Thursday, December 10, 2020

Sector Analysis and Key Events for Thursday

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Summary
The Dow Future is falling 22 points to 30035. The US Dollar Index trended higher 0.017 points to 91.104. Gold is declining 3.080 dollars to 1837.220. Silver has slipped 0.1589 dollars to 23.8676. The Dow Industrials retreated 105.07 points, at 30068.81, while the S&P 500 dropped 29.43 points, last seen at 3672.82. The Nasdaq Composite trended lower by 243.82 points to 12338.95. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
Is Fed "Independence" Dead?
Wednesday Dec 9th

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Tuesday Dec 8th

Could Santa Only Visit Gold?
Monday Dec 7th

Key Events for Thursday

8:30 AM ET. November Real Earnings

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

Corn (Metric Tons) (previous 1371.4K)

Soybeans (Metric Tons) (previous 163.9K)

Wheat (Metric Tons) (previous 446.4K)

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

Jobless Claims (expected 728K; previous 712K)

Jobless Claims, Net Chg (previous -75K)

Continuing Claims (previous 5520000)

Continuing Claims, Net Chg (previous -569K)

8:30 AM ET. November CPI

CPI, M/M% (expected +0.1%; previous +0%)

Core CPI, M/M% (expected +0.1%; previous +0%)

Energy Idx, M/M%

Food Idx, M/M% (previous +0.2%)

Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)

CPI, Y/Y% (expected +1.1%; previous +1.2%)

Core Annual, Y/Y% (expected +1.6%; previous +1.6%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. 3rd Quarter Quarterly Services

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

Working Gas In Storage (Cbf) (previous 3939B)

Working Gas In Storage, Net Chg (Cbf) (previous -1B)

12:00 AM ET. World Agricultural Supply & Demand Estimates (WASDE)

Corn, End Stocks (Bushels)

Soybeans, End Stocks (Bushels)

Wheat, End Stocks (Bushels)

Cotton, End Stocks (Bales)

2:00 PM ET. November Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock

8:30 AM ET. November PPI

PPI, M/M% (expected +0.2%; previous +0.3%)

Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.1%)

Personal Consumption (previous +0.3%)

10:00 AM ET. December University of Michigan Survey of Consumers - preliminary

Mid-Mo Sentiment (expected 75.8; previous 77.0)

Mid-Mo Expectations (previous 71.3)

Mid-Mo Current Idx (previous 85.8)

N/A Deadline for new funding deal to avert U.S. Govt

N/A G30 special report launch - 'Reviving and Restructuring the Corporate Sector Post-COVID'



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 91.104 +0.017 +0.02%
Invesco DB US Dollar Index 24.555 +0.015 +0.06%
US Dollar/Canadian Dollar 1.278425 -0.001140 -0.09%
Euro/US Dollar 1.208930 -0.001005 -0.08%
JAPANESE YEN Dec 2020 0.009571 -0.000023 -0.24%
SWISS FRANC Dec 2020 1.1249 +0.0004 +0.04%
US Dollar/Hong Kong Dollar 7.75145 -0.00040 -0.01%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The March Dollar closed higher on Wednesday 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 Thursday'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 91.77 would signal that a short-term low has been posted. If March extends this year's decline, monthly support crossing at 90.21 is the next downside target. First resistance is the 10-day moving average crossing at 91.16. Second resistance is the 20-day moving average crossing at 91.77. First support is last-Friday's low crossing at 90.38. Second support is monthly support crossing at 90.21.

The March Euro closed sharply lower on Wednesday 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 Thursday'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 119.83 would signal that a short-term top has been posted. If March extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at 125.39 is the next upside target. First resistance is last-Friday's high crossing at 122.09. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at 125.39. First support is the 10-day moving average crossing at 120.85. Second support is the 20-day moving average crossing at 119.83.

