Summary
The Dow Future has advanced 65 points to 36508. The US Dollar Index slipped 0.395 points to 103.700. Gold has climbed 3.860 dollars to 1989.075. Silver is up 0.09455 dollars to 23.00655. The Dow Industrials climbed 157.06 points, at 36404.93, while the S&P 500 rose 18.07 points, last seen at 4622.44. The Nasdaq Composite edged higher by 28.52 points to 14432.49. Streaming charts of these markets are available at MarketClub
Key Events for Tuesday
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 10:00 AM ET. December NAHB Housing Market Index Housing Mkt Idx (previous 8:30 AM ET. November New Residential Construction - Housing Starts and Building Permits Total Starts (previous 1.372M) Housing Starts, M/M% (previous +1.9%) Building Permits (previous 1.487M) Building Permits, M/M% (previous +1.1%) 8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% Latest Wk, Y/Y% 4:00 PM ET. October Treasury International Capital Data 4:30 PM ET. API Weekly Statistical Bulletin Crude Stocks, Net Chg (Bbls) Gasoline Stocks, Net Chg (Bbls) Distillate Stocks, Net Chg (Bbls)
The March Dollar was lower overnight as it consolidated some of its recent gains. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the November 16th high crossing at $104.045 is the next upside target. Closes below last-Thursday's low crossing at $102.870 would temper the near-term friendly outlook. First resistance is the November 16th high crossing at $104.045. Second resistance is the 50-day moving average crossing at $104.578. First support is last-Thursday's low crossing at $102.870. Second support is November's low crossing at $102.010. The March Euro was higher overnight as it consolidates some of the decline off November's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the 50-day moving average crossing at 1.07714 is the next downside target. Closes above the 20-day moving average crossing at 1.09208 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.09208. Second resistance is November's high crossing at 1.10700. First support is the 50-day moving average crossing at 1.07714. Second support is the November 14th low crossing at 1.07225. The March British Pound was slightly higher overnight. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices near-term. Closes below last-Friday's low crossing at 1.2512 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.2846 is the next upside target. First resistance is the 62% retracement level of the July-October decline crossing at 1.2708. Second resistance is the 75% retracement level of the July-October decline crossing at 1.2846. First support is last-Friday low crossing at 1.2512. Second support is the 50-day moving average crossing at 1.2360. The March Swiss Franc was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 1.14585 would signal that a short-term top has been posted. If March renews the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.17359 is the next upside target. First resistance is the December 4th high crossing at 1.16675. Second resistance is the 75% retracement level of the July-October decline crossing at 1.17359. First support is last-Friday's low crossing at 1.14585. Second support is the November 22nd low crossing at 1.14170. The March Canadian Dollar was mostly steady in quiet trading overnight. Overnight trading sets the stage for a steady opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $73.53 would signal that a short-term top has been posted. If March renews the rally off November's low, the September 29th high crossing at $74.71 is the next upside target. First resistance is the 50% retracement level of the July-November decline crossing at $74.34. Second resistance is the September 29th high crossing at $74.71. First support is the 20-day moving average crossing at $73.53. Second support is the 50-day moving average crossing at $73.21. The March Japanese Yen was higher overnight as it consolidates some of the decline off last-Thursday's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.068846 would signal that a short-term top has been posted. If March resumes the rally off November's low, the 62% retracement level of the July-November decline crossing at 0.072268 is the next upside target. First resistance is last-Thursday's high crossing at 0.071730. Second resistance is the 62% retracement level of the July-November decline crossing at 0.072268. First support is the 10-day moving average crossing at 0.069457. Second support is the 20-day moving average crossing at 0.068846.
January crude oil was slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at $74.46 would signal that a short-term low has been posted. 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. First resistance is the 10-day moving average crossing at $72.57. Second resistance is the 20-day moving average crossing at $74.46. First support is last-Thursday's low crossing at $68.80. Second support is the 87% retracement level of the May-September rally crossing at $67.74. January heating oil was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off September's high, the July-17th low crossing at 2.5083 is the next downside target. Closes above the 20-day moving average crossing at 2.7081 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.6429. Second resistance is the 20-day moving average crossing at 2.7081. First support is the 62% retracement level of the May-September rally crossing at 2.5736. Second support is the July 17th low crossing at 2.5083. January unleaded gas was slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off the November 30th high, May's low crossing at $1.9775 is the next downside target. Closes above the 20-day moving average crossing at $2.1323 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $2.0959. Second resistance is the 20-day moving average crossing at $2.1323. First support is last-Thursday's low crossing at 1.9980. Second support is May's low crossing at $1.9775. January natural gas was was steady to slightly higher overnight as it consolidates some of Monday's sharp decline to a new contract low. Overnight trading sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, 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 2.643 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 2.643. Second resistance is the 20-day moving average crossing at 2.866. First support is Monday's low crossing at 2.294. Second support is the March-2023 low on the monthly continuation chart crossing at 1.944.
