KEY EVENTS TO WATCH FOR:
Monday, November 23, 2020
8:30 AM ET. October CFNAI Chicago Fed National Activity Index
NAI (previous 0.27)
NAI, 3-mo Moving Avg (previous 1.33)
9:45 AM ET. November US Flash Manufacturing PMI
PMI, Mfg (previous 53.3)
9:45 AM ET. November US Flash Services PMI
PMI, Services (previous 56.0)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow 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 overbought but remain neutral to bullish signaling that sideways to higher prices remain possible near-term. If the Dow extends this month's rally into uncharted territory, upside targets will be hard to project. Closes below last-Thursday's low crossing at 28,902.13 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 29,933.83. Second resistance is unknown. First support is last-Thursday's low crossing at 28,902.13. Second support is the 20-day moving average crossing at 26,416.65.
The December NASDAQ 100 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 signaling that sideways trading is possible near-term. If December renews the rally off November's low. September's high crossing at 12,465.25 is the next upside target. Closes below the 50-day moving average crossing at 11,546.82 are needed to confirm that a short-term top has been posted. First resistance is November's high crossing at 12,408.75. Second resistance is September's high crossing at 12,465.25. First support is the 50-day moving average crossing at 11,546.82. Second support is November's low crossing at 10,942.25.
The December S&P 500 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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Monday's gap crossing at 3502.70 are needed to confirm that a short-term top has been posted. If December extends the rally off November's low into uncharted territory, upside targets will be hard to project. First resistance is November's high crossing at 3658.40. Second resistance is unknown. First support is last-Monday's gap crossing at 3502.70. Second support is the 20-day moving average crossing at 3465.16.
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December T-bonds closed up 30's at 174-06.
December T-bonds higher on Monday as it extends the rally off November'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 174-08 would open the door for a possible test of November's high crossing at 175-27. Closes below the 10-day moving average crossing at 172-06 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 174-08. Second resistance is November's high crossing at 175-27. First support is the 10-day moving average crossing at 172-06. Second support is the 75% retracement level of the March-August-rally crossing at 169-17.
December T-notes closed up 55-pts. at 138.170.
December T-notes closed higher on Friday as it extends the rally off November's low. 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 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 138.267 is the next upside target. Closes below the 10-day moving average crossing at 138.026 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 138.267. Second resistance is November's high crossing at 139.085. First support is the 10-day moving average crossing at 138.026. Second support is November's low crossing at 137.080.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
December crude oil closed higher on Friday.The high-range close sets the stage for a steady to higher opening when Monday'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. If December renews 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 $39.48 would signal 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 50-day moving average crossing at $39.93. Second support is the 20-day moving average crossing at $39.48.
December heating oil closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. 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 November's low, the August 25th high crossing at $132.46 is the next upside target. Closes below the 50-day moving average crossing at $117.03 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 25th high crossing at $132.46. First support is the 20-day moving average crossing at $118.66. Second support is the 50-day moving average crossing at $117.03.
December unleaded gas closed higher on Friday. 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 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 $111.91 would signal that a short-term top has been posted. First resistance is November'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 111.91. Second support is the reaction low crossing at $107.57.
December Henry natural gas posted an inside day with a higher close on Friday as it consolidates some of the decline off October's high. The high-range close sets the stage for a steady to slightly higher 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 renews the decline off November's high, the 87% retracement level of the June-November-rally crossing at 2.734 is the next downside target. Closes above the 20-day moving average crossing at 2.990 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.990. Second resistance is the 50-day moving average crossing at 3.105. First support is the 75% retracement level of the June-November-rally crossing at 2.825. Second support is the 87% retracement level of the June-November-rally crossing at 2.734.
