KEY EVENTS TO WATCH FOR:

Wednesday, November 30, 2022  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 209.8)

                       Composite Idx, W/W% (previous +2.2%)

                       Purchase Idx-SA (previous 174.4)

                       Purchase Idx-SA, W/W% (previous +2.8%)

                       Refinance Idx (previous 373.6)

                       Refinance Idx, W/W% (previous +1.8%)

8:15 AM ET. November ADP National Employment Report

                       Private Sector Jobs, Net Chg (expected +190000; previous +239000)

8:30 AM ET. 3^rd Quarter Preliminary Corporate Profits

8:30 AM ET. 3^rd Quarter 2nd estimate GDP

                       Annual Rate, Q/Q% (expected +2.7%; previous +2.6%)

                       Chain-Weighted Price Idx, Q/Q% (expected +4.1%; previous +4.1%)

                       Corporate Profits, Q/Q% (previous +7.4%)

                       PCE Price Idx, Q/Q% (previous +4.2%)

                       Purchase Price Idx, Q/Q% (previous +4.6%)

                       Real Final Sales, Q/Q% (previous +3.3%)

                       Core PCE Price Idx, Q/Q% (previous +4.5%)

                       Consumer Spending, Q/Q% (previous +1.4%)

8:30 AM ET. October Advance Economic Indicators Report

9:45 AM ET. November Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (expected 47.0; previous 45.2)

10:00 AM ET. October Job Openings & Labor Turnover Survey

10:00 AM ET. October Pending Home Sales Index

                       Pending Home Sales (previous 79.5)

                       Pending Home Sales Idx, M/M% (expected -5.5%; previous -10.2%)

                       Pending Home Sales Idx , Y/Y% (previous -31.0%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 431.665M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.69M)

                       Gasoline Stocks (Bbl) (previous 210.998M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +3.058M)

                       Distillate Stocks (Bbl) (previous 109.101M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.718M)

                       Refinery Usage (previous 93.9%)

                       Total Prod Supplied (Bbl/day) (previous 19.878M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.209M)

2:00 PM ET. U.S. Federal Reserve Beige Book

3:00 PM ET. October Agricultural Prices

                       Farm Prices, M/M% (previous -0.2%)

Thursday, December 1, 2022  

7:30 AM ET. November Challenger Job-Cut Report

                       Job Cuts, M/M% (previous +13%)

8:30 AM ET. October Personal Income & Outlays

                       Personal Income, M/M% (expected +0.4%; previous +0.4%)

                       Consumer Spending, M/M% (expected +0.8%; previous +0.6%)

                       PCE Price Idx, M/M% (previous +0.3%)

                       PCE Price Idx, Y/Y% (previous +6.2%)

                       PCE Core Price Idx, M/M% (expected +0.3%; previous +0.5%)

                       PCE Core Price Idx, Y/Y% (expected +5.0%; previous +5.1%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 235K; previous 240K)

                       Jobless Claims, Net Chg (previous +17K)

                       Continuing Claims (previous 1551000)

                       Continuing Claims, Net Chg (previous +48K)

8:30 AM ET. U.S. Weekly Export Sales

9:45 AM ET. November US Manufacturing PMI

                       PMI, Mfg (expected 47.6; previous 50.4)

10:00 AM ET. October Metropolitan Area Employment & Unemployment

10:00 AM ET. October Construction Spending - Construction Put in Place

                       New Construction (expected -0.2%; previous +0.2%)

                       Residential Construction

10:00 AM ET. November ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (expected 49.8; previous 50.2)

                       Prices Idx (previous 46.6)

                       Employment Idx (previous 50.0)

                       Inventories (previous 52.5)

                       New Orders Idx (previous 49.2)

                       Production Idx (previous 52.3)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3564B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -80B)

11:00 AM ET. November Global Manufacturing PMI

                       PMI, Mfg (previous 49.4)

12:00 PM ET. November Monthly U.S. Retail Chain Store Sales Index

2:00 PM ET. SEC Closed Meeting

4:00 PM ET. November Domestic Auto Industry Sales

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, December 2, 2022 

8:30 AM ET. November U.S. Employment Report

                       Non-Farm Payrolls (expected +200K; previous +261K)

