INO Morning Market Commentary
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Started by tallpine - Sept. 16, 2022, 7:57 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Friday, September 16, 2022  

 



 

 

10:00 AM ET. September University of Michigan Survey of Consumers - preliminary

 

                       Mid-Mo Sentiment (previous 55.1)

 

                       Mid-Mo Expectations (previous 54.9)

 

                       Mid-Mo Current Idx (previous 55.5)

 



 

 

10:00 AM ET. August State Employment and Unemployment

 

4:00 PM ET. July Treasury International Capital Data

 


The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes  

 



 

The STOCK INDEXES: The December NASDAQ 100 was lower overnight as it extends the decline off Tuesday's high. Overnight trading sets the stage for a 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 December extends the decline off August's high, the 75% retracement level of the June-August rally crossing at 11,799.16. Closes above the 20-day moving average crossing at 12,535.39 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 12,274.08. Second resistance is the 20-day moving average crossing at 12,535.39. First support is the 75% retracement level of the June-August rally crossing at 11,799.16. Second support is the 87% retracement level of the June-August rally crossing at 11,474.02.



The December S&P 500 was lower overnight as it extends the decline off August's high. Overnight trading sets the stage for a 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 December extends the aforementioned decline, the 75% retracement level of the June-August rally crossing at 3828.16 is the next downside target. Closes above the 20-day moving average crossing at 4042.69 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4061.00. Second resistance is Tuesday's highcrossing at 4175.00. First support is the 75% retracement level of the June-August rally crossing at 3828.16. Second support is the 87% retracement level of the June-August rally crossing at 3744.72.



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



INTEREST RATES: December T-bonds were lower overnight as it extends the decline off August's high. The low-range overnight trade sets the stage for a 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 December extends the decline off August's high, June's low crossing at 130-27 is the next downside target. Closes above the 20-day moving average crossing at 134-15 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 134-15. Second resistance is the 50-day moving average crossing at 138-04. First support is the overnight low crossing at 131-00. Second support is June's low crossing at 130-27.



December T-notes was steady to lower overnight as it extends the decline off August'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 December extends the decline off August's high, June's low crossing at 114.060 is the next downside target. Closes above the 20-day moving average crossing at 116.134 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 116.134. Second resistance is the 50-day moving average crossing at 118.062. First support is the overnight low crossing at 114.105. Second support is June's low crossing at 114.060. 



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



ENERGIES:October crude oil was steady to slightly higher overnight. Overnight trading sets the stage for a 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. If October renews the decline off August's high, the 50% retracement level of the 2020-2022 rally crossing at $75.35 is the next downside target. Closes above the 20-day moving average crossing at $89.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $89.00. Second resistance is the 50-day moving average crossing at $91.02. First support is February 18th low crossing at $79.83. Second support is the 50% retracement level of the 2020-2022 rally crossing at $75.35.



October heating oil was higher due to short covering overnight as it consolidates some of the decline off August's high. Overnight trading sets the stage for a steady to 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 October extends the decline off August's high, August's low crossing at $3.1167 is the next downside target. Closes above the 50-day moving average crossing at $3.5216 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $3.5217. Second resistance is the 20-day moving average crossing at $3.6340. First support is August's low crossing at $3.1167. Second support is the April 7th low crossing at 2.9338.



October unleaded gas was steady to slightly lower overnight and sets the stage for a 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 October renews the decline off June's high, the 50% retracement level of the 2020-2022 rally crossing at $2.2446 is the next downside target. Closes above the 20-day moving average crossing at $2.5262 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $2.5262. Second resistance is the 50-day moving average crossing at $2.6811. First support is last-Thursday's low crossing at $2.2890. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.2446.



