Summary
The Dow Future is down 3 points to 36277. The US Dollar Index moved higher by 0.108 points to 104.118. Gold is down 1.800 dollars to 1994.605. Silver has gained 0.01400 dollars to 22.94650. The Dow Industrials trended higher 130.49 points, at 36247.87, while the S&P 500 climbed 18.78 points, last seen at 4604.37. The Nasdaq Composite edged higher by 63.98 points to 14403.97. Streaming charts of these markets are available at MarketClub
Key Events for Monday
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 8:30 AM ET. U.S. Weekly Export Sales 8:30 AM ET. November Import & Export Price Indexes Import Prices (previous -0.8%) Non-Petroleum Prices (previous -0.2%) Petroleum Prices (previous -6.5%) 8:30 AM ET. November Advance Monthly Sales for Retail & Food Services Overall Sales-SA, M/M% (previous -0.1%) Sales, Ex-Auto, M/M% (previous +0.1%) Sales, Ex-Auto & Gas, M/M% (previous +0.1%) 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims Jobless Claims, Net Chg Continuing Claims Continuing Claims, Net Chg 10:00 AM ET. October Manufacturing & Trade: Inventories & Sales Total Inventories (previous +0.4%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) Working Gas In Storage, Net Chg (Cbf) 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window 8:30 AM ET. December Empire State Manufacturing Survey Mfg Idx (previous 9.1) Employment Idx (previous -4.5) New Orders Idx (previous -4.9) Prices Received (previous 11.1) 9:15 AM ET. November Industrial Production & Capacity Utilization Industrial Production, M/M% (previous -0.6%) Capacity Utilization % (previous 78.9%) Capacity Utilization, Net Chg (Pts) (previous -0.6) 9:45 AM ET. December US Flash Services PMI PMI, Services (previous 50.8) 9:45 AM ET. Dec US Flash Manufacturing PMI PMI, Mfg (previous 49.4) 11:00 AM ET. ISM Semiannual Report On Business Economic Forecast
The December Dollar closed higher on Friday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to 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 105.071. 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 on Friday as it extends the decline off November's high. The mid-range close sets the stage for a steady to lower opening when Monday'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 December extends the decline off November's high, the 50-day moving average crossing at 1.07130 is the next downside target. Closes above the 10-day moving average crossing at 1.08694 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.08694. Second resistance is November's high crossing at 1.10250. First support is the 50-day moving average crossing at 1.07130. Second support is the November 14th low crossing at 1.06725. The December British Pound closed lower on Friday as it extends the decline off November's high. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2521 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 1.2521. Second support is the November 17th low crossing at 1.2376. The December Swiss Franc closed lower on Friday as it extends the decline off Monday's high. The low-range close sets the stage for a steady to higher opening when Monday'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 1.13685 would signal that a short-term top has been posted. If December renews 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 20-day moving average crossing at 1.13685. Second support is 50-day moving average crossing at 1.12267. The December Canadian Dollar closed slightly higher on Friday. The mid-range close sets the stage for a steady to slightly higher opening when Monday'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 73.30 would signal that a short-term top has been posted. If December renews the rally off November's low, 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 73.30. Second support is the November 16th low crossing at 72.62. The December Japanese Yen closed sharply lower on Friday 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 Monday'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 0.067594 would signal that a short-term top has been posted. If December extends the rally off November's low, the 62% retracement level of the July-November decline crossing at 0.071394 is the next upside target. First resistance is Thursday's high crossing at 0.070725. Second resistance is the 62% retracement level of the July-November decline crossing at 0.071394. First support is the 20-day moving average crossing at 0.067594. Second support is November's low crossing at 0.066110.
