KEY EVENTS TO WATCH FOR:

Monday, November 28, 2022  

10:30 AM ET. November Texas Manufacturing Outlook Survey

                       Business Activity (previous -19.4)

                       Mfg Production Idx (previous 6.0)

Tuesday, November 29, 2022  

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +7.3%)

                       Latest Wk, Y/Y% (previous +7.5%)

9:00 AM ET. 3^rd Quarter U.S. Quarterly House Price Index

9:00 AM ET. September U.S. Monthly House Price Index

9:00 AM ET. September S&P CoreLogic Case-Shiller Indices

                       10-City Idx, M/M% (previous -1.6%)

                       10-City Idx, Y/Y% (previous +12.1%)

                       20-City Idx, M/M% (previous -1.6%)

                       20-City Idx, Y/Y% (previous +13.1%)

                       National Idx, M/M% (previous -1.1%)

                       National Idx, Y/Y% (previous +13.0%)

10:00 AM ET. November Consumer Confidence Index

                       Cons Conf Idx (previous 102.5)

                       Expectation Idx

                       Present Situation Idx (previous 138.9)

4:30 PM ET.  API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -4.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -0.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous +1.1M)

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

The STOCK INDEXES: The December NASDAQ 100 was lower overnight as it extends last-Friday's decline. 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 11,387.24 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 50-day moving average crossing at 11,387.24. Second support is the November 10^th low crossing at 10,808.00.

The December S&P 500 was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought, diverging 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 3914.56 would signal that a short-term top has been posted. If December extends 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 20-day moving average crossing at 3914.56. Second support is the 50-day moving average crossing at 3805.93. 

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

INTEREST RATES: December T-bonds were higher overnight as it extends the rally off October's low. Overnight trading sets the stage for a 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 December extends the rally off October's low, October's high crossing at 129-12 is the next upside target. Closes below the 20-day moving average crossing at 122-16 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the August-October decline crossing at 128-06. Second resistance is October's high crossing at 129-12. First support is the 10-day moving average crossing at 126-03. Second support is the 20-day moving average crossing at 123-14.

December T-notes was steady to slightly higher overnight and sets the stage for a steady to slightly 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 December extends the rally off October's low, the 38% retracement level of the August-October decline crossing at 113.280 is the next upside target. Closes below the 20-day moving average crossing at 111.221 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the August-October-decline crossing at 113.280. 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 111.221. Second support is November's low crossing at 109.105. 

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

ENERGIES:Januarycrude oil was lower overnight as it extends the decline off November'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 January extends the decline November's high, the 50% retracement level of the 2020-2022 rally crossing at $72.40 is the next downside target. Closes above the 20-day moving average crossing at $84.24 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $80.71. Second resistance is the 20-day moving average crossing at $84.24. First support is the overnight low crossing at $73.60. Second support is the 50% retracement level of the 2020-2022 rally crossing at $72.40.

January heating oil was lower overnight as it extends the decline off November'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 January extends the decline off November's high, the 87% retracement level of the September-November rally crossing at $3.0325 is the next downside target. Closes above the 20-day moving average crossing at $3.4490 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.3542. Second resistance is the 20-day moving average crossing at $3.4490. First support is the 75% retracement level of the September-November rally crossing at $3.1276. Second support is the 87% retracement level of the September-November rally crossing at $3.0325.  

January unleaded gas was lower overnight as it extends the decline off November'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 January extends this month's decline, September's low crossing at $2.1536 is the next downside target. Closes above the 20-day moving average crossing at $2.4698 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $2.3874. Second resistance is the 20-day moving average crossing at $2.4698. First support is the overnight low crossing at $2.2196. Second support is September's low crossing at $2.1536.

January natural gas was 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 20-day moving average crossing at 6.739 would signal that a short-term top has been posted. If January resumes the rally off October's low, the 62% retracement level of the August-October decline crossing at 8.449 is the next upside target. First resistance is last-Wednesday's high crossing at 8.177. Second resistance is the 62% retracement level of the August-October decline crossing at 8.449. First support is the 20-day moving average crossing at 6.740. Second support is the November 16^th low crossing at 6.132.   

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

CURRENCIES:The December Dollar was lower overnight and 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 September's high, the 50% retracement level of this year's rally crossing at $104.650 is the next downside target. Closes above the 20-day moving average crossing at $108.049 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $108.049. Second resistance is the 50-day moving average crossing at $110.378. First support is the November 15^th 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 higher overnight as it extends the rally off September's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $1.02075 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $1.05135. Second resistance is the 38% retracement level of the 2021-2022 crossing at $1.07137. First support is the 20-day moving average crossing at $1.02075. Second support is the 50-day moving average crossing at $1.00078.   

The December British Pound was steady to slightly lower overnight and sets the stage for a steady to slightly 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 September's low, the 50% retracement level of the 2021-2022 decline crossing at 1.2312 is the next upside target. Closes below the 20-day moving average crossing at 1.1720 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.2161. 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 1.1720. Second support is the 50-day moving average crossing at 1.1431.    