October Henry natural gas was lower overnight as it consolidates some of the rally off the September 7th low. Overnight weakness sets the stage for a 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 50-day moving average crossing at 8.247 would signal that a short-term top has been posted. If resumes the rally off September's low, the August 29th high crossing at 9.711 is the next upside target. First resistance is Wednesday's high crossing at 9.238. Second resistance is the August 29th high crossing at 9.711. First support is the 50% retracement level of the June-August rally crossing at 7.685. Second support is the 62% retracement level of the June-August rally crossing at 7.133.    



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



CURRENCIES:The December Dollar was steady to slightly higher overnight. The mid-range overnight trading sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that a sideways to higher prices are possible near-term. If December renews the rally off August's low, monthly resistance crossing at $114.782 is the next upside target. Closes below the 50-day moving average crossing at $107.350 would open the door for additional weakness near-term. First resistance is last-Wednesday's high crossing at $110.480. Second resistance is monthly resistance crossing at $114.782. First support is the 50-day moving average crossing at $107.350. Second support is August's low crossing at $104.150.



The December Euro was steady to slightly lower overnight. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this year's decline, monthly support crossing at $0.93211 is the next downside target. Closes above Monday's high crossing at $1.02650 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at $1.02650. Second resistance is August's high crossing at $1.04650. First support is last-Tuesday's low crossing at $0.98710. Second support is monthly support crossing at $0.93211. 



The December British Pound was lower overnight as it extends this year's decline. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this year's decline, monthly support support crossing at 1.1340 is the next downside target. Closes above Tuesday's high crossing at 1.1759 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 1.1759. Second resistance is the 50-day moving average crossing at 1.1912. First support is the overnight low crossing at 1.1374. Second support is monthly support crossing at 1.1340.



The December Swiss Franc was steady to slightly lower overnight as it extends the decline off Tuesday's high. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 1.04051 would signal that a short-term top has been posted. If December renews the rally off September's low, August's high crossing at 1.07550 is the next upside target. First resistance is Tuesday's high crossing at 1.06325. Second resistance is August's high crossing at 1.07550. First support is the 10-day moving average crossing at 1.04212. Second support is September's low crossing at 1.02210. 

 

The December Canadian Dollar was lower overnight as it extends this week's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off April's high, the 62% retracement level of the 2020-2021 rally crossing at $74.06 is the next downside target. Closes above the 50-day moving average crossing at 77.08 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 76.40. Second resistance is the 50-day moving average crossing at $77.08. First support is the overnight low crossing at $75.22. Second support is the 62% retracement level of the 2020-2021 rally crossing at $74.06.



The December Japanese Yen was steady to slightly higher overnight as it extends the trading range of the past 7-days. Overnight trading sets the stage for a steady to slightly lower opening when the day 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. If December extends this year's decline, is long-term support crossing at 0.065720 is the next downside target. Closes above the 20-day moving average crossing at 0.071951 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.071951. Second resistance is the 50-day moving average crossing at 0.073629. First support is Tuesday's low crossing at 0.069485. Second support is long-term support crossing at 0.065720. 

 

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



PRECIOUS METALS: Decembergold was slightly lower overnight as it extends the decline off August's high. Overnight trading sets the stage for a 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 December resumes the decline off August's high, the 62% retracement level of the 2016-2020 rally on the weekly chart crossing at $1610.30 is the next downside target. Closes above the 50-day moving average crossing at $1754.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1730.30. Second resistance is the 50-day moving average crossing at $1752.40. First support is the overnight low crossing at $1661.90. Second support is the 62% retracement level of the 2016-2020 rally on the weekly chart crossing at $1610.30.



December silver was lower overnight as it consolidates some of the rally off September's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 $18.759 would signal that a short-term top has been posted. If December renews the rally off September's low, August's high crossing at $21.020 is the next upside target. First resistance is Monday's high crossing at $20.005. Second resistance is August's high crossing at $21.020. First support is the 20-day moving average crossing at $18.759. Second support is the September low crossing at 17.400.  



