Summary
The Dow Future is trending lower 75 points to 36045. The US Dollar Index slipped 0.197 points to 103.956. Gold has climbed 5.270 dollars to 2032.045. Silver has gained 0.06765 dollars to 23.90000. The Dow Industrials retreated 70.13 points, at 36054.43, while the S&P 500 trended lower by 17.84 points, last seen at 4549.34. The Nasdaq Composite trended lower by 83.20 points to 14146.71. Streaming charts of these markets are available at MarketClub
Key Events for Thursday
7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx Composite Idx, W/W% Purchase Idx-SA Purchase Idx-SA, W/W% Refinance Idx Refinance Idx, W/W% 8:15 AM ET. November ADP National Employment Report Private Sector Jobs, Net Chg (previous +113000) 8:30 AM ET. 3rd Quarter Revised Productivity and Costs Non-Farm Productivity (previous +3.5%) Unit Labor Costs (previous +2.2%) 8:30 AM ET. October U.S. International Trade in Goods & Services Trade Balance (USD) (previous -61.54B) Exports (USD) (previous 261.11B) Exports, M/M% (previous +2.2%) Imports (USD) (previous 322.66B) Imports, M/M% (previous +2.7%) 10:00 AM ET. 3rd Quarter Quarterly Financial Report - Retail Trade 10:00 AM ET. 3rd Quarter Quarterly Financial Report - Industry 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) Crude Oil Stocks, Net Chg (Bbl) Gasoline Stocks (Bbl) Gasoline Stocks, Net Chg (Bbl) Distillate Stocks (Bbl) Distillate Stocks, Net Chg (Bbl) Refinery Usage Total Prod Supplied (Bbl/day) Total Prod Supplied, Net Chg 7:30 AM ET. November Challenger Job-Cut Report Job Cuts, M/M% (previous -22%) 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims Jobless Claims, Net Chg Continuing Claims Continuing Claims, Net Chg 8:30 AM ET. U.S. Weekly Export Sales 10:00 AM ET. October Monthly Wholesale Trade Inventories, M/M% (previous +0.2%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) Working Gas In Storage, Net Chg (Cbf) 3:00 PM ET. October Consumer Credit Consumer Credit Net Chg (USD) (previous +9.0B) 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window Borrowings N/A SEC Investor Advisory Committee Quarterly 8:30 AM ET. November U.S. Employment Report Non-Farm Payrolls (previous +150K) Unemployment Rate (previous 3.9%) Avg Hourly Earnings (USD) (previous 34) Avg Hourly Earnings-Net Chg (USD) (previous +0.07) Avg Hourly Earnings, M/M% (previous +0.21%) Avg Hourly Earnings, Y/Y% (previous +4.10%) Overall Workweek (previous 34.3) Overall Workweek Net Chg (previous -0.1) Government Payrolls (previous +51K) Private Payroll (previous +99K) Participation Rate (previous 62.7%) Non-Farm Payrolls Bench Net Chg 10:00 AM ET. December University of Michigan Survey of Consumers - preliminary Mid-Mo Sentiment (previous 60.4) Mid-Mo Expectations (previous 56.9) Mid-Mo Current Idx (previous 65.7) 12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE) Corn, End Stocks (Bushels) Soybeans, End Stocks (Bushels) Wheat, End Stocks (Bushels) Cotton, End Stocks 10:00 AM ET. November Employment Trends Index ETI (previous 114.16) ETI, 00:01 AM ET. 1st Quarter Manpower U.S. Employment Outlook Survey 6:00 AM ET. November NFIB Index of Small Business Optimism Small Business Idx (previous 90.7) 8:30 AM ET. November CPI CPI, M/M% (previous +0.0%) Core CPI, M/M% (previous +0.2%) Energy Idx, M/M% (previous -2.5%) Food Idx, M/M% (previous +0.3%) Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.1%) CPI, Y/Y% (previous +3.2%) Core Annual, Y/Y% (previous +4.0%) 8:30 AM ET. November Real Earnings 8:55 AM ET. November Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% Latest Wk, Y/Y% 10:00 AM ET. 3rd Quarter Quarterly Services 2:00 AM ET. November Monthly Treasury Statement of Receipts and Outlays of the U.S. Government 4:30 PM ET. API Weekly Statistical Bulletin Crude Stocks, Net Chg (Bbls) Gasoline Stocks, Net Chg (Bbls) Distillate Stocks, Net Chg (Bbls) N/A U.S. Federal Open Market Committee 7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx Composite Idx, W/W% Purchase Idx-SA Purchase Idx-SA, W/W% Refinance Idx Refinance Idx, W/W% 8:30 AM ET. November PPI PPI, M/M% (previous -0.5%) Ex-Food & Energy PPI, M/M% (previous +0%) Personal Consumption (previous -0.6%) 10:00 AM ET. November Online Help Wanted Index 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) Crude Oil Stocks, Net Chg (Bbl) Gasoline Stocks (Bbl) Gasoline Stocks, Net Chg (Bbl) Distillate Stocks (Bbl) Distillate Stocks, Net Chg (Bbl) Refinery Usage Total Prod Supplied (Bbl/day) Total Prod Supplied, Net Chg (Bbl/day) 2:00 PM ET. U.S. interest rate decision Federal Funds Rate Federal Funds Rate Change (Pts) Fed Funds Rate-Range High (previous 5.50) Fed Funds Rate-Range Low (previous 5.25) FOMC Vote For Action (previous 12) FOMC Vote Against Action (previous 0) Discount Rate (previous (previous 5.50) Discount Rate Change (Pts) (previous +0) Discount Rate-Range High Discount Rate-Range Low 2:00 PM ET. Federal Reserve economic projections Median Fed Funds Rate - 2023 (previous 5.6%) Median Fed Funds Rate - 2024 (previous 5.1%) Median Fed Funds Rate - 2025 (previous 3.9%)
