Wednesday, November 25, 2020

Sector Analysis and Key Events for Wednesday

INO.com  INO Morning Markets Report

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Summary
The Dow Future has retreated 62 points to 29978. The US Dollar Index moved lower 0.026 points to 92.200. Gold has advanced 7.525 dollars to 1812.925. Silver is up 0.1085 dollars to 23.3650. The Dow Industrials edged higher by 454.97 points, at 30046.24, while the S&P 500 climbed 57.82 points, last seen at 3635.41. The Nasdaq Composite rose 156.16 points to 12036.79. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
Facebook's Moat Undeniable
Tuesday Nov 24th

Is There A Housing Bubble 2.0?
Monday Nov 23rd

World Oil Supply And Price Outlook, November 2020
Sunday Nov 22nd

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Composite Idx (previous 831.5)

Composite Idx, W/W% (previous -0.3%)

Purchase Idx-SA (previous 303.9)

Purchase Idx-SA, W/W% (previous +3.5%)

Refinance Idx (previous 3901.6)

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

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

Jobless Claims (expected 733K; previous 742K)

Jobless Claims, Net Chg (previous +31K)

Continuing Claims (previous 6372000)

Continuing Claims, Net Chg (previous -429K)

8:30 AM ET. October Advance Report on Durable Goods

Durable Goods-SA, M/M% (expected +0.6%; previous +1.9%)

Dur Goods, Ex-Defense, M/M% (previous +3.4%)

Dur Goods, Ex-Transport, M/M% (previous +0.8%)

Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.0%)

Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)

8:30 AM ET. October Advance Economic Indicators Report

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

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

Annual Rate, Q/Q% (expected +33.1%; previous +33.1%)

Chain-Weighted Price Idx, Q/Q% (expected +3.6%; previous +3.6%)

Corporate Profits, Q/Q% (previous -10.5%)

PCE Price Idx, Q/Q% (previous +3.7%)

Purchase Price Idx, Q/Q% (previous +3.4%)

Real Final Sales, Q/Q% (previous +25.5%)

Core PCE Price Idx, Q/Q% (previous +3.5%)

Consumer Spending, Q/Q% (previous +40.7%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. October Personal Income & Outlays

Personal Income, M/M% (expected -0.1%; previous +0.9%)

Consumer Spending, M/M% (expected +0.3%; previous +1.4%)

PCE Price Idx, M/M% (previous +0.2%)

PCE Price Idx, Y/Y% (previous +1.4%)

PCE Core Price Idx, M/M% (expected +0.0%; previous +0.2%)

PCE Core Price Idx, Y/Y% (expected +1.4%; previous +1.5%)

10:00 AM ET. October New Residential Sales

New Home Sales (expected 973K; previous 959K)

New Home Sales, M/M% (expected +1.5%; previous -3.5%)

New Home Sales Months Supply (previous 3.6)

10:00 AM ET. November University of Michigan Survey of Consumers - final

End-Mo Sentiment Idx (expected 77.0; previous 81.8)

End-Mo Expectations Idx (previous 79.2)

12-Month Inflation Forecast (previous 2.6%)

5-Year Inflation Forecast (previous 2.4%)

End-Mo Current Idx (previous 85.9)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl) (previous 489.475M)

Crude Oil Stocks, Net Chg (Bbl) (previous +0.769M)

Gasoline Stocks (Bbl) (previous 227.967M)

Gasoline Stocks, Net Chg (Bbl) (previous +2.611M)

Distillate Stocks (Bbl) (previous 144.073M)

Distillate Stocks, Net Chg (Bbl) (previous -5.216M)

Refinery Usage (previous 77.4%)

Total Prod Supplied (Bbl/day) (previous 19.564M)

Total Prod Supplied, Net Chg (Bbl/day) (previous -0.616M)

12:00 PM ET. EIA Weekly Natural Gas Storage Report

Working Gas In Storage (Cbf) (previous 3958B)

Working Gas In Storage, Net Chg (Cbf) (previous +31B)

2:00 PM ET. Federal Open Market Committee meeting minutes

N/A Marianas: Thanksgiving Day

N/A U.S: Thanksgiving Day. Financial markets

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

Corn (Metric Tons) (previous 1088.6K)

