KEY EVENTS TO WATCH FOR:

Monday, November 21, 2022 

8:30 AM ET. October CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.10)

                       NAI, 3-mo Moving Avg (previous 0.17)

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The Dow closed higher on Friday. The low-range close sets the stage for a steady to slightly 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 the Dow extends the rally off October's low, August's high crossing at 34,281.36 is the next upside target. Closes below the 20-day moving average crossing at 32,790.53 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 33,987.06. Second resistance is August's high crossing at 34,281.36. First support is the 20-day moving average crossing at 32,790.53. Second support is the November low crossing at 31,727.05. 

The December NASDAQ 100 closed lower on Friday 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 have turned neutral to bearish signaling sideways to lower prices are possible. Closes below the 20-day moving average crossing at 11,398.40 would signal that a short-term top has been posted. If December renews the rally off November's low, the 50% retracement level of the August-October decline crossing at 12,150.94 is the next upside target. First resistance is the 50% retracement level of the August-October decline crossing at 12,150.94. Second resistance is the 62% retracement level of the August-October decline crossing at 12,547.94. First support is the 20-day moving average crossing at 11,398.40. Second support is the November 10^th low crossing at 10,808.00.

The December S&P 500 closed slightly higher on Friday. 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 3874.64 would signal that a short-term top has been posted. If December renews the rally off last-Thursday's low, the 75% retracement level of the August-October decline crossing at 4136.35. First resistance is the 62% retracement level of the August-October decline crossing at 4024.30. Second resistance is the 75% retracement level of the August-October decline crossing at 4136.35. First support is the 20-day moving average crossing at 3874.64. Second support is the 50-day moving average crossing at 3802.07.      

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December T-bonds closed down 13-pts. at 125-14. 

December T-bonds posted an inside day with a lower close on Friday but remains above the 50-day moving average crossing at 124-27. 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, the 38% retracement level of the August-October decline crossing at 128-06 is the next upside target. Closes below the 20-day moving average crossing at121-27 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 126-27. Second resistance is the 38% retracement level of the August-October decline crossing at 128-06. First support is the 20-day moving average crossing at121-27. Second support is November's low crossing at 118-03. 

December T-notes closed down 105-pts. at 112.095.

December T-notes closed lower on Friday as it consolidates some of the rally off November'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, October's high crossing at 113.300 is the next upside target. Closes below the 20-day moving average crossing at 111,062 would signal that a short-term top has been posted. First resistance is October's high crossing at 113.300. Second resistance is the 50% retracement of the August-October decline crossing at 115.142. First support is the 20-day moving average crossing at 111.062. Second support is November's low crossing at 109.105. 

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December crude oil closed sharply lower on Friday 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. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, September's low crossing at $75.70 is the next downside target. Closes above the 20-day moving average crossing at $87.11 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $87.00. Second resistance is November's high crossing at $93.74. First support is today's low crossing at $77.24. Second support is September's low crossing at $75.70.

December heating oil closed slightly lower on Friday as it extended the decline off November's high.  The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $3.5021 would open the door for additional weakness near-term. Closes above the 20-day moving average  crossing at $4.6603 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at $3.7173. Second resistance is November's high crossing at $3.9565. First support is today's low crossing at $3.4101. Second support is the September 30-day low crossing at $3.1050.

December unleaded gas closed lower on Friday 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 December extends the decline off November's high, September's low crossing at 2.1877. Closes above the 20-day moving average crossing at $2.5756 would signal that a short-term low has been posted. First resistance is November's high crossing at $2.8172. Second resistance is the 62% retracement level of the June-September decline crossing at $2.8638. First support is today's low crossing at $2.3537. Second support is September's low crossing at $2.1877.

December Henry natural gas closed slightly lower on Friday as it extends the trading range of the past seven-days. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off Wednesday's low, the 50-day moving average crossing at 6.777 is the next upside target. If December renews the decline off August's high, the 75% retracement level of the June-August rally crossing at 4.382 is the next downside target. First resistance is the 50-day moving average crossing at 6.777. Second resistance is the November 7^th high crossing at 7.221. First support is the 62% retracement level of the July-August rally crossing at 5.393. Second support is the 75% retracement level of the June-August rally crossing at 4.382.      

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The December Dollar closed higher on Friday as it consolidates some of the decline off September's high. The high-range close sets the stage for a steady to higher opening when Monday's nights 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 50% retracement level of the January-September rally crossing at $104.650 is the next downside target. Closes above the 20-day moving average crossing at 109.379 would signal that a short-term low has likely been posted. First resistance is the 10-day moving average crossing at $107.665. Second resistance is the 20-day moving average crossing at $109.379. First support is Tuesday's low crossing at $105.155. Second support is the 50% retracement level of the January-September rally crossing at $104.650.   

