Summary
The Dow Future is up 163 points to 29872. The US Dollar Index dropped 0.061 points to 92.355. Gold is falling 10.435 dollars to 1869.400. Silver is falling 0.1505 dollars to 24.3350. The Dow Industrials retreated 167.09 points, at 29783.35, while the S&P 500 declined 17.38 points, last seen at 3609.53. The Nasdaq Composite trended lower by 24.79 points to 11899.34. Streaming charts of these markets are available at MarketClub
Key Events for Wednesday
7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx (previous 833.9) Composite Idx, W/W% (previous -0.5%) Purchase Idx-SA (previous 293.5) Purchase Idx-SA, W/W% (previous -2.6%) Refinance Idx (previous 3973.1) Refinance Idx, W/W% (previous +0.6%) 8:30 AM ET. October New Residential Construction - Housing Starts and Building Permits Total Starts (expected 1.45M; previous 1.415M) Housing Starts, M/M% (expected +2.5%; previous +1.9%) Building Permits (expected 1.56M; previous 1.553M Building Permits, M/M% (expected +0.5%; previous +5.2%) 10:00 AM ET. 3rd Quarter Advance Quarterly Services 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) (previous 488.706M) Crude Oil Stocks, Net Chg (Bbl) (previous +4.277M) Gasoline Stocks (Bbl) (previous 225.356M) Gasoline Stocks, Net Chg (Bbl) (previous -2.309M) Distillate Stocks (Bbl) (previous 149.289M) Distillate Stocks, Net Chg (Bbl) (previous -5.355M) Refinery Usage (previous 74.5%) Total Prod Supplied (Bbl/day) (previous 20.18M) Total Prod Supplied, Net Chg (Bbl/day) (previous +1.818M) 2:00 PM ET. SEC Closed 8:30 AM ET. November Philadelphia Fed Business Outlook Survey Business Activity (expected 22.0; previous 32.3) Prices Paid (previous 28.5) Employment (previous 12.7) New Orders (previous 42.6) Prices Received (previous 14.0) Delivery Times (previous 20.5) Inventories (previous -2.5) Shipments (previous 46.5) 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims (expected 710K; previous 709K) Jobless Claims, Net Chg (previous -48K) Continuing Claims (previous 6786000) Continuing Claims, Net Chg (previous -436K) 8:30 AM ET. U.S. Weekly Export Sales Corn (Metric Tons) (previous 978.3K) Soybeans (Metric Tons) (previous 1468.5K) Wheat (Metric Tons) (previous 300.5K) 9:45 AM ET. Bloomberg Consumer Comfort Index 10:00 AM ET. October Existing Home Sales Existing Sales (expected 6.46M; previous 6.54M) Existing Sales, M/M% (expected -1.2%; previous +9.4%) Unsold Homes Month's Supply (previous 2.7) Median Price (USD) (previous 311800) Median Home Price, Y/Y% (previous +14.8%) 10:00 AM ET. October Leading Indicators Leading Index, M/M% (expected +0.7%; previous +0.7%) Leading Index (previous 107.2) Coincident Index, M/M% (previous +0.2%) Lagging Index, M/M% (previous -0.1%) 10:00 AM ET. 3rd Quarter Quarterly Retail E-Commerce Sales 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) (previous 3927B) Working Gas In Storage, Net Chg (Cbf) (previous +8B) 11:00 AM ET. Nov. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing Mfg Activity Idx (previous 23) 6-Mo Exp Prod Idx (previous 31) Mfg Composite Idx (previous 13) 6-Mo Exp Composite Idx (previous 31) 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Money Stock Measures 4:30 PM ET. Federal Discount Window 10:00 AM ET. October Regional & State Employment & Unemployment
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies" The December Dollar was steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off November's high, September's low crossing at $91.75 is the next downside target. Closes above the 50-day moving average crossing at $93.35 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $93.35. Second resistance is November's high crossing at $94.33. First support is last-Monday's low crossing at $92.12. Second support is September's low crossing at $91.75. The December Euro was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher 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. If December renews the rally off November's low, September's high crossing at 120.38 is the next upside target. Closes below last-Wednesday's low crossing at $117.54 would signal that a short-term top has been posted. First resistance is the November's high crossing at $119.42. Second resistance is September's high crossing at $120.38. First support is November's low crossing at $116.13. Second support is the 38% retracement level of the March-September-rally crossing at $115.42. The December British Pound was steady to higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, September's high crossing at 1.3488 is the next upside target. Closes below the 20-day moving average crossing at 1.3105 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 1.3326. Second resistance is September's high crossing at 1.3488. First support is the 20-day moving average crossing at 1.3105. Second support is the 50-day moving average crossing at 1.2986. The December Swiss Franc