The March British Pound closed higher on Wednesday. The low-range close sets the stage for a steady to slightly higher opening when Thursday'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 1.3326 would confirm that a short-term top has been posted. If March extends the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. First resistance is last-Friday's high crossing at 1.3550. Second resistance is the February-2019 high crossing at 1.3728. First support is the 20-day moving average crossing at 1.3326. Second support is the 50-day moving average crossing at 1.3139.

The March Swiss Franc posted a key reversal down and closed lower on Wednesday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 this month's rally, the September-2019 high crossing at 1.1408 is the next upside target. Closes below the 20-day moving average crossing at 1.1093 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.1311. Second resistance is the September-2019 high crossing at 1.1408. First support is the 10-day moving average crossing at 1.1187. Second support is the 20-day moving average crossing at 1.1093.

The March Canadian Dollar closed lower on Wednesday 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 Thursday'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 October-2018 high crossing at 79.09 is the next upside target. Closes below the 20-day moving average crossing at 77.03 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 78.37. Second resistance is the October-2018 high crossing at 79.09. First support is the 10-day moving average crossing at 77.59. Second support is the 20-day moving average crossing at 77.03.

The March Japanese Yen closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 0.0956 would signal that a short-term top has been posted. If March renews the rally off November's low, November's high crossing at 0.0971 is the next upside target. First resistance is the November 18th high crossing at 0.0966. Second resistance is November's high crossing at 0.0971. First support is the 50-day moving average crossing at 0.0956. Second support is November's low crossing at 0.0948.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Jan 2021 46.08 +0.37 +0.94%
NY HARBOR ULSD HEATING OIL Jan 2021 1.4175 +0.0136 +1.15%
NATURAL GAS Jan 2021 2.454 +0.029 +0.91%
RBOB GASOLINE Jan 2021 1.2993 +0.0146 +1.33%
Invesco DWA Energy Momentum ETF 17.9377 +0.0961 +0.76%
United States Gasoline 22.00 +0.40 +2.16%

ENERGIES

January crude oil closed slightly lower on Wednesday. The mid-range close sets the stage for a steady to slightly lower opening when Thursday's night session begins. Stochastics and the RSI are overbought, diverging 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 $47.20 is the next upside target. Closes below the 20-day moving average crossing at $43.74 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $46.68. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $47.20. First support is the 20-day moving average crossing at $43.74. Second support is the 50-day moving average crossing at $41.37.

January heating oil closed lower due to profit taking on Wednesday after spiking to a new high for the month in early-trading. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI are overbought, diverging 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 38% retracement level of the 2018-2020-decline crossing at $150.97 is the next upside target. Closes below the 20-day moving average crossing at $132.82 would signal that a short-term top has been posted. First resistance is today's high crossing at $142.56. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at $150.97. First support is the 10-day moving average crossing at $138.37. Second support is the 20-day moving average crossing at $132.82.

January unleaded gas closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January resumes the rally off November's low, 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 $121.08 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $128.80. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $134.28. First support is the 20-day moving average crossing at 121.08. Second support is the 50-day moving average crossing at $115.99.

January Henry natural gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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, weekly support crossing at 2.179 is the next downside target. Closes above the 20-day moving average crossing at 2.790 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.674. Second resistance is the 20-day moving average crossing at 2.790. First support is Tuesday's low crossing at 2.368. Second support is weekly support crossing at 2.179.



 
Food Snapshot
Symbol Last Change %
COFFEE DECEMBER 2020 115.1 -2.0 -1.71%
SUGAR #11 WORLD MARCH 2021 14.78 -0.19 -1.27%
SUGAR #16 MARCH 2021 28.51 +0.16 +0.56%
ORANGE JUICE - A JANUARY 2021 126.1 0.0 0.00%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 44.240 +1.115 +2.53%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 40.4600 +0.2738 +0.70%

FOOD & FIBER

March coffee closed lower on Wednesday as it extends the trading range of the past five-days. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 11.45 are needed to confirm that a short-term top has been posted. If March resumes the rally off November's low, the 75% retracement level of the September-November decline crossing at 12.80 is the next upside target.

