Wednesday, December 9, 2020

Sector Analysis and Key Events for Wednesday

INO.com  INO Morning Markets Report

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Summary
The Dow Future has advanced 71 points to 30248. The US Dollar Index moved down 0.097 points to 90.868. Gold is lower 2.655 dollars to 1857.880. Silver is falling 0.1625 dollars to 24.2010. The Dow Industrials trended higher 104.09 points, at 30173.88, while the S&P 500 trended higher 10.29 points, last seen at 3702.25. The Nasdaq Composite advanced 62.82 points to 12582.77. Streaming charts of these markets are available at MarketClub

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Tuesday Dec 8th

Could Santa Only Visit Gold?
Monday Dec 7th

Futures Market Continues To Trend Higher
Sunday Dec 6th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Composite Idx (previous 858.2)

Composite Idx, W/W% (previous -0.6%)

Purchase Idx-SA (previous 342.9)

Purchase Idx-SA, W/W% (previous +9.0%)

Refinance Idx (previous 3891.1)

Refinance Idx, W/W% (previous -4.6%)

10:00 AM ET. ISM Semiannual Report On Business Economic Forecast

10:00 AM ET. November Online Help Wanted Index

10:00 AM ET. October Monthly Wholesale Trade

Inventories, M/M% (expected +0.2%; previous +0.4%)

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

10:00 AM ET. SEC Open Meeting

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl) (previous 488.042M)

Crude Oil Stocks, Net Chg (Bbl) (previous -0.679M)

Gasoline Stocks (Bbl) (previous 233.638M)

Gasoline Stocks, Net Chg (Bbl) (previous +3.491M)

Distillate Stocks (Bbl) (previous 145.87M)

Distillate Stocks, Net Chg (Bbl) (previous +3.238M)

Refinery Usage (previous 78.2%)

Total Prod Supplied (Bbl/day) (previous 18.468M)

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

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 90.868 -0.097 -0.11%
Invesco DB US Dollar Index 24.535 +0.025 +0.10%
US Dollar/Canadian Dollar 1.279125 -0.000885 -0.07%
Euro/US Dollar 1.210275 -0.002615 -0.22%
JAPANESE YEN Dec 2020 0.009602 +0.000002 +0.02%
SWISS FRANC Dec 2020 1.1242 -0.0009 -0.08%
US Dollar/Hong Kong Dollar 7.75172 -0.00003 -0.00%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The March Dollar was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, monthly support crossing at $90.21 is the next downside target. Closes above the 20-day moving average crossing at $91.75 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $91.13. Second resistance is the 20-day moving average crossing at $91.75. First support is last-Friday's low crossing at $90.38. Second support is monthly support crossing at $90.21.

The March Euro was steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI 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 $125.38 is the next upside target. Closes below the 20-day moving average crossing at $119.85 would signal that a short-term top has been posted. First resistance is the 50% retracement level of 2018-2020-decline crossing at $122.03. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $125.38. First support is the 10-day moving average crossing at $120.90. Second support is the 20-day moving average crossing at $119.85.

The March British Pound was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. Closes below the 20-day moving average crossing at 1.3329 are needed to confirm that a short-term top has been posted. 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 1.3329. Second support is the 50-day moving average crossing at 1.3140.

The March Swiss Franc was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends last-week's rally, the September-2018 high crossing at 1.1319 is the next upside target. Closes below the 20-day moving average crossing at 1.1094 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 1.1305. Second resistance is the September-2018 high crossing at 1.1319. First support is the 10-day moving average crossing at 1.1190. Second support is the 20-day moving average crossing at 1.1094.

The March Canadian Dollar was steady to slightly higher overnight. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are 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 $79.05 is the next upside target. Closes below the 20-day moving average crossing at $77.04 are needed to 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 $79.05. First support is the 10-day moving average crossing at $77.61. Second support is the 20-day moving average crossing at $77.04.

The March Japanese Yen was steady to slightly higher overnight as it extends the trading range of the past three-weeks. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to 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 November's high crossing at 0.0971. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0981. 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 45.71 +0.11 +0.28%
NY HARBOR ULSD HEATING OIL Jan 2021 1.4076 +0.0024 +0.20%
NATURAL GAS Jan 2021 2.480 +0.036 +1.13%
RBOB GASOLINE Jan 2021 1.2623 +0.0057 +0.52%
Invesco DWA Energy Momentum ETF 17.8416 +0.3499 +2.76%
United States Gasoline 21.60 +0.08 +0.43%

ENERGIES

January crude oil was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but are 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 confirm 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 10-day moving average crossing at $45.45. Second support is the 20-day moving average crossing at $43.74.

