KEY EVENTS TO WATCH FOR:
Wednesday, January 12, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 572.8)
Composite Idx, W/W% (previous -5.6%)
Purchase Idx-SA (previous 277.3)
Purchase Idx-SA, W/W% (previous -10.2%)
Refinance Idx (previous 2351.3)
Refinance Idx, W/W% (previous -2.5%)
8:30 AM ET. December CPI
CPI, M/M% (previous +0.8%)
Core CPI, M/M% (previous +0.5%)
Energy Idx, M/M% (previous +3.5%)
Food Idx, M/M% (previous +0.7%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.2%)
CPI, Y/Y% (previous +6.8%)
Core Annual, Y/Y% (previous +4.9%)
8:30 AM ET. December Real Earnings
10:00 AM ET. December Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 417.851M)
Crude Oil Stocks, Net Chg (Bbl) (previous -2.144M)
Gasoline Stocks (Bbl) (previous 232.787M)
Gasoline Stocks, Net Chg (Bbl) (previous +10.128M)
Distillate Stocks (Bbl) (previous 126.846M)
Distillate Stocks, Net Chg (Bbl) (previous +4.418M)
Refinery Usage (previous 89.8%)
Total Prod Supplied (Bbl/day) (previous 19.665M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -2.553M)
12:00 AM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
2:00 PM ET. U.S. Federal Reserve Beige Book
2:00 PM ET. December Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.
Thursday, January 13, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 207K)
Jobless Claims, Net Chg (previous +7K)
Continuing Claims (previous 1754000)
Continuing Claims, Net Chg (previous +36K)
8:30 AM ET. December PPI
PPI, M/M% (previous +0.8%)
Ex-Food & Energy PPI, M/M% (previous +0.7%)
Personal Consumption (previous +0.9%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 256.1K)
Soybeans (Metric Tons) (previous 449.8K)
Wheat (Metric Tons) (previous 51.1K)
9:45 AM ET. Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3195B)
Working Gas In Storage, Net Chg(Cbf) (previous -31B)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, January 14, 2022
8:30 AM ET. December Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous +0.3%)
Sales, Ex-Auto, M/M% (previous +0.3%)
Sales, Ex-Auto & Gas, M/M% (previous +0.2%)
8:30 AM ET. December Import & Export Price Indexes
Import Prices (previous +0.7%)
Non-Petroleum Prices (previous +0.7%)
Petroleum Prices (previous +0.4%)
9:15 AM ET. December Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +0.5%)
Capacity Utilization % (previous 76.8%)
Capacity Utilization, Net Chg (Pts) (previous +0.3)
10:00 AM ET. November Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +1.2%)
10:00 AM ET. January University of Michigan Survey of Consumers - preliminary data
Mid-Mo Sentiment (previous 70.4)
Mid-Mo Expectations (previous 67.8)
Mid-Mo Current Idx (previous 74.6)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Tuesday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 35,828.39 would confirm that a short-term top has been posted. If the Dow renews the rally off December's low into uncharted territory, upside targets will be hard to project. First resistance is last-Wednesday's high crossing at 36,952.65. Second resistance is unknown. First support is the 50-day moving average crossing at 35,828.39. Second support is the December 20th low crossing at 34,665.50.
The March NASDAQ 100 closed higher on Tuesday 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 Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 16,144.09 would signal that a short-term low has been posted. If March extends the decline off December's high, the 38% retracement level of the 2021-rally crossing at 15,043.89 is the next downside target. First resistance is the 50-day moving average crossing at 16,144.09. Second resistance is December's high crossing at 16,659.50. First support is Monday's low crossing at 15,152.50. Second support is the 38% retracement level of the 2021-rally crossing at 15,043.89.