was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Wednesday's low, November's high crossing at 1.1144 is the next upside target. If December renews last-week's decline, November's low crossing at 1.0874 is the next downside target. First resistance is November's high crossing at 1.1144. Second resistance is the September-2018 high crossing at 1.1319. First support is November's low crossing at 1.0874. Second support is the 38% retracement level of the March-August-rally crossing at 1.0789. The December Canadian Dollar was higher overnight. The high-range trade sets the stage for a steady to 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. If December resumes the rally off October's low, the October-2018 high crossing at $79.05 is the next upside target. Closes below the 50-day moving average crossing at $75.77 are needed to confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at $77.36. Second resistance is the October-2018 high crossing at $79.05. First support is the 50-day moving average crossing at $75.77. Second support is October's low crossing at $74.69. The December Japanese Yen was higher overnight as it extends the rally off November's low. The high-range overnight trade sets the stage for a steady to higher 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. If December extends the aforementioned rally, November's high crossing at 0.0970 is the next upside target. Closes below the 50-day moving average crossing at 0.0952 would signal that a short-term top has likely been posted. First resistance is November's high crossing at 0.0970. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0979. First support is the 50-day moving average crossing at 0.0952. Second support is October's low crossing at 0.0943.
December crude oil was higher overnight as it extends the rally off last-Friday's low. The high-range overnight trade sets the stage for a steady to higher 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. If December resumes the rally off November's low, August's high crossing at $44.33 is the next upside target. Closes below the 20-day moving average crossing at $39.33 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $43.06. Second resistance is August's high crossing at $44.33. First support is the 20-day moving average crossing at $39.33. Second support is the reaction low crossing at $37.06. December heating oil was higher overnight as it extends the rally off last-Friday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, the August 18th high crossing at $132.61 is the next upside target. Closes below the 50-day moving average crossing at $116.40 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $129.82. Second resistance is the August 18th high crossing at $132.61. First support is the 50-day moving average crossing at $116.40. Second support is the November 6th low crossing at $113.59. December unleaded gas was higher overnight as it extends this week's rally. The high-range overnight trade sets the stage for a steady to 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 below the 20-day moving average crossing at $111.65 would confirm that a short-term top has been posted. If December renews the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $131.93 is the next upside target. First resistance is last-Wednesday's high crossing at $123.41. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $131.93. First support is the 20-day moving average crossing at $111.65. Second support is the November 6th low crossing at $107.57.
SOFTS: March sugar closed down 15 points at 15.32 cents today. Prices closed nearer the session low today and did hit a 2.5-year high early on. Profit taking from recent solid gains was featured today. The sugar bulls have the solid overall near-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart and have seen a bullish upside breakout from a trading range. March coffee closed up 100 points at 119.75 cents today. Prices closed near the session high today and hit another two-month high on more short covering and bargain hunting. The coffee bulls have the overall near-term technical advantage as prices are in a fledgling uptrend on the daily chart. March cocoa closed up $81 at $2,516 a ton today. Prices closed nearer the session high today and hit a seven-week high. The cocoa bulls have the firm overall near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. March cotton closed down 39 points at 71.19 cents today. Prices closed near the session low today. The cotton bulls still have the firm overall near-term technical advantage and are keeping alive a 7.5-month-old price uptrend in place on the daily bar chart. January orange juice closed up 120 points at $1.2695 today. Prices closed near the session high and closed at a three- month high close today. FCOJ bulls have the firm overall near-term technical advantage and have momentum amid an accelerating price uptrend in placed on the daily chart.