January heating oil was steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January resumes 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 $132.86 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $142.29. 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 $138.46. Second support is the 20-day moving average crossing at $132.86.

January unleaded gas was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought, diverging 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 $134.28 is the next upside target. Closes below the 20-day moving average crossing at $121.02 would confirm 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 $121.02. Second support is the 50-day moving average crossing at $115.97.

January Henry natural gas was steady to slightly higher overnight as it consolidates some of this month's decline. The high-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, weekly support crossing at 2.179 is the next downside target. Closes above the 20-day moving average crossing at 2.792 would signal that a short-term low has been posted. First resistance resistance is the 10-day moving average crossing at 2.678. Second resistance is the 20-day moving average crossing at 2.792. 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 114.75 -2.20 -1.88%
SUGAR #11 WORLD MARCH 2021 14.58 +0.19 +1.32%
SUGAR #16 JANUARY 2021 28.00 -0.25 -0.89%
ORANGE JUICE - A JANUARY 2021 125.80 +3.90 +3.20%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 43.3370 -0.0247 -0.06%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 40.26 -0.22 -0.57%

FOOD & FIBER

March coffee closed unchanged on Tuesday. The mid-range close sets the stage for a steady 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 11.80 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 Tuesday and below the 20-day moving average crossing at 25.99 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 last-Thursday's high crossing at 27.26 would temper the near-term bearish outlook.

March sugar closed lower on Tuesday as it extends the trading range of the past six-days. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower 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. If March renews the rally off September's low, weekly resistance crossing at 16.45 is the next upside target.

March cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. 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 70.70 is the next downside target.



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Grains Snapshot
Symbol Last Change %
CORN Dec 2020 418.25 +1.25 +0.31%
OATS Dec 2020 349.00 +24.00 +8.10%
WHEAT Dec 2020 568.75 -1.00 -0.16%
Teucrium Corn Fund ETV 13.98 -0.07 -0.52%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 48.2750 -0.5351 -1.13%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.2200 -0.1100 -3.44%
SOYBEANS Jan 2021 1153.0 +7.0 +0.65%
SOYBEAN (MINI) Jan 2021 1153.375 +5.625 +0.52%
SOYBEAN MEAL Dec 2020 384.4 +2.0 +0.52%
Teucrium Soybean Fund ETV 17.5400 -0.0900 -0.55%

GRAINS

March corn was higher overnight while extending the trading range of the past six-days. The mid-range close sets the stage for a steady to higher opening when the day 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-Monday's high, the 50-day moving average crossing at $4.13 1/2 is the next downside target. Closes above the 20-day moving average crossing at $4.25 1/4 would temper the near-term bearish outlook. 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 the 50-day moving average crossing at $4.13 1/2. Second support is the October 29th low crossing at $3.93.

March wheat was steady to fractionally higher overnight 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 the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 would signal that a short-term low has likely been posted. First resistance is the 10-day moving average crossing at $5.83 1/4. Second resistance is the 50-day moving average crossing at $6.02. First support is Monday's low crossing at $5.65 1/2. Second support is the 62% retracement level of the June-October-rally crossing at $5.55.

March Kansas City wheat was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $5.54 would 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 the 20-day moving average crossing at $5.54. Second resistance is the November 25th high crossing at $5.75. First support is the 38% retracement level of the August-November-rally crossing at $5.27 3/4. Second support is the 50% retracement level of the August-November-rally crossing at $5.09 3/4.