The December Euro closed lower on Friday as it consolidates some of the rally off November'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 38% retracement level of the 2021-2022 decline crossing at $1.07137 is the next upside target. Closes below the 20-day moving average crossing at 1.01131 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $1.05085. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at $1.07137 is the next upside target. First support is the 10-day moving average crossing at $1.02709. Second support is the 20-day moving average crossing at $1.01131. 

The December British Pound closed higher on Friday as it extends this week's trading range. The mid-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 sideways to higher prices are possible near-term. If December extends the rally off September's low, August's high crossing at 1.2327 is the next upside target. Closes below the 20-day moving average crossing at 1.1602 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.2041. Second resistance is August's high crossing at 1.2327. First support is the 20-day moving average crossing at 1.1602. Second support is November's low crossing at 1.1156.    

The December Swiss Franc closed slightly lower on Friday as it consolidated some of the rally off November'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 overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.02676 would signal that a short-term top has been posted. If December extends this month's rally, August's high crossing at 1.07550 is the next upside target. First resistance is Tuesday's high crossing at 1.07275. Second resistance is August's high crossing at 1.07550. First support is the 10-day moving average crossing at 1.04597. Second support is the 20-day moving average crossing at 1.02676.    

The December Canadian Dollar closed lower on Friday as it extends this week's decline. 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 20-day moving average crossing at 74.14 would signal that a short-term top has been posted. If December renews the rally off October's low, September's high crossing at 77.18 is the next upside target. First resistance September's high crossing at 77.18. Second resistance is the August 25^th high crossing at 77.50. First support is the 20-day moving average crossing at 74.14. Second support is the 50-day moving average crossing at 73.85.

The December Japanese Yen closed lower on Friday extends this week'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 December extends the aforementioned rally, the 62% retracement level of the August-October decline crossing at 0.073241 is the next downside target. Closes below the 20-day moving average crossing at 0.069498 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 0.073241. Second resistance is the 75% retracement level of the August-October decline crossing at 0.074751. First support is the 10-day moving average crossing at 0.070846. Second support is the 20-day moving average crossing at 0.069498.  

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December gold closed lower on Friday as it consolidates some of the rally off November'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, August's high crossing at $1824.60 is the next upside target. Closes below the 10-day moving average crossing at $1747.60 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $1791.80. Second resistance is August's high $1824.60. First support is the 10-day moving average crossing at $1747.60. Second support is the 20-day moving average crossing at $1700.80.

December silver posted an inside day with a lower close on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the rally off October's low, the 50% retracement level of the March-August decline crossing at 22.448 is the next upside target. Closes below the 20-day moving average crossing at 20.472 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 22.380. Second resistance is the 50% retracement level of the March-September decline crossing at 22.448. First support is the 20-day moving average crossing at 20.472. Second support is the 50-day moving average crossing at 19.772.  

December copper closed lower on Friday as it extends this week's decline.The low-range close sets the stage for a steady to lower opening when Friday'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 3.6080 would confirm that a short-term top has been posted. If December renews the rally off September's low, the 50% retracement level of the March-July decline crossing at 4.0450 is the next upside target. First resistance is Monday's high crossing at 3.9600. Second resistance is the 50% retracement level of the March-July decline crossing at 4.0450. First support is the 20-day moving average crossing at 3.6080. Second support is the 50-day moving average crossing at 3.5062.

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December Corn closed up a $0.00 1/4-cents at $6.67 3/4. 

December corn closed fractionally higher on Friday. 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 $6.79 1/2 would signal that a short-term low has been posted. If December extends the decline off October's high, September's low crossing at $6.54 is the next downside target. First resistance is the 50-day moving average crossing at $6.79 1/2. Second resistance is psychological resistance crossing at $7.00.  First support is September's low crossing at $6.54. Second support is the August 26^th low crossing at $6.47 1/4.

December wheat closed down $0.03 1/2-cents at $8.03 1/4.  

December wheat posted an inside day with a lower close on Friday. 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 oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this month's decline, August's low crossing at $7.43 1/4 is the next downside target. Closes above the 50-day moving average crossing at $8.60 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.60 3/4. Second resistance is November's high crossing at $9.04. First support is September's low crossing at $7.91 1/4. Second support is August's low crossing at $7.43 1/4.

December Kansas City Wheat closed down $0.03 3/4-cents at $9.34 1/4.

December Kansas City wheat closed lower on Friday. 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 October 28^th low crossing at $9.15 1/4 would open the door for additional weakness near-term. If December renews the rally off August's low, the 38% retracement level of the May-August decline crossing at $10.26 3/4 is the next upside target. First resistance is the 38% retracement level of the May-August decline crossing at $10.26 3/4. Second resistance is the 50% retracement level of the May-August decline crossing at $10.93 1/2. First support is the October 28^th low crossing at $9.15 1/4. Second support is the September 19^th low crossing at $8.96 1/4.

