KEY EVENTS TO WATCH FOR:
Thursday, December 16, 2021
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1132.5K)
Soybeans (Metric Tons) (previous 1637.9K)
Wheat (Metric Tons) (previous 240.0K)
8:30 AM ET. December Philadelphia Fed Business Outlook Survey
Business Activity (previous 39.0)
Prices Paid (previous 80.0)
Employment (previous 27.2)
New Orders (previous 47.4)
Prices Received (previous 62.9)
Delivery Times (previous 35.7)
Inventories (previous 13.5)
Shipments (previous 32.1)
8:30 AM ET. November New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 1.520M)
Housing Starts, M/M% (previous -0.7%)
Building Permits (previous 1.650M)
Building Permits, M/M% (previous +4.0%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 184K)
Jobless Claims, Net Chg (previous -43K)
Continuing Claims (previous 1992000)
Continuing Claims, Net Chg (previous +38K)
9:15 AM ET. November Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +1.6%)
Capacity Utilization % (previous 76.4%)
Capacity Utilization, Net Chg (Pts) (previous +1.2)
9:45 AM ET. Consumer Comfort Index
9:45 AM ET. December US Flash Manufacturing PMI
PMI, Mfg (previous 59.1)
9:45 AM ET. December US Flash Services PMI
PMI, Services (previous 57.0)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3505B)
Working Gas In Storage, Net Chg (Cbf) (previous -59B)
11:00 AM ET. Dec. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 17)
6-Mo Exp Prod Idx (previous 43)
Mfg Composite Idx (previous 24)
6-Mo Exp Composite Idx (previous 35)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, December 17, 2021
8:30 AM ET. 3rd Quarter State Quarterly Personal Income
10:00 AM ET. November State Employment and Unemployment
Monday, December 20, 2021
10:00 AM ET. November Leading Indicators
Leading Index, M/M% (previous +0.9%)
Leading Index (previous 118.3)
Coincident Index, M/M% (previous +0.5%)
Lagging Index, M/M% (previous +0.4%)
Tuesday, December 21, 2021
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. 3rd Quarter International Transactions
Current Account (USD) (previous -190.28B)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +15.7%)
Latest Wk, Y/Y% (previous +16.0%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -0.8M)
Gasoline Stocks, Net Chg (Bbls) (previous +0.4M)
Distillate Stocks, Net Chg (Bbls) (previous -1.0M)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The March NASDAQ 100 was higher overnight.Overnight trading 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 March extends the rally off Tuesday's low, November's high crossing at 16,768.00 is the next upside target. Closes below the 50-day moving average crossing at 15,869.97 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 16,450.50. Second resistance is November's high crossing at 16,768.00. First support is the 50-day moving average crossing at 15,869.97. Second support is December's low crossing at 15,547.25.
The March S&P 500 was higher overnight as it renewed the rally off December's low and spiked to a new contract high for the year. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4589.49 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4743.25. Second resistance is unknown. First support is the 50-day moving average crossing at 4589.49. Second support is December's low crossing at 4485.75.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds was slightly higher overnight and sets the stage for a steady to higher 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 160-12 would confirm that a short-term top has been posted. If March resumes the rally off October's low, August's high crossing at 164-20 is the next upside target. First resistance is December's high crossing at 164-12. Second resistance is the August high crossing at 164-20. First support is the 20-day moving average crossing at 161-05. Second support is last-Wednesday's low crossing at 160-12.
March T-notes was higher overnight. Overnight trading sets the stage for a steady to higher opening with 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 130.045 would signal that a short-term top has been posted. If March resumes the rally off October's low, the 62% retracement level of the August-November decline crossing at 132.065. First resistance is the 50% retracement level of the August-November decline crossing at 131.171. Second resistance is the 62% retracement level of the August-November decline crossing at 132.065. First support is the 50-day moving average crossing at 130.045. Second support is November's low crossing at 128.225.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:January crude oil was higher overnight. Overnight trading sets the stage for 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. Closes above last-Thursday's high crossing at $73.34 would renew the rally off December's low and open the door for a possible test of the 50-day moving average crossing at $77.03. Closes below Wednesday's low crossing at $69.39 would temper the near-term bullish outlook. First resistance is last-Thursday's high crossing at $73.34. Second resistance is the 50-day moving average crossing at $76.95. First support is Wednesday's low crossing at $69.39. Second support is December's low crossing at $62.43.