January crude oil closed higher on Friday as it consolidates some of the decline off the November 30th high. The high-range close sets the stage for a steady to higher opening when Monday'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 $75.10 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $75.10. Second resistance is the November 30th high crossing at $79.50. 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 posted an inside day with a slightly higher close on Friday as it consolidated some of the decline off the November 30th high. The low-range close sets the stage for a steady to slightly lower opening when Monday'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 2.7219 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.7219. Second resistance is the 50-day moving average crossing at 2.8293. First support is Thursday's low crossing at 2.5468. Second support is the 75% retracement level of the May-September rally crossing at 2.4439. January unleaded gas closed higher on Friday as it consolidates some of the decline off September's high. The high-range close sets the stage for a steady to higher opening when Monday'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 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 2.1468 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.1468. Second resistance is the 50-day moving average crossing at 2.1960. First support is Thursday's low crossing at 1.9980. Second support is May's low crossing at 1.9480. January Henry natural closed slightly lower on Friday. The low-range close sets the stage for a steady to lower when Monday'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 2.733 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.733. Second resistance is the 20-day moving average crossing at 2.957. First support is Thursday's low crossing at 2.489. Second support is the March-2023 low on the monthly continuation chart crossing at 1.994.
March coffee closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 $17.41 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 $17.41. Second support is the November 20th low crossing at $16.53. March cocoa closed higher on Friday as it extends the rally off Wednesday's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March cocoa extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 41.25 would signal that a short-term top has been posted. March sugar posted an inside day with a higher close on Friday as it consolidates above the 87% entrancement of the June-November rally crossing at 22.85. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the June 29th low crossing at 22.06 is the next downside target. Closes above the 10-day moving average crossing at 25.23 would signal that a short-term low has been posted. March cotton closed lower on Friday following a failed attempt to close the 50-day moving average crossing at 83.24. The low-range close sets the stage for a steady to lower opening on Monday. 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 83.24 would open the door for additional gains near-term. Closes below Monday's low would confirm that a short-term top has been posted while opening the door for a possible test of November's low crossing at 77.66. First resistance is the 50-day moving average crossing at 83.24. Second resistance is the 50% retracement level of the September-November decline crossing at 83.97. First support is December's low crossing at 78.59. Second support is November's low crossing at 77.66.
| Sponsor Message | Billionaires Are Now FLOODING Into Gold
Ray Dalio, John Paulson, and many others all recommend you own gold right now. But did you know there's another huge investor (worth more than all the world's billionaires COMBINED) buying gold by the ton? That's why the best move to make right now could be this little-known gold investment (which you can get started with for just $5). |
March Corn closed down $0.02 1/2-cents at $4.85 1/2. March corn closed lower on Friday following a neutral WASDE report as it consolidates below the 50-day moving average crossing at $4.93 The low-range close sets the stage for a steady to lower opening when Monday'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 $4.93 1/2 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 $4.93 1/2. Second resistance is October's high crossing at $5.21 1/2. First support is November'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 down $0.10 1/2-cents at $6.31 3/4. March wheat closed lower on Friday as it consolidates some of the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening when Monday'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 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 $5.96 3/4 would signal that a short-term top has been posted. First resistance is Wednesday'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 $5.96 3/4. 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 1/2-cents at $6.61. March Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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. Closes above the 25% retracement level of the July-November decline crossing at $6.77 would open the door for a possible test of the October 20th high crossing at $6.96 1/4. Closes below the 20-day moving average crossing at $6.38 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 20-day moving average crossing at $6.38. Second support is November's low crossing at $5.95. March Minneapolis wheat closed down $0.07 3/4-cents crossing at $7.29 1/2. March Minneapolis wheat closed higher on Thursday. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews this year's decline, psychological support crossing at $6.75 is the next downside target. Closes above Wednesday's high crossing at $7.47 3/4 would confirm that a low has been posted. First resistance is Wednesday's high crossing at $7.47 3/4. 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 $0.07 3/4-cents at $13.04. January soybeans closed lower on Friday despite a neutral WASDE report along with additional bean sales to an unknown destination. The low-range close sets the stage for a steady to lower opening when Monday'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 $13.42 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $13.25 1/4. Second resistance is the 20-day moving average crossing at $13.42 1/2. 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 $2.10 at $404.90. January soybean meal closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 75% retracement level of the October-November rally crossing at $389.70 is the next downside target. Closes above the 20-day moving average crossing at $430.90 would signal that a low has been posted. First resistance is the 10-day moving average crossing at $417.80. Second resistance is the 20-day moving average crossing at $430.90. Second resistance is the 20-day moving average crossing at $430.90. 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 93-pts. at 50.20. January soybean oil closed lower on Friday as it extends the November-December trading range. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above November's high crossing at 53.70 would open the door for a test of the October 16th high crossing at 55.40. If January extends the decline off November's high, November's low crossing at 48.53 is the next downside target. First resistance is November's high crossing at 53.70. Second resistance is the October 16th high crossing at 55.40. First support is November's low crossing at 48.53. Second support is the 87% retracement level of the June-July rally crossing at 47.17.