March Minneapolis wheat was higher overnight as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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. Closes above the 50-day moving average crossing at crossing at $5.64 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.53 1/4. Second resistance is the 50-day moving average crossing at $5.64. First support is the overnight 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 was higher overnight as it consolidated some of Tuesday's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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. Closes below last-Wednesday's low crossing at $11.42 1/2 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 $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 was higher due to short covering overnight 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 the day session begins trading. Stochastics and the RSI are becoming 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 was steady to slightly higher overnight. The mid-range close sets the stage for a steady to higher opening when the day 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 36.42 would confirm that a short-term top has been posted. 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 30173.88 +104.09 +0.38%
NASDAQ Composite 12582.77 +62.82 +0.56%
S&P 500 3702.25 +10.29 +0.31%
SPDR S&P 500 370.05 +0.96 +0.29%
iShares Russell 2000 ETF 190.74 +2.36 +1.47%

U.S. STOCK INDEXES

The March NASDAQ 100 was lower overnight as it consolidates some of its recent gains. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher are possible near-term. If the NASDAQ 100 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 12,195.61 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 12,667.75. Second resistance is unknown. First support is the 20-day moving average crossing at 12,195.61. Second is the 50-day moving average crossing at11,836.70.

The March S&P 500 was slightly higher overnight due to rising hopes for another stimulus package and COVID-19 vaccine optimism. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are still possible near-term. If March extends this year's rally 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 Monday's high crossing at 3706.00. 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 171.62500 -0.31250 -0.18%
iShares Floating Rate Bond ETF 50.732 +0.001 0.00%
5 YEAR T-NOTES Dec 2020 125.531250 -0.070313 -0.06%
ULTRA T-BONDS Dec 2020 213.62500 -0.53125 -0.24%
Invesco Senior Loan Portf 22.20 +0.02 +0.09%

INTEREST RATES

March T-bonds were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-week's decline, November's low crossing at 169-16 is the next downside target. 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 170-22. First resistance is the 50-day moving average crossing at 174-17. Second resistance is the November 20th high crossing at 175-21. First support is last-Friday's low crossing at 171-04. Second support is November's low crossing at 170-22.

March T-notes were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-week's decline, November's low crossing at 136.265 is the next downside target. If March renews the rally off November's low, the 50-day moving average crossing at 138.046 is the next upside 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 137.725 +0.175 +0.13%
LEAN HOGS Dec 2020 64.550 +0.075 +0.11%
LIVE CATTLE Dec 2020 107.975 +0.175 +0.16%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 33.4800 +0.0675 +0.20%

LIVESTOCK

February hogs closed up $0.60 at $65.55.

February hogs closed higher on Tuesday 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 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 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 lower on Tuesday as it extended the decline off the November 24th high. The low-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. 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 $112.91 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 up $0.18 at $137.73.

January Feeder cattle closed higher on Tuesday as it consolidates some of the decline off last-Tuesday's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends today's decline, the 50-day moving average crossing at $135.56 is the next downside target. If January resumes the rally off October's low, August's high crossing at $147.38 is the next upside target. 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 $135.56. Second support is the November 20th low crossing at $133.00.



 
Metals Snapshot
Symbol Last Change %
GOLD Dec 2020 1860.1 -11.1 -0.58%
SPDR Gold Trust 175.50 +0.61 +0.34%
SILVER Dec 2020 24.655 -0.015 -0.06%
PALLADIUM Dec 2020 2320 -26 -1.13%
Direxion Daily Gold Miners Index Bear 2X Shares 20.10 +0.21 +1.16%
Invesco DB Precious Metals Fund 51.4250 +0.2073 +0.40%

PRECIOUS METALS

February gold was lower overnight as it consolidates some of the rally off last-Monday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain 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 $1887.20 is the next upside target. If February renews the decline off November's high, the 50% retracement level of the 2018-2020-rally crossing at $1711.10 is the next downside target. First resistance is the 50-day moving average crossing at $1887.20. Second resistance is November's high crossing at $1973.30. First support is the 10-day moving average crossing at $1832.60. Second support is last-Monday's low crossing at $1767.20.

March silver was was lower overnight as it consolidates some of the rally off last-Monday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are 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, November's high crossing at $26.27 is the next upside target. If March renews the decline off November's high, the 50% retracement level of the March-August-rally crossing at $21.148 is the next downside target. First resistance is the November 16th high crossing at $25.285. Second resistance is November's high crossing at $26.27. 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 was higher overnight as it extends the trading range of the past six-days. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 62% retracement level of the 2011-2016-decline on the monthly continuation chart crossing at 3.6126 is the next upside target. Closes below the 20-day moving average crossing at 3.3512 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 3.5460. Second resistance is the 62% retracement level of the 2011-2016-decline on the monthly chart crossing at 3.6126. First support is the 10-day moving average crossing at 3.4741. Second support is the 20-day moving average crossing at 3.3512.



 
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