KEY EVENTS TO WATCH FOR:
Wednesday, November 25, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 831.5)
Composite Idx, W/W% (previous -0.3%)
Purchase Idx-SA (previous 303.9)
Purchase Idx-SA, W/W% (previous +3.5%)
Refinance Idx (previous 3901.6)
Refinance Idx, W/W% (previous -1.8%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 733K; previous 742K)
Jobless Claims, Net Chg (previous +31K)
Continuing Claims (previous 6372000)
Continuing Claims, Net Chg (previous -429K)
8:30 AM ET. October Advance Report on Durable Goods
Durable Goods-SA, M/M% (expected +0.6%; previous +1.9%)
Dur Goods, Ex-Defense, M/M% (previous +3.4%)
Dur Goods, Ex-Transport, M/M% (previous +0.8%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.0%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)
8:30 AM ET. October Advance Economic Indicators Report
8:30 AM ET. 3rd Quarter Preliminary Corporate Profits
8:30 AM ET. 3rd Quarter 2nd estimate GDP)
Annual Rate, Q/Q% (expected +33.1%; previous +33.1%)
Chain-Weighted Price Idx, Q/Q% (expected +3.6%; previous +3.6%)
Corporate Profits, Q/Q% (previous -10.5%)
PCE Price Idx, Q/Q% (previous +3.7%)
Purchase Price Idx, Q/Q% (previous +3.4%)
Real Final Sales, Q/Q% (previous +25.5%)
Core PCE Price Idx, Q/Q% (previous +3.5%)
Consumer Spending, Q/Q% (previous +40.7%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. October Personal Income & Outlays
Personal Income, M/M% (expected -0.1%; previous +0.9%)
Consumer Spending, M/M% (expected +0.3%; previous +1.4%)
PCE Price Idx, M/M% (previous +0.2%)
PCE Price Idx, Y/Y% (previous +1.4%)
PCE Core Price Idx, M/M% (expected +0.0%; previous +0.2%)
PCE Core Price Idx, Y/Y% (expected +1.4%; previous +1.5%)
10:00 AM ET. October New Residential Sales
New Home Sales (expected 973K; previous 959K)
New Home Sales, M/M% (expected +1.5%; previous -3.5%)
New Home Sales Months Supply (previous 3.6)
10:00 AM ET. November University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 77.0; previous 81.8)
End-Mo Expectations Idx (previous 79.2)
12-Month Inflation Forecast (previous 2.6%)
5-Year Inflation Forecast (previous 2.4%)
End-Mo Current Idx (previous 85.9)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 489.475M)
Crude Oil Stocks, Net Chg (Bbl) (previous +0.769M)
Gasoline Stocks (Bbl) (previous 227.967M)
Gasoline Stocks, Net Chg (Bbl) (previous +2.611M)
Distillate Stocks (Bbl) (previous 144.073M)
Distillate Stocks, Net Chg (Bbl) (previous -5.216M)
Refinery Usage (previous 77.4%)
Total Prod Supplied (Bbl/day) (previous 19.564M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.616M)
12:00 PM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3958B)
Working Gas In Storage, Net Chg (Cbf) (previous +31B)
2:00 PM ET. Federal Open Market Committee meeting minutes published
Thursday, November 26, 2020
N/A Marianas: Thanksgiving Day
N/A U.S: Thanksgiving Day. Financial markets closed
Friday, November 27, 2020
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1088.6K)
Soybeans (Metric Tons) (previous 1387.7K)
Wheat (Metric Tons) (previous 192.4K)
1:00 PM ET. U.S. financial markets close early after Thanksgiving
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The December NASDAQ 100 was higher overnight as it extends Tuesday's rally.The low-range trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If the NASDAQ 100 renews this month's rally, September's high crossing at 12,444.75 is the next upside target. Closes below the 50-day moving average crossing at 11,588.69 would signal that a short-term top has been posted. 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 11,785.55. Second is the 50-day moving average crossing at 11,588.69.
The December S&P 500 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 later this morning.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are still possible near-term. If December resumes this year's rally into uncharted territory, upside targets will be hard to project. Closes below the November 9th gap crossing at 3502.70 would confirm that a short-term top has been posted. First resistance is November's high crossing at 3658.40. Second resistance is unknown. First support is the 20-day moving average crossing at 3510.64. Second support is the 50-day moving average crossing at 3433.99.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were higher overnight following a two-day downside correction. 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 turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 172-22 would confirm that a short-term top has been posted. Closes above the 50-day moving average crossing at 174-03 would open the door for a possible test of November's high crossing at 175-27. First resistance is the 50-day moving average crossing at 174-03. Second resistance is November's high crossing at 175-27. First support is the 20-day moving average crossing at 172-22. Second support is the 75% retracement level of the March-August-rally crossing at 169-17.
