Summary
The Dow Future is lower 268 points to 30580. The US Dollar Index advanced 0.316 points to 90.486. Gold has retreated 55.85 dollars to 1791.50. Silver is dropping 0.183 dollars to 25.175. The Dow Industrials moved lower 22.96 points, at 30937.04, while the S&P 500 retreated 5.74 points, last seen at 3849.62. The Nasdaq Composite fell 9.92 points to 13626.07. Streaming charts of these markets are available at MarketClub
Key Events for Wednesday
7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx (previous 946.8) Composite Idx, W/W% (previous -1.9%) Purchase Idx-SA (previous 348.2) Purchase Idx-SA, W/W% (previous +2.7%) Refinance Idx (previous 4484.2) Refinance Idx, W/W% (previous -4.7%) 8:30 AM ET. IMF Global Financial Stability Report update published 8:30 AM ET. December Advance Report on Durable Goods Durable Goods-SA, M/M% (expected +0.9%; previous +0.9%) Dur Goods, Ex-Defense, M/M% (previous +0.7%) Dur Goods, Ex-Transport, M/M% (previous +0.4%) Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.4%) Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.4%) 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) (previous 486.563M) Crude Oil Stocks, Net Chg (Bbl) (previous +4.352M) Gasoline Stocks (Bbl) (previous 245.217M) Gasoline Stocks, Net Chg (Bbl) (previous -0.259M) Distillate Stocks (Bbl) (previous 163.662M) Distillate Stocks, Net Chg (Bbl) (previous +0.457M) Refinery Usage (previous 82.5%) Total Prod Supplied (Bbl/day) (previous 19.642M) Total Prod Supplied, Net Chg (Bbl/day) (previous +0.035M) 2:00 PM ET. U.S. interest rate decision Federal Funds Rate Federal Funds Rate Change (Pts) Fed Funds Rate-Range High (previous 0.25) Fed Funds Rate-Range Low (previous 0.00) FOMC Vote For Action (previous 10) FOMC Vote Against Action (previous 0) Discount Rate (previous 0.25) Discount Rate Change (Pts) (previous 0.25) Discount Rate-Range High Discount Rate-Range Low 2:00 PM ET. SEC Closed 8:00 AM ET. IMF Fiscal Monitor update published 8:30 AM ET. 4th Quarter Advance estimate GDP Annual Rate, Q/Q% (expected +4.6%; previous +33.4%) Chain-Weighted Price Idx, Q/Q% (expected +2.1%; previous +3.5%) PCE Price Idx, Q/Q% (previous +3.7%) Purchase Price Idx, Q/Q% (previous +3.3%) Real Final Sales 1st Est, Q/Q% (previous +25.9%) Core PCE Price Idx, Q/Q% (previous +3.4%) Personal Consumption, Q/Q% (previous +41.0%) 8:30 AM ET. December Advance Economic Indicators Report 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims (expected 875K; previous 900K) Jobless Claims, Net Chg (previous -26K) Continuing Claims (previous 5054000) Continuing Claims, Net Chg (previous -127K) 8:30 AM ET. U.S. Weekly Export Sales Corn (Metric Tons) (previous 1484K) Soybeans (Metric Tons) (previous 2648.8K) Wheat (Metric Tons) (previous 329.7K) 9:45 AM ET. Bloomberg Consumer Comfort Index 10:00 AM ET. December Leading Indicators Leading Index, M/M% (expected +0.3%; previous +0.6%) Leading Index (previous 109.1) Coincident Index, M/M% (previous +0.2%) Lagging Index, M/M% (previous -0.4%) 10:00 AM ET. December New Residential Sales New Home Sales (expected 874K; previous 841K) New Home Sales, M/M% (expected +3.9%; previous -11.0%) New Home Sales Months Supply (previous 4.1) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) (previous 3009B) Working Gas In Storage, Net Chg (Cbf) (previous -187B) 11:00 AM ET. January Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing Mfg Activity Idx (previous 12) 6-Mo Exp Prod Idx (previous 20) Mfg Composite Idx (previous 14) 6-Mo Exp Composite Idx (previous 17) 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Money Stock Measures 4:30 PM ET. Federal Discount Window 8:30 AM ET. December Personal Income & Outlays Personal Income, M/M% (expected +0.1%; previous -1.1%) Consumer Spending, M/M% (expected -0.3%; previous -0.4%) PCE Price Idx, M/M% (previous +0%) PCE Price Idx, Y/Y% (previous +1.1%) PCE Core Price Idx, M/M% (expected +0.1%; previous +0%) PCE Core Price Idx, Y/Y% (expected +1.3%; previous +1.4%) 8:30 AM ET. 4th Quarter Employment Cost Index ECI, Q/Q% (expected +0.6%; previous +0.5%) ECI, Y/Y% (previous +2.4%) 9:45 AM ET. January Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI PMI-Adj (expected 58.7; previous 59.5) 10:00 AM ET. January University of Michigan Survey of Consumers - final End-Mo Sentiment Idx (expected 79.2; previous 80.7) End-Mo Expectations Idx Chicago PMI (previous 74.6) 12-Month Inflation Forecast (previous 2.5%) 5-Year Inflation Forecast (previous 2.5%) End-Mo Current Idx (previous 90.0) 10:00 AM ET. SEC Small Business Capital Formation Advisory Committee Meeting (virtual) 10:00 AM ET. December Pending Home Sales Index Pending Home Sales (previous 125.7) Pending Home Sales Idx, M/M% (previous -2.6%) Pending Home Sales Idx , Y/Y% (previous +16.4%)