The December Dollar closed higher on Wednesday and above the 20-day moving average crossing at 103.889 signals that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, the November 16th high crossing at 104.440 is the next upside target. Closes below Monday's low crossing at 102.980 would signal that a short-term top has been posted. If December resumes the decline off the October 27th high, the 62% retracement level of the July-October rally crossing at 102.036 is the next downside target. First resistance is the November 16th high crossing at 104.440. Second resistance is the 50-day moving average crossing at 105.157. First support is the 62% retracement level of the July-October rally crossing at 102.036. Second support is the 75% retracement level of the July-October rally crossing at 100.962. The December Euro closed lower for the sixth-day in a row on Wednesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Thursday's 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 December extends the decline off November's high, the 50-day moving average crossing at 1.07077 is the next downside target. Closes above the 10-day moving average crossing at 1.08970 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.08970. Second resistance is the 62% retracement level of the July-October decline crossing at 1.10215. First support is the 50-day moving average crossing at 1.07077. Second support is the November 14th low crossing at 1.06725. The December British Pound closed lower on Wednesday breaking out to the downside of last-week's trading range. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2505 would signal that a short-term top has been posted. If December resumes the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.2856 is the next upside target. First resistance is the 62% retracement level of the July-October decline crossing at 1.2712. Second resistance is the 75% retracement level of the July-October decline crossing at 1.2856. First support is the 20-day moving average crossing at 1.2505. Second support is the November 17th low crossing at 1.2376. The December Swiss Franc closed unchanged on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day 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 1.13359 would signal that a short-term top has been posted. If December extends the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.16191 is the next upside target. First resistance is the August 30th high crossing at 1.15700. Second resistance is the 75% retracement level of the August-October decline crossing at 1.16191. First support is the 10-day moving average crossing at 1.14305. Second support is 20-day moving average crossing at 1.13359. The December Canadian Dollar closed slightly lower on Wednesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Thursday's day 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 73.19 would signal that a short-term top has been posted. If December extends the aforementioned rally, the September 29th high crossing at 74.62 is the next upside target. First resistance is Monday's high crossing at 74.20. Second resistance is the September 29th high crossing at 74.62. First support the 20-day moving average crossing at 73.19. Second support is the November 10th low crossing at 72.21. The December Japanese Yen closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day 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 0.067304 would open the door for a test of November's low crossing at 0.066110 is the next downside target. If December renews the rally off November's low, October's high crossing at 0.068740 is the next upside target. First resistance is Monday's high crossing at 0.068535. Second resistance is October's high crossing at 0.068740. First support is the 20-day moving average crossing at 0.067304. Second support is November's low crossing at 0.066110.
