KEY EVENTS TO WATCH FOR:

Wednesday, December 29, 2021  

8:30 AM ET. November Advance Economic Indicators Report

10:00 AM ET. November Pending Home Sales Index

                       Pending Home Sales (previous 125.2)

                       Pending Home Sales Idx, M/M% (previous +7.5%)

                       Pending Home Sales Idx , Y/Y% (previous -1.4%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 423.571M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.715M)

                       Gasoline Stocks (Bbl) (previous 224.118M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +5.533M)

                       Distillate Stocks (Bbl) (previous 124.154M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.396M)

                       Refinery Usage (previous 89.6%)

                       Total Prod Supplied (Bbl/day) (previous 20.454M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -2.737M)

Thursday, December 30, 2021  

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

                       Corn (Metric Tons)

                       Soybeans (Metric Tons)

                       Wheat (Metric Tons)

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

                       Jobless Claims

                       Jobless Claims, Net Chg

                       Continuing Claims

                       Continuing Claims, Net Chg

8:30 AM ET. 3^rd Quarter U.S. International Investment Position

9:45 AM ET. December Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (previous 61.8)

9:45 AM ET. Consumer Comfort Index

10:00 AM ET. November Metropolitan Area Employment & Unemployment

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

                       Working Gas In Storage (Cbf)

                       Working Gas In Storage, (Cbf) Net Chg

3:00 AM ET. November Agricultural Prices

                       Farm Prices, M/M% (previous -1.7%)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, December 31, 2021   

  N/A               U.S.: New Year's Day observed by federal govt

  N/A               Extended deadline for the Federal Reserve's temporary U.S.

                       dollar liquidity swap lines with nine central banks

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 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 December's low, the November high crossing at 16,768.00 is the next upside target. Closes below the 50-day moving average crossing at 16,061.36 would temper the near-term friendly outlook. If March renews the decline off November's high, the 38% retracement level of the March-November rally crossing at 15,043.89 is the next upside target. First resistance is Tuesday's high crossing at 16,659.50. Second resistance is November's high crossing at 16,768.00. First support is the 50-day moving average crossing at 16,061.36. Second support is last-Monday's low crossing at 15,492.00.

The March S&P 500 was steady to slightly higher overnight as it extends the rally off last-Monday's low into uncharted territory. Overnight trading sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4636.37 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 4798.00. Second resistance is unknown.First support is the 50-day moving average crossing at 4636.37. Second support is last-Monday's low crossing at 4520.25.  

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

INTEREST RATES: March T-bonds was steady to slightly lower overnight. Overnight trading 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 December's high, the 50-day moving average crossing at 160-05 is the next downside target. Closes above the 20-day moving average crossing at 161-22 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 161-22. Second resistance is last-Monday's high crossing at 163-19. First support is the 50-day moving average crossing at 160-05. Second support is the November 24^th low crossing at 157-12.

March T-notes was steady to slightly lower overnight. Overnight trading sets the stage for a steady to lower opening with the day 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 last-Monday's high, the 50-day moving average crossing at 130.072 is the next downside target. If March renews the rally off October'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 130.072. Second support is the December 8^th low crossing at 129.310.   

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

ENERGIES:February crude oil was lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the November 24^th high crossing at $78.59 is the next upside target. Closes below the 20-day moving average crossing at $71.08 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $76.92. Second resistance is the November 24^th high crossing at $78.59. First support is the 20-day moving average crossing at $71.08. Second support is last-Monday's low crossing at $66.12.

February heating oil was steady to lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the 75% retracement level of the October-November decline crossing at $2.4203 is the next upside target. Closes below the 20-day moving average crossing at $2.2308 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at $2.3892. Second resistance is the November 24^th high crossing at 2.3969. First support is the 10-day moving average crossing at $2.2799. Second support is the 20-day moving average crossing at $2.2308.  

February unleaded gas was steady to slightly lower overnight as it consolidates some of the rally off December's low. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the November 10^th high crossing at 2.3281 is the next upside target. Closes below the 20-day moving average crossing at 2.1111 would signal that a short-term top has been posted. First resistance is the November 24^th high crossing at 2.2684. Second resistance is the November 10^th high crossing at 2.3281. First support is the 20-day moving average crossing at 2.1111. Second support is last-Monday's low crossing at 2.0161. Third support is December's low crossing at 1.8646.  

February Henry natural gas was slightly higher overnight as it extends December's trading range. Overnight trading 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. Closes above the December 6^th gap crossing at 4.010 would signal that a short-term low has been posted. If February renews the decline off October's high, the 87% retracement level of the 2020-2021-rally crossing at 3.050 is the next downside target. First resistance is the December 6^th gap crossing at 4.010. Second resistance is the 50-day moving average crossing at 4.689. 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.    

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

CURRENCIES:The March Dollar was steady to slightly higher overnight as it extends the November-December trading range. 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 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. 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 $95.45. First resistance is the December 15^th 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 30^th low crossing at $95.50. Second support is the 50-day moving average crossing at $95.45.