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December corn was higher overnight as it extends the rally off last-Friday's low. The high-range trade sets the stage for a steady to higher 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. If December extends this week's rally, November's high crossing at $4.28 is the next upside target. Closes below last-Monday's low crossing at $4.01 3/4 would signal that a short-term top has been posted. First resistance is November's high crossing at $4.28. Second resistance is the June-2016 high on the monthly chart crossing at $4.43 1/2. First support is last-Monday's low crossing at $4.01 3/4. Second support is the November's low crossing at $3.93. December wheat was higher overnight. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $6.05 3/4 would signal that a short-term low has been posted. If December renews the decline off October's high, the 38% retracement level of the June-October-rally crossing at $5.77 1/2 is the next downside target. First resistance is November's high crossing at $6.26 1/4. Second resistance is October's high crossing at $6.38 1/4. First support is the 38% retracement level of the June-October-rally crossing at $5.77 1/2. Second support is 50% retracement level of the June-October-rally crossing at $5.58 3/4. December Kansas City wheat was higher overnight. The high-range close sets the stage for a steady to higher 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. If December renews the rally off the October 28th low, the 87% retracement level of the 2018-2020-decline crossing at $6.05 1/2 is the next upside target. If December resumes the decline off November's high, the 50-day moving average crossing at $5.28 1/2 is the next downside target. First resistance is the 75% retracement level of the 2018-2020-decline crossing at $5.79 3/4. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $6.05 1/2. First support is the October 28th low crossing at $5.32. Second support is the 50-day moving average crossing at $5.28 1/2. December Minneapolis wheat was steady to higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above November's high crossing at $5.71 3/4 would confirm that a short-term low has been posted. If December extends the decline off October's high, last-Friday's low crossing at $5.43 3/4 is the next downside target. First resistance is November's high crossing at $5.71 3/4. Second resistance is the 75% retracement level of the 2019-2020-decline crossing at $5.87 3/4. First support is last-Friday's low crossing at $5.43 3/4. Second support is October's low crossing at $5.30 1/4. SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains " January soybeans were higher overnight as it extends the rally off August's low. The high-range trade sets the stage for a steady to 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 January extends this month's rally, monthly resistance marked by the June-2016 high crossing at $12.08 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.04 1/2 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $11.78 3/4. Second resistance is monthly resistance marked by the June-2016 high crossing at $12.08 1/2. First support is the 10-day moving average crossing at $11.41 1/4. Second support is the 20-day moving average crossing at $11.04 1/2. December soybean meal was higher overnight. The high-range trade sets the stage for a steady to higher 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. If December resumes the rally off August's low, monthly resistance crossing at $404.90 is the next upside target. Closes below the 20-day moving average crossing at $385.80 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $401.10. Second resistance is monthly resistance crossing at $404.90. First support is the 20-day moving average crossing at $385.80. Second support is the October 12th low crossing at $352.30. December soybean oil was higher overnight as it extends the rally off March's low. The high-range trade sets the stage for a steady to 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 November-2016 high on the monthly chart crossing at 38.35 is the next upside target. Closes below the 20-day moving average crossing at 35.24 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 38.11. Second resistance is the November-2016 high on the monthly chart crossing at 38.35. First support is the 10-day moving average crossing at 36.68. Second support is the 20-day moving average crossing at 35.24.
The December NASDAQ 100 was higher overnight. The high-range trade sets the stage for a steady to higher 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. If the NASDAQ 100 renews this month's rally, September's high crossing at 12,444.75 is the next upside target. Closes below the 50-day moving average crossing at 11,514.76 would signal that a short-term top has been posted. First resistance September's high crossing at 12,444.75. Second resistance is monthly resistance crossing at 12,465.25. First support is the 20-day moving average crossing at 11,669.44. Second is the 50-day moving average crossing at 10,514.76. The December S&P 500 was slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 3406.87 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 3658.40. Second resistance is unknown. First support is the 20-day moving average crossing at 3451.99. Second support is the 50-day moving average crossing at 3406.87.
December T-bonds were higher in late-overnight trading. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, the 50-day moving average crossing at 174-12 is the next upside target. If December renews the decline off November's high, the 87% retracement level of the March-August-rally crossing at 167-19 is the next downside target. First resistance is the 50-day moving average crossing at 174-12. Second resistance is November's high crossing at 175-27. First support is the 75% retracement level of the March-August-rally crossing at 169-17. Second support is the 87% retracement level of the March-August-rally crossing at 167-19. December T-notes were steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to slightly higher opening with the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, the 50-day moving average crossing at 138.280 is the next upside target. If December renews the decline off November's high, June's low crossing at 137.025 is the next downside target. First resistance is the 50-day moving average crossing at 138.280. Second resistance is November's high crossing at 139.085. First support is the 87% retracement level of the June-August-rally crossing at 137.160. Second support is June's low crossing at 137.025.
LIVESTOCK: February live cattle closed up $1.55 at $113.57 today. Prices closed nearer the session high today. Bulls have the solid overall near-term technical advantage as prices have made a strong rebound from the October low. A fledgling price uptrend is in place on the daily bar chart. January feeder cattle closed up $1.75 at $139.67 today. Prices closed nearer the session high today. Bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. February lean hogs closed up $1.87 at $65.65 today. Prices closed nearer the session high on short covering after hitting a nine-week low Monday. Bulls have the slight overall near-term technical advantage but need to show more power soon to halt a downtrend in place on the daily bar chart.
