INO Evening Market Comments
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Started by tallpine - Jan. 4, 2018, 4:20 p.m.

KEY EVENTS TO WATCH FOR:



Friday, January 5, 2018 



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



                       Corn (Metric Tons) (previous 1348.4K)



                       Soybeans (Metric Tons) (previous 1056.1K)



                       Wheat (Metric Tons) (previous 540.5K)



8:30 AM ET. December U.S. Employment Report



                       Non-Farm Payrolls (expected +180K; previous +228K)



                       Unemployment Rate (expected 4.1%; previous 4.1%)



                       Avg Hourly Earnings (USD) (previous 26.55)



                       Avg Hourly Earnings-Net Chg (USD) (previous +0.05)



                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.19%)



                       Avg Hourly Earnings, Y/Y% (previous +2.5%)



                       Overall Workweek (previous 34.5)



                       Overall Workweek Net Chg (previous +0.1)



                       Government Payrolls (previous +7K)



                       Private Payroll (previous +221K)



                       Participation Rate (previous 62.7%)



                       Non-Farm Payrolls Bench Net Chg



8:30 AM ET. November U.S. International Trade in Goods & Services



                       Trade Balance (USD) (expected -49.8B; previous -48.73B)



                       Exports (USD) (previous 195.91B)



                       Exports, M/M% (previous +0.0%)



                       Imports (USD) (previous 244.64B)



                       Imports, M/M% (previous +1.6%)



10:00 AM ET. November Manufacturers' Shipments, Inventories & Orders (M3)



                       Total Orders, M/M% (expected +1.4%; previous -0.1%)



                       Orders, Ex-Defense, M/M% (previous +0.2%)



                       Orders, Ex-Transport, M/M% (previous +0.8%)



                       Durable Goods, M/M% (previous -1.2%)



                       Durable Goods, M/M% (previous -0.8%)



10:00 AM ET. December ISM Non-Manufacturing Report on Business



                       Non-Mfg Composite Idx (expected 57.6; previous 57.4)



                       Non-Mfg Business Idx (previous 61.4)



                       Prices Idx (previous 60.7)



                       Employment Idx (previous 55.3)



                       New Orders Idx (previous 58.7)



Monday, January 8, 2018 



10:00 AM ET. December Employment Trends Index



                       ETI (previous 135.88)



                       ETI, Y/Y% (previous +4.7%)



3:00 PM ET. November Consumer Credit



                       Consumer Credit Net Chg (USD) (previous +20.52B)



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



The March NASDAQ 100 closed higher on Thursday and posted a new contract high as it extends this winter's rally. Profit taking tempered early-session gains and the low-range close sets the stage for a steady to lower opening when Friday'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. This year's rally into record territory makes upside targets will be hard to project. Closes below the 50-day moving average crossing at 6364.88 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 6617.50. Second resistance is unknown. First support is the 50-day moving average crossing at 6364.88. Second support is December's low crossing at 6250.00.  



The March S&P 500 closed sharply higher on Thursday as it extended this winter's rally into record territory. March started the year with what is by one standard the best out-of-the-gate performance in more than 50 years. The last time the S&P index opened the year with three straight records was in 1964, when it achieved the feat in the first six sessions of the year. The high-range close sets the stage for a steady to higher opening when Friday'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 March extends this winter's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2677.92 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 2728.50. Second resistance is unknown. First support is the 20-day moving average crossing at 2677.92. Second support is the 50-day moving average crossing at 2626.43. 



The Dow closed higher for the third day in a row on Thursday and posted another new contract high as it is extended this winter's rally. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bearish signaling that sideways to higher prices are possible near-term. With the Dow now trading into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 24,651.50 would confirm that a short-term top has been posted. First resistance is today's high crossing at 25,105.96. Second resistance is unknown. First support is the 20-day moving average crossing at 24,651.50. Second support is the reaction low crossing at 24,101.48.   



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



March T-bonds closed down 1/32's at 152-09.