The March S&P 500 closed higher on Tuesday as it consolidates some of the decline off last-Tuesday's high. Today's high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 4668.23 would confirm that a short-term top has been posted while opening the door for additional losses near-term. Closes above the 10-day moving average crossing at 4728.48 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4702.19. Second resistance is the 10-day moving average crossing at 4728.48. First support is the December 20th low crossing at 4520.25. Second support is December's low crossing at 4485.75.
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March T-bonds closed up 18/32's at 155-29.
March T-bonds closed higher on Tuesday 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 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 December's high, the March low on the weekly continuation chart crossing at 153-07 is the next downside target. Closes above the 20-day moving average crossing at 159-12 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 157-09. Second resistance is the 20-day moving average crossing at 159-12. First support is Monday's low crossing at 154-19. Second support is the March low on the weekly continuation chart crossing at 153-07.
March T-notes closed up 75-pts. at 128.120.
March T-notes closed higher on Tuesday 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 Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the aforementioned decline, weekly support crossing at 127.290 is the next downside target. Closes above the 20-day moving average crossing at 130.174 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 129.064. Second resistance is the 20-day moving average crossing at 130.174. First support is Monday's low crossing at 127.300. Second support is long-term support on the weekly continuation chart crossing at 127.290.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
February crude oil closed higher on Tuesday as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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, October's high crossing at $82.13 is the next upside target. Closes below the 20-day moving average crossing at $74.96 would signal that a short-term top has been posted. First resistance is today's high crossing at $81.59. Second resistance is October's high crossing at $82.13. First support is the 10-day moving average crossing at $77.72. Second support is the 20-day moving average crossing at $74.96.
February heating oil closed higher on Tuesday as it extended the rally off December's low and posted a new contract high. The high-range close sets the stage for a steady to higher opening when Wednesday'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, monthly resistance crossing at $279.19 is the next upside target. Closes below the 20-day moving average crossing at $234.80 would signal that a short-term top has been posted. First resistance is today's high crossing at $256.59. Second resistance is monthly resistance crossing at $279.19. First support is the 10-day moving average crossing at $243.00. Second support is the 20-day moving average crossing at $234.80.
February unleaded gas closed higher on Tuesday as it renewed the rally off December's low. 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 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 $240.26 is the next upside target. Closes below the 20-day moving average crossing at $221.99 would signal that a short-term top has been posted. First resistance is today's high crossing at 235.84. Second resistance is October's high crossing at 240.26. First support is the 20-day moving average crossing at $221.99. Second support is the 50-day moving average crossing at $218.56.
February Henry natural gas closed higher on Tuesday following Monday's upside breakout of the December-January 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 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 4.360 is the next upside target. Closes below the 20-day moving average crossing at 3.814 would signal that a short-term top 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 50-day moving average crossing at 4.360. Second resistance the November 26th high crossing at 5.400. 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 Tuesday as it extends the November-January trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's nights session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above December's high crossing at $96.90 or below the November 30th low crossing at $95.50 are needed to mark a breakout of the aforementioned trading range and point the direction of the next trending move. 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 closed higher on Tuesday while extending the November-January 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 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. Closes below November's low crossing at 112.22 are needed to mark a downside breakout of the November-January trading range. 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 Tuesday as it extended the rally off December's low. 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 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 4th high crossing at 1.3692 is the next upside target. Closes below the 20-day moving average crossing at 1.3426 would temper the near-term friendly outlook. First resistance is the November 4th high crossing at 1.3692. Second resistance is the October high crossing at 1.3826. First support is the 20-day moving average crossing at 1.3426. Second support is the 38% retracement level of the 2020-2021 rally crossing at 1.3207.
The March Swiss Franc closed higher on Tuesday as it consolidated some of the decline off December's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. If March extends the decline off December's high, November's low crossing at 1.0712 is the next downside target. Closes above the 10-day moving average crossing at 1.0908 would signal that a short-term low has been posted. First resistance is December's high crossing at 1.1005. 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 sharply higher on Tuesday as it extends the rally off December's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the December 31st high crossing at 79.23 opens the door for additional gains near-term. Closes below the 20-day moving average crossing at 78.26 is the next downside target. First resistance is today's high crossing at 79.57. Second resistance is the November 15th high crossing at 79.99. First support is last-Thursday's low crossing at 78.03. Second support is November's low crossing at 77.13.