December T-notes were higher overnight following a two-day downside correction. The high-range overnight trade sets the stage for a steady to higher opening with 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 extends the rally off November's low, the 50-day moving average crossing at 138.245 is the next upside target. Closes below the 10-day moving average crossing at 137.092 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 138.245. Second resistance is November's high crossing at 139.085. First support is the 10-day moving average crossing at 137.092. Second support is the 87% retracement level of the June-August-rally crossing at 137.160.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil was higher overnight as it extends the rally off November's low. The mid-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 January extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $47.20 is the next upside target. Closes below the 50-day moving average crossing at $40.52 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $45.72. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $47.20. First support is the 50-day moving average crossing at $40.52. Second support is the reaction low crossing at $37.82.
January heating oil was higher overnight as it extends the rally off November's low. The mid-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 January extends the rally off November's low, the 38% retracement level of the 2018-2020-decline crossing at $150.97 is the next upside target. Closes below the 20-day moving average crossing at $122.76 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $138.56. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at $150.97. First support is the 10-day moving average crossing at $128.40. Second support is the 20-day moving average crossing at $122.76.
January unleaded gas was higher overnight as it extends the rally off November's low. The low-range overnight trade sets the stage for a steady to slightly 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 January extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $134.28 is the next upside target. Closes below the 20-day moving average crossing at $113.71 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $127.08. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $134.28. First support is the 10-day moving average crossing at $117.67. Second support is the 50-day moving average crossing at $114.38.
January Henry natural gas was lower overnight as it consolidates some of the short covering gains off last-Thursday's low. The mid-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 bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 3.040 are needed to confirm that a short-term low has been posted. If January resumes the decline off October's high, the 87% retracement level of the March-October-rally crossing at 2.562 is the next downside target.First resistance resistance is the 10-day moving average crossing at 2.879. Second resistance is the 20-day moving average crossing at 3.040. First support is last-Thursday's low crossing at 2.656. Second support is the 87% retracement level of the March-October-rally crossing at 2.562.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was higher overnight. 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 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 $93.27 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving averagecrossing at $93.27. Second resistance is November's high crossing at $94.33. First support is the overnight low crossing at $91.93. Second support is September's low crossing at $91.75.
The December Euro was steady to slightly low overnight as it extends this month's trading range. The low-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $117.91 would signal that a short-term top has been posted. If December extends the rally off November's low, September's high crossing at $120.38 is the next upside target. First resistance is the overnight high crossing at $119.35. Second resistance is September's high crossing at $120.38. First support is the reaction low crossing at $117.54. Second support is November's low crossing at $116.13.
The December British Pound was lower overnight as it consolidates some of its recent gains. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings 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 September's low, September's high crossing at 1.3488 is the next upside target. Closes below the 20-day moving average crossing at 1.3173 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 1.3400. Second resistance is September's high crossing at 1.3488. First support is the 20-day moving average crossing at 1.3173. Second support is the 50-day moving average crossing at 1.3030.
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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off November's high, November's low crossing at 1.0874 is the next downside target. If December extends the rally off the November 11th low, November's high crossing at 1.1144 is the next upside 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 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 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 $75.85 are needed to confirm that a short-term top has been posted. 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 $75.85. Second support is October's low crossing at $74.69.
The December Japanese Yen was steady to slightly low 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 0.0954 would signal that a short-term top has been posted. If December renews the rally off November's low, November's high crossing at 0.0970 is the next upside target. 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 0.0954. Second support is October's low crossing at 0.0943.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: February gold was higher overnight as it consolidates some of this week's sharp decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off November's high, the 50% retracement level of the 2018-2020-rally crossing at $1711.10 is the next downside target. Closes above the 50-day moving average crossing at $1900.80 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1900.80. Second resistance is November's high crossing at $1973.30. First support is the 38% retracement level of the 2018-2020-rally crossing at $1802.40. Second support is the 50% retracement level of the 2018-2020-rally crossing at $1711.10.
March silver was higher overnight while extending the September-November trading range. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 week's decline, October's low crossing at $22.805. If March renews the rally off October's low, the September 15th high crossing at $28.015 is the next upside target. First resistance is November's high crossing at $26.270. Second resistance is the September 15th high crossing at $28.015. First support is October's low crossing at $22.805. Second support is September's low crossing at $21.930.