March T-bonds closed slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high, October's low crossing at 149-07 is the next downside target. If March renews the rally off December's low, December's high crossing at 154-18 is the next upside target. First resistance is December's high crossing at 154-18. Second resistance is the 75% retracement level of the September-October-decline crossing at 154-21. First support is December's low crossing at 150-18. Second support is October's low crossing at 149-07.   



March T-notes closed down 40/32's at 123-210.



March T-notes closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 123.319 are needed to confirm that a low has been posted. If March resumes the decline off September's high, weekly support crossing at 122.205 is the next downside target. First resistance is the 20-day moving average crossing at 123.319. Second resistance is the 50-day moving average crossing at 124.111. First support is December's low crossing at 123.125. Second support is weekly support crossing at 122.205.   



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



February crude oil closed slightly higher on Thursday as it extends the rally off July's low.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins. If February extends the aforementioned rally, the 50% retracement level of the 2014-2016-decline crossing at 64.11 is the next upside target. Closes below the 20-day moving average crossing at 58.51 would confirm that a short-term top has been posted. First resistance is today's high crossing at 62.21. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 64.11. First support is the 10-day moving average crossing at 59.83. Second support is the 20-day moving average crossing at 58.51. 



February heating oil closed lower on Thursday as it consolidates below the 75% retracement level of the 2014-2016-decline crossing at 208.51. The mid-range close sets the stage for a steady to higher opening when Friday'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 February extends the rally off October's low, the 87% retracement level of the 2014-2016-decline crossing at 222.40 is the next upside target. Closes below the 20-day moving average crossing at 197.25 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the 2014-2016-decline crossing at 208.51. Second resistance is the 87% retracement level of the 2014-2016-decline crossing at 222.40. First support is the 10-day moving average crossing at 202.70. Second support is the 20-day moving average crossing at 197.25.   



February unleaded gas closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 February extends the aforementioned rally, the May-2015 high crossing at 186.01 is the next upside target. Closes below the 50-day moving average crossing at 175.71 would confirm that a short-term top has been posted. First resistance is today's high crossing at 183.14. Second resistance is the May-2015 high crossing at 186.01. First support is the 50-day moving average crossing at 175.71. Second support is December's low crossing at 166.19.   



February Henry natural gas posted a key reversal down on Thursday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Friday'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 the 20-day moving average crossing at 2.785 are needed to confirm that a short-term top has been posted. If February renews the rally off December's low, the reaction high crossing at 3.210 is the next upside target. First resistance is Tuesday's high crossing at 3.097. Second resistance is the reaction high crossing at 3.210. First support is December's low crossing at 2.562. Second support is weekly support crossing at 2.522. 



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



The March Dollar closed lower on Thursday and is poised to renew the decline off December's high. The low-range close sets the stage for a steady to lower opening when Friday'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 March extends the decline off December's high, the 87% retracement level of the September-November-rally crossing at 91.20 is the next downside target. Closes above the 20-day moving average crossing at 92.83 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 92.35. Second resistance is the 20-day moving average crossing at 92.83. First support is the 87% retracement level of the September-November-rally crossing at 91.20. Second support is September's low crossing at 90.68.



The March Euro closed higher on Thursday and has renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday'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 March extends the aforementioned rally, September's high crossing at 122.11 is the next upside target. Closes below the 20-day moving average crossing at 119.36 would confirm that a short-term top has been posted. First resistance is today's high crossing at 121.40. Second resistance is September's high crossing at 122.11. First support is the 10-day moving average crossing at 120.09. Second support is the 20-day moving average crossing at 119.36.     



The March British Pound posted an inside day with a higher close on Thursday leaving yesterday's key reversal down unconfirmed. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be forming. Closes below the 20-day moving average crossing at 1.3467 would confirm that a short-term top has been posted. If March extends the rally off November's low, September's high crossing at 1.3695 is the next upside target. First resistance is Wednesday's high crossing at 1.3646. Second resistance is September's high crossing at 1.3695. First support is the 20-day moving average crossing at 1.3467. Second support is the 50-day moving average crossing at 1.3365.     



