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)

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 last-Tuesday's high. Overnight tradingsets the stage for a 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 11,407.85 would signal that a short-term top has been posted. If December renews the rally off October's low, the 62% retracement level of the August-October crossing at 12,547.94 is the next upside target. First resistance is the 50% retracement level of the August-October crossing at 12,150.94. Second resistance is the 62% retracement level of the August-October crossing at 12,547.94. First support is the 20-day moving average crossing at 11,407.85. Second support is the November 10^th low crossing at 10,808.00.

The December S&P 500 was 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3882.47 would signal that a short-term top has been posted. If December renews the rally off the October 13^th low, the 75% retracement level of the August-October decline crossing at 4136.35 is the next upside target. First resistance is the 62% retracement level of the August-October declinecrossing at 4024.30. Second resistance is the 75% retracement level of the August-October decline crossing at 4136.35. First support is the 10-day moving average crossing at 3936.72. Second support is the 20-day moving average crossing at 3882.47. 

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

INTEREST RATES: December T-bonds were steady to slightly lower overnight as it consolidates some of the rally off November's low. Overnight trading 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 December extends the rally off October'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 at 122-07 would signal that a short-term top has been posted. First resistance is last-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 10-day moving average crossing at 123-28. Second support is the 20-day moving average crossing at 122-07.

December T-notes 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. Closes below the 20-day moving average crossing at 111.101 would signal that a short-term top has been posted. If December extends the rally off October's low, October's high crossing at 113.300 is the next upside target. First resistance is October's high crossing at 113.300. Second resistance is the 50% retracement level of the August-October decline crossing at 115.142. First support is the 20-day moving average crossing at 111.101. Second support is November's low crossing at 109.105. 

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

ENERGIES:December crude oil was steady to slightly lower overnight as it extends the decline off November's high. 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline November's high, September's low crossing at $75.70 is the next downside target. Closes above the 20-day moving average crossing at $86.89 would signal that a short-term low has been posted. First resistance is the November 11^th high crossing at $90.10. Second resistance is November's high crossing at $93.74. First support is last-Friday's low crossing at $77.24. Second support is September's low crossing at $75.70.

December heating oil was steady to slightly lower overnight. Overnight trading sets the stage for a slightly 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. Closes below the 50-day moving average crossing at $3.4862 would open the door for additional weakness near-term. Closes above last-Tuesday's high crossing at $3.7173 would temper the near-term bearish outlook. First resistance is last-Tuesday's high crossing at $3.7173. Second resistance is November's high crossing at $3.9565. First support is the 50-day moving average crossing at 3.4862. Second support is the 62% retracement level of the September-November rally crossing at $3.3470.  

December unleaded gas was steady to 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 December extends this month's decline, the October 18^th low crossing at 2.3526 is the next downside target. Closes above last-Monday's high crossing at $2.6586 would confirm that a short-term low has been posted. First resistance is last-Monday's high crossing at $2.6586. Second resistance is November's highcrossing at $2.8172. First support is the October 18^th low crossing at $2.3526. Second support is September's low crossing at $2.1877.

December Henry natural gas was steady to slightly higher overnight and sets the stage for a slightly higher 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 50-day moving average crossing at 6.735 would signal that a short-term low has been posted. If December resumes the decline off November's high, the 62% retracement level of the 2020-2022 crossing at 5.393 is the next downside target. First resistance is the 50-day moving average crossing at 6.735. Second resistance is November's high crossing at 7.221. First support is the 62% retracement level of the 2020-2022 crossing at 5.393. Second support is the March 15^th low crossing at 4.872.  

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

CURRENCIES:The December Dollar was higher overnight and sets the stage for a higher 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 $109.171 would signal that a short-term low has been posted. If December renews the decline off September's high, the 50% retracement level of this year's rally crossing at $104.650 is the next downside target. First resistance is the 10-day moving average crossing at $107.441. Second resistance is the 20-day moving average crossing at $109.171. First support is last-Tuesday's low crossing at $105.155. Second support is the 50% retracement level of this year's rally crossing at $104.650.

The December Euro was lower overnight as it extends the decline off last-Tuesday's high. 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 $1.01305 would signal that a short-term top has been posted. If December renews the rally off September's low, the 38% retracement level of the 2021-2022 decline crossing at $1.07137 is the next upside target. First resistance is August's high crossing at $1.04650. Second resistance is the 38% retracement level of the 2021-2022 crossing at $1.07137. First support is the 10-day moving average crossing at $1.02917. Second support is the 20-day moving average crossing at $1.01305.   

The December British Pound was lower overnight as it extends the trading range of the past six-days. Overnight trading sets the stage for a steady to 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 1.1628 would signal that a short-term top has been posted. If December renews the rally off September's low, the 50% retracement level of the 2021-2022 decline crossing at 1.2312 is the next upside target. First resistance is last-Tuesday's high crossing at 1.2041. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 1.2312. First support is the 20-day moving average crossing at 1.1628. Second support is the 50-day moving average crossing at 1.1388.    

The December Swiss Franc was lower overnight as it extends the decline off last-Tuesday's high. 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 20-day moving average crossing at 1.02888 would signal that a short-term top has been posted. If December renews the rally off November's low, August's high crossing at 1.07550 is the next upside target. First resistance is last-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 1.04895. Second support is the 20-day moving average crossing at 1.02888.