The March Japanese Yen posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.087681 would signal that a short-term low has been posted. If March renews the decline off November's high, weekly support on the continuation chart crossing at 0.084932 is the next downside target. First resistance is the 20-day moving average crossing at 0.087174. Second resistance is the 50-day moving average crossing at 0.087681. First support is last-Tuesday's low crossing at 0.085980. Second support is weekly support on the continuation chart crossing at 0.084932.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed higher on Tuesday. 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 higher prices are possible near-term. If February renews the rally off December's low, September's high crossing at 1838.70 is the next upside target. If February renews this month's decline, December's low crossing at $1753.00 is the next downside target. First resistance is last-Monday's high crossing at $1833.00. Second resistance is September's high crossing at $1838.70. First support is last-Friday's low crossing at $1781.30. Second support is December's low crossing at $1753.00.
March silver closed higher on Tuesday as it consolidates some of the decline off the December 28th high. 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 higher prices are possible near-term. Closes above the 50-day moving acreage crossing at 23.266 would confirm that a low has been posted while opening the door for a larger-degree rally near-term, December's low crossing at 21.410 is the next downside target. First resistance is the 50-day moving average crossing at 23.266. 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 higher on Tuesday.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 higher prices are possible near-term. If March renews the rally off December's low, November's high crossing at 451.15 is the next upside target. Closes below last-Thursday's low crossing at 431.35 would confirm that a short-term top has been posted. First resistance is December's high crossing at 449.85. Second resistance is November's high crossing at 451.15. First support is last-Thursday's low crossing at 431.35. Second support is December's low crossing at 411.95.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up $0.01 1/4-cents at $6.01.
March corn closed higher on Tuesday as it extends the trading range of the past three-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $5.87 1/2 would signal that a short-term top has been posted. If March renews the rally off last-Monday's low, December's high crossing at $6.17 3/4 is the next upside target. First resistance is December's high crossing at $6.17 3/4. Second resistance is June's high crossing at $6.33. First support is the 50-day moving average crossing at $5.87 1/2. Second support is the November 30th low crossing at $5.62 1/2.
March wheat closed up $0.06 3/4-cents at $7.68 3/4.
March wheat closed higher on Tuesday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $7.77 would signal that a short-term low has been posted. If March renews the decline off November's high, the 62% retracement level of the July-November rally crossing at $7.21 is the next downside target. First resistance is the 20-day moving average crossing at $7.77. Second resistance is the 50-day moving average crossing at $7.98. First support is Monday's low crossing at $7.48. Second support is the 62% retracement level of the July-November rally crossing at $7.21.
March Kansas City Wheat closed up $0.13 1/4-cents at $7.91 1/2.
March Kansas City wheat closed higher on Tuesday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.18 3/4 would signal that a short-term low has been posted. If March renews the decline off December's high, the 50% retracement level of the July-November rally crossing at $7.46 3/4 is the next downside target. First resistance is the 10-day moving average crossing at $7.93 1/4. Second resistance is the 50-day moving average crossing at $8.18 3/4. First support is the 50% retracement level of the July-November rallycrossing at $7.46 3/4. Second support is the October 13th low crossing at $7.24 1/4.
March Minneapolis wheat closed up $0.14-cents at $9.28 1/4.
March Minneapolis wheat closed higher on Tuesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when 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, the 38% retracement level of the 2020-2021-decline crossing at $8.78 1/2 is the next downside target. Closes above the 20-day moving average crossing at $9.88 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.55 3/4. Second resistance is the 20-day moving average crossing at $9.88 1/4. First support is the 38% retracement level of the 2020-2021-decline crossing at $8.78 1/2. Second support is the September 10th low crossing at $8.51.