December gold was lower overnight as it extends the trading range off the past two weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $1906.00 would signal that a short-term low has been posted. If December renews the decline off November's high, the July 16th low crossing at $1819.90 is the next downside target. First resistance is November's high crossing at $1966.10. Second resistance is the September 16th high crossing at $1983.80. First support is last-Monday's low crossing at $1848.00. Second support is the July 16th low crossing at $1819.90. December silver was lower overnight while extending the September-November trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $23.600 would open the door for a possible test of October's low crossing at $22.625. If December renews the rally off October's low, the September 15th high crossing at $27.865 is the next upside target. First resistance is November's high crossing at $26.135. Second resistance is the September 15th high crossing at $27.865. First support is October's low crossing at $22.625. Second support is September's low crossing at $21.810. December copper was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher 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. If December extends the rally off October's low, the June-2018 high crossing at 3.4140 is the next upside target. Closes below the 50-day moving average crossing at 3.0730 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 3.2625. Second resistance is the June-2018 high crossing at 3.4140. First support is the 50-day moving average crossing at 3.0730. Second support is November's low crossing at 3.0280.
| | | Top Stocks | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | FCEL | FuelCell Energy, Inc | 4.1134 | +0.3684 | +15.88% | 149,115,324 | +100 |    | Entry Signal | | 2. | PLUG | Plug Power, Inc | 22.98 | -2.02 | -11.92% | 76,532,837 | +100 | | Entry Signal | | 3. | AAPL | Apple, Inc | 119.3500 | -0.9500 | -0.86% | 65,699,929 | +90 | | Entry Signal | | 4. | CCL | Carnival Corp | 18.06 | +0.49 | +3.57% | 60,757,454 | +90 | | Entry Signal | | 5. | TSLA | Tesla, Inc | 441.2442 | +33.1542 | +7.82% | 60,092,198 | +90 | | Entry Signal | | 6. | MARA | Marathon Patent Group, Inc | 3.100 | +0.620 | +27.93% | 57,510,549 | +100 | | Entry Signal | | 7. | VALE | Vale | 12.57 | +0.51 | +4.64% | 52,285,592 | +90 | | Entry Signal | | 8. | M | Macy's, Inc | 8.790 | +0.770 | +11.68% | 50,104,098 | +100 | | Entry Signal | | 9. | ITUB | Itau Unibanco Banco Holding SA ADS | 5.52 | +0.11 | +2.64% | 44,608,434 | +100 | | Entry Signal | | 10. | KNDI | Kandi Technologies Group, Inc | 9.40 | +1.38 | +19.94% | 39,803,647 | +90 | | Entry Signal | | | | | Top Futures | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | ZL.Z20 | SOYBEAN OIL Dec 2020 | 38.09 | +0.60 | +1.75% | 10,339 | +100 | | Entry Signal | | 2. | ZL.F21 | SOYBEAN OIL Jan 2021 | 37.89 | +0.59 | +1.72% | 7,284 | +100 | | Entry Signal | | 3. | @SB.V21 | SUGAR #11 WORLD OCTOBER 2021 | 13.57 | +0.06 | +0.44% | 5,975 | +100 | | Entry Signal | | 4. | QPL.F21 | PLATINUM JANUARY 2021 | 927.9 | -9.2 | -0.98% | 5,677 | +100 | | Entry Signal | | 5. | PL.F21 | PLATINUM Jan 2021 | 929.1 | -4.3 | -0.49% | 5,650 | +100 | | Entry Signal | | 6. | ZL.H21 | SOYBEAN OIL Mar 2021 | 37.62 | +0.60 | +1.76% | 4,444 | +100 | | Entry Signal | | 7. | @SB.H22 | SUGAR #11 WORLD MARCH 2022 | 13.89 | +0.09 | +0.65% | 3,132 | +100 | | Entry Signal | | 8. | @SB.N21 | SUGAR #11 WORLD JULY 2021 | 13.76 | +0.12 | +0.88% | 2,275 | +100 | | Entry Signal | | 9. | @SB.K22 | SUGAR #11 WORLD MAY 2022 | 13.33 | +0.04 | +0.30% | 1,644 | +100 | | Entry Signal | | 10. | ZL.K21 | SOYBEAN OIL May 2021 | 37.36 | +0.60 | +1.76% | 1,297 | +100 | | Entry Signal | |
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