The December Swiss Franc was higher overnight and sets the stage for a 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 December extends the rally off last-Monday's low, August's high crossing at 1.07550 is the next upside target. Closes below the 20-day moving average crossing at 1.03826 would signal that a short-term top has been posted. First resistance is the November 15^th high crossing at 1.07275. Second resistance is August's high crossing at 1.07550. First support is the 20-day moving average crossing at 1.03826. Second support is the 50-day moving average crossing at 1.02579.

The December Canadian Dollar was lower overnight and 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 50-day moving average crossing at $73.72 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 $74.44. Second support is the 50-day moving average crossing at $73.72.

The December Japanese Yen was higher overnight as it extends the rally off last-Monday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's, the 62% retracement level of the August-October decline crossing at 0.072241 is the next upside target. Closes below the 20-day moving average crossing at 0.070336 would signal that a short-term top has been posted. First resistance is the November 15^th high crossing at 0.072925. Second resistance is the 62% retracement level of the August-October decline crossing at 0.072241. First support is the 20-day moving average crossing at 0.070336. Second support is the 50-day moving average crossing at 0.069562. 

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

PRECIOUS METALS: Decembergold was 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 signaling that sideways trading is 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 $1723.20 would signal that a short-term top has been posted. First resistance is November'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 $1723.20. Second support is the 50-day moving average crossing at $1691.90.

December silver was steady to slightly higher overnight and sets the stage for a steady to slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the November 21^st low crossing at $20.600 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 the November 15^th 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 November 21^st low crossing at $20.600. Second support the 50-day moving average crossing at $19.946.   

December copper was lower overnight as it extends the decline off November's high. The high-range trade overnight sets the stage for a 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. If December extends the decline off November's high, the 50-day moving average crossing at 3.5130 is the next downside target. Closes above the 10-day moving average crossing at 3.6785 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.6785. Second resistance is November's high crossing at 3.9600. First support is the 50-day moving average crossing at 3.5130. Second support is the October 31^st low crossing at 3.3615.  

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

March corn was lower overnight as it extends the trading range of the past three-weeks. 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 $6.82 1/2 would temper the near-term bearish outlook. If March renews the decline off the October 31^st high, the August 18^th low crossing at $6.11 1/2 is the next downside target. First resistance is the 50-day moving average crossing at $6.82 1/2. Second resistance is the October 31^st high crossing at $7.04 3/4. First support is the November 15^th low crossing at $6.53 1/2. Second support is the August 18^th low crossing at $6.11 1/2. 

March wheat was lower overnight as it extends the decline off October's high and 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 March extends the decline off October's high, August's low crossing at $7.60 1/4 is the next downside target. Closes above the 50-day moving average crossing at $8.70 1/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $8.40 1/4. Second resistance is the 50-day moving average crossing at $8.70 1/4. First support is the overnight low crossing at $7.82. Second support is August's low crossing at $7.60 1/4.   

March Kansas City wheat was steady to slightly higher overnight as it extends the trading range of the past six-weeks and sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at $9.00 1/2 would open the door for additional weakness near-term. Closes above the 50-day moving average crossing at $9.49 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.49 1/2. Second resistance is November's high crossing at $9.87 1/2. First support is last-Wednesday's low crossing at $9.00 1/2. Second support is the September 19^th low crossing at $8.95 3/4.

March Minneapolis wheat was higher overnight as it extends the July-November trading range. Overnight trading 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 November's high crossing at $10.02 3/4 would temper the near-term bearish outlook. If March extends the decline off November's high, the September 19^th low crossing at $9.15 is the next downside target. First resistance is November's high crossing at $10.02 3/4. Second resistance is October's high crossing at $10.29 1/2. First support is the November 10^th low crossing at $9.41 1/4. Second support is the September 19^th low crossing at $9.15. 

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

January soybeans was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling sideways trading is possible near-term. 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. If January renews the decline off November's high, the October 26^th low crossing at $13.80 1/2 is the next downside 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 the November 17^th low crossing at $14.06 3/4. Second support is the October 26^th low crossing at $13.80 1/2.  

January soybean meal was steady to slightly lower overnight but the high-range overnight trade sets the stage for a slightly 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. Closes above last-Friday's high crossing at $412.10 would temper the bearish outlook. If January renews the decline off October's high, the October 19^th low crossing at $395.00 is the next downside target. First resistance is last-Friday's high crossing at $412.10. Second resistance is October's high crossing at $430.00. First support is the October 19^th low crossing at $395.00. Second support is the October 6^th low crossing at $391.10.    

January soybean oil was lower overnight as it consolidates some of the rally off last-Monday'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. If January resumes the rally off September's low, June's high crossing at 78.78 is the next upside target. If January extends the decline off November's high, the 50-day moving average crossing at 68.09 is the next downside target. First resistance is November's high crossing at 75.94. Second resistance is June's high crossing at 78.78. First support is the 50-day moving average crossing at 68.09. Second support is the October 13^th low crossing at 62.40.