KEY EVENTS TO WATCH FOR:

Thursday, December 23, 2021  

8:30 AM ET. November Personal Income & Outlays

                       Personal Income, M/M% (previous +0.5%)

                       Consumer Spending, M/M% (previous +1.3%)

                       PCE Price Idx, M/M% (previous +0.6%)

                       PCE Price Idx, Y/Y% (previous +5%)

                       PCE Core Price Idx, M/M% (previous +0.4%)

                       PCE Core Price Idx, Y/Y% (previous +4.1%)

8:30 AM ET. November Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (previous -0.5%)

                       Dur Goods, Ex-Defense, M/M% (previous +0.8%)

                       Dur Goods, Ex-Transport, M/M% (previous +0.5%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.6%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 206K)

                       Jobless Claims, Net Chg (previous +18K)

                       Continuing Claims (previous 1845000)

                       Continuing Claims, Net Chg (previous -154K)

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

                       Corn (Metric Tons) (previous 2703.1K)

                       Soybeans (Metric Tons) (previous 1448.6K)

                       Wheat (Metric Tons) (previous 650.6K)

9:45 AM ET. Consumer Comfort Index

10:00 AM ET. 3^rd Quarter GDP by State

10:00 AM ET. November New Residential Sales

                       New Home Sales (previous 745K)

                       New Home Sales, M/M% (previous +0.4%)

                       New Home Sales Months Supply (previous 6.3)

10:00 AM ET. December University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (previous 67.4)

                       End-Mo Expectations Idx (previous 63.5)

                       12-Month Inflation Forecast (previous 4.9%)

                       5-Year Inflation Forecast (previous 3.0%)

                       End-Mo Current Idx (previous 73.6)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3417B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -88B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, December 24, 2021  

  N/A              U.S.: Christmas Day holiday observed. Financial markets closed

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

The Dow closed higher on Wednesday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this week's rally, last-Thursday's high crossing at 36,189.83 is the next upside target. Closes below Monday's low crossing at 34,665.50 would resume the decline off last-Thursday's high. First resistance is last-Thursday's high crossing at 36,189.83. Second resistance is the November 16th high crossing at 36,316.61. Third resistance is the November high crossing at 36,565.73. First support is Monday's low crossing at 34,665.50. Second support is December's low crossing at 34,006.98.  

The March NASDAQ 100 closed higher on Wednesday as it consolidates some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 16,061.96 would signal that a short-term low has been posted. Closes below Monday's low crossing at 15,492.00 would renew the decline off November's high. 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 Monday's low crossing at 15,492.00. Second support is the 38% retracement level of the March-November rally crossing at 15,504.89.

The March S&P 500 closed higher on Wednesday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. If March extends this week's rally, last-Thursday's high crossing at 4743.25 is the next upside target. Closes below Monday's low crossing at 4520.25 would renew the decline off last-Thursday's high.First resistance is today's high crossing at 4678.50. Second resistance is last-Thursday's high crossing at 4743.25. First support is December's low crossing at 4485.75. Second support is the 25% retracement level of the 2020-2021-rally crossing at 4435.97.    

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

March T-bonds closed up 20/32's at 161-13. 

March T-bonds posted an inside day with a higher close on Wednesday as it consolidated some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the December 9^th 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 December's high crossing at 164-12. Second resistance is the August high crossing at 164-20. First support is the December 9^th low crossing at 160-12. Second support is the 50-day moving average crossing at 159-31.

March T-notes closed up 60-pts. at 130.240.

March T-notes closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 130.064 would signal that a short-term top has been posted. 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. 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 130.064. Second support is November's low crossing at 128.225. 

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

February crude oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the December 9^th high crossing at $73.13 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 $75.56. If February renews the decline off October's high, August's low crossing at $60.52 is the next downside target. First resistance is the December 9^th high crossing at $73.13. Second resistance is the 50-day moving average crossing at $75.56. First support is Monday's low crossing at $66.12. Second support is December's low crossing at $62.26.  