December copper was lower overnight as it extends the decline off Tuesday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 3.5039 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If December renews the rally off the September 6th low, August's high crossing at 3.7835 is the next upside target. First resistance is August's high crossing at 3.7835. Second resistance is the 38% retracement level of the March-July decline crossing at 3.8291. First support is the September 6th low crossing at 3.3610. Second support is July's low crossing at 3.1355.



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



December corn was lower overnight as it extends this week's decline due to concerns over demand and the impending harvest. Overnight trading sets the stage for a lower opening when the day sessions begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.67 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If December resumes the rally off July's low, the 75% retracement level of the May-July decline crossing at $7.15 is the next upside target. First resistance is Monday's high crossing at $6.99 1/2. Second resistance is the 75% retracement level of the May-July decline crossing at $7.15. First support is the 20-day moving average crossing at $6.67 3/4. Second support is the 50-day moving average crossing at $6.30 3/4. 



December wheat was lower overnight following Thursday's sharp sell off, which marked a key reversal down. Overnight trading sets the stage for a 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 50-day moving average crossing at $8.18 1/2 would signal that a short-term top has been posted. If December renews the rally off August's low, the 38% retracement level of the May-August decline crossing at $9.49 1/4 is the next upside target. First resistance is the 25% retracement level of the May-August decline crossing at $8.77 1/2. Second resistance is the 38% retracement level of the May-August decline crossing at $9.49 1/4. First support is September's low crossing at $7.91 1/4. Second support is the August 18th low crossing at $7.43 1/4.   



December Kansas City wheat was lower overnight as it consolidates some of the rally off August's low. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average $8.81 3/4 would signal that a short-term top has been posted. If December extends the rally off August's low, the July 11th high crossing at $10.10 is the next upside target. First resistance is the 25% retracement level of the May-August decline crossing at $9.51. Second resistance is the July 11th high crossing at $10.10. First support is the 50-day moving average $8.81 3/4. Second support is August's low crossing at $8.08 1/2.



December Minneapolis wheat was lower overnight as it extends the July-September trading range. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $9.12 1/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. Closes above the July 20th high crossing at $9.67 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the July 20th high crossing at $9.67. Second resistance is the July 11th high crossing at $10.56 1/4. First support is the August 18th low crossing at $8.61 3/4. Second support is the 75% retracement level of the January-May high crossing at $8.29 1/2. 



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



November soybeans were lower overnight and sets the stage for a lower opening when the day 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 10-day moving average crossing at $14.31 3/4 would signal that a short-term top has been posted. If November renews the rally off the September 8th low, the 75% retracement level of June-July decline crossing at $15.12 is the next upside target. First resistance is the 75% retracement level of June-July decline crossing at $15.12. Second resistance is the 87% retracement level of June-July decline crossing at $15.47 3/4. First support is the 10-day moving average crossing at $14.31 3/4. Second support is the 50-day moving average $14.06.

 

December soybean meal was lower overnight. 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 signaling that sideways trading is possible near-term. If December extends the rally off September's low, monthly resistance on the monthly continuation chart crossing at $457.20 is the next upside target. Closes below the 10-day moving average crossing at $418.80 would temper the near-term friendly outlook. First resistance is Monday's high crossing at $440.70. Second resistance is monthly resistance on the monthly continuation chart crossing at $457.20. First support is the 10-day moving average crossing at $418.80. Second support is the 50-day moving average crossing at $409.70.  



December soybean oil was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 63.17 would signal that a short-term top has been posted. If December renews the rally off the September 8th low, the 62% retracement level of the June-July decline crossing at 69.82 is the next upside target. First resistance is Tuesday's high crossing at 68.00. Second resistance is the 62% retracement level of the June-July decline crossing at 69.82. First support is the August 4th low crossing at 60.20. Second support is the July 22nd low crossing at 55.53.    


Comments
By metmike - Sept. 16, 2022, 10:26 a.m.
Like Reply

Thanks much tallpine!