KEY EVENTS TO WATCH FOR:
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 STOCK INDEXES: The March NASDAQ 100 was steady to slightly lower overnight as it extends Thursday's decline. Overnight trading sets the stage for a steady to 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 December's high, the 38% retracement level of 2021's rally crossing at 15,043.89 is the next downside target. Closes above the 50-day moving average crossing at 16,122.14 would signal that a short-term low has been posted. From a broad perspective, March needs to close below December's low crossing at 15,492.00 to confirm a downside breakout of the November-January trading range. First resistance is the 50-day moving average crossing at 16,122.14. 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 2021's rally crossing at 15,043.89.
The March S&P 500 was steady to slightly higher overnight.Overnight trading sets the stage for a steady to slightly higher opening when the day session begins trading later this morning. Closes above the 20-day moving average crossing at 4704.73 would signal that a short-term low has been posted. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high the December 20th low crossing at 4520.25 is the next downside target. First resistance is the 20-day moving average crossing at 4704.73. Second resistance is December's high crossing at 4808.25. First support is the December 20th low crossing at 4520.25. Second support is December's low crossing at 4485.75.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds was lower overnight. Overnight trading sets the stage for a steady to lower 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. Closes above the 20-day moving average crossing at 158-16 would temper the near-term bearish outlook. If March resumes the decline off December's high, the March low on the weekly continuation chart crossing at 153-07 is the next downside target. First resistance is the 10-day moving average crossing at 156-06. Second resistance is the 20-day moving average crossing at 158-16. 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 was lower overnight following a three-day rally off Monday's low. Overnight trading sets the stage for a lower opening with the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 130.004 would signal that a short-term low has been posted. If March extends this month's decline, weekly support crossing at 126.110 is the next downside target. First resistance is the 10-day moving average crossing at 128.215. Second resistance is the 20-day moving average crossing at 129.211. First support is Monday's low crossing at 127.300. Second support is weekly support crossing at 126.110.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:February crude oil was steady to higher overnight as it extends the rally off December's low. 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 February extends the rally off December's low, monthly resistance crossing at $85.41 is the next upside target. Closes below the 20-day moving average crossing at $76.67 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $83.35. Second resistance is monthly resistance crossing at $85.41. First support is the 10-day moving average crossing at $79.61. Second support is the 20-day moving average crossing at $76.67.
February heating oil was steady to higher overnight as it extends the rally off December's low. 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 February extends the rally off December's low, monthly resistance crossing at $2.7919 is the next upside target. Closes below the 20-day moving average crossing at $2.4051 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $2.6459. Second resistance is monthly resistance crossing at $2.7919. First support is the 10-day moving average crossing at $2.5058. Second support is the 20-day moving average crossing at $2.4051.
February unleaded gas was steady to higher overnight as it extends the rally off December's low. The high-range trade overnight 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 February extends the rally off December's low, monthly resistance crossing at $281.81 is the next upside target. Closes below the 20-day moving average crossing at 2.2602 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 2.4214. Second resistance is monthly resistance crossing at $281.81. First support is the 20-day moving average crossing at 2.2602. Second support is the 50-day moving average crossing at 2.1908.
February Henry natural gas was lower overnight as it extends Thursday's decline. Overnight trading sets the stage for a steady to 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. Closes below the 20-day moving average crossing at 3.920 would signal that a short-term top has been posted. If February extends the rally off December's low, the 50% retracement level of the October-December decline crossing at 5.035 is the next upside target. First resistance is the 50% retracement level of the October-December decline crossing at 5.035. Second resistance is the 62% retracement level of the October-December decline crossing at 5.395. First support is the 10-day moving average crossing at 4.078. Second support is the 20-day moving average crossing at 3.920.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was steady to slightly higher overnight as it consolidated some of this week's decline. Overnight trading sets the stage for a steady to slightly higher 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 this week's decline, the 38% retracement level of the May-December-2021 rally crossing at $94.11 is the next downside target. First resistance is the 20-day moving average crossing at $95.88. Second resistance is the December 15th high crossing at $96.89. First support is the overnight low crossing at $94.61. Second support is the 38% retracement level of the May-December-2021 rally crossing at $94.11.
The March Euro was steady to slightly lower overnight as it consolidates some of this week's rally. 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 November's low, the 25% retracement level of 2021's decline crossing at $115.23 is the next upside target. Closes below the 20-day moving average crossing at $113.56 would signal that a short-term top has been posted. First resistance is the 25% retracement level of 2021's decline crossing at $115.26. Second resistance is the 38% retracement level of 2021's decline crossing at $116.86. First support is the 20-day moving average crossing at $113.56. Second support is November's low crossing at $112.21.