December Minneapolis wheat closed down $0.02 1/4-cents at $9.51 1/2.

December Minneapolis wheat closed lower on Friday. 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 last-Thursday's low crossing at $9.33 would open the door for a larger-degree decline off October's high. If December renews the rally off August's low, the 38% retracement level of the May-August decline crossing at $10.66 1/2 is the next upside target. First resistance is the 25% retracement level of the May-August decline crossing at $9.94 3/4. Second resistance is the 38% retracement level of the May-August decline crossing at $10.66 1/2. First support is last-Thursday's low crossing at $9.33. Second support is the September 6^th low crossing at $9.06 1/2.  

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January soybeans closed up $0.11 1/4-cents at $14.28 1/4.

January soybeans closed higher on Friday 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 Monday's night trade begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends Thursday's decline, the October 28^th low crossing at $13.80 1/2 is the next downside target. If January renews the rally off October's low, the 62% retracement level of the June-July decline crossing at $14.76 3/4 is the next upside target.First resistance is the 62% retracement level of the June-July decline crossing at $14.76 3/4. Second resistance is the 75% retracement level of the June-July decline crossing at $15.15 1/2. First support is Thursday's low crossing at $14.06 3/4. Second support is the October 28^th low crossing at $13.80 1/2.    

December soybean meal closed up $4.80 at $410.50. 

December soybean meal post closed higher on Friday as it extends the trading range of the past five-days. 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. If December extends the decline off October's high, the October 18^th low crossing at $398.80 is the next downside target. Closes above the 20-day moving average crossing at $414.60 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $414.60. Second resistance is last-Monday's high crossing at $423.80. First support is Tuesday's low crossing at $402.20. Second support is the October 18^th low crossing at $398.80. 

December soybean oil closed up 67-pts. At 72.80. 

December soybean oil posted an inside day with a higher close on Friday. 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 that sideways to lower prices are possible near-term. If December extends this week's decline, the October 28^th low crossing at 71.09 is the next downside target. If December renews the rally off September's low, June's high crossing at 79.29 is the next upside target. First resistance is last-Friday's high crossing at 78.64. Second resistance is June's high crossing at 79.29. First support is the October 28^th low crossing at 71.09. Second support is the 50-day moving average crossing at 69.18. 

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December hogs closed down $0.70 at $84.28. 

December hogs closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Close below the 50-day moving average crossing at $83.47 confirm that a short-term top has been posted. If December renews the rally off October's low, August's high crossing at $91.35 is the next upside target. First resistance is November's high crossing at $87.58. Second resistance is October's high crossing at $89.80. First support is the 50-day moving average crossing at $83.47. Second support is the October 9^th low crossing at $81.35. 

December cattle closed up $0.18 at $152.93. 

December cattle closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off September's low, the June-2015 high on the monthly continuation chart crossing at $156.48 is the next upside target. If December renews the decline off October's high, the 50-day moving average crossing at $150.46 is the next downside target. First resistance is October's high crossing at $154.20. Second resistance is the June-2015 high on the monthly continuation chart crossing at $156.48. First support is the 50-day moving average crossing at $150.46. Second support is the October 14^th low crossing at $146.90. 

January Feeder cattle closed up $0.25 at $180.23. 

January Feeder cattle closed higher on Friday as it extends the rally off Tuesday's low. The mid-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January renews the rally off October's low, the 62% retracement level of the August-October decline crossing at $184.56 is the next upside target. Closes below Tuesday's low crossing at $176.32 would confirm that a short-term top has been posted. First resistance is today's high crossing at $181.20. Second resistance is November's high crossing at $187.50. First support is Tuesday's low crossing at $182.38. Second support is October's low crossing at $172.10.      

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December coffee closed lower on Friday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening on Monday. 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 2020-2022 rally crossing at $14.74 is the next downside target. Closes above the 20-day moving average crossing at $17.06 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $17.06. Second resistance is November's high crossing at $18.34. First support is the 75% retracement level of the 2020-2022 rally crossing at $14.74. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.04.                   

December cocoa closed lower on Friday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If December extends this week's decline, the 50-day moving average crossing at 23.70 is the next downside target. Closes above the 10-day moving average crossing at 24.99 would signal that a low has been posted.     

March sugar closed higher on Friday. 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 rally off September's low, April's high crossing at 20.63 is the next upside target. Closes below the 10-day moving average crossing at 19.63 would confirm that a short-term top has been posted while opening the door for additional weakness near-term.         

December cotton closed lower on Friday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned rally, the reaction high crossing at 97.77 is the next upside target. Closes below the 20-day moving average crossing at 82.32 would signal that a top has been posted.