The March Swiss Franc posted an inside day with a higher close on Thursday as it consolidates some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a  short-term top has been posted. Closes below the 50-day moving average crossing at 1.0196 would confirm that a short-term top has been posted. If March resumes the rally off October's low, the 50% retracement level of the July-September-decline crossing at 1.0412 is the next upside target. First resistance is Tuesday's high crossing at 1.0365. Second resistance is the 50% retracement level of the July-September-decline crossing at 1.0412. First support is the 50-day moving average crossing at 1.0196. Second support is December's low crossing at 1.0103.  



The March Canadian Dollar closed higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday'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 March extends the aforementioned rally, October's high crossing at 80.42 is the next upside target. Closes below the 50-day moving average crossing at 78.51 would confirm that a short-term top has been posted. First resistance is today's high crossing at 80.16. Second resistance is October's high crossing at 80.42. First support is the 50-day moving average crossing at 78.51. Second support is December's low crossing at 77.52.  



The March Japanese Yen closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday’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. Multiple closes below the 10-day moving average crossing at 0.8893 are needed to confirm that a short-term top has been posted. If March resumes the rally off the December 21st low, December's high crossing at 0.8981 is the next upside target. First resistance is November's high crossing at 0.9073. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9141. First support is December's low crossing at 0.8840. Second support is November's low crossing at 0.8782.  



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



February gold closed higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher price are possible near-term. If February extends the aforementioned rally, the 75% retracement level of the September-December-decline crossing at 1334.00 is the next upside target. Closes below the 20-day moving average crossing at 1275.70 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1327.30. Second resistance is the 75% retracement level of the September-December-decline crossing at 1334.00. First support is the 10-day moving average crossing at 1295.70. Second support is the 20-day moving average crossing at 1275.70.



March silver closed higher on Thursday as it extends the rally off December's low. The high-range close set the stage for a steady to higher opening when Friday'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 March extends the aforementioned rally, November's high crossing at 17.485 is the next upside target. Closes below the 20-day moving average crossing at 16.366 would confirm that a short-term top has been posted. First resistance is today's high crossing at 17.320. Second resistance is November's high crossing at 17.485. First support is the 10-day moving average crossing at 16.778. Second support is the 20-day moving average crossing at 16.366.     



March copper closed slightly higher on Thursday.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 315.62 are needed to confirm that a short-term top has been posted. If March resumes the aforementioned rally, the August-2013 high crossing at 334.05 is the next upside target. First resistance is December's high crossing at 332.20. Second resistance is the August-13 high crossing at 334.05. First support is the 10-day moving average crossing at 326.13. Second support is the 20-day moving average crossing at 315.62.       



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



March Corn closed down 2-cents at 3.51. 



March corn closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 3.54 3/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off November's high, December's low crossing at 3.46 1/2 is the next downside target. First resistance is the 50-day moving average crossing at 3.54 3/4. Second resistance is December's high crossing at 3.60 1/2. First support is December's low crossing at 3.46 1/2. Second support is weekly support crossing at 3.32. 



March wheat closed down 2 1/2-cents at 4.33 1/2. 



March wheat closed lower on Thursday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady opening when Friday'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. Multiple closes above the 50-day moving average crossing at 4.34 are needed to confirm that a short-term low has been posted. Closes below the 20-day moving average crossing at 4.23 1/4 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 4.34. Second resistance is December's high crossing at 4.60 3/4. First support is December's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.    



March Kansas City Wheat closed down 1 1/4-cents at 4.39 3/4. 



March Kansas City wheat closed lower on Thursday as it consolidated some of the rally off December's low but remain above the 50-day moving average crossing at 4.32 3/4. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that a low might be in or is near. If March extends the rally off December's low, November's high crossing at 4.51 1/2 is the next upside target. Closes below the 20-day moving average crossing at 4.23 would confirm that a short-term top has been posted. First resistance is December's high crossing at 4.41. Second resistance is November's high crossing at 4.51 1/2. First support is December's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.  