January crude oil closed sharply lower on Wednesday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins. 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 September's high, the 87% retracement level of the May-September rally crossing at $67.74 is the next downside target. Closes above the 20-day moving average crossing at $75.63 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $75.63. Second resistance is the November 14th high crossing at $79.65. First support is the 87% retracement level of the May-September rally crossing at $67.74. Second support is March's low crossing at $64.37. January heating oil closed lower on Wednesday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower opening when Thursday's day trading session begins. 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 the November 3rd high, the 75% retracement level of the May-September rally crossing at 2.4439 is the next downside target. Closes above the 20-day moving average crossing at 2.7341 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.7341. Second resistance is the 50-day moving average crossing at 2.8499. First support is the 62% retracement level of the May-September rally crossing at 2.5736. Second support is the 75% retracement level of the May-September rally crossing at 2.4439. January unleaded gas closed lower on Wednesday as it renewed the decline off September's high. The low-range close sets the stage for a steady to lower opening when Thursday's day 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 September's high, May's low crossing at 1.9480 is the next downside target. Multiple closes above the 20-day moving average crossing at 2.1567 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.1567. Second resistance is the 50-day moving average crossing at 2.2115. First support is the 87% retracement level of the May-September rally crossing at 2.0255. Second support is May's low crossing at 1.9480. January Henry natural closed lower on Wednesday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower when Thursday's 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, the March-2023 low on the monthly continuation chart crossing at 1.944 is the next downside target. Closes above the 10-day moving average crossing at 2.822 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.822. Second resistance is the 20-day moving average crossing at 3.036. First support is today's low crossing at 2.541. Second support is the March-2023 low on the monthly continuation chart crossing at 1.994.
March coffee closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $17.37 would signal that a short-term top has been posted. If March renews the rally off October's low, the 50% retracement level of the 2022-2023 decline crossing at 19.55 is the next upside target. First resistance is last-Friday's high crossing at 18.85. Second resistance is the 50% retracement level of the 2022-2023 decline crossing at 18.85. First support is the 20-day moving average crossing at $17.37. Second support is the November 20th low crossing at $16.53. March cocoa closed higher on Wednesday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 40.96 would signal that a short-term top has been posted. With cocoa trading in uncharted territory, upside targets will be hard to project. March sugar closed sharply lower on Wednesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the June 29th low crossing at 22.06 is the next downside target. Closes above the 10-day moving average crossing at 26.02 would signal that a short-term low has been posted. March cotton closed slightly higher on Wednesday. The low-range close sets the stage for a steady to slightly higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 17th crossing at 81.87 would signal that a short-term low has been posted. If March extends Monday's decline, November's low crossing at 77.66 is the next downside target. First resistance is the November 17th high crossing at 81.87. Second resistance is the 50-day moving average crossing at 83.52. First support is November's low crossing at 77.66. Second support is the June 26th low crossing at 77.01.
