KEY EVENTS TO WATCH FOR:

Friday, December 17, 2021 

8:30 AM ET. 3^rd 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. 3^rd 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)

Wednesday, December 22, 2021   

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 591.7)

                       Composite Idx, W/W% (previous -4.0%)

                       Purchase Idx-SA (previous 297.2)

                       Purchase Idx-SA, W/W% (previous +0.7%)

                       Refinance Idx (previous 2350.5)

                       Refinance Idx, W/W% (previous -6.4%)

8:30 AM ET. November CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.76)

                       NAI, 3-mo Moving Avg (previous 0.21)

8:30 AM ET. 3^rd Quarter Revised Corporate Profits

8:30 AM ET. 3^rd Quarter 3rd estimate GDP

                       Annual Rate, Q/Q% (previous +2.1%)

                       Chain-Weighted Price Idx, Q/Q% (previous +5.9%)

                       Corporate Profits, Q/Q% (previous +1.9%)

                       PCE Price Idx, Q/Q% (previous +5.3%)

                       Purchase Price Idx, Q/Q% (previous +5.5%)

                       Real Final Sales, Q/Q% (previous +0%)

                       Core PCE Price Idx, ExFood/Energy, Q/Q% (previous +4.5%)

                       Personal Consumption, Q/Q% (previous +1.7%)

10:00 AM ET. November Existing Home Sales

                       Existing Sales (previous 6.34M)

                       Existing Sales, M/M% (previous +0.8%)

                       Unsold Homes Month's Supply (previous 2.4)

                       Median Price (USD) (previous 353900)

                       Median Home Price, Y/Y% (previous +13.1%)

10:00 AM ET. December Consumer Confidence Index

                       Cons Conf Idx (previous 109.5)

                       Expectation Idx

                       Present Situation Idx (previous 142.5)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 428.286M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.584M)

                       Gasoline Stocks (Bbl) (previous 218.585M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.719M)

                       Distillate Stocks (Bbl) (previous 123.758M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.852M)

                       Refinery Usage (previous 89.8%)

                       Total Prod Supplied (Bbl/day) (previous 23.191M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +3.354M)

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

The Dow closed lower on Thursday due to a sell off in the afternoon session. The low-range close sets the stage for a steady to lower opening when Friday'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 the Dow extends the aforementioned rally, the November 16^th high crossing at 36,316.61 is the next upside target. Closes below the 20-day moving average crossing at 35,394.40 would signal that a short-term top has been posted. First resistance is the November 16^th high crossing at 36,316.61. Second resistance is the November high crossing at 36,565.73. First support is the 20-day moving average crossing at 35,394.40. Second support is last-Tuesday's gap crossing at 35,356.75. 

The March NASDAQ 100 closed sharply lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's 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 December 3^rd low crossing at 15,547.25 would renew the decline off November's high. If March renews the rally off December's low, November's high crossing at 16,768.00 is the next upside target. First resistance is the November 30^th high crossing at 16,460.00. Second resistance is November's high crossing at 16,768.00. First support is Tuesday's low crossing at 15,734.00. Second support is December's low crossing at 15,547.25.

The March S&P 500 closed sharply lower on Thursday due to profit taking. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 4587.66 would signal that a short-term top has been posted. If March extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is today's high crossing at 4743.25. Second resistance is unknown. First support is the 50-day moving average crossing at 4587.66. Second support is December's low crossing at 4485.75.    

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

March T-bonds closed up 5/32's at 161-29. 

March T-bonds closed higher on Thursday. 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 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 renews the rally off December's low, December's high crossing at 164-12 is the next upside target. First resistance is the August high crossing at 164-20. Second resistance is the August-high on the weekly continuation chart crossing at 167-00. First support is the 20-day moving average crossing at 161-06. Second support is last-Wednesday's low crossing at 160-12.  

March T-notes closed up 175-pts at 131.005.

March T-notes closed sharply 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 turning neutral to bullish signaling sideways to higher prices are possible near-term. If March renews the rally off November's low, the 62% retracement level of the August-November decline crossing at 132.065 is the next upside target. Closes below the 50-day moving average crossing at 130.046 would signal that a short-term top has been posted. 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 130.047. Second support is November's low crossing at 128.225. 

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

January crude oil closed higher on Thursday as it extended the trading range of the past seven-days.The mid-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Thursday's high crossing at $73.34 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If January renews the decline off October's high, August's low crossing at $60.77 is the next downside target. First resistance is last-Thursday's high crossing at $73.34. Second resistance is the 50-day moving average crossing at $76.96.First support is Wednesday's low crossing at $69.39. Second support is the 87% retracement level of the August-October rally crossing at $63.75.  

January heating oil closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at $228.39 would confirm that a short-term low has been posted while opening the door for a possible test of the 50-day moving average crossing at $237.39. If January renews the decline off October's high, the 87% retracement level of the August-October rally crossing at $198.23 is the next downside target. First resistance is Monday's high crossing at $228.39. Second resistance is the 50-day moving average crossing at $237.39. First support is Tuesday's low crossing at $218.59. Second support is the 75% retracement level of the August-October rally crossing at $206.56. 