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The December Dollar closed slightly higher on Friday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes this month's decline, September's low crossing at 91.75 is the next downside target. Closes above the 50-day moving average crossing at 93.31 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 93.31. 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 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 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, last-Monday's high crossing at $119.30 is the next upside target. Closes below last-Wednesday's low crossing at crossing at 117.53 would signal that a short-term top has been posted. First resistance is the September 10th high crossing at 119.42. Second resistance is September's high crossing at 120.38. First support is last-Wednesday's low crossing at 117.53. Second support is November's low crossing at 116.13.
The December British Pound was higher on Friday. 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 renews this month's rally, September's high crossing at 1.3488 is the next upside target. Closes below the 20-day moving average crossing at 1.3125 would 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 1.3125. Second support is the 50-day moving average crossing at 1.3004.
The December Swiss Franc closed slightly 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 Tuesday's high crossing at 1.1012 would signal that a short-term low has been posted. If December renews the decline off November's high, November's low crossing at 1.0874 is the next downside target. Closes above November's high crossing at 1.1144 would mark a potential upside breakout of the August-November trading range. First resistance is November's high crossing at 1.1144. Second resistance is the September-2019 high crossing at 1.1319. First support is November's low crossing at 1.0874. Second support is September's low crossing at 1.0781.
The December Canadian Dollar 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 75.80 would confirm that a short-term top has been posted. If December renews the rally off October's low, the October-2018 high crossing at 79.05 is the next upside target. First resistance is November'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 75.80. Second support is October's low crossing at 74.70.
The December Japanese Yen closed lower on Friday as it consolidates some of this month's short covering rally. 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 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 been posted. First resistance is Thursday's high crossing at 0.0965. Second resistance is November's high crossing at 0.0970. First support is November's low crossing at 0.0947. Second support is October's low crossing at 0.0943.
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December gold closed higher on Friday. 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 oversold but remain neutral to bearish with sideways to lower prices are possible near-term. If December renews the decline off November's high, the 38% retracement level of the March-August-rally crossing at $1771.40 is the next downside target. Closes above the 50-day moving average crossing at $1902.70 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1902.70. Second resistance is November's high crossing at $1966.10. First support is last-Monday's low crossing at $1848.00. Second support is the 38% retracement level of the March-August-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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 23.600 would confirm that a short-term top has been posted. If December renews the rally off September's low, the September 15th 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 15th high crossing at 27.865. First support is last-Monday's low crossing at 23.600. Second support is October's low crossing at 22.965.
December copper closed sharply higher on Friday. 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 extends the rally off March's low, the June-2018 high crossing at 341.40 is the next upside target. Closes below the 50-day moving average crossing at 308.23 would signal that a short-term top has been posted. First resistance is today's high crossing at 330.15. Second resistance is the June-2018 high crossing at 341.40. First support is the 20-day moving average crossing at 313.89. Second support is the 50-day moving average crossing at 308.23.
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December Corn closed up a $0.00 1/4-cent at $4.22 3/4.
December corn closed fractionally higher on Friday. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off April's low, weekly resistance marked by the June-2016 high crossing at $4.43 1/2 is the next upside target. Closes below last-Friday's low crossing at $4.03 3/4 would confirm 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 crossing at $4.43 1/2 is the next upside target. First support is last-Friday's low crossing at $4.03 3/4. Second support is the 50-day moving average crossing at $3.95 1/4.
December wheat closed up $0.01 1/4-cents at $5.93.
December wheat closed higher on Friday as it consolidates above the August-September uptrend line.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. If December extends 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. Closes above the 20-day moving average crossing at $6.02 would confirm that a short-term low has been posted. 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 50-day moving average crossing at $5.90 1/2. Second support is the 38% retracement level of the June-November-rally crossing at $5.77 1/2.
December Kansas City Wheat closed up $0.01 1/2-cents at $5.50 1/4.
December Kansas City wheat closed higher on Friday as it extends the October-November trading range. The mid-range close sets the stage for a steady 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 the decline off November's high, the 50-day moving average crossing at $5.31 1/2 is the next downside target. If December renews the rally off November's low, the 87% retracement level of the 2018-2020-decline crossing at $6.05 is the next upside 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. First support is November's low crossing at $5.32. Second support is the 50-day moving average crossing at $5.31 1/2.