Soybeans (Metric Tons) (previous 1387.7K)

Wheat (Metric Tons) (previous 192.4K)

1:00 PM ET. U.S. financial markets close early after Thanksgiving

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 92.200 -0.026 -0.03%
Invesco DB US Dollar Index 24.8600 -0.1100 -0.44%
US Dollar/Canadian Dollar 1.302005 +0.001855 +0.14%
Euro/US Dollar 1.188670 -0.001955 -0.16%
JAPANESE YEN Dec 2020 0.009574 -0.000004 -0.04%
SWISS FRANC Dec 2020 1.0973 -0.0007 -0.06%
US Dollar/Hong Kong Dollar 7.751250 -0.000200 -0.00%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The December Dollar closed lower 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes this month's decline, September's low crossing at 91.75 is the next downside target. Closes above the 50-day moving average crossing at 93.29 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 93.29. Second resistance is November's high crossing at 94.33. First support is Monday's low crossing at 92.00. Second support is September's low crossing at 91.75.

The December Euro closed higher on Tuesday. The high-range close sets the stage for a steady to 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 December extends the rally off November's low, November's high crossing at $119.30 is the next upside target. Closes below the November 11th low crossing at crossing at 117.53 would signal that a short-term top has been posted. First resistance is the September 10th high crossing at 119.42. Second resistance is September's high crossing at 120.38. First support is the November 11th low crossing at 117.53. Second support is November's low crossing at 116.13.

The December British Pound was higher on Tuesday as it extends the rally off September's low. The high-range close sets the stage for a steady to 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 December extends the aforementioned rally, September's high crossing at 1.3488 is the next upside target. Closes below the 20-day moving average crossing at 1.3156 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 1.3400. Second resistance is September's high crossing at 1.3488. First support is the 20-day moving average crossing at 1.3156. Second support is the 50-day moving average crossing at 1.3023.

The December Swiss Franc 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off November's high, November's low crossing at 1.0874 is the next downside target. Closes above Monday's high crossing at 1.1025 would signal that a short-term low has been posted. Closes above November's high crossing at 1.1144 would mark a potential upside breakout of the August-November trading range. First resistance is November's high crossing at 1.1144. Second resistance is the September-2019 high crossing at 1.1319. First support is November's low crossing at 1.0874. Second support is September's low crossing at 1.0781.

The December Canadian Dollar closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December renews 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 75.83 would confirm that a short-term top has been posted. First resistance is November'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 75.83. Second support is October's low crossing at 74.70.

The December Japanese Yen closed unchanged on Tuesday as it consolidates some of this month's rally. The mid-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 that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 0.0954 would signal that a short-term top has been posted. If December renews this month's rally, November's high crossing at 0.0970 is the next upside target. First resistance is last-Wednesday's high crossing at 0.0965. Second resistance is November's high crossing at 0.0970. First support is November's low crossing at 0.0947. Second support is October's low crossing at 0.0943.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Jan 2021 45.26 +0.45 +1.14%
NY HARBOR ULSD HEATING OIL Dec 2020 1.3700 +0.0105 +0.90%
NATURAL GAS Dec 2020 2.750 -0.010 -0.33%
RBOB GASOLINE Dec 2020 1.2625 +0.0066 +0.60%
Invesco DWA Energy Momentum ETF 17.5084 +0.8222 +6.48%
United States Gasoline 21.4200 +0.9419 +5.08%

ENERGIES

January crude oil closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January renews the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $47.20 is the next upside target. Closes below the 20-day moving average crossing at $40.24 would signal that a short-term top has been posted. First resistance is today's high crossing at $45.20. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $47.20. First support is the 10-day moving average crossing at $42.04. Second support is the 20-day moving average crossing at $40.24.

January heating oil closed sharply higher on Tuesday as it extends this month's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $149.45 is the next upside target. Closes below the 50-day moving average crossing at $117.85 would signal that a short-term top has been posted. First resistance is today's high crossing at $137.56. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $149.45. First support is the 10-day moving average crossing at $126.41. Second support is the 50-day moving average crossing at $117.85.