                       Unemployment Rate (expected 3.7%; previous 3.7%)

                       Avg Hourly Earnings (USD) (previous 32.58)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.12)

                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.37%)

                       Avg Hourly Earnings, Y/Y% (expected +4.6%; previous +4.73%)

                       Overall Workweek (previous 34.5)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous +28K)

                       Private Payroll (previous +233K)

                       Participation Rate (previous 62.2%)

                       Non-Farm Payrolls Bench Net Chg

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

The Dow closed lower on Tuesday as it extended the decline off last-Friday's high. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 33,356.20 would signal that a short-term top has been posted. If the Dow extends the rally off October's low, the 75% retracement level of the January-October decline crossing at 34,893.55 is the next upside target. First resistance is last-Friday's high crossing at 34,386.51. Second resistance is the 75% retracement level of the January-October decline crossing at 34,893.55. First support is the 20-day moving average crossing at 33,356.20. Second support is the November 9^th low crossing at 32,478.87. 

The December NASDAQ 100 closed lower on Tuesday. Today's low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible. Closes below the 50-day moving average crossing at 11,375.48 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 11,461.08. Second support is the 50-day moving average crossing at 11,375.53.  

The December S&P 500 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 3916.64 would signal that a short-term top has been posted. If December renews the rally off October'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 3916.64. Second support is the 50-day moving average crossing at 3806.06.      

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

December T-bonds closed down 20-pts. at 126-25. 

December T-bonds closed lower on Tuesday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 50% retracement level of the August-October decline crossing at 131-15 is the next upside target. Closes below the 20-day moving average crossing at 123-23 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 128-22. Second resistance is the 50% retracement level of the August-October decline crossing at 131-15. First support is the 10-day moving average crossing at126-11. Second support is the 50-day moving average crossing at 124-09. 

December T-notes closed down 75-pts. at 112.220.

December T-notes closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 111,251 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 of the August-October decline crossing at 115.142. First support is the 20-day moving average crossing at 111.251. Second support is November's low crossing at 109.105. 

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

January crude oil closed higher on Tuesday following yesterday's upside reversal as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $84.06 would signal that a short-term low has been posted. If January extends this month's decline, the 50% retracement level of the 2020-2022 rally crossing at $72.40 is the next downside target. First resistance is the 20-day moving average crossing at $84.06. Second resistance is November's high crossing at $92.53.First support is Monday's low crossing at $73.60. Second support is the 50% retracement level of the 2020-2022 rally crossing at $72.40.

January heating oil closed sharply higher on Tuesday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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. If January extends this month's decline, 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 $4.4376 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.3385. Second resistance is the 20-day moving average crossing at $4.4376. First support is today's low crossing at $3.1082. Second support is the 87% retracement level of the September-November ally crossing at $3.0325.

January unleaded gas closed higher on Tuesday as it consolidated some of the decline off November's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 January extends the decline off November's high, September's low crossing at 2.1536. Closes above the 20-day moving average crossing at $2.4625 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $2.4625. Second resistance is November's high crossing at $2.6990. First support is Monday's low crossing at $2.2196. Second support is September's low crossing at $2.1536. 

January Henry natural gas closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 6.776 would signal that a short-term top has been posted. If January renews the rally off October's low, the 62% retracement level of the August-November 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-November decline crossing at 8.449. First support is the 20-day moving average crossing at 6.776. Second support is the November 16^th low crossing at 6.132.      

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

The March Dollar closed higher on Tuesday as it consolidates some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's nights session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 107.879 would signal that a short-term low has been posted. If March extends the decline off September's high, the 62% retracement level of the January-September rally crossing at $103.643 is the next downside target. First resistance is the 20-day moving average crossing at $107.879. Second resistance is the 50-day moving average crossing at $110.339. First support is the November 15^th low crossing at $104.800. Second support is the 62% retracement level of the January-September rally crossing at $103.643.   