January unleaded gas closed higher on Thursday as it extends 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off December's low, the 50-day moving average crossing at 223.51 is the next upside target. Closes below Tuesday's low crossing at $207.31 would signal that a short-term top has been posted. First resistance is today's high crossing at $218.67. Second resistance is the 50-day moving average crossing at $223.51. First support is Tuesday's low crossing at $207.31. Second support is the 87% retracement level of the August-October rally crossing at $186.65.   

January Henry natural gas closed lower on Thursday as it extends the trading range of the past two-weeks. 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 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 the gap marked an exhaustion gap and that a 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 4.326. 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.   

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

The March Dollar closed lower on Thursday as it extended the November-December trading range. 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 diverging and turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the rally off September's low, the June-2020 high on the weekly continuation chart crossing at $97.81 is the next upside target. Closes below the November 30^th 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. First resistance is Wednesday's high crossing at $96.90. Second resistance is the June-2020 high on the weekly continuation chart crossing at $97.81. First support is the November 30^th low crossing at $95.50. Second support is the 50-day moving average crossing at $95.04. 

The March Euro closed higher on Thursday while extending the trading range of the past five-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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 30^th high crossing at 114.17 would mark an upside breakout of the aforementioned trading range while opening the door for a possible test of the 50-day moving average crossing at 114.85. If March resumes this year's decline, the 87% retracement level of the 2020-2021-rally crossing at 110.60 is the next downside target. First resistance is the November 30^th high crossing at 114.17. Second resistance is the 50-day moving average crossing at 114.85. First support is November's low crossing at 112.22. Second support is the 87% retracement level of the 2020-2021-rally crossing at 110.60. 

The March British Pound closed higher on Thursday following yesterday's key reversal up. Today's close above the 20-day moving average crossing at 1.3303 signals that a short-term low has been posted. The mid-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 bullish signaling that sideways to higher prices are still possible. If March extends this week's rally, the 50-day moving average crossing at 1.3495 is the next upside target. If March renews this year's decline, the 50% retracement level of the 2020-2021 rally crossing at 1.2893 is the next downside target. First resistance is today's high crossing at 1.3378. Second resistance is the 50-day moving average crossing at 1.3495. First support is the 38% retracement level of the 2020-2021 rally crossing at 1.3207. Second support is the 50% retracement level of the 2020-2021 rally crossing at 1.2893. 

The March Swiss Franc closed sharply higher on Thursday.The high-range close sets the stage for a steady to slightly lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish with today's rally signaling that sideways to higher prices are possible near-term. If March resumes the rally off November's low, the November 30^th high crossing at 1.0957 is the next upside target. If December renews the decline off the November 30^th high, November's low crossing at 1.0712 is the next downside target.First resistance is the November 30^th high crossing at 1.0957. Second resistance is November's high crossing at 1.1042. First support is Wednesday's low crossing at 1.0791. Second support is November's low crossing at 1.0712.  

The March Canadian Dollar closed higher on Thursday due to short covering as it consolidates some of the decline off October'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 diverging and turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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 50-day moving average crossing at 79.63. 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 closed higher on Thursday as it consolidated some of the decline off November'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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, November's low crossing at 0.086715 is the next downside target. Closes above the 10-day moving average crossing at 0.088184 would signal that a short-term low has been posted. First resistance is November high crossing at 0.088985. Second resistance is the 50% retracement level of the August-November decline crossing at 0.089417. First support is Wednesday's low crossing at 0.0875595. Second support is November's low crossing at 0.086715.

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

February gold closed sharply higher on Thursday as it consolidated some of the decline off November'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 signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1798.90 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If February resumes the decline off November's high, September's low crossing at $1723.70 is the next downside target. First resistance is the 50-day moving average crossing at $1798.90. Second resistance is the November 26 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 closed sharply higher on Thursday due to short covering as it consolidates some of the decline off November'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 oversold but are turning neutral to bullish signaling that low might be in or is near. Closes above the 20-day moving acreage crossing at 22.843 would confirm that a short-term low has been posted. If March extends the decline off November's high, the 62% retracement level of the May-August rally crossing at 21.003 is the next downside target.First resistance is the 20-day moving average crossing at 22.843. Second resistance is the 50-day moving average crossing at 23.568. First support is Wednesday's low crossing at 21.410. Second support is the 62% retracement level of the May-August rally crossing at 21.003.    

March copper closed sharply higher on Thursday as it consolidated some of the decline off November'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 oversold, diverging and turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 432.13 would confirm that a short-term low has been posted. If March extends the decline off October's high, the 87% retracement level of the August-October rally crossing at 407.53 is the next downside target. First resistance is last-Thursday's high crossing at 439.80. Second resistance is November's high crossing at 451.15. First support is the 87% retracement level of the August-October rally crossing at 407.53. Second support is September's low crossing at 401.30.  