February heating oil closed higher on Wednesday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the December 9^th high crossing at $227.82 confirms that a short-term low has been posted while opening the door for a possible test of the 50-day moving average crossing at $234.17. If February 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 today's high crossing at $230.24. Second resistance is the 50-day moving average crossing at $234.17. First support is Monday's low crossing at $210.45. Second support is December's low crossing at $199.74. 

February unleaded gas closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are becoming 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 220.60 is the next upside target. Closes below Monday's low crossing at $201.61 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $217.19. Second resistance is the 50-day moving average crossing at $220.60. First support is Monday's low crossing at $201.61. Second support is December's low crossing at $186.46.    

February Henry natural gas closed slightly higher on Wednesday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Thursday'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 December 6^th gap crossing at 4.010 would signal that the aforementioned gap marked an exhaustion gap and that a low has been posted. If February renews the decline off October's high, the 75% retracement level of the 2020-2021-rally crossing at 3.535 is the next downside target. First resistance is the December 6^th gap crossing at 4.010. Second resistance is the 20-day moving average crossing at 4.031. First support is the 75% retracement level of the 2020-2021-rally crossing at 3.535. Second support is the 87% retracement level of the 2020-2021-rally crossing at 3.050.   

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

The March Dollar closed lower on Wednesday as it extended the November-December trading range. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 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 $95.22. 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. First resistance is last-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 $95.22. 

The March Euro closed higher on Wednesday while extending the trading range of the past six-weeks. The high-range close sets the stage for a steady to higher opening when Thursday'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 114.62. 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 114.62. 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 sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are still possible. Closes above last-Thursday's high crossing at 1.3378 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 1.3467. 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 last-Thursday's high crossing at 1.3378. Second resistance is the 50-day moving average crossing at 1.3467. 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 higher on Wednesday as it extends the November-December 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 lower 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 last-Wednesday's low crossing at 1.0791. Second support is November's low crossing at 1.0712.  

The March Canadian Dollar closed higher on Wednesday 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 Thursday'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 October's high, the 50% retracement level of the 2020-2021-rally crossing at 75.95 is the next downside target. Closes above the 20-day moving average crossing at 78.17 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 78.17. Second resistance is the 50-day moving average crossing at 79.43. First support is Monday's low crossing at 77.13. Second support is the 50% retracement level of the 2020-2021-rally crossing at 75.95.

The March Japanese Yen closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’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 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 0.088049 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 today's low crossing at 0.087505. Second support is November's low crossing at 0.086715.

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

February gold closed higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday'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 last-Friday's high crossing at $1815.70 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 last-Friday's high crossing at $1815.70. Second resistance is the November 26 high crossing at $1819.30. First support is last-Wednesday's low crossing at 1753.00. Second support is September's low crossing at $1723.70.

March silver closed higher on Wednesday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that low might be in or is near. If March extends the aforementioned rally, the 50-day moving acreage crossing at 23.557 is the next upside target. If March renews 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 today's high crossing at 22.850. Second resistance is the 50-day moving average crossing at 23.557. First support is December'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 higher on Wednesday as it extends the rally off last-Wednesday's low.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 437.48 confirms that a short-term low has been posted. If March extends the rally off last-Wednesday's low, November's high crossing at 451.15 is the next upside target. If March renews 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 the December 9^th 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 $0.04 1/4-cents at $6.02 1/2. 

March corn closed higher on Wednesday and above psychological resistance crossing at $6.00 as it extended the rally off September's low. The mid-range close sets the stage for a steady to higher opening when Thursday'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 September's low, July's high crossing at $6.16 1/2 is the next upside target. Closes below the 20-day moving average crossing at $5.86 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.06 3/4. Second resistance is July's high crossing at $6.16 1/2. First support is the 20-day moving average crossing at $5.86 3/4. Second support is the 50-day moving average crossing at $5.73.     

March wheat closed up $0.15-cents at $8.14.  