The March Euro closed slightly lower on Tuesday as it extended Monday's key reversal down marking a possible double top with the November 15^th high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI 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 1.02212 would signal that a double top has been posted with Monday's high. If March resumes the rally off September's low, the 25% retracement level of the 2018-2022 decline crossing at $1.07982 is the next upside target. First resistance is Monday's high crossing at $1.05800. Second resistance is the 25% retracement level of the 2018-2022 decline crossing at $1.07982 is the next upside target. First support is the 20-day moving average crossing at $1.02212. Second support is the 50-day moving average crossing at $1.00103. 

The March British Pound closed slightly lower on Tuesday as it consolidates some of the rally off September's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends the rally off September's low, August's high crossing at 1.2324 is the next upside target. Closes below the 20-day moving average crossing at 1.1769 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.2176. Second resistance is August's high crossing at 1.2324. First support is the 20-day moving average crossing at 1.1769. Second support is the 50-day moving average crossing at 1.1459.    

The March Swiss Franc closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 1.05121 would signal that a short-term top has been posted. If March renews this month's rally, August's high crossing at 1.08700 is the next upside target. First resistance is the November 15^th high crossing at 1.08005. Second resistance is August's high crossing at 1.08700. First support is the 20-day moving average crossing at 1.05121. Second support is the 50-day moving average crossing at 1.03609.    

The March Canadian Dollar closed sharply lower on Tuesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 73.79 signals that a short-term top has been posted. If March renews the rally off October's low, September's high crossing at 77.16 is the next upside target. First resistance is November's high crossing at 75.71. Second resistance is September's high crossing at 77.16. First support is today's low crossing at 73.42. Second support is the November 3^rd low crossing at 72.58.

The March Japanese Yen closed slightly higher on Tuesday. The low-range close sets the stage for a steady to slightly higher opening when Wednesday’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 March extends the rally off October's low, the 62% retracement level of the August-October decline crossing at 0.073926 is the next upside target. Closes below the 20-day moving average crossing at 0.071417 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 0.073926. Second resistance is the 75% retracement level of the August-October decline crossing at 0.074398. First support is the 20-day moving average crossing at 0.071417. Second support is the 50-day moving average crossing at 0.070456.  

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

February gold closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 20-day moving average crossing at $1742.20 would signal that a short-term top has been posted. If February extends the rally off November's low, August's high crossing at $1836.70 is the next upside target. First resistance is November's high crossing at $1806.00. Second resistance is August's high $1836.70. First support is the 20-day moving average crossing at $1742.20. Second support is the 50-day moving average crossing at $1706.80.

March silver closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 last-Monday's low crossing at 20.790 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off October's low, the 62% retracement level of the March-August decline crossing at 23.503 is the next upside target. First resistance is November's high crossing at 22.500. Second resistance is the 62% retracement level of the March-September decline crossing at 22.818. First support is last-Monday's low crossing at 20.790. Second support is the 50-day moving average crossing at 20.141.  

March copper closed higher on Tuesday as it extended the trading range of the past five-days.The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the 50-day moving average crossing at 3.5057 is the next downside target. If March renews the rally off September's low, the 50% retracement level of the March-July decline crossing at 4.0343 is the next upside target. First resistance is November's high crossing at 3.9470. Second resistance is the 50% retracement level of the March-July decline crossing at 4.0343. First support is the 50-day moving average crossing at 3.5057. Second support is October's low crossing at 3.2980.

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

March Corn closed down $0.03-cents at $6.65 3/4. 

March corn closed lower on Tuesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $6.82 1/2 would signal that a short-term low has been posted. If March renews the decline off October's 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 closed up $0.00 3/4-cents at $7.81 1/2.  

March wheat closed fractionally higher on Tuesday as it consolidated some of the decline off October's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 March extends this month's decline, August's low crossing at $7.60 1/4 is the next downside target. Closes above the 20-day moving average crossing at $8.34 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.34. Second resistance is the 50-day moving average crossing at $8.69. First support is Monday's low crossing at $7.73 1/4. Second support is August's low crossing at $7.60 1/4.

March Kansas City Wheat closed down $0.08 at $8.87.