December Minneapolis wheat closed down $0.02 1/4-cents at $5.44.
December Minneapolis wheat 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline the reaction low crossing at the reaction low crossing at $5.40 1/2 is the next downside target. Closes above the 20-day moving average crossing at crossing at $5.54 1/4 would signal that a short-term low has been posted. First resistance is November's high crossing at $5.71 3/4 is the next upside target. Second resistance is 75% retracement level of the 2019-2020-decline crossing at $5.87 3/4. First support is the reaction low crossing at crossing at $5.40 1/2. Second support is September's low crossing at $5.22 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed up $0.04 1/2-cents at $11.81 3/4.
January soybeans 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 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. Multiple closes below the 20-day moving average crossing at $11.14 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at $11.96 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 $11.56. Second support is the 20-day moving average crossing at $11.14 1/2.
December soybean meal closed up $1.10 to $394.80.
December soybean meal 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 diverging and are turning 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 $404.90 is the next upside target. Closes below the 20-day moving average crossing at $386.70 would confirm 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 $386.70. Second support is the October 13th low crossing at $352.30.
December soybean oil closed down 17-pts. at 38.64.
December soybean oil closed lower on Friday as it consolidated some of this year'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 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 41.25 is the next upside target. Closes below the 20-day moving average crossing at 35.74 would signal that a short-term top has been posted. First resistance is today's high crossing at 39.32. Second resistance is monthly resistance crossing at 41.25. First support is the 10-day moving average crossing at 37.37. Second support is the 20-day moving average crossing at 35.74.
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December hogs closed up $0.48 at $64.18.
December hogs closed higher on Friday as it extends this month's trading range. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at $61.90 is the next downside target. Closes above the 20-day moving average crossing at $65.71 would signal that a short-term low has been posted. First resistance is November's high crossing at $67.60. Second resistance is October's high crossing at $72.80. First support is today's low crossing at $63.50. Second support is the September 16th low crossing at $61.25.
December cattle closed down $0.25 at $108.00
December cattle closed lower on Friday as it extends the decline off November's high. 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 sideways to lower prices are possible near-term. If December extends the aforementioned decline, October's low crossing at $102.53 is the next upside target. Closes above the 10-day moving average crossing at $110.69 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $110.69. Second resistance is November's high crossing at $112.70. First support is today's low crossing at $106.60. Second support is October's low crossing at $102.53.
January Feeder cattle closed down $0.90-cents at $134.65.
January Feeder cattle closed lower on Friday. The high-range close sets the stage for a steady to slightly lower opening when Monday's session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, the reaction low crossing at $132.48 is the next downside target. Closes above the 10-day moving average crossing at $138.46 would confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at $138.46. Second resistance is November's high crossing at $141.50. First support is the reaction low crossing at $132.48. Second support is October's low crossing at $124.25.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee posted a key reversal down on Friday. The low-range close sets the stage for a steady to lower 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 December extends the rally off November's low, the 62% retracement level of the September-November decline crossing at 12.28 is the next upside target. Closes below the 20-day moving average crossing at 10.91 would confirm that a short-term top has been posted.
March cocoa closed sharply higher for the sixth day in a row on Friday. The high-range close sets 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 this month's rally, monthly resistance crossing at 29.98 is the next upside target. Closes below the 20-day moving average crossing at 24.15 would confirm that a short-term top has been posted.
March sugar closed lower on Friday. The mid-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 14.88 would signal that a short-term top has been posted. If March extends the rally off September's low, weekly resistance crossing at 16.45 is the next upside target.
December cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, October's high crossing at 72.60 is the next upside target. Closes below the 50-day moving average crossing at 68.39 would signal that a short-term top has been posted.