January unleaded gas closed sharply higher on Tuesday as it extends this month's rally. The high-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 bullish signaling that sideways to higher prices are possible near-term. If January extends today's rally, the 50% retracement level of the 2018-2020-decline crossing at $134.28 is the next upside target. Closes below the 20-day moving average crossing at $112.76 would signal that a short-term top has been posted. First resistance is today's high crossing at $126.19. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $134.28. First support is the 10-day moving average crossing at 116.87. Second support is the 20-day moving average crossing at $112.76.

January Henry natural gas closed higher for the third day in a row on Tuesday as it consolidates some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 3.066 are needed to confirm that a short-term low has been posted. If January renews the decline off November's high, the 87% retracement level of the June-November-rally crossing at 2.562 is the next downside target. First resistance is the 10-day moving average crossing at 2.906. Second resistance is the 20-day moving average crossing at 3.066. First support is the 75% retracement level of the June-November-rally crossing at 2.693. Second support is the 87% retracement level of the June-November-rally crossing at 2.562.



 
Food Snapshot
Symbol Last Change %
COFFEE DECEMBER 2020 114.05 +0.90 +0.80%
SUGAR #11 WORLD MARCH 2021 14.99 -0.05 -0.33%
SUGAR #16 JANUARY 2021 29.45 -0.40 -1.34%
ORANGE JUICE - A JANUARY 2021 127.30 -0.35 -0.27%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 45.177 +0.077 +0.17%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 38.860 -0.470 -1.21%

FOOD & FIBER

December coffee closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 10.98 would confirm that a short-term top has been posted. If December renews the rally off November's low, the 62% retracement level of the September-November decline crossing at 12.28 is the next upside target.

March cocoa posted a downside reversal on Tuesday as it consolidated some of this month's impressive rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, monthly resistance crossing at 29.98 is the next upside target. Closes below the 20-day moving average crossing at 24.44 would confirm that a short-term top has been posted.

March sugar closed lower on Tuesday. The low-range close set the stage for a steady to lower opening on Wednesday. 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 14.91 would signal that a short-term top has been posted. If March renews the rally off September's low, weekly resistance crossing at 16.45 is the next upside target.

December cotton closed lower on Tuesday and filled Monday's gap crossing at 71.25. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends Monday's rally, January's high crossing at 73.00 is the next upside target. Closes below the 50-day moving average crossing at 68.61 would confirm that a short-term top has been posted.



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Grains Snapshot
Symbol Last Change %
CORN Dec 2020 424.25 -1.50 -0.37%
OATS Dec 2020 285.75 -2.25 -0.76%
WHEAT Dec 2020 610.50 -0.50 -0.08%
Teucrium Corn Fund ETV 14.325 +0.015 +0.11%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 50.410 +0.285 +0.60%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.4715 +0.1315 +4.12%
SOYBEANS Jan 2021 1192.75 -1.25 -0.12%
SOYBEAN (MINI) Jan 2021 1193.625 +2.375 +0.22%
SOYBEAN MEAL Dec 2020 400.8 +1.3 +0.34%
Teucrium Soybean Fund ETV 18.09 +0.03 +0.18%

GRAINS

December Corn closed down $0.00 3/4-cents at $4.25 3/4.

December corn closed fractionally lower on Tuesday as it posted an impressive recovery from its overnight sell off. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 April's low, weekly resistance marked by the June-2016 high crossing at $4.43 1/2 is the next upside target. Closes below the 20-day moving average crossing at $4.11 3/4 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $4.29 3/4. Second resistance is the June-2016 high crossing at $4.43 1/2 is the next upside target. First support is the November 13th low crossing at $4.03 3/4. Second support is the 50-day moving average crossing at $3.97 1/2.

December wheat closed up $0.12 1/4-cents at $6.11.

December wheat closed higher on Tuesday and above the 20-day moving average crossing at $6.00 3/4 confirming that a short-term low has been posted. The high-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 bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, November's high crossing at $6.26 1/4 is the next upside target. If December resumes 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 50-day moving average crossing at $5.93. Second support is the 38% retracement level of the June-November-rally crossing at $5.77 1/2.

December Kansas City Wheat closed up $0.10 1/4-cents at $5.61 1/4.

December Kansas City wheat closed higher on Tuesday as it extends the October-November trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, the 87% retracement level of the 2018-2020-decline crossing at $6.05 is the next upside target. If December extends the decline off November's high, the 50-day moving average crossing at $5.35 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. First support is the 50-day moving average crossing at $5.35. Second support is the October 14th low crossing at $5.23 1/2.