CURRENCIES:http://quotes.ino.com/exchanges/?c=currencies" The March Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Friday's high, January's low crossing at 89.16 is the next downside target. Closes above the 50-day moving average crossing at 90.71 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 90.71. Second resistance is the November 30th high crossing at 91.96. First support is January's low crossing at 89.16. Second support is monthly support crossing at 88.15. The March Euro closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 122.16 would signal that a short-term low has been posted. Closes below last-Tuesday's low crossing at 120.68 would open the door for a possible test of December's low crossing at 119.63. First resistance is January's high crossing at 123.68. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at 125.39. First support is last-Tuesday's low crossing at 120.68. Second support is December's low crossing at 119.63. The March British Pound posted a key reversal up as it closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off May's low, the February-2019 crossing at 1.3728 is the next upside target. Closes below the 50-day moving average crossing at 1.3474 would confirm that a short-term top has been opened for additional weakness and a possible test of the December 21st low crossing at 1.3200. First resistance is last-Thursday's high crossing at 1.3750. Second resistance is the February-2019 high crossing at 1.3728. First support is the 50-day moving average crossing at 1.3474. Second support is the December 21st low crossing at 1.3200. The March Swiss Franc closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off September's low, the 75% retracement level of the 2018-2020-decline crossing at 1.1540 is the next upside target. Closes below the 50-day moving average crossing at 1.1231 would confirm that a short-term top has been posted. First resistance is January's high crossing at 1.1441. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at 1.1540. First support is the 50-day moving average crossing at 1.1231. Second support is the November 30th low crossing at 1.1036. The March Canadian Dollar closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 77.95 would confirm that a short-term top has been posted. If March resumes the rally off October's low, the 87% retracement level of the 2018-2020-decline crossing at 80.50 is the next upside target. First resistance is last-Thursday's high crossing at 79.44. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.50. First support is the 50-day moving average crossing at 77.95. Second support is the November 13th low crossing at 75.96. The March Japanese Yen closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes this month's decline, December's low crossing at 0.0956 is the next downside target. Multiple closes above last-Thursday's high crossing at 0.0968 would confirm that a short-term low has been posted while opening the door for additional short covering gains. First resistance is January's high crossing at 0.0975. Second resistance is the 87% retracement level of March's decline crossing at 0.0981. First support is January's low crossing at 0.0958. Second support is December's low crossing at 0.0956.
March crude oil closed lower on Tuesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. 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 $51.27 would signal that a short-term top has been posted. If March resumes the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $57.64 is the next upside target. First resistance is January's high crossing at $53.94. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $57.64. First support is the 20-day moving average crossing at $51.27. Second support is the 50-day moving average crossing at $47.86. March heating oil closed higher on Tuesday while extending the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. 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 $155.57 would signal that a short-term top has been posted. If March resumes the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $168.80 is the next upside target. First resistance is January's high crossing at $162.46. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $168.80. First support is the 20-day moving average crossing at $155.57. Second support is the 50-day moving average crossing at $145.90. March unleaded gas closed higher on Tuesday while extending the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 75% retracement level of the 2018-2020-decline crossing at $170.66 is the next upside target. Closes below the 20-day moving average crossing at $148.43 would signal that a short-term top has been posted. First resistance is the January 13th high crossing at $157.40. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $170.66. First support is the 20-day moving average crossing at 148.43. Second support is the 50-day moving average crossing at $136.85. March Henry natural gas closed higher due to short covering on Tuesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2.642 would signal that a short-term low has been posted. If March resumes this month's decline, December's low crossing at 2.268 is the next downside target. First resistance is January's high crossing at 2.835. Second resistance is the November 30th high crossing at 2.910. First support is last-Friday's low crossing at 2.425. Second support is December's low crossing at 2.268.