March copper was lower overnight as it consolidates some of this year's rally. 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 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, the June-2018 high crossing at 3.4145 is the next upside target. Closes below the 20-day moving average crossing at 3.1787 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 3.3515. Second resistance is the June-2018 high crossing at 3.4145. First support is the 20-day moving average crossing at 3.1786. Second support is the 50-day moving average crossing at 3.1014.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was lower overnight as it consolidates some of this month's gains. The low-range trade sets the stage for a steady to lower opening when the day 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 extends the rally off August's low, the June-2016 high on the monthly chart crossing at $4.43 1/2 is the next upside target. Closes below the 20-day moving average crossing at $4.12 3/4 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $4.29 3/4. Second resistance is the June-2016 high on the monthly chart crossing at $4.43 1/2. First support is the 20-day moving average crossing at $4.12 3/4. Second support is the 50-day moving average crossing at $3.98 3/4.
December wheat was steady to fractionally lower overnight. The low-range trade sets the stage for a steady to fractionally 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 this week's rally, November's high crossing at $6.26 1/4 is the next upside target. Closes below the 50-day moving average crossing at $5.94 1/2 would signal that a short-term top 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 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 turning 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 $5.36 3/4 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 50-day moving average crossing at $5.36 3/4. Second support is the October 14th low crossing at $5.23 1/2.
December Minneapolis wheat was higher overnight following Tuesday's key reversal up. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $5.52 3/4 would signal that a short-term low has been posted. If December resumes the decline off October's high, the 62% retracement of the August-October rally crossing at $5.37 1/4 is the next downside target. First resistance is November's high crossing at $5.71 3/4. Second resistance is October's high crossing at $5.87 3/4. First support is Tuesday's low crossing at $5.40 1/2. Second support is the 62% retracement of the August-October rally crossing at $5.37 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans were lower due to profit taking overnight as they consolidate 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 $11.32 3/4 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $12.00. 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 $11.73. Second support is the 20-day moving average crossing at $11.32 3/4.
December soybean meal was higher overnight. The mid-range trade 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. 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 $389.00 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $402.00. Second resistance is monthly resistance crossing at $404.90. First support is the 20-day moving average crossing at $389.00. Second support is the October 12th low crossing at $352.30.
December soybean oil was steady to slightly higher overnight as it consolidates some of the decline of the past two days. The mid-range trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signal that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 36.40 would confirm that a short-term top has been posted. If December extends the rally off October's low, monthly resistance crossing at 41.25 is the next upside target. First resistance is last-Friday'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 38.02. Second support is the 20-day moving average crossing at 36.40.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
December hogs closed up $0.53 at $65.48.
December hogs closed higher on Tuesday as it extends this month's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 5th high crossing at $67.60 would signal that a short-term low has been posted. If December extends the decline off October's high, October's low crossing at $61.90 is the next downside target. First resistance is the November 5th high crossing at $67.60. Second resistance is October's high crossing at $72.80. First support is last-Friday's low crossing at $63.50. Second support is the September 16th low crossing at $61.25.
December cattle closed up $1.35 at $111.35
December cattle closed higher on Tuesday as it extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 10-day moving average crossing at $110.48 confirms that a short-term low has been posted while opening the door for a test of November's high crossing at $112.70. If December renews the decline off November's high, October's low crossing at $102.53 is the next upside target. First resistance is November's high crossing at $112.70. Second resistance is September's high crossing at $113.58. First support is last-Friday's low crossing at $106.60. Second support is October's low crossing at $102.53.
January Feeder cattle closed up $1.30-cents at $139.13.
January Feeder cattle closed higher on Tuesday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 10-day moving average crossing at $138.04 confirms that a short-term low has been posted while opening the door for a test of November's high crossing at $141.50. If January renews the decline off November's high, the reaction low crossing at $132.48 is the next downside target. First resistance is November's high crossing at $141.50. Second resistance is September's high crossing at $142.45. First support is last-Friday's low crossing at $133.00. Second support is October's low crossing at $124.25.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 10.98 would confirm that a short-term top has been posted. If December renews the rally off November's low, the 62% retracement level of the September-November decline crossing at 12.28 is the next upside target.
March cocoa posted a downside reversal on Tuesday as it consolidated some of this month's impressive rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, monthly resistance crossing at 29.98 is the next upside target. Closes below the 20-day moving average crossing at 24.44 would confirm that a short-term top has been posted.
March sugar closed lower on Tuesday. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 14.91 would signal that a short-term top has been posted. If March renews the rally off September's low, weekly resistance crossing at 16.45 is the next upside target.
December cotton closed lower on Tuesday and filled Monday's gap crossing at 71.25. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends Monday's rally, January's high crossing at 73.00 is the next upside target. Closes below the 50-day moving average crossing at 68.61 would confirm that a short-term top has been posted.