March cocoa closed lower on Wednesday as it extended the decline off November's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain 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 24.82 is the next downside target. Closes above the 10-day moving average crossing at 26.59 would signal that a short-term low has been posted.

March sugar closed sharply higher on Wednesday and above the 20-day moving average crossing at 14.87 signal that a short-term low has been posted. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below last-Wednesday's low crossing at 14.33 would open the door for a possible test of the October 30th low crossing at 13.94.

March cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off April's low, the July-2018 high crossing at 79.56 is the next upside target. If March extends last-week's decline, the 50-day moving average crossing at 70.84 is the next downside target.



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Grains Snapshot
Symbol Last Change %
CORN Dec 2020 422.50 +0.25 +0.06%
OATS Dec 2020 349.00 +24.00 +8.10%
WHEAT Dec 2020 572.75 +3.00 +0.49%
Teucrium Corn Fund ETV 14.080 +0.110 +0.82%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 48.3400 +0.1241 +0.26%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.27 +0.07 +2.19%
SOYBEANS Jan 2021 1168.75 +9.75 +0.90%
SOYBEAN (MINI) Jan 2021 1169.000 +10.375 +0.96%
SOYBEAN MEAL Dec 2020 384.8 +2.4 +0.62%
Teucrium Soybean Fund ETV 17.69 +0.17 +1.05%

GRAINS

March Corn closed up $0.04-cents at $4.23 3/4.

March corn closed higher on Wednesday as it extended the trading range for the past six-days. The high-range close sets the stage for a steady to higher opening when Thursday's night sessions 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 last-week's high, the 50-day moving average crossing at $4.13 1/2 is the next downside target. If March resumes 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. First resistance is last-Monday's high crossing at $4.39 1/2. Second resistance is the June-2016 high crossing at $4.43 1/2 is the next upside target. First support is last-Wednesday's low crossing at $4.14 1/2. Second support is the 50-day moving average crossing at $4.13 1/2.

March wheat closed up $0.14-cents at $5.84.

March wheat closed higher on Wednesday as it consolidated some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 the decline off October's high, the 62% retracement level of the June-October-rally crossing at $5.55 is the next downside target. Closes above the 50-day moving average crossing at $6.02 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.84 1/2. Second resistance is the 20-day moving average crossing at $5.94 1/4. First support is the 50% retracement level of the June-November-rally crossing at $5.71. Second support is the 62% retracement level of the June-October-rally crossing at $5.55.

March Kansas City Wheat closed up $0.14 3/4-cents at $5.51 3/4.

March Kansas City wheat posted a key reversal up as it closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at $5.51 1/2 are needed to confirm that a short-term low has been posted. If March extends the decline off November's high, the 38% retracement level of the August-November-rally crossing at $5.27 3/4 is the next downside target. First resistance is last-Monday's high crossing at $5.51 1/2. Second resistance is last-Wednesday's high crossing at $5.75. First support is Monday's low crossing at $5.30 3/4. Second support is the 38% retracement level of the August-Nov.-rally crossing at $5.27 3/4.

March Minneapolis wheat closed up $0.12 1/4-cents at $5.55 1/2.

March Minneapolis wheat closed higher on Wednesday as it consolidated some of the decline off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. Closes above the 50-day moving average crossing at crossing at $5.64 1/4 would signal that a short-term low has been posted. If March extends the decline off October's high, the 75% retracement level of the August-October-rally crossing at $5.39 1/4 is the next downside target. First resistance is the 20-day moving average crossing at crossing at $5.60 1/4. Second resistance is the 50-day moving average crossing at $5.64 1/4. First support is today's low crossing at $5.42 1/2. Second support is the 75% retracement level of the August-October-rally crossing at $5.39 1/4.

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January soybeans closed up $0.13 1/4-cents at $11.59.

