INO Evening Market Comments
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Started by tallpine - Dec. 29, 2021, 4:40 p.m.

KEY EVENTS TO WATCH FOR:



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. 3rd 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 Dow 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 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, November's high crossing at 36,565.73 is the next upside target. Closes below the 20-day moving average crossing at 35,569.75 would signal that a short-term top has been posted. First resistance is November's high crossing at 36,565.73. Second resistance is unknown. First support is the 20-day moving average crossing at 35,569.75. Second support is last-Monday's low crossing at 34,665.50. Third support is December's low crossing at 34,006.98.  



The March NASDAQ 100 closed slightly 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, November's high crossing at 16,768.00 it the next upside target. Closes below the 50-day moving average crossing at 16,060.94 would signal that a short-term top has been posted. 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 16,060.94. Second support is December's low crossing at 15,492.00. 



The March S&P 500 closed slightly higher on Wednesday as it extended the rally off December's low. Today's high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off December's low into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4636.44 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 last-Monday's low crossing at 4520.25. Second support is December's low crossing at 4485.75. Third 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 down 1-18/32's at 159-03. 



March T-bonds closed sharply lower on Wednesday and is poised to test the October-November uptrend line crossing near 158-29. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the aforementioned uptrend line crossing near 158-29 would signal that a short-term trend change has taken place. Closes above the 20-day moving average crossing at 161-21 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 161-21. Second resistance is last-Monday's high crossing at 163-19. First support is today's low crossing at 159-01. Second support is the October-November uptrend line crossing near 158-29.



March T-notes closed down 145-pts. at 130.050.



March T-notes closed lower on Wednesday as it extended the decline off December's high. 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 neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off December's high, the December 8th low crossing at 129.310 is the next downside target. 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 December 8th low crossing at 129.310. 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 as it extended the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the November 24th high crossing at $78.59 is the next upside target. Closes below the 20-day moving average crossing at $71.14 would signal that a short-term top has been posted. First resistance is today's high crossing at $77.37. Second resistance is the November 24th high crossing at $78.59. First support is the 20-day moving average crossing at $71.14. Second support is last-Monday's low crossing at $66.12.   



February heating oil closed higher on Wednesday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, the 75% retracement level of the October-December decline crossing at $242.03. Closes below the 20-day moving average crossing at $223.15 would signal that a short-term top has been posted. First resistance is today's high crossing at $239.46. Second resistance is the 75% retracement level of the October-December decline crossing at $242.03. First support is the 20-day moving average crossing at $223.15. Second support is last-Monday's low crossing at $210.45.  



February unleaded gas closed higher on Wednesday as it extends the rally off December'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 February extends the rally off December's low, November's high crossing at 234.41 is the next upside target. Closes below the 20-day moving average crossing at $211.23 would signal that a short-term top has been posted. First resistance is the November 24th high crossing at 226.84. Second resistance is November's high crossing at 234.41. First support is last-Monday's low crossing at $201.61. Second support is December's low crossing at $186.46.    



February Henry natural gas closed slightly lower on Wednesday as it extends December's 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the December 6th gap crossing at 4.010 would signal that a 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 6th gap crossing at 4.010. Second resistance is the 50-day moving average crossing at 4.686. 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 posted a key reversal down and closed lower on Wednesday while extending 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 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 $95.44. If March renews 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 the December 15th 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 30th low crossing at $95.50. Second support is the 50-day moving average crossing at $95.44. 



The March Euro posted a key reversal up and 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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 a possible test of the 50-day moving average crossing at 114.38. 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 30th high crossing at 114.17. Second resistance is the 50-day moving average crossing at 114.38. 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 Wednesday and closed above the 50-day moving average crossing at 1.3447 thereby opening the door for additional gains near-term. 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 still possible. If March extends the rally off December's low, the November 9th high crossing at 1.3609 is the next upside target. Closes below the 20-day moving average crossing at 1.3294 would temper the near-term friendly outlook. 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 the November 18th high crossing at 1.3516. 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 and has renewed the rally off November'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 lower prices are possible near-term. If March extends the rally off November's low, the  November high crossing at 1.1042 is the next upside target. Closes below the 20-day moving average crossing at 1.0885 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.0981. Second resistance is November's high crossing at 1.1042. First support is the December 15th low crossing at 1.0791. Second support is November's low crossing at 1.0712.  



The March Canadian Dollar closed higher on Wednesday and is poised to extend the rally off last-Monday'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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 78.10 would signal that a short-term low has been posted while opening the door for additional gains near-term. If March renews 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 78.10. 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 closed lower on Wednesday as it extended the decline off November's high. The low-range close sets the stage for a steady to lower opening when Wednesday’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, November's low crossing at 0.086715 is the next downside target. Closes above the 20-day moving average crossing at 0.087926 would signal that a short-term low has been posted. First resistance is the December 17th high crossing at 0.088485. Second resistance is the November high crossing at 0.088985. First support is today's 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 ""



February gold closed lower 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 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, November's high crossing at 1881.90 is the next upside target. Closes below the 20-day moving average crossing at $1789.60 would signal that a short-term top has been posted. First resistance is today's high crossing at $1808.00. Second resistance is November's high crossing at $1881.90. First support is December's low crossing at 1753.00. Second support is September's low crossing at $1723.70.