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

March Corn closed up $0.05 1/2-cents at $5.91 1/4. 

March corn closed higher on Thursday as it extended the November-December trading range. 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. If March extends the rally off the November 30^th 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 3/4 would signal that a short-term top has been posted while opening the door for additional weakness and a possible test of the 50-day moving average crossing at $5.68 1/2. 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 50-day moving average crossing at $5.68 1/2. Second support is the November 30^th low crossing at $5.62 1/2.     

March wheat closed up $0.14 1/2-cents at $7.70 1/2.  

March wheat posted an inside day with a higher close on Thursday as it consolidated some of the decline off November'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, 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 $8.08 1/2 would signal that a short-term low has been posted.First resistance is the 50-day moving average crossing at $7.90 3/4. Second resistance is the 20-day moving average crossing at $8.08 1/2. 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 closed up $0.18 1/4-cents at $8.03 3/4.

March Kansas City wheat closed higher on Thursday as it consolidated some of the decline off November'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 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 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 $8.30 1/4 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at $8.30 1/4. Second resistance is the December 3rd high crossing at $8.48 3/4. Third resistance is November's high crossing at $8.92 1/4. First support is the 38% retracement level of the July-November rallycrossing 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 closed up $0.17 1/2-cents at $10.26 3/4. 

March Minneapolis wheat closed sharply higher on Thursday while extending the November-December trading range. 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 signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $10.28 would signal that a short-term low has likely been posted while opening the door for additional gains near-term. Closes below the November low crossing at $9.91 3/4 would mark a downside breakout of the November-December trading range while opening the door for additional weakness near-term. First resistance is November's high crossing at $10.86 1/2. Second resistance is monthly resistance on the continuation chart crossing at $11.22. 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 closed up $0.14 3/4-cents at $12.77 1/4.

January soybeans closed higher on Thursday. Today's 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 January extends the rally off the November 30^th 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 September's high crossing at $13.17. First support is the November 30^th low crossing at $12.14 1/4. Second support is November's low crossing at $11.81 1/4.

March soybean meal closed up $0.50 at $369.50. 

January soybean meal closed slightly higher on Thursday. 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 becoming overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, 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 $355.90 would signal that a short-term top has been posted. 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 $355.90. Second support is the 50-day moving average crossing at $341.40.       

March soybean oil closed up 122 pts. at 54.73. 

March soybean oil closed higher on Thursday following yesterday's key reversal up signaling that a short-term low has likely been posted. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 56.46 would signal that a short-term low has been posted. If 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 55.00. Second resistance is the 20-day moving average crossing at 56.46. First support is Wednesday's low crossing at 51.10. Second support is June's low crossing at 50.29.

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

February hogs closed up $1.43 at $80.75. 

February 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $80.62 would signal that a short-term low has been posted while opening the door for additional gains near-term. If February renews the decline off November's high, October's low crossing at $74.05 is the next downside target. First resistance is the 20-day moving average crossing at $80.62. Second resistance is the December 2^nd high crossing at $82.70. Third resistance is November's high crossing at $84.68. First support is the 10-day moving average crossing at $79.21. Second support is December's low crossing at $75.35. Third support is October's low crossing at $74.05. 

February cattle closed up $0.40 at $136.98. 

February cattle closed higher due to short covering on Thursday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at $136.77 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. Closes above Monday's high crossing at $139.27 would signal that a short-term low has been posted. First resistance is the December 3^rd high crossing at $140.38. Second resistance is November's high crossing at $141.85. First support is the November 12^th low crossing at $135.40. Second support is November's low crossing at $133.77. 

March Feeder cattle closed down $0.38 at $164.10. 

January feeder cattle closed lower on Thursday as it extends the decline off November's high. The mid-range close sets the stage for a steady to lower opening when Friday's session begins trading. 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, the 50-day moving average crossing at $162.68 is the next downside target. If March renews the rally off November's low, September's high crossing at $170.53 is the next upside target. First resistance is November's high crossing at $169.08. Second resistance is September's high crossing at $170.53. First support is the 50-day moving average crossing at $162.68. Second support is the November 12^th low crossing at $158.12. 

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

March coffee 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 bearish signaling that sideways to lower prices are possible near-term. If March renews last-week's decline, the 50-day moving average crossing at 221.33 is the next downside target. If March resumes this year's rally, weekly resistance crossing at 258.65 is the next upside target.     

March cocoa closed unchanged on Thursday as it consolidated some of the rally off December's low. 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. Closes above the 50-day moving average crossing at 25.49 would open the door for a larger-degree rally into the end of the year. Closes below last Thursday's low crossing at 24.16 would confirm that a short-term top has been posted.  

March sugar closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, the November 24^th high crossing at 20.19 is the next upside target. If March extends Wednesday's decline, December's low crossing at 18.46 is a potential downside target.  

March cotton closed sharply higher on Thursday as it extended the rally off November's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 109.75 would confirm that a low has been posted. If March resumes the decline off November's high, October's low crossing at 101.31 is the next downside target.