January soybeans posted an inside day with a higher close on Wednesday due to short covering as traders position themselves ahead of Thursday's monthly supply-demand report. The high-range close sets the stage for a steady to higher opening when Thursday'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-Wednesday's low crossing at $11.42 1/2 would open the door for additional weakness and a possible test of the 50-day moving average crossing at $11.04 3/4 later this month. If January renews the rally off August's low, monthly resistance marked by the June-2016 high crossing at $12.08 1/2 is the next upside target. First resistance is November'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 last-Wednesday's low crossing at $11.42 1/2. Second support is the 50-day moving average crossing at $11.04 3/4.

March soybean meal closed up $2.90 to $381.70.

March soybean meal closed higher on Wednesday 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 Thursday'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 the decline off November's high, the 50-day moving average crossing at $370.20 is the next downside target. If March renews the rally off August's low, monthly resistance crossing at $404.90 is the next upside target. First resistance is November's high crossing at $398.80. Second resistance is monthly resistance crossing at $404.90. First support is Tuesday's low crossing at $377.80. Second support is the 50-day moving average crossing at $370.20.

March soybean oil closed up 44-pts. at 37.73.

March soybean oil posted an inside day with a higher close on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 last-Wednesday's low crossing at 36.42 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off October's low, monthly resistance crossing at 41.25 is the next upside target. First resistance is November's high crossing at 38.60. Second resistance is monthly resistance crossing at 41.25. First support is last-Wednesday's low crossing at 36.42. Second support is the 50-day moving average crossing at 35.08.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 30068.81 -105.07 -0.38%
NASDAQ Composite 12338.95 -243.82 -2.18%
S&P 500 3672.82 -29.43 -0.87%
SPDR S&P 500 367.50 -2.67 -0.79%
iShares Russell 2000 ETF 189.53 -1.27 -0.79%

U.S. STOCK INDEXES

The Dow closed lower on Wednesday after setting a fresh new record high on opening, as investors moved out of big technology performers into more sedate sectors of the economy, while waiting for a COVID-19 vaccine roll-out. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 29,754.02 would confirm that a short-term top has been posted. If the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is today's high crossing at 30,319.70. Second resistance is unknown. First support is the 20-day moving average crossing at 29,754.02. Second support is the November 12th low crossing at 28,902.13.

The March NASDAQ 100 closed sharply lower due to profit taking on Wednesday as it consolidated some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 12,182.74 are needed to confirm that a short-term top has been posted. If March extends the rally off November's low into uncharted territory, upside targets will be hard to project. First resistance is today's high crossing at 12,667.75. Second resistance is unknown. First support is the 20-day moving average crossing at 12,182.74. Second support is the 50-day moving average crossing at 11,931.75.

The March S&P 500 closed lower on Wednesday due to profit taking. The low-range close sets the stage for a steady to lower opening when Thursday'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 November's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3608.04 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3712.49. Second resistance is unknown. First support is the 20-day moving average crossing at 3608.04. Second support is the 50-day moving average crossing at 3484.70.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2020 171.78125 +0.06250 +0.04%
iShares Floating Rate Bond ETF 50.733 +0.001 0.00%
5 YEAR T-NOTES Dec 2020 125.570313 +0.031250 +0.02%
ULTRA T-BONDS Dec 2020 214.21875 +0.93750 +0.43%
Invesco Senior Loan Portf 22.1918 -0.0082 -0.04%

INTEREST RATES

March T-bonds closed down 19/32's at 172-15.

March T-bonds closed lower on Wednesday as it consolidated some of this week's gains. The mid-range close sets the stage for a steady to lower opening when Thursday'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 50-day moving average crossing at 174-17 would open the door for a possible test of November's high crossing at 177-06. If March resumes last-week's decline, November's low crossing at 170-22 is the next downside target. First resistance is the 50-day moving average crossing at 174-17. Second resistance is November's high crossing at 177-06. First support is last-Friday's low crossing at 171-04. Second support is November's low crossing at 170-22.

March T-notes closed down 65-pts. at 137.200.