The Dow closed higher on Friday as it extends this week's trading range. The high-range close sets the stage for a steady to lower opening when Monday'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 35,910.88. Second support is last-Thursday's gap crossing at 35,579.13. The December NASDAQ 100 closed higher on Friday as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Monday'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 December renews the rally off October's low, July's high crossing at 16,264.25 is the next upside target. Closes below Monday's low crossing at 15,721.25 would signal that a short-term top has been posted. 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 15,341.92. The December S&P 500 closed higher on Friday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Monday'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 December extends the rally off October's low, July's high crossing at 4685.25 is the next upside target. Closes below the 20-day moving average crossing at 4547.50 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the July-October decline crossing at 4612.32. Second resistance is July's high crossing at 4685.25. First support is the 20-day moving average crossing at 4547.51. Second support is the November 16th low crossing at 4501.75.
March T-bonds closed down 1-06/32's at 119-02. March T-bonds closed lower on Friday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Monday'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 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 116-17 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 118-04. Second support is the 20-day moving average crossing at 116-17. March T-notes closed down 275-pts. at 110.095. March T-notes closed sharply lower on Friday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Monday'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 the rally off October's low, the 75% retracement level of this year's decline crossing at 112.116. Closes below the 20-day moving average crossing at 109.041 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 111.095. Second resistance is the 75% retracement level of this year's decline crossing at 112.116. First support is the 10-day moving average crossing at 110.120. Second support is the 20-day moving average crossing at 109.193.
February hogs closed up $0.98 at $68.75. February hogs closed higher on Friday as it consolidates some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Monday'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 $73.07. 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 up $3.28 at $165.08. February cattle closed higher on Friday as it consolidates some of the decline off September's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 $172.03 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $172.06. Second resistance is the November 15th high crossing at $179.05. First support is Thursday's low crossing at $162.40. Second support is the September-2022 low crossing at $160.83. January Feeder cattle closed up $5.13 at $215.40. January Feeder cattle closed higher on Friday as it extends this week's trading range. The high-range close sets the stage for a steady to higher opening when Monday'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 $221.34 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $221.34. 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 closed sharply lower on Friday and below the 20-day moving average crossing at $2023.40 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday'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 extends this week's decline, the 50-day moving average crossing at $1984.50 is the next downside target. First resistance is Monday's high crossing at $2152.30. Second resistance is unknown. First support is the 50-day moving average crossing at $1984.50. Second support is the November 13th low crossing at 1955.40. March silver closed sharply lower on Friday as it extends the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday'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 March extends the decline off Monday's high, the 62% retracement level of the October-December rally crossing at 23.150 is the next downside target. Closes above the 10-day moving average crossing at 24.840 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24.321. Second resistance is the 10-day moving average crossing at 24.840. First support is the 62% retracement level of the October-December rally crossing at 23.150. Second support is the November 13th low crossing at 22.260. March copper closed higher on Friday as it consolidated some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, last-Friday's high crossing at 3.9330 is the next upside target. If March resumes the decline off last-Friday's high, the 50-day moving average crossing at 3.7132 is the next downside target. First resistance is last-Friday's high crossing at 3.9330. Second resistance is the August's high crossing at 4.0445. First support is the 50-day moving average crossing at 3.7132. Second support is the November 13th low crossing at 3.6260.
| All trades, patterns, charts, systems, etc., discussed in this message and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher or INO.com. Please see our user agreement. Copyright 2023 INO.com. All Rights Reserved. | | 
No comments:
Post a Comment