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March Corn closed up $0.06 1/4-cents at $4.84 1/4. March corn closed lower on Wednesday after falling short of testing resistance marked by the 50-day moving average crossing at $4.94. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Trading is likely to be subdued ahead of Friday's WASDE report. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $4.94 would signal that a short-term low has been posted. If March renews the decline off October's high, the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.50 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $4.94. Second resistance is October's high crossing at $5.21 1/2. First support is last-Wednesday's low crossing at $4.70 1/2. Second support is the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.50 3/4. March wheat closed up $0.02 1/4-cents at $6.33 1/2. March wheat closed higher for the seventh-day in a row on Wednesday as it extends the rally off last-Monday's low. The low-range close sets the stage for a steady to slightly higher opening when Thursday's day session begins trading. However, I would not be surprised to see the wheat market tread water ahead of Friday's WASDE report. 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 38% retracement level of the July-November decline crossing at $6.53 is the next upside target. Closes below the 20-day moving average crossing at $5.94 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.49 1/2. Second resistance is the 38% retracement level of the July-November decline crossing at $6.53. First support is the 20-day moving average crossing at $5.94 1/2. Second support is November's low crossing at $5.56 1/4. Third support is psychological support crossing at $5.50. March Kansas City Wheat closed down $0.06 3/4-cents at $6.56. March Kansas City wheat closed lower on Wednesday after failing to clear resistance marked by the 25% retracement level of the July-November decline crossing at $6.77. The low-range close sets the stage for a steady to lower opening when Thursday's 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 this month's low, the October 20th high crossing at $6.96 1/4 is the next upside target. Closes below the 10-day moving average crossing at $6.34 3/4 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the July-November decline crossing at $6.77. Second resistance is the October 20th high crossing at $6.96 1/4. First support is the 10-day moving average crossing at $6.34 3/4. Second support is November's low crossing at $5.95. March Minneapolis wheat closed down $0.08 1/2-cents crossing at $7.30 1/2. March Minneapolis wheat closed lower on Wednesday ending a six-day rally off November's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $7.40 1/2 are needed to confirm that a low has been posted. If March renews this year's decline, psychological support crossing at $6.75 is the next downside target. First resistance is the 50-day moving average crossing at $7.40 1/2. Second resistance is October's high crossing at $7.68 1/4. First support is November's low crossing at $6.97 1/2. Second support is psychological support crossing at $6.75. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " January soybeans closed down $0.10-cents at $12.95 1/2. January soybeans closed lower for the fifth-day in a row on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's 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 November's high, October's low crossing at $12.70 1/4 is the next downside target. Closes above the 20-day moving average crossing at $13.47 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $13.25 3/4. Second resistance is the 20-day moving average crossing at $13.47 1/4. First support is the 38% retracement level of the May-July rally crossing at $12.91 1/2. Second support is October's low crossing at $12.70 1/4. January soybean meal closed down $9.30 at $408.50. January soybean meal closed lower on Wednesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Thursday's 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 November's high, the 62% retracement level of the October-November rally crossing at $402.20 is the next downside target. Closes above the 20-day moving average crossing at $434.00 would signal that a low has been posted. First resistance is the 10-day moving average crossing at $423.70. Second resistance is the 20-day moving average crossing at $434.00. Second resistance is the 20-day moving average crossing at $434.00. First support is the 62% retracement level of the October-November rally crossing at $402.20. Second support is the 75% retracement level of the October-November rally crossing at $389.70. January soybean oil closed down 92-pts. at 49.34. January soybean oil closed lower on Wednesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, November's low crossing at 48.53 is the next downside target. Closes above the 50-day moving average crossing at 52.28 would open the door for a test of the October 16th high crossing at 55.40. First resistance is the 50-day moving average crossing at 52.28. Second resistance is the October 16th high crossing at 55.40. First support is today's low crossing at 49.02. Second support is November's low crossing at 48.53.
The Dow closed lower on Wednesday hinting that the market appears to be running out of buyers for the near-term. The low-range close sets the stage for a steady to lower opening when Thursday's 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 the Dow extends the aforementioned rally, the January-2022 high crossing at 36,952.65 is the next upside target. Closes below last-Thursday's gap crossing at 35,579.13 would signal that a short-term top has been posted. First resistance is the January-2022 high crossing at 36,952.65. Second resistance is unknown. First support is the 10-day moving average crossing at 35,751.11. Second support is last-Thursday's gap crossing at 35,579.13. The December NASDAQ 100 closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 15,721.25 would signal that a short-term top has been posted. If December extends the rally off October's low, July's high crossing at 16,264.25 is the next upside target. First resistance is last-Wednesday's high crossing at 16,208.50. Second resistance is July's high crossing at 16,264.25. First support is Monday's low crossing at 15,721.25. Second support is the 50-day moving average crossing at 15,292.14. The December S&P 500 closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4526.34 would signal that a short-term top has been posted. If December extends the rally off October's low, the 87% retracement level of the July-October decline crossing at 4612.32 is the next upside target. First resistance is the 87% retracement level of the July-October decline crossing at 4612.32. Second resistance is the July 27th high crossing at 4685.25. First support is the 20-day moving average crossing at 4526.34. Second support is the 50-day moving average crossing at 4395.77.
