KEY EVENTS TO WATCH FOR:
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 Thursday as it extended the rally off December's low. The low-range close sets the stage for a steady to lower opening when Monday'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 into uncharted territory, next upside targets will be hard to project. Closes below the 20-day moving average crossing at 35,693.15 would signal that a short-term top has been posted. First resistance is today's high crossing at 36,679.44. Second resistance is unknown. First support is the 20-day moving average crossing at 35,693.15. 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 higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Monday'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 16,082.93 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 16,082.93. Second support is December's low crossing at 15,492.00.
The March S&P 500 closed slightly higher on Thursday as it extended the rally off December's low. Today's mid-range close sets the stage for a steady to higher opening when Monday'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 4642.05 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 4642.05. Second support is the December 20th low crossing at 4520.25.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed up 19/32's at 159-31.
March T-bonds posted an inside day with a higher close on Thursday as it consolidates above the October-November uptrend line crossing near 158-29. The high-range close sets the stage for a steady to higher opening when Monday'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 while opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at 161-17 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 161-17. Second resistance is the December 20th high crossing at 163-19. First support is Wednesday's low crossing at 159-01. Second support is the October-November uptrend line crossing near 158-29.
March T-notes closed up 60-pts. at 130.130.
March T-notes posted an inside day with a higher close on Thursday as it consolidated some of the decline off December's high. The 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 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 slightly 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 Monday'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 $71.70 would signal that a short-term top has been posted. First resistance is today's high crossing at $77.44. Second resistance is the November 24th high crossing at $78.59. First support is the 20-day moving average crossing at $71.70. Second support is the December 20th low crossing at $66.12.
February heating oil closed slightly 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 Monday'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 $224.66 would signal that a short-term top has been posted. First resistance is today's high crossing at $239.50. 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 $224.66. Second support is the December 20th low crossing at $210.45.
February unleaded gas closed higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Monday'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 $212.94 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 the 20-day moving average crossing at $212.94. Second support is the December 20th low crossing at $201.61.
February Henry natural gas closed sharply lower on Thursday as it extends December's trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the December 6th gap crossing at 4.010 would signal that a low has been posted. First resistance is the December 6th gap crossing at 4.010. Second resistance is the 50-day moving average crossing at 4.650. 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 an inside day with a higher close on Thursday leaving Wednesday's key reversal down unconfirmed at this time. The low-range close sets the stage for a steady to lower opening when Monday'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. 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 25% retracement level of this year's rally crossing at $95.07.
The March Euro posted an inside day with a lower close on Thursday while extending the November-December trading range. The low-range close sets the stage for a steady to lower 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. Closes above the November 30th high crossing at 114.17 would mark an upside breakout of the aforementioned trading range while opening the door for additional gains near-term. 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 25% retracement level of the January-November decline crossing at 115.23. 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 as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Monday'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 1.3305 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 9th high crossing at 1.3609. Second resistance is the October high crossing at 1.3826. 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 Thursday as it extends the rally off November's low.The high-range close sets the stage for a steady to higher opening when Monday'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 1.0888 would signal that a short-term top has been posted. First resistance is Wednesday'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 Thursday as it extends the rally off December's low. The 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 March extends the aforementioned rally, the 50-day moving average crossing at 79.17 is the next upside target. 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 today's high crossing at 78.50. Second resistance is the 50-day moving average crossing at 79.17. First support is December'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 Thursday as it extended the decline off November's high. The mid-range close sets the stage for a steady to lower opening when Monday’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 50-day moving average crossing at 0.087912 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 0.086730. 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 Thursday.The high-range close sets the stage for a steady to higher opening when Monday'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, September's high crossing at 1838.70 is the next upside target. Closes below the 20-day moving average crossing at $1791.30 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $1821.60. Second resistance is September's high crossing at $1838.70. First support is December's low crossing at 1753.00. Second support is September's low crossing at $1723.70.
March silver closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Monday's night 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 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 23.509 would open the door for a larger-degree rally into early-January. First resistance is the 50-day moving average crossing at 23.509. 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 lower on Thursday as it consolidates some of the rally off the December 15th low.The low-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at 433.53 would signal that a short-term top has been posted. If March extends the rally off December's low, November's high crossing at 451.15 is the next upside target. 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 down $0.09 1/2-cents at $5.96.
March corn closed lower on Thursday as it extended the decline off Tuesday's high. The low-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at $5.93 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews 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 the 20-day moving average crossing at $5.93. Second support is the 50-day moving average crossing at $5.80 1/4.
March wheat closed down $0.07 1/4-cents at $7.80 1/2.
March wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Monday'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 isthe 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 down $0.11-cents at $8.13 1/2.
March Kansas City wheat closed lower on Thursday and below the 50-day moving average crossing at $8.17 1/4 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 38% retracement level of the July-November rally crossing at $7.81 1/4 is the next downside target. 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 down $0.17 1/2-cents at $9.91 1/2.
March Minneapolis wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple 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 down $0.30 1/2-cents at $13.38 1/4.
January soybeans closed sharply lower on Thursday as it consolidates some of the rally off November's low. Today's low-range close sets the stage for a steady to lower opening when Monday'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 10-day moving average crossing at $13.29 1/2 would signal that a short-term top has been posted. 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. 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 $13.29 1/2. Second support is the 20-day moving average crossing at $12.96 3/4.
March soybean meal closed down $4.40 at $403.80.
March soybean meal closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Monday'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 10-day moving average crossing at $394.70 would signal that a short-term top has been posted. 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. 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 $394.70. Second support is the 20-day moving average crossing at $376.80.
March soybean oil closed down 87 pts. at 56.04.
March soybean oil closed lower on Thursday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower 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. Closes above the 50-day moving average crossing at 57.66 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 55.21 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 57.66. Second resistance is December's high crossing at 58.66. First support is the 20-day moving average crossing at 55.21. Second support is December's low crossing at 51.10.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $1.03 at $82.80.
February hogs closed lower on Thursday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Monday'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 $80.16 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 $82.25. Second support is the 20-day moving average crossing at $80.79.
February cattle closed down $0.63 at $140.10.
February cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Monday. 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 $137.45 would signal that a short-term top has been posted. First resistance is Wednesday'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 $137354. Second support is the 50% retracement level of the September-November rally crossing at $135.74.
March Feeder cattle closed up $1.03 at $169.08.
March feeder cattle closed higher on Thursday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Monday'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, August's high crossing at $171.58 is the next upside target. Closes below the 50-day moving average crossing at $163.04 would signal that a short-term top has been posted. First resistance is today's high crossing at $169.63. Second resistance is August's high crossing at $171.58. First support is the 20-day moving average crossing at $165.21. Second support is the 50-day moving average crossing at $163.04.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Thursday. The high-range close sets the stage for a steady to higher opening on Monday. 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 225.18 would open the door for a larger-degree decline into early-January. Closes above the 20-day moving average crossing at 235.02 would signal that a short-term low has been posted.
March cocoa closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Monday. 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 Thursday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening on Monday. 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.
Thanks much tallpine!