March wheat closed higher on Wednesday and above the 20-day moving average crossing at $7.97 3/4 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday'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 this week's rally, the December 3^rd high crossing at $8.22 3/4 is the next upside target. Closes below the 10-day moving average crossing at $7.82 3/4 would temper the near-term friendly outlook.First resistance is the December 3^rd high crossing at $8.22 3/4. Second resistance is the November high crossing at $8.74 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 closed up $0.12 1/4-cents at $8.53 3/4.

March Kansas City wheat closed higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 December's low, November's high crossing at $8.92 1/4 is the next upside target. Closes below last-Wednesday's low crossing at $7.81 would renew the decline off November's high. First resistance is today's high crossing at $8.56 1/2. Second 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 $0.02 1/4-cents at $10.27 3/4. 

March Minneapolis wheat closed higher on Wednesday while extending the November-December trading range. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $10.27 1/4 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 "

March soybeans closed up $0.22 1/4-cents at $13.35 1/4.

January soybeans closed higher on Wednesday as it extended the rally off November's low. Today's high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off the November 30^th low, the 62% retracement level of the June-November decline crossing at $13.49 1/2 is the next upside target. Closes below the 20-day moving average crossing at $12.70 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the June-November decline crossing at $13.49 1/2. Second resistance is the 75% retracement level of the June-November decline crossing at $13.83. First support is the 10-day moving average crossing at $12.83 1/2. Second support is the 20-day moving average crossing at $12.70.

March soybean meal closed up $7.80 at $398.30. 

March soybean meal closed higher on Wednesday as it extends the rally off October's low. The high-range  close sets the stage for a steady to higher opening when Thursday'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, the May high crossing at $408.80 is the next upside target. Closes below the 20-day moving average crossing at $361.50 would signal that a short-term top has been posted. First resistance is today's high crossing at $399.80. Second resistance is the May high crossing at $408.80. First support is the 10-day moving average crossing at $374.60. Second support is the 20-day moving average crossing at $361.50.       

March soybean oil closed up 90 pts. at 54.79. 

March soybean oil closed higher on Wednesday as it consolidated some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 55.49 would signal that a short-term low has been posted. If March renews the decline off October's high, June's low crossing at 50.29 is the next downside target. First resistance is last-Thursday's high crossing at 55.26. Second resistance is the 20-day moving average crossing at 55.49. First support is last-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 $0.88 at $83.30. 

February hogs closed higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, November's high crossing at $84.68 is the next upside target. Closes below last-Wednesday's low crossing at $78.67 would signal that a short-term top has been posted. First resistance is today's high crossing at $83.60. Second resistance is November's high crossing at $84.68. First support is last-Wednesday's low crossing at $78.67. Second support is December's low crossing at $75.35. 

February cattle closed up $0.38 at $137.30. 

February cattle closed higher on Wednesday 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 Thursday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $138.36 would signal that a short-term low has been posted. If February renews the decline off November's high, the 62% retracement level of the September-November rally crossing at 134.30 is the next downside target. 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 the 62% retracement level of the September-November rally crossing at 134.30. 

March Feeder cattle closed down $0.15 at $161.67. 

March feeder cattle closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's 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 November 12^th low crossing at $158.12 is the next downside target. Closes above the 20-day moving average crossing at $165.57 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $165.57. Second resistance is November's high crossing at $169.08. First support is the November 12^th low crossing at $158.12. Second support is November's low crossing at $152.25. 

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

March coffee closed higher on Wednesday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 223.18 would open the door for a larger-degree decline into early-January. Closes above the 20-day moving average crossing at 237.28 would signal that a short-term low has been posted.     

March cocoa closed slightly higher on Wednesday. The low-range close sets the stage for a steady to slightly higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, December's low crossing at 23.33 is the next downside target. Closes above the 50-day moving average crossing at 25.26 would confirm that a short-term low has been posted. 

March sugar closed sharply higher on Wednesday. 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. Closes above the 50-day moving average crossing at 19.49 would confirm that a low has been posted. If March renews the decline off December's high, August's low crossing at 18.31 is the next downside target.   

March cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 109.77 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.