The March British Pound was steady to slightly lower overnight.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, October's high crossing at 1.3826 is the next upside target. Closes below the 20-day moving average crossing at 1.3494 would signal that a short-term top has been posted.First resistance is the October's high crossing at 1.3826. Second resistance is September's high crossing at 1.3914. First support is the 10-day moving average crossing at 1.3601. Second support is the 20-day moving average crossing at 1.3494.
The March Swiss Franc was steady to slightly lower overnight as it consolidated some of the rally off Tuesday'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 possible near-term. If March extends this week's rally, November's high crossing at 1.1042 is the next upside target. Closes below the 50-day moving average crossing at 1.0890 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 1.1015. Second resistance is November's high crossing at 1.1042. First support is the 50-day moving average crossing at 1.0890. Second support is Tuesday's low crossing at 1.0795.
The March Canadian Dollar was slightly lower overnight as it consolidates some of the rally off December's low. 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 10th high crossing at $80.70 is the next upside target. Closes below the 20-day moving average crossing at $78.58 would signal that a short-term top has been posted. First resistance is the November 10th high crossing at $80.70. Second resistance is October's high crossing at $81.37. First support is the 10-day moving average crossing at $79.15. Second support is the 20-day moving average crossing at $78.58.
The March Japanese Yen was steady to higher overnight as it extends the rally off the January 4th low. 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 0.087670 would confirm that a short-term low has been posted. If March renews the decline off November's high, monthly support crossing at 0.084932 is the next downside target. First resistance is the 50-day moving average crossing at 0.087670. Second resistance is the December 17th high crossing at 0.088485. First support is the 10-day moving average crossing at 0.086859. Second support is the December 4th low crossing at 0.085980.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Februarygold was steady to slightly higher overnight. 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 January's high crossing at $1833.00 would renew the rally off December's low and would open the door for additional gains near-term. Closes below the 50-day moving average crossing at $1809.30 would signal that a short-term top has been posted. First resistance is January'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 was steady to slightly lower overnight. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $23.239 would open the door for additional gains near-term. If March renews the decline off December's high, December's low crossing at $21.410 is the next downside target. First resistance is the 50-day moving average crossing at $23.239. Second resistance is November's high crossing at $25.540. First support is last-Friday's low crossing at $21.945. Second support is December's low crossing at $21.410.
March copper was lower overnight as it consolidates some of the rally off December's high. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 75% retracement level of the October-December decline crossing at 4.6142 is the next upside target. Closes below the 20-day moving average crossing at 4.4189 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the October-December decline crossing at 4.6142. Second resistance is the 87% retracement level of the October-December decline crossing at 4.6936. First support is the 10-day moving average crossing at 4.4485. Second support is the 20-day moving average crossing at 4.4189.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was higher overnight as it consolidates some of this week's decline. The high-range trade overnight sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at $5.88 would open the door for a larger-degree decline near-term. If March renews the rally off September's low, the June high crossing at $6.33 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 $5.88. Second support is the November 30th low crossing at $5.62 1/2.
March wheat was lower overnight as it extends this week's decline. 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 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. Closes above the 20-day moving average crossing at $7.73 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.73 3/4. Second resistance is the 50-day moving average crossing at $7.94 3/4. First support is last-Friday's low crossing at $7.35 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 Wednesday's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, the October 13th low crossing at $7.24 1/4 is the next downside target. Closes above the 20-day moving average crossing at $8.03 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.03 1/4. Second resistance is the 50-day moving average crossing at $8.16 1/4. First support is the 50% retracement level of the July-November rally crossing at $7.46 3/4. Second support is the October 13th low crossing at $7.24 1/4.
March Minneapolis wheat was lower overnight as it extends the decline off November's high. 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 November's high, the September 10th low crossing at $8.51 is the next downside target. Closes above the 20-day moving average crossing at $9.70 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.27 1/2. Second resistance is the 20-day moving average crossing at $9.70 1/4. First support is the 38% retracement level of 2020-2021-rally crossing at $8.78 1/2. Second support is the September 10th low crossing at $8.51.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans was slightly lower overnight as it extended Thursday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $13.60 3/4 would signal that a short-term top has been posted. If March extends the rally off November's 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 $13.60 3/4. Second support is the December 30th low crossing at $13.34 1/2.
March soybean meal was steady to higher overnight as it consolidates some of the decline off last-Friday's high. Overnight trading sets the stage for a steady to higher 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 the 20-day moving average crossing at $405.90 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 $405.90. Second support is the December 31st low crossing at $398.20.
March soybean oil was steady to lower overnight and sets the stage for a steady to 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. Closes below the 20-day moving average crossing at 56.95 would signal that a short-term top has been posted. If March extends the rally off December's low, November's high crossing at 61.44 is the next upside target. First resistance is last-Wednesday's high crossing at 59.68. Second resistance is November's high crossing at 61.44. First support is the 20-day moving average crossing at 56.95. Second support is the December 30th low crossing at 55.57.
Thanks tallpine