December Minneapolis wheat closed up $0.08 1/4-cents at $5.50 3/4.

December Minneapolis wheat closed higher on Tuesday as it posted a key reversal up to consolidate some of the decline off October's high. The high-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 December extends the decline off October's high, the 62% retracement level of the August-October-rally crossing at $5.37 1/4 is the next downside target. Closes above the 20-day moving average crossing at crossing at $5.52 1/2 would signal that a short-term low has been posted. First resistance is November's high crossing at $5.71 3/4 is the next upside target. Second resistance is 75% retracement level of the 2019-2020-decline crossing at $5.87 3/4. First support is the 62% retracement level of the August-October-rally crossing at $5.37 1/4. Second support is September's low crossing at $5.22 1/2.

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January soybeans closed up $0.02 1/2-cents at $11.94.

January soybeans posted an impressive recovery from overnight losses and managed to close higher on Tuesday. The high-range close sets the stage for a steady to 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 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. Multiple closes below the 20-day moving average crossing at $11.26 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $12.00. 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 $11.69. Second support is the 20-day moving average crossing at $11.26.

December soybean meal closed up $4.60 to $399.50.

December soybean meal posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends 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 $387.80 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $401.40. Second resistance is monthly resistance crossing at $404.90. First support is the 20-day moving average crossing at $387.80. Second support is the October 13th low crossing at $352.30.

December soybean oil closed down 26-pts. at 38.29.

December soybean oil closed lower on Tuesday as it consolidated some of this month's rally. The high-range close sets the stage for a steady to 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 December extends the rally off October's low, monthly resistance crossing at 41.25 is the next upside target. Closes below the 20-day moving average crossing at 36.15 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 39.32. Second resistance is monthly resistance crossing at 41.25. First support is the 10-day moving average crossing at 37.90. Second support is the 20-day moving average crossing at 36.15.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 30046.24 +454.97 +1.66%
NASDAQ Composite 12036.79 +156.16 +1.40%
S&P 500 3635.41 +57.82 +1.72%
SPDR S&P 500 363.18 +5.72 +1.70%
iShares Russell 2000 ETF 184.245 +3.425 +2.14%

U.S. STOCK INDEXES

The Dow gapped up and closed sharply higher on Tuesday as it renewed the rally off October's low. The high-range close sets the stage for a steady to 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 the Dow renews this year's rally into uncharted territory, upside targets will be hard to project. Closes below the November 12th low crossing at 28,902.13 would confirm that a short-term top has been posted. First resistance is today's high crossing at 30,116.51. Second resistance is unknown. First support is the November 12th low crossing at 28,902.13. Second support is the 20-day moving average crossing at 28,636.16.

The December NASDAQ 100 closed higher on Tuesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low. September's high crossing at 12,465.25 is the next upside target. Closes below the 50-day moving average crossing at 11,570.86 are needed to confirm that a short-term top has been posted. First resistance is November's high crossing at 12,408.75. Second resistance is September's high crossing at 12,465.25. First support is the 50-day moving average crossing at 11,570.86. Second support is November's low crossing at 10,942.25.

The December S&P 500 closed higher on Tuesday. The high-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 a short-term top might be in or is near. Closes below the November 9th gap crossing at 3466.70 would confirm that a short-term top has been posted. If December renews the rally off November's low into uncharted territory, upside targets will be hard to project. First resistance is November's high crossing at 3658.40. Second resistance is unknown. First support is the November 9th gap crossing at 3502.70. Second support is the 20-day moving average crossing at 3479.40.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2020 173.06250 +0.09375 +0.05%
iShares Floating Rate Bond ETF 50.726 +0.001 0.00%
5 YEAR T-NOTES Dec 2020 125.562500 +0.023438 +0.02%
ULTRA T-BONDS Dec 2020 216.34375 +0.15625 +0.07%
Invesco Senior Loan Portf 22.01 +0.05 +0.23%

INTEREST RATES

December T-bonds closed down 17-32's at 172-30.