March coffee closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 12.23 would confirm that a short-term top has been posted. If March renews the rally off November's low, September's high crossing at 13.57 is the next upside target. March cocoa closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the January 4th high crossing at 26.61 would signal that a short-term low has been posted. If March renews the decline off November's high, the November 16th gap crossing at 23.95. March sugar closed unchanged on Tuesday. The mid-range close set 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. Multiple closes below the 20-day moving average crossing at 15.80 would confirm that a short-term top has been posted. If March renews the rally off December's low, weekly resistance crossing at 17.23 is the next upside target. March cotton closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI 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 80.21 would confirm that a short-term top has been posted. If March extends the rally off April's low, monthly resistance crossing at 84.47 is the next upside target.
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March Corn closed up $0.20 3/4-cents at $5.31 1/4. March corn closed sharply higher on Tuesday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off April's low, the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4 is the next upside target. Closes below the 20-day moving average crossing at $5.02 3/4 would confirm that a short-term top has been posted. First resistance is January's high crossing at $5.41 1/2. Second resistance is the 50% retracement level of the 2012-2019-decline crossing at $5.72 1/4 is the next upside target. First support is the 20-day moving average crossing at $5.02 3/4. Second support is the 50-day moving average crossing at $4.58 1/4. March wheat closed up $0.16 3/4-cents at $6.65 1/4. March wheat closed sharply higher on Tuesday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, long-term resistance on the monthly continuation chart crossing at $7.34 1/4 is the next upside target. If March resumes this month's decline, the 50-day moving average crossing at $6.19 3/4 is the next downside target. First resistance is January's high crossing at $6.93. Second resistance is monthly resistance on the monthly continuation chart crossing at $7.34 1/4. First support is the 50-day moving average crossing at $6.19 3/4. Second support is the December 28th crossing at $6.07. March Kansas City Wheat closed up $0.13 3/4-cents at $6.40 1/4. March Kansas City wheat closed sharply higher on Tuesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes this winter's rally, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.14 1/2 would confirm that a short-term top has been posted. First resistance is January's high crossing at $6.60. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is the 20-day moving average crossing at $6.14 1/2. Second support is the 50-day moving average crossing at $5.82 1/2. March Minneapolis wheat closed up $0.12-cents at $6.38. March Minneapolis wheat closed higher on Tuesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible. If March renews the rally off December's low, monthly resistance crossing at $6.58 is the next upside target. Closes below the 20-day moving average crossing at crossing at $6.15 1/4 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at crossing at $6.53 1/2. Second resistance is monthly resistance crossing at $6.58. First support is the 20-day moving average crossing at $6.15 1/4. Second support is the 50-day moving average crossing at $5.83 3/4. SOYBEAN COMPLEX?http://quotes.ino.com/ex?changes/?c=grains" March soybeans closed up $0.26 3/4-cents at $13.70 1/4. March soybeans closed sharply higher on Tuesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at $13.82 would signal that a short-term low has been posted. If March extends this month's decline, the 50-day moving average crossing at $12.53 is the next downside target. First resistance is January's high crossing at $14.36 1/2. Second resistance is the 75% retracement level of the 2012-2019-decline on the monthly chart crossing at $15.39 1/4. First support is the 25% retracement level of the April-January rally crossing at $12.83 1/2. Second support is the 50-day moving average crossing at $12.53. March soybean meal closed up $6.90 to $436.50. March soybean meal closed higher on Tuesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at $446.90 would confirm that a short-term low has been posted. If March extends this month's decline, the 50-day moving average crossing at $410.70 is the next downside target. First resistance is January's high crossing at $471.40. Second resistance is monthly resistance crossing at $478.40. First support is the 50-day moving average crossing at $410.70. Second support is the 38% retracement level of the August-January rally crossing at $401.40. March soybean oil closed up 97 pts. at 43.91. March soybean oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, the March-2014 high on the monthly continuation chart crossing at 45.05 is the next upside target. If March renews the decline off January's high the 50-day moving average crossing at 39.97 is the next downside target. First resistance is January's high crossing at 44.69. Second resistance is the March-2014 high on the monthly continuation chart crossing at 45.05. First support is last-Tuesday's low crossing at 41.01. Second support is the 50-day moving average crossing at 39.97.