March silver closed lower on Wednesday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady to lower opening when Thursday's night 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. 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. Closes above the 50-day moving acreage crossing at 23.525 would open the door for a larger-degree rally into early-January. First resistance is the 50-day moving average crossing at 23.525. Second resistance is October's high crossing at 24.960. 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 slightly lower on Wednesday as it consolidates some of the rally off the December 15th low.The mid-range close sets the stage for a steady to lower 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 December's low, November's high crossing at 451.15 is the next upside target. Closes below the 20-day moving average crossing at 432.87 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 449.85. 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 $0.01-cent at $6.05 3/4. 



March corn closed higher on Wednesday as it consolidates some of Tuesday's decline. 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 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 $5.91 3/4 would confirm that a short-term top has been posted. If March extends the rally off September's low, June's 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 broken psychological resistance crossing at $6.00. Second support is the 20-day moving average crossing at $5.91 3/4.     



March wheat closed up $0.05 3/4-cents at $7.89 1/4.  



March wheat 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 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. If March renews the rally off December's low, the November's high crossing at $8.74 3/4 is the next upside target. 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 closed up $0.03 3/4-cents at $8.25 1/2.

 

March Kansas City wheat 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 have turned 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 rally off December's low, 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 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 $0.09 1/2-cents at $10.09. 



March Minneapolis wheat closed higher on Tuesday. 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 bearish signaling that sideways to lower prices are possible 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. If March renews the rally off December's low, December's high crossing at $10.47 1/2 is the next upside target. 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 $0.00 3/4-cents at $13.68 3/4.



January soybeans closed fractionally higher on Wednesday. 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 30th 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 $13.22 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 $13.22 1/4. Second support is the 20-day moving average crossing at $12.91 1/2.



March soybean meal closed down $0.90 at $408.20. 



March soybean meal closed slightly lower on Wednesday. The mid-range close sets the stage for a steady to lower 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 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 $391.20 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 $391.20. Second support is the 20-day moving average crossing at $373.90.       



March soybean oil closed up 24 pts. at 56.91. 



March soybean oil closed higher on Wednesday and remains poised to extend the rally off December'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 57.77 is the next upside target. Closes below the 10-day moving average crossing at 54.99 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 57.77. Second resistance is December's high crossing at 58.66. First support is the 10-day moving average crossing at 54.99. Second support is December's low crossing at 51.10. 

 

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



February hogs closed up $1.25 at $83.88. 



February hogs 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 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, October's high crossing at $87.48 is the next upside target. Closes below the 50-day moving average crossing at $80.11 would signal that a short-term top has been posted. First resistance is November's high crossing at $84.68. Second resistance is October's high crossing at $87.48. First support is the 10-day moving average crossing at $81.90. Second support is the 50-day moving average crossing at $80.11. 



February cattle closed up $1.13 at $140.53. 



February cattle gapped up and closed higher on Wednesday. The mid-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. If February extends the rally off December's low, November's high crossing at $141.85 is the next upside target. Closes below the 50-day moving average crossing at $137.34 would signal that a short-term top has been posted. First resistance is today's high crossing at $141.43. Second resistance is November's high crossing at $141.85. First support is the 50-day moving average crossing at $137.34. Second support is the 50% retracement level of the September-November rally crossing at $135.74. 



March Feeder cattle closed up $2.75 at $167.98. 



March feeder cattle closed sharply 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 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 $169.08 is the next upside target. If March renews the decline off November's high, the November 12th low crossing at $158.12 is the next downside target. First resistance is today's high crossing at $168.25. Second resistance is November's high crossing at $169.08. First support is the November 12th 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. The high-range close sets the stage for a steady to higher opening on Thursday. 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 224.75 would open the door for a larger-degree decline into early-January. Closes above the 20-day moving average crossing at 235.24 would signal that a short-term low has been posted.       



March cocoa closed higher on Wednesday. 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 sideways to higher prices are possible near-term. Closes above the December 16th high crossing at 25.67 would signal that a short-term low has been posted. If March extends the decline off December's high, December's low crossing at 23.33 is the next downside target.  



March sugar 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 bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, August's low crossing at 18.31 is the next downside target. Closes above the 50-day moving average crossing at 19.44 would confirm that a low has been posted.    



March cotton 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 on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, November's high crossing at 118.50 is the next upside target. If March resumes the decline off November's high, October's low crossing at 101.31 is the next downside target. 

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