The December Canadian Dollar was lower overnight as it consolidates some of the rally off October'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $74.22 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 is the September 20^th crossing at $75.62. Second resistance is September's high crossing at $77.18. First support is the 20-day moving average crossing at $74.22. Second support is the 50-day moving average crossing at $73.80.

The December Japanese Yen was lower overnight as it extends the decline off last-Tuesday's high. Overnight trading 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 20-day moving average crossing at 0.069649 would signal that a short-term top has been posted. If December renews the rally off October's, the August 23^rd high crossing at 1.074410 is the next upside target. First resistance is last-Tuesday's high crossing at 0.072925. Second resistance is the August 23^rd high high crossing at 1.074410. First support is the 20-day moving average crossing at 0.069649. Second support is October's low crossing at 0.066235. 

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

PRECIOUS METALS: Decembergold was lower overnight as it extends the decline off last-Tuesday's high. Overnight trading 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. If December renews the rally off November's low, August's high crossing at $1824.60 is the next upside target. Closes below the 20-day moving average crossing at $1705.40 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $1791.80. Second resistance is August's high crossing at $1824.60. First support is the 20-day moving average crossing at $1705.40. Second support is the 50-day moving average crossing at $1687.70.

December silver was lower overnight as it extends the decline off last-Tuesday's high and sets the stage for a lower opening when the day session begins trading later this morning. 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 $20.549 would confirm that a short-term top has been posted. If December resumes the rally off October's low, the 50% retracement level of the March-August decline crossing at $22.466 is the next upside target. First resistance is last-Tuesday's high crossing at $22.380. Second resistance is the 50% retracement level of the March-August decline crossing at $22.448. First support is the 20-day moving average crossing at $20.549. Second support the 50-day moving average crossing at $19.790.   

December copper was lower overnight as it extends the decline off last-Monday's high. The low-range trade overnight sets the stage for a 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 3.6157 would signal that a short-term top has been posted. If December renews the rally off September's low, the 50% retracement level of this year's decline crossing at 4.0450 is the next upside target. First resistance is last-Monday's high crossing at 3.9600. Second resistance is the 50% retracement level of this year's decline crossing at 4.0450. First support is the 20-day moving average crossing at 3.6156. Second support is the 50-day moving average crossing at 3.5056.   

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

December corn was lower overnight as it extends the trading range of the past eight-days. Overnight trading sets the stage for a lower opening when the day sessions 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 would temper the near-term bearish outlook. If December extends the decline off the October 31^st high, the August 26^th low crossing at $6.47 1/4 is the next downside target. First resistance is the 50-day moving average crossing at $6.79. Second resistance is the October 31^st high crossing at $7.00. First support is last-Tuesday's low crossing at $6.51 1/4. Second support is the August 26^th low crossing at $6.47 1/4. 

December wheat was lower overnight as it extends the decline off October'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 October's high, August's low crossing at $7.43 1/4 is the next downside target. Closes above the 50-day moving average crossing at $8.59 1/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $8.31. Second resistance is the 50-day moving average crossing at $8.59 1/4. First support is the overnight low crossing at $7.88 3/4. Second support is August's low crossing at $7.43 1/4.   

December Kansas City wheat was lower overnight as it extends the trading range of the past five-weeks and sets the stage for a lower opening when the day session begins trading later this morning. 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 the October 28^th low, the 38% retracement level of the May-August decline crossing at $10.26 3/4 is the next upside target. First resistance is November's high crossing at $9.91. Second resistance is the 38% retracement level of the May-August decline crossing at $10.26 3/4. 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 was lower overnight as it extends the July-November trading range. 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 extends the decline off November's high, the September 19^th low crossing at $9.06 1/2 is the next downside target. Closes above November's high crossing at $9.93 1/4 would temper the near-term bearish outlook. First resistance is November's high crossing at $9.93 1/4. Second resistance is October's high crossing at $10.24 1/4. First support is the November 10^th low crossing at $9.29. Second support is the September 19^th low crossing at $9.06 1/2. 

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

January soybeans was lower overnight. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If January renews last-week's decline, the October 26^th low crossing at $13.80 1/2 is the next downside target. If January resumes the rally off October's low, the 62% retracement level of the September-October decline crossing at $14.55 1/4 is the next upside target. First resistance is November's high crossing at $14.69. Second resistance is the 62% retracement level of the September-October decline crossing at $14.55 1/4. First support is last-Thursday's low crossing at $14.06 3/4. Second support is the October 26^th low crossing at $13.80 1/2.  

December soybean meal was lower overnight as it extends the trading range of the past six-days. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $414.10 would temper the bearish outlook. If December extends the decline off October's high, the October 18^th low crossing at $398.80 is the next downside target. First resistance is the 50-day moving average crossing at $414.10. Second resistance is October's high crossing at $440.50. First support is the October 18^th low crossing at $398.80. Second support is the October 26^th low crossing at $406.40.    

December soybean oil was slightly higher overnight as it consolidates some of the decline off November's high. 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 December extends last-week's decline, the 50-day moving average crossing at 69.31 is the next downside target. If December resumes the rally off September's low, June's high crossing at 79.29 is the next upside target. First resistance is November's high crossing at 78.64. Second resistance is June's high crossing at 79.29. First support is the 50-day moving average crossing at 69.31. Second support is the October 13^th low crossing at 64.05.   

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

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.      

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

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.