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March soybeans closed up $0.01 3/4-cents at $13.86 1/2.
March soybeans closed higher on Tuesday as trading is subdued ahead of Wednesday's monthly supply-demand report. Today's mid-range close sets the stage for a steady to higher opening when Wednesday'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 $13.43 1/2 would signal that a short-term top has been posted. If January extends the rally off the November 30th low, last-June's high crossing at $14.45 1/2 is the next upside target. First resistance is the 87% retracement level of the June-November decline crossing at $14.13 1/4. Second resistance is last-June's high crossing at $14.45 1/2. First support is the 20-day moving average crossing at $13.43 1/2. Second support is the 50-day moving average crossing at $12.91.
March soybean meal closed down $3.60 at $412.70.
March soybean meal closed lower on Tuesday as it consolidated some of the rally off October's low. 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 overbought and have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the December 31st low crossing at $398.20 would signal that a short-term top has been posted. If March extends the rally off October's low, the 87% retracement level of the January-October decline on the weekly continuation chart crossing at $450.80 is the next upside target. First resistance is last-Friday's high crossing at $431.80. Second resistance is the 87% retracement level of the January-October decline on the weekly continuation chart crossing at $450.80. First support is the 20-day moving average crossing at $399.70. is the 20-day moving average crossing at $399.70. Second support is the December 31st low crossing at $398.20.
March soybean oil closed up 84 pts. at 58.87.
March soybean oil closed higher on Tuesday. 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 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 2021's decline crossing at 61.16 is the next upside target. Closes below the 20-day moving average crossing at 56.18 would signal that a short-term top has been posted. First resistance is the 62% retracement level of 2021's decline crossing at 59.24. Second resistance is the 75% retracement level of 2021's decline crossing at 61.16. First support is the 20-day moving average crossing at 56.18. Second support is December's low crossing at 51.10.
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February hogs closed down $0.55 at $77.82.
February hogs closed lower on Tuesday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 February extends the aforementioned decline, December's low crossing at $75.35 is the next downside target. Closes above the 20-day moving average crossing at $81.28 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is November's high crossing at $84.68. Second resistance is October's high crossing at $87.48. First support is today's low crossing at $77.55. Second support is December's low crossing at $75.35.
February cattle closed up $1.33 at $137.57.
February cattle closed higher on Tuesday 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 Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off December's high, December's low crossing at $135.50 is the next downside target. Closes above the 10-day moving average crossing at $138.29 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $138.29. Second resistance is December's high crossing at $141.43. First support is December's low crossing at $135.50. Second support is the 62% retracement level of the September-November rally crossing at $134.30.
March Feeder cattle closed up $1.05 at $166.40.
March feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. 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 $164.23 would signal that a short-term top has been posted. If March resumes the rally off December's low, August's high crossing at $171.58 is the next upside target. First resistance is December's high crossing at $170.83. Second resistance is August's high crossing at $171.58. First support is the 50-day moving average crossing at $164.23. Second support is December's low crossing at $159.90.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends last-week's rally, the December 15th high crossing at 241.60 signal is the next upside target. If March renews the decline off December's high, November's low crossing at 201.45 is the next downside target.
March cocoa closed higher on Tuesday as it renewed the rally off November's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the October 25th high crossing at 26.65 is the next upside target. Closes below the 50-day moving average crossing at 24.94 would signal that a short-term top has been posted.
March sugar closed higher due to short covering on Tuesday 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 Wednesday. 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 38% retracement level of the 2020-2021 rally crossing at 17.28 is the next downside target. Closes above the 20-day moving average crossing at 18.81 would confirm that a low has been posted.
March cotton closed higher on Tuesday. 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 rally off September's low, November's high crossing at 118.50 is the next upside target. Closes below the 20-day moving average crossing at 111.43 would signal that a short-term top has been posted.