March Kansas City wheat closed lower on Tuesday as it extends the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends this month's decline, the September 's low crossing at $8.65 1/4 is the next downside target. Closes above the 50-day moving average crossing at $9.48 3/4 is the next upside target. First resistance is the 50-day moving average crossing at $9.48 3/4. Second resistance is November's high crossing at $9.87 1/2. First support is today's low crossing at $8.84 1/4. Second support is September's low crossing at $8.65 1/4.

March Minneapolis wheat closed down $0.05 1/4-cents at $9.34 1/2.

March Minneapolis wheat closed lower on Tuesday as it posted a new low for the month.The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends today's decline, the September 19^th low crossing at $9.15 is the next downside target. Closes above the 50-day moving average crossing at $9.66 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.66 1/2. Second resistance is the November 15^th high crossing at $9.91 1/4. First support is today's low crossing at $9.33 3/4. Second support is the September 19^th low crossing at $9.15.  

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

January soybeans closed up $0.02 1/4-cents at $14.59 1/2.

January soybeans closed higher on Tuesday following yesterday's key reversal up. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trade begins. 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 June-July decline crossing at $14.76 3/4 is the next upside target. Closes below the November 17^th low crossing at $14.06 3/4 would renew the decline off November's high. 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 the November 17^th low crossing at $14.06 3/4. Second support is the October 28^th low crossing at $13.80 1/2.    

January soybean meal closed down $3.60 at $408.10. 

January soybean meal posted an inside day on Tuesday leaving Monday's key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends Monday's rally, the November 9^th high crossing at $416.60 is the next upside target. 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 the November 9^th high crossing at $416.60. Second resistance is October's high crossing at $430.00. First support is the November 15^th low crossing at $399.00. Second support is the October 19^th low crossing at $395.00. 

January soybean oil closed down 20-pts. At 72.92. 

January soybean oil closed slightly lower on Tuesday as it extended the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 September's low, June's high crossing at 78.78 is the next upside target. If January renews the decline off November's high, the 50-day moving average crossing at 68.30 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 68.30. Second support is the October 13^th crossing at 62.40. 

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

February hogs closed down $0.63 at $84.13. 

February hogs closed lower on Tuesday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, the 62% retracement level of the October rally crossing at $82.29 is the next downside target. Closes above the 10-day moving average crossing at $88.72 would signal that a short-term low has been posted. First resistance is November's high crossing at $91.35 Second resistance is October's high crossing at $91.80. First support is the 50% retracement level of the October rally crossing at $84.12. Second support is the 62% retracement level of the October rally crossing at $82.29.

February cattle closed up $0.18 at $156.33. 

February cattle closed higher on Tuesday as it consolidated some of the decline off last-Wednesday's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $153.84 would signal that a short-term top has been posted. If February renews the rally off September's low, monthly resistance crossing at $159.54 is the next upside target. First resistance is October's high crossing at $154.25. Second resistance is monthly resistance crossing at $159.54. First support is the 50-day moving average crossing at $153.84. Second support is the October 14^th low crossing at $146.72. 

January Feeder cattle closed up $1.28 at $178.15. 

January Feeder cattle closed higher on Tuesday as it consolidated some of the decline off last-Monday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off last-Monday's high, the November 15^th low crossing at $176.33 is the next downside target. Closes above the 20-day moving average crossing at $179.43 would signal that a short-term low has been posted. First resistance is last-Monday's high crossing at $181.50. Second resistance is the 62% retracement level of the August-October decline crossing at $184.56. First support is the November 15^th low crossing at $176.33. Second support is October's low crossing at $172.10.      

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

March coffee closed higher on Tuesday as it extends the rally off last-week's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March 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. If March extends today's rally, November's high crossing at $17.82 is the next upside target. First resistance is November's high crossing at $17.82. Second resistance is the 50-day moving average crossing at $18.61. 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.                   

March cocoa closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to slightly lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If March renews this month's decline, the 50-day moving average crossing at 23.81 is the next downside target. If March extends this week's rally, November's high crossing at 25.77 is the next upside target.     

March sugar closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 19.39 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off September's low, April's high crossing at 20.63 is the next upside target. 

March cotton closed higher on Tuesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, October's low crossing at 70.10 is the next downside target. If March renews the rally off October's low, the reaction high crossing at 97.77 is the next upside target.