistance is August's high crossing at $44.33. First support is the 20-day moving average crossing at $39.35. Second support is the reaction low crossing at $37.06.    

December heating oil was slightly higher overnight as it extends the rally off last-Friday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, the August 18th high crossing at $132.61 is the next upside target. Closes below the 50-day moving average crossing at $116.70 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $129.82. Second resistance is the August 18th high crossing at $132.61. First support is the 50-day moving average crossing at $116.70. Second support is the November 6^th low crossing at $113.59.

December unleaded gas was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $131.93 is the next upside target. Closes below the 20-day moving average crossing at $111.61 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $123.41. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $131.93. First support is the 20-day moving average crossing at $111.61. Second support is the November 6th low crossing at $107.57. 

December Henry natural gas was lower overnight as it extends the decline off October'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 October's high, the 75% retracement level of the March-October-rally crossing at 2.580 is the next downside target. Closes above Monday's gap crossing at 2.949 would confirm that a short-term low has been posted. First resistance resistance is Monday's gap crossing at 2.949. Second resistance is the 20-day moving average crossing at 3.016.  First support is June's low crossing at 2.637. Second support is the 75% retracement level of the March-October-rally crossing at 2.580.

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

CURRENCIES:The December Dollar was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to slightly higher 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 November's high, September's low crossing at $91.75 is the next downside target. Closes above the 50-day moving averagecrossing at $93.34 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving averagecrossing at $93.34. Second resistance is November's high crossing at $94.33. First  support is last-Monday's low crossing at $92.12. Second support is September's low crossing at $91.75.

The December Euro 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. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at $117.54 would signal that a short-term top has been posted. If December renews the rally off November's low, September's high crossing at 120.38 is the next upside target. First resistance is the November's high crossing at $119.42. Second resistance is September's high crossing at $120.38. First support is November's low crossing at $116.13. Second support is the 38% retracement level of the March-September-rally crossing at $115.42. 

The December British Pound was steady to lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, September's high crossing at 1.3488 is the next upside target. Closes below the 20-day moving average crossing at 1.3113 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 1.3326. Second resistance is September's high crossing at 1.3488. First support is the 20-day moving average crossing at 1.3113. Second support is the 50-day moving average crossing at 1.2994.

The December Swiss Franc 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. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Wednesday's low, November's high crossing at 1.1144 is the next upside target. If December renews last-week's decline, November's low crossing at 1.0874 is the next downside target. First resistance is November's high crossing at 1.1144. Second resistance is the September-2018 high crossing at 1.1319. First support is November's low crossing at 1.0874. Second support is the 38% retracement level of the March-August-rally crossing at 1.0789. 

The December Canadian Dollar was steady to slightly lower overnight. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If December resumes the rally off October's low, the October-2018 high crossing at $79.05 is the next upside target. Closes below the 50-day moving average crossing at $75.79 are needed to confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at $77.36. Second resistance is the October-2018 high crossing at $79.05. First support is the 50-day moving average crossing at $75.79. Second support is October's low crossing at $74.69.  

The December Japanese Yen was lower overnight as it consolidates some of the rally off November's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, November's high crossing at 0.0970 is the next upside target. Closes below the 50-day moving average crossing at 0.0953 would signal that a short-term top has likely been posted. First resistance is November's high crossing at 0.0970. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0979. First support is the 50-day moving average crossing at 0.0953. Second support is October's low crossing at 0.0943.  

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

PRECIOUS METALS: December gold was lower overnight as it extends the trading range off the past two weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off November's high, the July 16^th low crossing at $1819.90 is the next downside target. Closes above the 50-day moving average crossing at $1904.20 would signal that a short-term low has been posted. First resistance is November's high crossing at $1966.10. Second resistance is the September 16^th high crossing at $1983.80. First support is last-Monday's low crossing at $1848.00. Second support is the July 16^th low crossing at $1819.90.