January heating oil was steady to slightly higher overnight. Overnight trading sets the stage for a steady to slightly 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. If January renews the rally off December's low, the 50-day moving average crossing at $2.3736 is the next upside target. Closes below Tuesday's low crossing at $2.1859 would temper the near-term friendly outlook. First resistance is Monday's high crossing at $2.2839. Second resistance is the 50-day moving average crossing at $2.3736. First support is the 38% retracement level of the 2020-2021 rally crossing at $2.0477. Second support is the 50% retracement level of the 2020-2021 rally crossing at $1.8820.
January unleaded gas was higher overnight. The low-range trade overnight sets the stage for a steady to slightly 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. If January renews the rally off December's low the 50-day moving average crossing at 2.2347 is the next upside target. Closes below Tuesday's low crossing at 2.0731 would temper the near-term friendly outlook. First resistance is Monday's high crossing at 2.1752. Second resistance is the 50-day moving average crossing at 2.2347. First support is Tuesday's low crossing at 2.0731. Second support is the 87% retracement level of the August-October rally crossing at 1.8665.
January Henry natural gas was higher overnight as it extends the trading range of the past two-weeks. Overnight trading 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 January renews the decline off October's high, the 75% retracement level of the 2020-2021-rally crossing at 3.593 is the next downside target. Closes above last-Monday's gap crossing at 4.066 would signal that a short-term low has been posted. First resistance is last-Monday's gap crossing at 4.066. Second resistance is the 20-day moving average crossing at 4.335. Second resistance is the 50-day moving average crossing at 5.074. First support is the 75% retracement level of the 2020-2021-rally crossing at 3.593. Second support is the 87% retracement level of the 2020-2021-rally crossing at 3.100.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was lower overnight. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a double top with November's high might have been posted on Wednesday. Closes below the November 30th low crossing at $95.50 would confirm that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at $95.04. If March renews the rally off May's low, the June-2020 high on the weekly continuation chart crossing at $97.81 is the next upside target. First resistance is Wednesday's high crossing at $96.89. Second resistance is the June-2020 high on the weekly continuation chart crossing at $97.81. First support is the November 30th low crossing at $95.50. Second support is the 50-day moving average crossing at $95.04.
The March Euro was higher overnight as it extends the trading range of the past five-weeks. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off September's high, the 87% retracement level of the 2020-2021-rally crossing at $110.60 is the next downside target. Closes above the November 30th high crossing at $114.17 would mark an upside breakout of the aforementioned trading range while opening the door for additional gains near-term. First resistance is the November 30th high crossing at $114.17. Second resistance is the 50-day moving average crossing at $114.84. First support is November's low crossing at $112.21. Second support is the 87% retracement level of the 2020-2021-rally crossing at $110.60.
The March British Pound was sharply higher overnight and trading abovethe 20-day moving average crossing at 1.3305 signaling that we will see a higher opening when the day session beings trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.3305 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If March renews the decline off May's high, the 50% retracement level of the 2020-2021-rally crossing at 1.2893 is the next downside target.First resistance the 20-day moving average crossing at 1.3305. Second resistance is the 50-day moving average crossing at 1.3496. First support is last-Wednesday's low crossing at 1.3166. Second support is the 50% retracement level of the 2020-2021-rally crossing at 1.2893.
The March Swiss Franc was steady to slightly higher overnight. 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 neutral to bearish signaling that sideways to lower prices possible near-term. Closes below last-Tuesday's low crossing at 1.0815 would open the door for a possible test of November's low crossing at 1.0712. If March renews the rally off November's low, November's high crossing at 1.1042 is the next upside target. First resistance is the November 30th high crossing at 1.0957. Second resistance is December's high crossing at 1.1042. First support is last-Tuesday's low crossing at 1.0815. Second support is November's low crossing at 1.0712.
The March Canadian Dollar was sharply higher overnight as it consolidates some of the decline off October's high. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $78.47 would temper the near-term bearish outlook. If March extends the decline off October's high, the 50% retracement level of the 2020-2021-rally crossing at $75.95 is the next downside target. First resistance is the 20-day moving average crossing at $78.47. Second resistance is the December 8th high crossing at $79.35. First support is Wednesday's low crossing at $77.30. Second support is the 50% retracement level of the 2020-2021-rally crossing at $75.95.
The March Japanese Yen was steady to slightly lower overnight as it extends the decline off November's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, November's low crossing at 0.086715 is the next downside target. Closes above last-Friday's high crossing at 0.088415 would signal that a short-term low has been posted. First resistance is the 50% retracement level of the August-November decline crossing at 0.089417. Second resistance is the 62% retracement level of the August-November decline crossing at 0.090055. First support is Wednesday's low crossing at 0.087595. Second support is November's low crossing at 0.086715.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Februarygold was higher overnight as it extends the trading range of the past two-weeks. Overnight trading sets the stage for a 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. If February renews the decline off November's high, September's low crossing at $1723.70 is the next downside target. Closes above the 50-day moving average crossing at $1798.60 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1798.60. Second resistance is the November 26th high crossing at $1819.30. First support is Wednesday's low crossing at $1753.00. Second support is September's low crossing at $1723.70.