March Minneapolis wheat closed up 8-cents at 6.27 3/4. 



March Minneapolis wheat closed higher on Thursday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Friday'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 6.28 1/2 are needed to confirm that a short-term low has been posted. If March renews the decline off November's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. First resistance is the 50-day moving average crossing at 6.28 1/2. Second resistance is December's high resistance crossing at 6.34. First support is December's low crossing at 6.05. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2. 



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



March soybeans closed down 1 1/2-cents at 9.67 1/4. 



March soybeans closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 20-day moving average crossing at 9.76 1/2 are needed to confirm that a short-term low has been posted. If March resumes the decline off December's high, the late-August low crossing at 9.50 is the next downside target. First resistance is the 20-day moving average crossing at 9.76 1/2. Second resistance is the 50-day moving average crossing at 9.90 3/4. First support is December's low crossing at 9.54 3/4. Second support is the late-August low crossing at 9.50.



March soybean meal closed up $1.20 at 319.80. 



March soybean meal posted a key reversal up and closed higher due to short covering on Thursday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 324.20 would confirm that a low has been posted. If March resumes the decline off December's high, November's low crossing at 315.00 is the next downside target. First resistance is the 50-day moving average crossing at 324.00. Second resistance is the 20-day moving average crossing at 324.20. First support is December's low crossing at 315.70. Second support is November's low crossing at 315.00.



March soybean oil closed down 3 pts. At 33.87. 



March soybean oil closed slightly lower on Thursday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Friday'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 March extends the rally off December's low, the 50-day moving average crossing at 34.16 is the next upside target. Closes below the 10-day moving average crossing at 33.27 would signal that a short-term top has been posted. First resistance is today's high crossing at 33.98. Second resistance is the 50-day moving average crossing at 34.16. First support is December's low crossing at 32.52. Second support is the 87% retracement level of the June-September-rally crossing at 32.44. 



LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



April hogs closed up $0.68 at $76.10. 



April hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are overbought and turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off December's low, weekly resistance crossing at 78.25 is the next upside target. Closes below the 20-day moving average crossing at 73.55 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 76.32. Second resistance is weekly resistance crossing at 78.25. First support is the 20-day moving average crossing at 73.55. Second support is December's low crossing at 70.97. 



February cattle closed down $0.70 at 122.25. 



February cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 February extends the rally off December's low, the 50-day moving average crossing at 123.79 is the next upside target. Closes below the 20-day moving average crossing at 120.23 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 123.79. Second resistance is the reaction high crossing at 126.78. First support is December's low crossing at 117.58. Second support is the 75% retracement level of the August-November-rally crossing at 115.06.

 

March Feeder cattle closed down $1.28 at $145.50. 



March Feeder cattle posted a key reversal down on Thursday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 50-day moving average crossing at 149.13 is the next upside target. Closes below the 10-day moving average crossing at 142.59 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 149.13. Second resistance is the reaction high crossing at 154.05. First support is the 10-day moving average crossing at 142.59. Second support is December's low crossing at 138.30.   



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



March coffee closed higher on Thursday as it consolidates above the 50-day moving average crossing at 12.66. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, November's high crossing at 13.30 is the next upside target. Closes below the 20-day moving average crossing at 12.33 would confirm that a short-term top has been posted. 



March cocoa closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 50-day moving average crossing at 20.20 is the next upside target. If March renews the decline off November's high, weekly support crossing at 17.91 is the next downside target. 



March sugar closed slightly lower on Thursday as it consolidates some of the rally off December's low. The high-range close set the stage for a steady to higher opening on Friday. 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 aforementioned rally, November's high crossing at 15.49 is the next upside target. Closes below the 20-day moving average crossing at 14.48 would confirm that a short-term top has been posted.



March cotton closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, weekly resistance crossing at 80.67 is the next upside target. Closes below the 20-day moving average crossing at 76.12 are needed to confirm a short-term top has been posted. 

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