December T-bonds lower on Tuesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 172-23 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 174-04 would open the door for a possible test of November's high crossing at 175-27. First resistance is the 50-day moving average crossing at 174-04. Second resistance is November's high crossing at 175-27. First support is the 20-day moving average crossing at 172-23. Second support is November's low crossing at 169-16.

December T-notes closed down 15-pts. at 138.080.

December T-notes closed lower on Tuesday as it consolidates some of the rally off November's low. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 138.066 would confirm that a short-term top has been posted. If December extends the rally off November's low, the 50-day moving average crossing at 138.251 is the next upside target. First resistance is the 50-day moving average crossing at 138.251. Second resistance is November's high crossing at 139.085. First support is the 10-day moving average crossing at 138.066. Second support is November's low crossing at 137.080.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Jan 2021 139.125 +1.075 +0.79%
LEAN HOGS Dec 2020 65.475 +0.275 +0.41%
LIVE CATTLE Dec 2020 111.350 +1.175 +1.09%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 34.14 +0.17 +0.51%

LIVESTOCK

December hogs closed up $0.53 at $65.48.

December hogs closed higher on Tuesday as it extends this month's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 November 5th high crossing at $67.60 would signal that a short-term low has been posted. If December extends the decline off October's high, October's low crossing at $61.90 is the next downside target. First resistance is the November 5th high crossing at $67.60. Second resistance is October's high crossing at $72.80. First support is last-Friday's low crossing at $63.50. Second support is the September 16th low crossing at $61.25.

December cattle closed up $1.35 at $111.35

December cattle closed higher on Tuesday as it extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 10-day moving average crossing at $110.48 confirms that a short-term low has been posted while opening the door for a test of November's high crossing at $112.70. If December renews the decline off November's high, October's low crossing at $102.53 is the next upside target. First resistance is November's high crossing at $112.70. Second resistance is September's high crossing at $113.58. First support is last-Friday's low crossing at $106.60. Second support is October's low crossing at $102.53.

January Feeder cattle closed up $1.30-cents at $139.13.

January Feeder cattle closed higher on Tuesday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 10-day moving average crossing at $138.04 confirms that a short-term low has been posted while opening the door for a test of November's high crossing at $141.50. If January renews the decline off November's high, the reaction low crossing at $132.48 is the next downside target. First resistance is November's high crossing at $141.50. Second resistance is September's high crossing at $142.45. First support is last-Friday's low crossing at $133.00. Second support is October's low crossing at $124.25.



 
Metals Snapshot
Symbol Last Change %
GOLD Nov 2020 1801.3 -30.8 -1.62%
SPDR Gold Trust 169.555 -2.675 -1.50%
SILVER Nov 2020 23.330 -0.294 -1.23%
PALLADIUM Dec 2020 2332.0 -14.0 -0.61%
Direxion Daily Gold Miners Index Bear 2X Shares 24.0500 +1.3200 +7.30%
Invesco DB Precious Metals Fund 49.3300 -0.9146 -1.75%

PRECIOUS METALS

December gold closed sharply lower for the second day in a row on Tuesday as it extends the decline off August'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 with sideways to lower prices are possible near-term. If December extends the decline off November's high, the 38% retracement level of the March-August-rally crossing at $1771.40 is the next downside target. Closes above the 50-day moving average crossing at $1896.90 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1896.90. Second resistance is November's high crossing at $1966.10. First support is today's low crossing at $1797.10. Second support is the 38% retracement level of the March-August-rally crossing at $1771.40.

December silver closed lower on Tuesday while extending the September-November trading range. 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. If December extends today's decline, October's low crossing at 22.965 is the next downside target. Closes above the November 16th high crossing at 25.155 would confirm that a short-term low has been posted. First resistance is November's high crossing at 26.135. Second resistance is the September 15th high crossing at 27.865. First support is today's low crossing at 22.935. Second support is October's low crossing at 22.965.

December copper closed higher on Tuesday as it extends this year's rally. The high-range close sets the stage for a steady to 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 December extends the rally off March's low, the June-2018 high crossing at 341.40 is the next upside target. Closes below the 20-day moving average crossing at 315.84 would signal that a short-term top has been posted. First resistance is today's high crossing at 331.60. Second resistance is the June-2018 high crossing at 341.40. First support is the 20-day moving average crossing at 315.84. Second support is the 50-day moving average crossing at 309.13.



 
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