March silver was higher overnight. The high-range 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 month's decline, September's low crossing at $21.460 is the next downside target. Closes above the 20-day moving average crossing at $22.826 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $22.826. Second resistance is the 50-day moving average crossing at $23.561. First support is Wednesday's low crossing at $21.410. Second support is the 62% retracement level of the 2020 rally crossing at $21.003.
March copper was sharply higher overnight as it consolidated some of Wednesday's sharp decline that spiked below the 75% retracement level of the August-October rally crossing at 4.1724. 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, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.3221 would signal that a short-term low has been posted. If March extends the decline off November's high, the 87% retracement level of the August-October rally crossing at 4.0753 is the next downside target. First resistance is the 20-day moving average crossing at 4.3221. Second resistance is last-Thursday's high crossing at 4.3980. First support is the 75% retracement level of the August-October rally crossing at 4.1724. Second support is the 87% retracement level of the August-October rally crossing at 4.0753.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was steady to fractionally higher overnight as it is challenging the upper boundary of the November-December trading range. The low-range trade overnight sets the stage for a steady to slightly higher 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 March extends the rally off last-week's low, August's high crossing at $5.99 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.83 1/2 would temper the near-term friendly outlook while opening the door for additional weakness near-term. First resistance is November's high crossing at $5.96 3/4. Second resistance is August's high crossing at $5.99 3/4. First support is the November 30th low crossing at $5.62 1/2. Second support is November's low crossing at $5.57 1/2.
March wheat was lower overnight and 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 March extends the decline off November's high, the 62% retracement level of the July-November rally crossing at $7.21 is the next downside target. Closes above the 20-day moving average crossing at $8.07 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $7.90 1/4. Second resistance is the 20-day moving average crossing at $8.07 3/4. First support is the 50% retracement level of the July-November rally crossing at $7.50 1/2. Second support is the 62% retracement level of the July-November rally crossing at $7.21.
March Kansas City wheat was lower overnight and sets the stage for a 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. Wednesday's close below last-Friday's low crossing at $7.87 3/4 signals that an intermediate trend change is taking place. If March extends the decline off November's high, the 50% retracement level of the July-November rally crossing at $7.46 3/4 is the next downside target. Closes above the 20-day moving average crossing at $8.29 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.29 3/4. Second resistance is November's high crossing at $8.92 1/4. First support isthe 38% retracement level of the July-November rally crossing at $7.81 1/4. Second support is the 50% retracement level of the July-November rally crossing at $7.46 3/4.
March Minneapolis wheat was steady to fractionally higher overnight as it extends the trading range of the past seven-weeks. Overnight trading sets the stage for a steady to higher 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 reaction low crossing at $9.91 3/4 would mark a potential downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If March renews the rally off September's low, weekly resistance crossing at $11.20 is the next upside target. First resistance is November's high crossing at $10.66 1/4. Second resistance is weekly resistance crossing at $11.20. First support is November's low crossing at $9.91 3/4. Second support is the 25% retracement level of the 2020-2021 rally crossing at $9.43 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans was higher overnight and 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 January extends the rally off the late-November low, November's high crossing at $12.89 1/4 is the next upside target. If January renews the decline off November's high, November's low crossing at $11.81 1/4 is the next downside target.First resistance is November's high crossing at $12.89 1/4. Second resistance is October's high crossing at $13.17. First support is the November 30th low crossing at $12.14 1/4. Second support is November's low crossing at $11.81 1/4.
March soybean meal was higher overnight. Overnight strength 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 March extends the rally off October's low, the 75% retracement level of the May-October decline crossing at $385.30 is the next upside target. Closes below the 20-day moving average crossing at $356.00 would open the door for additional weakness near-term. First resistance is Wednesday's high crossing at $380.20. Second resistance is the 75% retracement level of the May-October decline crossing at $385.30. First support is the 20-day moving average crossing at $356.00. Second support is the 50-day moving average crossing at $341.40.
March soybean oil was higher overnight following Wednesday's key reversal up as it consolidates some of the decline off November's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 56.44 would signal that a short-term low has been posted. March extends the decline off October's high, June's low crossing at 50.29 is the next downside target. First resistance is the 10-day moving average crossing at 54.95. Second resistance is the 20-day moving average crossing at 56.44. First support is Wednesday's low crossing at 51.55. Second support is June's low crossing at 50.29.