December silver was lower overnight while extending the September-November trading range. 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $23.600 would open the door for a possible test of October's low crossing at $22.625. If December renews the rally off October's low, the September 15^th high crossing at $27.865 is the next upside target. First resistance is November's high crossing at $26.135. Second resistance is the September 15^th high crossing at $27.865. First support is October's low crossing at $22.625. Second support is September's low crossing at $21.810. 

December copper 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. Stochastics and the RSI are turning  neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.0769 would signal that a short-term top has been posted. If December extends the rally off October's low, the June-2018 high crossing at 3.4140 is the next upside target. First resistance is Monday's high crossing at 3.2625. Second resistance is the June-2018 high crossing at 3.4140. First support is the 20-day moving average crossing at 3.1302. Second support is the 50-day moving average crossing at 3.0769.  

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

December corn was lower due to profit taking overnight as it consolidates some of the rally off November's low. The low-range trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the June-2016 high on the monthly chart crossing at $4.43 1/2 is the next upside target. Closes below last-Friday's low crossing at $4.03 3/4 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $4.28 1/2. Second resistance is the June-2016 high on the monthly chart crossing at $4.43 1/2. First  support is last-Friday's low crossing at $4.03 3/4. Second support is the November's low crossing at $3.93.       

December wheat was lower overnight. The low-range 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 $6.04 1/4 would signal that a short-term low has been posted. If December renews the decline off October's high, the 38% retracement level of the June-October-rally crossing at $5.77 1/2 is the next downside target. First resistance is November's high crossing at $6.26 1/4. Second resistance is October's high crossing at $6.38 1/4. First support is the 38% retracement level of the June-October-rally crossing at $5.77 1/2. Second support is 50% retracement level of the June-October-rally crossing at $5.58 3/4.

December Kansas City 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off the October 28th low, the 87% retracement level of the 2018-2020-decline crossing at $6.05 1/2 is the next upside target. If December resumes the decline off November's high, the 50-day moving average crossing at $5.30 1/4 is the next downside target. First resistance is the 75% retracement level of the 2018-2020-decline crossing at $5.79 3/4. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $6.05 1/2. First support is the October 28^th low crossing at $5.32. Second support is the 50-day moving average crossing at $5.30 1/4.

December Minneapolis wheat was steady to fractionally higher overnight. The low-range overnight trade sets the stage for a steady to fractionally higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above November's high crossing at $5.71 3/4 would confirm that a short-term low has been posted. If December extends the decline off October's high, last-Friday's low crossing at $5.43 3/4 is the next downside target. First resistance is November's high crossing at $5.71 3/4. Second resistance is the 75% retracement level of the 2019-2020-decline crossing at $5.87 3/4. First support is last-Friday's low crossing at $5.43 3/4. Second support is October's low crossing at $5.30 1/4.   

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

January soybeans were lower due to profit taking overnight as it consolidates some of the rally off August's low. The low-range 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 January extends this month's rally, monthly resistance marked by the June-2016 high crossing at $12.08 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.09 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $11.89 3/4. Second resistance is monthly resistance marked by the June-2016 high crossing at $12.08 1/2. First support is the 10-day moving average crossing at $11.46 3/4. Second support is the 20-day moving average crossing at $11.09.

December soybean meal was lower due to profit taking overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging, but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off August's low, monthly resistance crossing at $404.90 is the next upside target. Closes below the 20-day moving average crossing at $386.20 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $401.10. Second resistance is monthly resistance crossing at $404.90. First support is the 20-day moving average crossing at $386.20. Second support is the October 12^th low crossing at $352.30.   

December soybean oil was lower in late-overnight trading as it consolidates some of the rally off March's low. The low-range 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 the rally off October's low, monthly resistance crossing at 39.20 is the next upside target. Closes below the 20-day moving average crossing at 35.48 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 38.96. Second resistance is monthly resistance crossing at 39.20. First support is the 10-day moving average crossing at 36.99. Second support is the 20-day moving average crossing at 35.48.