March T-notes closed lower on Wednesday as it consolidates some of this week's gains. The mid-range close sets the stage for a steady to lower opening when Thursday'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 50-day moving average crossing at 138.046 would confirm that the correction off last-Monday's high has come to an end. If March resumes last-week's decline, November's low crossing at 136.265 is the next downside target. First resistance is the 50-day moving average crossing at 138.046. Second resistance is November's high crossing at 138.300. First support is last-Friday's low crossing at 137.075. Second support is November's low crossing at 136.265.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Jan 2021 137.125 -0.600 -0.44%
LEAN HOGS Dec 2020 65.225 +0.675 +1.02%
LIVE CATTLE Dec 2020 107.400 -0.575 -0.53%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 33.455 -0.025 -0.07%

LIVESTOCK

February hogs closed up $0.60 at $66.20.

February hogs closed higher on Wednesday as it consolidates some of the decline off last-Tuesday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, November's low crossing at $62.75 is the next downside target. If February renews the rally off November's low, October's high crossing at $72.80 is the next upside target. First resistance is last-Tuesday's high crossing at $69.60. Second resistance is October's high crossing at $72.80. First support is November's low crossing at $62.75. Second support is September's crossing at $61.55.

February cattle closed down $0.20 at $110.83

February cattle close higher on Wednesday as it consolidated some of the decline off the November 24th high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. February extends the decline off the November 24th high, the November 20th low crossing at $109.00 is the next downside target. Closes above the 20-day moving average crossing at $112.72 would signal that a short-term low has been posted. If First resistance is the November 24th high crossing at $114.70. Second resistance is November's high crossing at $115.45. First support is the November 20th low crossing at $109.00. Second support is October's low crossing at $105.53.

January Feeder cattle closed down $0.38 at $137.20.

January Feeder cattle closed lower on Wednesday as it extended the decline off last-Tuesday's high. The mid-range close sets the stage for a steady to lower opening when Thursday'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-Tuesday's high, the 50-day moving average crossing at $135.47 is the next downside target. Closes above the 10-day moving average crossing at $139.63 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $143.48. Second resistance is August's high crossing at $147.38. First support is the 50-day moving average crossing at $135.47. Second support is the November 20th low crossing at $133.00.



 
Metals Snapshot
Symbol Last Change %
GOLD Dec 2020 1835.9 -3.5 -0.18%
SPDR Gold Trust 172.4600 -3.0400 -1.70%
SILVER Dec 2020 24.000 +0.020 +0.08%
PALLADIUM Dec 2020 2298.5 -21.5 -0.94%
Direxion Daily Gold Miners Index Bear 2X Shares 21.16 +1.12 +6.19%
Invesco DB Precious Metals Fund 50.3802 -0.9298 -1.78%

PRECIOUS METALS

February gold closed lower on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, the 50-day moving average crossing at $1886.70 is the next upside target. If February renews the decline off November's high, the 50% retracement level of the March-August-rally crossing at $1711.10 is the next downside target. First resistance is the 50-day moving average crossing at $1886.70. Second resistance is November's high crossing at $1973.30. First support is November's low crossing at $1767.20. Second support is the 50% retracement level of the March-August-rally crossing at $1711.10.

March silver closed lower due to profit taking on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below September's low crossing at 21.930 would open the door for a possible test of the 50% retracement level of the March-August-rally crossing at 21.148. If March extends the aforementioned rally, November's high crossing at 26.270 is the next upside target. First resistance is Tuesday's high crossing at 25.015. Second resistance is November's high crossing at 26.270. First support is September's low crossing at 21.930. Second support is the 50% retracement level of the March-August-rally crossing at 21.148.

March copper closed lower on Wednesday as it extends the trading range for the past seven-days. The low-range close sets the stage for a steady to lower opening when Thursday'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 March's low, monthly resistance crossing at 361.26 is the next upside target. Closes below the 20-day moving average crossing at 335.05 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 354.60. Second resistance is monthly resistance crossing at 361.26. First support is the 10-day moving average crossing at 347.26. Second support is the 20-day moving average crossing at 335.05.



 
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