December T-bonds closed up 1-04/32's at 120-18. December T-bonds closed higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 December extends the rally off October's low, the August 31st high crossing at 121-31 is the next upside target. Closes below the 20-day moving average crossing at 115-30 would signal that a short-term top has been posted. First resistance is the 50% retracement level of this year's decline crossing at 120-17. Second resistance is the August 31st high crossing at 121-31. First support is the 10-day moving average crossing at 117-08. Second support is the 20-day moving average crossing at 115-30. December T-notes closed up 55-pts. at 110.255. December T-notes closed higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 December extends the rally off October's low, the 50% retracement level of this year's decline crossing at 120.17. Closes below the 20-day moving average crossing at 109.001 would signal that a short-term top has been posted. First resistance is today's high crossing at 110.280. Second resistance is the 50% retracement level of this year's decline crossing at 111.246. First support is the 20-day moving average crossing at 109.001. Second support is the 50-day moving average crossing at 107.256.
February hogs closed down $0.03 at $69.33. February hogs closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February renews the decline off November's high, the October low on the weekly continuation chart crossing at $65.40 is the next downside target. Closes above the November 24th gap crossing at $71.58 would signal that a short-term low has been posted. First resistance is the November 24th gap crossing at $71.58. Second resistance is the 50-day moving average crossing at $73.44. First support is November's low crossing at $65.80. Second support is the October low on the weekly continuation chart crossing at $65.40. February cattle closed down $5.55 at $163.43. February cattle closed sharply lower on Wednesday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off September's high, the September-2022 low crossing at $160.83 is the next downside target. Closes above the 20-day moving average crossing at $173.31 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $173.31. Second resistance is the November 15th high crossing at $179.05. First support is today's low crossing at $162.55. Second support is the September-2022 low crossing at $160.83. January Feeder cattle closed down $4.50 at $210.20. January Feeder cattle closed sharply lower on Wednesday as it extends this fall's decline. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off September's high, the May-2023 low on the weekly continuation chart crossing at $202.18 is the next downside target. Closes above the 20-day moving average crossing at $222.94 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $222.94. Second resistance is the November 20th high crossing at $232.20. First support is Monday's low crossing at $209.15. Second support is the May-2023 low on the weekly continuation chart crossing at $202.18.
February gold posted an inside day with a higher close on Wednesday as it consolidates some of the sharp decline off Monday's high. The mid-range close sets the stage for a steady to higher opening when Thursday's 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 20-day moving average crossing at $2018.40 would signal that a short-term top has been posted. If February renews the rally off November's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at $2152.30. Second resistance is unknown. First support is the 20-day moving average crossing at $2018.40. Second support is the 50-day moving average crossing at 1979.40. March silver closed lower on Wednesday as it extends the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 24.210 would confirm that a short-term top has been posted. If March renews the rally off November's low, the March-2022 high on the monthly continuation chart crossing at 27.495 is the next upside target. First resistance is Monday's high crossing at 26.340. Second resistance is the March-2022 high crossing at 27.495. First support is the 20-day moving average crossing at 24.210. Second support is the November 20th low crossing at 23.650. December copper closed sharply lower for the third-day in a row on Wednesday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the 50-day moving average crossing at 3.6753 is the next downside target. If December resumes the rally off October's low, July's high crossing at 4.0505 is the next upside target. First resistance is last-Friday's high crossing at 4.0060. Second resistance is the July's high crossing at 4.0505. First support is the 50-day moving average crossing at 3.6753. Second support is the November 13th low crossing at 3.5800.
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