Friday, December 11, 2020

Sector Analysis and Key Events for Friday

INO.com  INO Morning Markets Report

This strategy is not for beginners!

You can have all the fancy tools, the best trading platform, and the best research, but if your trading strategy is flawed none of that will make a difference. If you're an experienced investor and are looking to trade Options, you need this 28 page guide... and for a limited time, we'll also reveal our post election strategies. These strategies can be used in an IRA.
Summary
The Dow Future has eased 201 points to 29814. The US Dollar Index moved higher by 0.158 points to 90.982. Gold is lower 5.625 dollars to 1831.975. Silver is lower 0.13225 dollars to 23.83500. The Dow Industrials edged lower 69.55 points, at 29999.26, while the S&P 500 moved lower 4.72 points, last seen at 3668.10. The Nasdaq Composite edged higher by 66.86 points to 12405.81. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
Options: Generating Consistent Monthly Income
Thursday Dec 10th

Is Fed "Independence" Dead?
Wednesday Dec 9th

Get INO.com's New Mobile App
Tuesday Dec 8th

Key Events for Friday

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 90.982 +0.158 +0.17%
Invesco DB US Dollar Index 24.485 -0.065 -0.26%
US Dollar/Canadian Dollar 1.277415 +0.004760 +0.37%
Euro/US Dollar 1.212470 -0.003075 -0.25%
JAPANESE YEN Dec 2020 0.009605 +0.000009 +0.09%
SWISS FRANC Dec 2020 1.1250 -0.0040 -0.36%
US Dollar/Hong Kong Dollar 7.75135 +0.00010 0.00%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The March Dollar closed lower on Thursday following a four-day rally. The low-range close sets the stage for a steady to lower opening when Friday'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 91.65 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 91.03. Second resistance is the 20-day moving average crossing at 91.65. First support is last-Friday's low crossing at 90.38. Second support is monthly support crossing at 90.21.

The March Euro closed higher on Thursday as it extends the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening when Friday'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, the 62% retracement level of the 2018-2020-decline crossing at 125.39 is the next upside target. Closes below the 20-day moving average crossing at 120.02 would signal that a short-term top has been posted. 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 121.09. Second support is the 20-day moving average crossing at 120.02.

The March British Pound closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 1.3331 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 Monday's low crossing at 1.3236. Second support is the 50-day moving average crossing at 1.3147.

The March Swiss Franc closed higher on Thursday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday'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 1.1112 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.1331. Second resistance is the September-2019 high crossing at 1.1408. First support is the 10-day moving average crossing at 1.1214. Second support is the 20-day moving average crossing at 1.1112.

The March Canadian Dollar closed higher on Thursday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Friday'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 77.13 would confirm that a short-term top has been posted. First resistance is today's high crossing at 78.74. Second resistance is the October-2018 high crossing at 79.09. First support is the 10-day moving average crossing at 77.75. Second support is the 20-day moving average crossing at 77.13.

The March Japanese Yen closed steady on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 50-day moving average crossing at 0.0957 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 0.0957. Second support is November's low crossing at 0.0948.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Jan 2021 46.70 -0.27 -0.68%
NY HARBOR ULSD HEATING OIL Jan 2021 1.4344 -0.0056 -0.47%
NATURAL GAS Jan 2021 2.576 +0.003 +0.09%
RBOB GASOLINE Jan 2021 1.3091 -0.0069 -0.63%
Invesco DWA Energy Momentum ETF 18.7904 +0.8527 +6.72%
United States Gasoline 22.57 +0.57 +3.07%

ENERGIES

January crude oil closed higher on Thursday as it extended the rally off November's low. The mid-range close sets the stage for a steady to higher opening when Friday'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 62% retracement level of the 2018-2020-decline crossing at $52.20 is the next upside target. Closes below the 20-day moving average crossing at $44.01 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the 2018-2020-decline crossing at $47.20. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $52.20. First support is the 20-day moving average crossing at $44.01. Second support is the 50-day moving average crossing at $41.50.