The March Euro was steady to slightly lower overnight as it extends the trading range of the November-December trading range.The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 30^th 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 30^th high crossing at $114.17. Second resistance is the 50-day moving average crossing at $114.37. 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 slightly higher overnight and is testing resistance marked by the 50-day moving average crossing at 1.3446.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 1.3446 would open the door for additional gains off December's low. Closes below the 20-day moving average crossing at 1.3292 would signal that a short-term top has been posted.First resistance the 50-day moving average crossing at 1.3446. Second resistance is the November 18^th high crossing at 1.3479. First support is the December 8th 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 lower overnight while extending the November-December trading range. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices possible near-term. If March extends the rally off November's low, November's high crossing at 1.1042 is the next upside target. Closes below the December 15^th low crossing at 1.0791 would open the door for a possible test of November's low crossing at 1.0712. First resistance is the November 30^th high crossing at 1.0957. Second resistance is December's high crossing at 1.1042. First support is the December 15^th low crossing at 1.0791. Second support is November's low crossing at 1.0712.

The March Canadian Dollar was steady to slightly lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $78.09 would signal that a short-term low has been posted. If March resumes 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 $78.09. Second resistance is the 50-day moving average crossing at $79.22. First support is last-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 was steady to slightly lower overnight as it extends the decline off November's high. 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, November's low crossing at 0.086715 is the next downside target. Closes above the 20-day moving average crossing at 0.087965 would signal that a short-term low has been posted. First resistance is the December 17^th high crossing at 0.088485. Second resistance is November's high crossing at 0.088985. First support is the overnight low crossing at 0.086975. Second support is November's low crossing at 0.086715. 

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

PRECIOUS METALS: Februarygold was lower overnight setting the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1789.10 would signal that a short-term top has been posted. If February resumes the rally off the December 15^th low, the November 26^th high crossing at $1819.30 is the next upside target. If February renews the decline off November's high, September's low crossing at $1723.70 is the next downside target. First resistance is Tuesday's high crossing at $1821.60. Second resistance is November's high crossing at $1881.90. First support is the December 15^th low crossing at $1753.00. Second support is September's low crossing at $1723.70.

March silver was slightly lower overnight as it consolidates some of the rally off December's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, the 62% retracement level of 2020's rally crossing at $21.003 is the next downside target. If March extends the aforementioned rally, the 50-day moving average crossing at $23.525 is the next upside target. First resistance is the 50-day moving average crossing at $23.525. Second resistance is November's high crossing at $25.540. First support is the December 15^th low crossing at $21.410. Second support is the 62% retracement level of 2020's rally crossing at $21.003.  

March copper was steady to lower overnight as it consolidates some of the rally off the December 15^th low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.3276 would signal that a short-term top has been posted. If March extends the rally off December's low, November's high crossing at 4.5115 is the next upside target. First resistance is November's high crossing at 4.5115. Second resistance is the October 25^th high crossing at 4.5335. First support is the 20-day moving average crossing at 4.3276. Second support is December's low crossing at 4.1195.

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

March corn was lower overnight as it extends Tuesday's key reversal down signaling that a short-term top appears to have been posted. The low-range trade overnight sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.91 1/2 would signal that a short-term top has been opened. If March extends the rally off September's low, the June high crossing at $6.33 is the next upside target. First resistance is Tuesday's high crossing at $6.17 3/4. Second resistance is June's high crossing at $6.33. First support is the 10-day moving average crossing at $5.98 3/4. Second support is the 20-day moving average crossing at $5.91 1/2. 

March wheat was lower overnight as it extended the decline off Monday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50% retracement level of the July-November rally crossing at $7.50 1/2 is the next downside target. Closes above the 50-day moving average crossing at $7.98 1/2 would signal that a short-term low has been posted. First resistance is Monday's high crossing at $8.24. Second resistance is November's 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 was lower overnight as it extended the decline off Monday's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $8.16 would signal that a short-term top has been posted. If March renews the aforementioned rally, November's high crossing at $8.92 1/4 is the next upside target. First resistance is Monday's high crossing at $8.71. Second resistance is November's high crossing at $8.92 1/4. First support is the 50-day moving average crossing at $8.16. Second support is the 38% retracement level of the July-November rally crossing at $7.81 1/4. 

March Minneapolis wheat was lower overnight as it extends the November-December trading range. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below November's 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. Closes above the 20-day moving average crossing at $10.22 1/4 would temper the near-term bearish outlook. First resistance is Monday's high crossing at $10.36 3/4. Second resistance is December's high crossing at $10.47 1/2. Third resistance is November's high crossing at $10.66 1/4. 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 was lower overnight due to profit taking as it consolidates some of the rally off November's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the late-November low, the 87% retracement level of the June-November decline crossing at $14.13 1/4 is the next upside target. Closes below the 10-day moving average crossing at $13.21 1/4 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the June-November decline crossing at $13.83. Second resistance is the 87% retracement level of the June-November decline crossing at $14.13 1/4. First support is the 10-day moving average crossing at $13.21 1/4. Second support is the 20-day moving average crossing at $12.91.  

March soybean meal was lower overnight as it consolidates some of the rally off October's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 75% retracement level of the January-October decline on the weekly continuation chart crossing at $431.20 is the next upside target. Closes below the 10-day moving average crossing at $391.00 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $415.10. Second resistance is the 75% retracement level of the January-October decline on the weekly continuation chart crossing at $431.20. First support is the 10-day moving average crossing at $391.00. Second support is the 20-day moving average crossing at $373.80. 

March soybean oil was steady to slightly lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 57.76 would open the door for a possible test of the December 7^th high crossing at 58.66. Closes below the 10-day moving average crossing at 54.95 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 57.76. Second resistance is the December 7^th high crossing at 58.66. First support is the 10-day moving average crossing at 54.95. Second support is December's low crossing at 51.55.