The Dow closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 30,271.78 would confirm that a short-term top has been posted. If the Dow extends this month's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Thursday's high crossing at 31,272.22. Second resistance is unknown. First support is Monday's low crossing at 30,564.06. Second support is the 50-day moving average crossing at 30,271.78. The March NASDAQ 100 closed higher on Tuesday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 12,611.22 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 13,554.50. Second resistance is unknown. First support is the 50-day moving average crossing at 12,611.22. Second support is the December 12th low crossing at 12,217.00. The March S&P 500 closed higher on Tuesday as it extends this month's rally. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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. Multiple closes below the 20-day moving average crossing at 3774.38 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 3859.23. Second resistance is unknown. First support is the 20-day moving average crossing at 3774.38. Second support is the 50-day moving average crossing at 3691.53.
March T-bonds closed up 2/32's at 170-01. March T-bonds closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 170-04 would confirm that a low has been posted. If March renews the decline off November's high, the 50% retracement level of the 2018-2020 rally crossing at 164-04 is the next downside target. First resistance is the 20-day moving average crossing at 170-04. Second resistance is the 50-day moving average crossing at 172-03. First support is January's low crossing at 167-11. Second support is the 50% retracement level of the 2018-2020 rally crossing at 164-04. March T-notes closed up 5 pts. at 137.125. March T-notes closed slightly higher on Tuesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 50-day moving average crossing at 137.190 is the next upside target. Closes above the 50-day moving average would open the door for a larger-degree rally. Closes below the 10-day moving average crossing at 136.302 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 137.190. Second resistance is January's high crossing at 138.055. First support is January's low crossing at 136.010. Second support is monthly support on the continuation chart crossing at 134.298.
April hogs closed up $0.33 at $76.95. April hogs closed higher for the fifth day in a row on Tuesday as it extends the rally off November's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, the July-2019 high on the weekly continuation chart crossing at $81.98 is the next upside target. Closes below the 20-day moving average crossing at 73.23 would signal that a short-term top has been posted. First resistance is today's high crossing at 77.60. Second resistance is the July-2019 high on the weekly continuation chart crossing at $81.98. First support is the 20-day moving average crossing at $73.23. Second support is the 50-day moving average crossing at $71.06. April cattle closed up $0.15 at $123.10 April cattle closed higher on Tuesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If April extends this month's rally, the January-2020 high crossing at $124.50 is the next upside target. Closes below the 50-day moving average crossing at $117.80 would signal that a short-term top has been posted. First resistance is today's high crossing at $123.70. Second resistance is the January-2020 high crossing at $124.50. First support is the 20-day moving average crossing at $119.23. Second support is the 50-day moving average crossing at $117.80. March Feeder cattle closed down $2.38 at $141.48. March Feeder cattle closed sharply lower on Tuesday 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 Wednesday's 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 August-2020 high crossing at $145.30 is the next upside target. Closes below the 10-day moving average crossing at $137.99 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $144.85. Second resistance is the August-2020 high crossing at $145.30. First support is the 20-day moving average crossing at $138.26. Second support is the 10-day moving average crossing at $137.99.
April gold posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April resumes this month's decline, November's low crossing at $1771.30 is the next downside target. Closes above the 20-day moving average crossing at $1879.10 would signal that a short-term low has been posted. First resistance is January's high crossing at $1966.80. Second resistance is November's high crossing at $1978.20. First support is last-Tuesday's low crossing at $1804.70. Second support is November's low crossing at $1771.30. March silver closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 24.040 would confirm that a short-term top has been posted. Closes above the 20-day moving average crossing at 26.065 would confirm that a low has been posted while opening the door for additional gains near-term. First resistance is January's high crossing at 28.105. Second resistance is September's high crossing at 29.380. First support is last-Tuesday's low crossing at 24.040. Second support is the December 9th low crossing at 23.695. March copper closed lower on Tuesday while extending this month's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day low crossing at 350.85 would confirm that a short-term top has been posted. If March resumes the rally off March's low, monthly resistance crossing at 379.25 is the next upside target. First resistance is the January 8th high crossing at 373.40. Second resistance is monthly resistance crossing at 379.25. First support is the 50-day moving average crossing at 350.85. Second support is the reaction low crossing at 345.00.
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