January heating oil closed higher on Thursday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday'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 $133.77 would signal that a short-term top has been posted. First resistance is today's high crossing at $146.19. 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 $138.89. Second support is the 20-day moving average crossing at $133.77.

January unleaded gas closed higher on Thursday as it extended the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday'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 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 $121.84 would signal that a short-term top has been posted. First resistance is today's high crossing at $133.55. 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 121.84. Second support is the 50-day moving average crossing at $116.33.

January Henry natural gas posted a key reversal up as it closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night 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 2.761 are needed to confirm that a short-term low has been posted. If January extends the decline off November's high, weekly support crossing at 2.179 is the next downside target. First resistance is the 10-day moving average crossing at 2.635. Second resistance is the 20-day moving average crossing at 2.761. 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 118.80 +0.25 +0.21%
SUGAR #11 WORLD MARCH 2021 14.42 -0.24 -1.64%
SUGAR #16 MARCH 2021 28.45 0.00 0.00%
ORANGE JUICE - A JANUARY 2021 121.10 -4.55 -3.62%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 43.9150 -0.8097 -1.84%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 40.4600 +0.2738 +0.70%

FOOD & FIBER

March coffee closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are poised to turn neutral to bullish with additional strength that would signal that sideways to higher prices are possible near-term. 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. Closes below Monday's low crossing at 11.45 are needed to confirm that a short-term top has been posted.

March cocoa closed higher on Thursday 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 Friday. 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 24.83 is the next downside target. Closes above the 10-day moving average crossing at 26.45 would signal that a short-term low has been posted.

March sugar closed lower on Thursday and below the 20-day moving average crossing at 14.88. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, November's high crossing at 15.66 is the next upside target. 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 Thursday following a friendly supply-demand report. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned 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 renews last-week's decline, the 50-day moving average crossing at 71.00 is the next downside target.



This strategy is not for beginners!

You can have all the fancy tools, the best trading platform, and the best research, but if your trading strategy is flawed none of that will make a difference. If you're an experienced investor and are looking to trade Options, you need this 28 page guide... and for a limited time, we'll also reveal our post election strategies. These strategies can be used in an IRA.


 
Grains Snapshot
Symbol Last Change %
CORN Dec 2020 418.0 -2.5 -0.62%
OATS Dec 2020 349.00 +24.00 +8.10%
WHEAT Dec 2020 592.5 +11.5 +1.90%
Teucrium Corn Fund ETV 14.04 -0.04 -0.30%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 49.5048 +0.7248 +1.53%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.155 +0.005 +0.16%
SOYBEANS Jan 2021 1152.50 -1.75 -0.16%
SOYBEAN (MINI) Jan 2021 1152.375 -0.375 -0.03%
SOYBEAN MEAL Dec 2020 380.9 +0.4 +0.10%
Teucrium Soybean Fund ETV 17.65 -0.06 -0.37%

GRAINS

March Corn closed down $0.01 1/2-cents at $4.22 1/4.

March corn closed lower on Thursday as it extended the trading range for the past two-weeks. The latest WASDE report showed that U.S. corn ending stocks were steady, at 1.072 billion bushels, which was above pre-report guesses of 1.691 billion bushels. The USDA also left its season-average farm price unchanged, at $4.00 per bushel. Global corn stocks decrease moderately, to 11.376 billion bushels, down from November estimates of 11.474 billion bushels. That was lower than the average trade guess of 11.388 billion bushels. Today's export sales report showed that corn sales were 53.6 million bushels this past week coming in just below last week's sales but 7% higher than the prior four-week average. Corn sales were also above most trade estimates that ranged from 27.6 million and 59.1 million bushels. Cumulative totals for the 2020/21 marketing year are way ahead of last year's pace, with 436.5 million bushels. The low-range close sets the stage for a steady to lower opening when Friday'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 $4.14 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 $4.14.

March wheat closed up $0.15-cents at $5.98 1/4.

March wheat closed impressively higher for the second day in a row on Thursday following today's friendly WASDE report. The USDA reported that domestic wheat stocks fell more than expected as they dropped from 877 million bushels in November down to 862 million bushels, which is 16% lower versus the same time a year ago. Pre-report estimates came in at 874 million bushels. The decline was due to an increase in export estimates, which were increased by 10 million bushels to 985 million for the 2020/21 marketing year. Global wheat stocks saw larger cuts as they declined from 11.773 billion bushels in November down to 11.628 billion bushels in December and well below pre-report trade guesses that predicted a moderate increase to 11.799 billion bushels. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $6.02 3/4 would confirm that a short-term low has been posted. If March resumes the decline off October's high, the 62% retracement level of the June-October-rally crossing at $5.55 is the next downside target. First resistance is the 50-day moving average crossing at $6.02 3/4. Second resistance is the November 25th high crossing at $6.22 3/4. 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 $0.13 3/4-cents at $5.64 3/4.

March Kansas City wheat closed higher on Thursday following a friendly supply-demand report and confirmed yesterday's key reversal up. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, last-Wednesday's high crossing at $5.75 is the next upside target. If March renews 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-Wednesday's high crossing at $5.75. Second resistance is November's high crossing at $5.86 1/2. 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 $0.07-cents at $5.62 1/2.

March Minneapolis wheat closed higher on Thursday as it extended this week's rally. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible. Closes above the 50-day moving average crossing at crossing at $5.64 1/2 would confirm that a short-term low has been posted. If March resumes 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 50-day moving average crossing at crossing at $5.64 1/2. Second resistance is the November 25th high crossing at $5.73. First support is Wednesday'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.

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

January soybeans closed down $0.04 1/4-cents at $11.54 1/4.

January soybeans closed lower on Thursday as USDA's domestic stocks estimates came in lower, but not as low as analysts were looking for. The USDA estimated domestic soybean stocks at 175 million bushels, which was the lowest level in nearly a decade. However, pre-report estimates were even lower at 168 million bushels. World ending stocks also declined at they dropping from 3.179 billion bushels in November down to 3.146 billion bushels. However, the market was expecting an even bigger drop, with an average trade guess of 3.127 billion bushels. Soybean export sales were up 40% from the prior week but still 42% behind the previous four-week average coming in at 20.9 million bushels for old crop sales. New crop sales added another 6.2 million bushels, for a total tally of 27.1 million bushels. That was in the middle of trade estimates, which ranged between 14.7 million and 38.6 million bushels. Cumulative totals for the 2020/21 marketing year are trending well above last year's pace, with 1.096 billion bushels. Never-the-less the low-range close sets the stage for a steady to lower opening when Friday'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 $11.07 1/4 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 $11.07 1/4.

March soybean meal closed down $1.70 to $379.70.

March soybean meal closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 $371.00 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 $371.00.

March soybean oil closed up 20-pts. at 37.92.

March soybean oil closed higher on Thursday but well off session highs. The low-range close sets the stage for a steady to lower opening when Friday'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 March resumes the rally off October's low, monthly resistance crossing at 41.25 is the next upside target. 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. 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 35.18.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 29999.26 -69.55 -0.25%
NASDAQ Composite 12405.81 +66.86 +0.60%
S&P 500 3668.10 -4.72 -0.14%
SPDR S&P 500 366.82 -0.03 -0.01%
iShares Russell 2000 ETF 191.170 +1.760 +1.10%

U.S. STOCK INDEXES

The Dow closed lower on Thursday as investors reflected on today's employment report that signals labor-market's weakness due to a resurgence of coronavirus cases. New applications for U.S. unemployment benefits jumped in early December to a near three-month high due in part to an increase in layoffs as coronavirus cases surge. Total claims came in at 853,000, up from 716,000 a week ago. The mid-range close sets the stage for a steady to lower opening when Friday'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 29,785.73 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 Wednesday's high crossing at 30,319.70. Second resistance is unknown. First support is the 20-day moving average crossing at 29,785.73. Second support is the November 12th low crossing at 28,902.13.

The March NASDAQ 100 closed higher on Thursday following a rise in weekly jobless benefit claims that some investors suggest offer better prospects for another round of coronavirus financial-aid from Washington. The high-range close sets the stage for a steady to higher opening when Friday'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 12,205.50 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 Wednesday's high crossing at 12,667.75. Second resistance is unknown. First support is the 20-day moving average crossing at 12,205.50. Second support is the 50-day moving average crossing at 11,851.94.

The March S&P 500 closed lower on Thursday due to a jump in jobless claims. The low-range close sets the stage for a steady to lower opening when Friday'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 3614.67 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 3712.49. Second resistance is unknown. First support is the 20-day moving average crossing at 3614.67. Second support is the 50-day moving average crossing at 3491.48.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2020 172.9375 +0.3750 +0.21%
iShares Floating Rate Bond ETF 50.735 +0.002 0.00%
5 YEAR T-NOTES Dec 2020 125.687500 +0.109375 +0.09%
ULTRA T-BONDS Dec 2020 215.96875 +1.90625 +0.87%
Invesco Senior Loan Portf 22.24 +0.04 +0.18%

INTEREST RATES

March T-bonds closed up 1-04/32's at 173-19.

March T-bonds closed higher on Thursday as it extended this week's gains. The high-range close sets the stage for a steady to higher opening when Friday'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 174-15 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 174-15. 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 up 85-pts. at 137.285.

March T-notes closed higher on Thursday as it extends this week's gains. The high-range close sets the stage for a steady to higher opening when Friday'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 138.037 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 138.037. 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 137.575 +0.375 +0.28%
LEAN HOGS Dec 2020 64.700 -0.475 -0.72%
LIVE CATTLE Dec 2020 107.800 +0.350 +0.32%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 33.4800 +0.0379 +0.11%

LIVESTOCK

February hogs closed down $1.35 at $64.93.

February hogs closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 up $0.68 at $111.65

February cattle close higher on Thursday as it consolidated some of the decline off the November 24th high. The mid-range close sets the stage for a steady to higher opening on Friday. 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 $112.54 would signal that a short-term low has been posted. If February extends the decline off the November 24th high, the November 20th low crossing at $109.00 is the next downside target. 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 up $0.48 at $137.50.

January Feeder cattle closed higher on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 $135.42 is the next downside target. Closes above the 10-day moving average crossing at $139.35 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 $135.42. Second support is the November 20th low crossing at $133.00.



 
Metals Snapshot
Symbol Last Change %
GOLD Dec 2020 1829.1 -6.4 -0.34%
SPDR Gold Trust 172.18 -0.32 -0.18%
SILVER Dec 2020 23.985 -0.035 -0.15%
PALLADIUM Dec 2020 2330.0 -3.5 -0.15%
Direxion Daily Gold Miners Index Bear 2X Shares 21.3100 +0.1800 +1.00%
Invesco DB Precious Metals Fund 50.4300 +0.0501 +0.10%

PRECIOUS METALS

February gold closed lower on Thursday 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 Friday'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 February extends the aforementioned rally, the 50-day moving average crossing at $1885.60 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 $1885.60. 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 higher on Thursday as it consolidates some of Wednesday's decline. The mid-range close sets the stage for a steady to higher opening when Friday'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 Monday's low crossing at 23.630 would signal that a short-term top has been posted. If March renews the rally off November's low, 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 posted a key reversal up as it closed higher on Thursday renewing the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday'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 337.26 would signal that a short-term top has been posted. First resistance is today's high crossing at 359.35. Second resistance is monthly resistance crossing at 361.26. First support is the 10-day moving average crossing at 349.71. Second support is the 20-day moving average crossing at 337.26.



 
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