March coffee closed sharply higher on Monday as it extends the trading rang of the past two-weeks. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 October's low, the 50% retracement level of the 2022-2023 decline crossing at 19.55 is the next upside target. Closes below the 20-day moving average crossing at $17.48 would signal that a short-term top has been posted. First resistance is December'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 $17.48. Second support is the November 20th low crossing at $16.53. March cocoa closed lower on Monday as it consolidates some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are 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 last-Wednesday's low crossing at 40.98 would signal that a short-term top has been posted. March sugar closed sharply lower on Monday but fell just short of testing the June 29th low crossing at 22.06. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 24.76 would signal that a short-term low has been posted. March cotton closed higher on Monday but remains below the 50-day moving average crossing at 83.12. The mid-range close sets the stage for a steady to higher opening on Tuesday. 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 83.12 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at 80.20 would signal that a short-term top has been posted while opening the door for a possible test of December's low crossing at 78.59. First resistance is the 50-day moving average crossing at 83.12. 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.
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March corn was higher overnight as it continues to drift sideways to lower within a trading range that began in August. Overnight trading sets the stage for a higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $4.93 would signal that a short-term low has been posted while opening the door for a possible test of October's high crossing at $5.21 1/2. If March resumes 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. 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 was slightly higher overnight as it consolidates some of the decline off last-Wednesday's high. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.97 3/4 would signal that a short-term top has been posted. If March renews the rally off November's low, the 38% retracement level of the July-November decline crossing at $6.53 is the next upside target. First resistance is the 38% retracement level of the July-November decline crossing at $6.53. Second resistance is the August 23rd high crossing at $6.68 3/4. First support is the 20-day moving average crossing at $5.97 3/4. Second support is November's low crossing at $5.56 1/4. March Kansas City wheat was higher overnight as it consolidates some of Monday's sharp decline. Monday's decline that saw March close below the 20-day moving average crossing at $6.37 1/2 thereby opening the door for a possible retest of November's low crossing at $5.95. Stochastics and the RSI have turned bearish signaling that sideways to lower 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 additional gains and a possible test of October's high crossing at $6.96 1/2. First resistance is the 25% retracement level of the July-November decline crossing at $6.77. Second resistance is October's high crossing at $6.96 1/2. First support is the overnight low crossing at $6.30 1/4. Second support is November's low crossing at $5.95. March Minneapolis wheat was mostly steady in quiet overnight trading as it consolidates some of Monday's sharp decline. Overnight trading sets the stage for a steady opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March renews this year's decline, the May-2021 low on the monthly continuation chart crossing at $6.68 3/4 is the next downside target. Closes above last-Wednesday's high crossing at $7.47 3/4 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is last-Wednesday's high crossing at $7.47 3/4. Second resistance is the 25% retracement level of the July-November decline crossing at $7.62 1/2. First support is November's low crossing at $6.97 1/2. Second support is the May-2021 low on the monthly continuation chart crossing at $6.68 3/4. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " January soybeans were higher overnight as it consolidates some of its recent losses. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $13.39 3/4 would signal that a short-term low has been posted. If January renews the decline off November's high, October's low crossing at $12.70 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $13.39 3/4. Second resistance is November's high crossing at $13.98 1/2. First support is the 50% retracement level of the May-July rally crossing at $12.91 1/4. Second support is October's low crossing at $12.70 1/4. January soybean meal was higher overnight as it consolidates some of the decline off November's high. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold and are poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $427.80 would signal that a short-term low has been posted. 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. First resistance is last-Wednesday's high crossing at $421.90. Second resistance is the 20-day moving average crossing at $427.80. 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 was steady to slightly higher overnight and sets the stage for a slightly higher opening when the 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 possible test of the October 16th high crossing at 55.40. If January renews 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 May-July rally crossing at 47.17.
The March NASDAQ 100 was higher overnight as it extends the rally off last-Monday's low. Overnight trading sets the stage a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the November-2021 high on the weekly continuation chart crossing at 16,767.50 is the next upside target. Closes below last-Monday's low crossing at 15,920.25 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 16,492.50. Second is the November-2021 high on the weekly continuation chart crossing at 16,767.50. First support is last-Monday's high crossing at 15,920.25. Second support is the 50-day moving average crossing at 15,590.07. The March S&P 500 was steady to slightly higher overnight as it extends the rally off October's low. Overnight trading sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the July high crossing at 4738.50 is the next upside target. Closes below the November 30th low crossing at 4594.00 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4685.22. Second resistance is July's high crossing at 4738.50. First support is the November 30th low crossing at 4594.00. Second support is the November 16th low crossing at 4550.75.
March T-bonds were higher overnight as they consolidate some of the decline off last-Thursday's high. Overnight trading sets the stage for a higher opening when the day session begins trading. However, 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 117-04 would signal that a short-term top has been posted. If March extends the rally off October's low, the August 31st high crossing at 122-18 is the next upside target. First resistance is last-Thursday's high crossing at 120-25. Second resistance is the August 31st high crossing at 122-18. First support is the 20-day moving average crossing at 117-04. Second support is the 20-day moving average crossing at 114-17. March T-notes were higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 109.278 would signal that a short-term top has been posted. If March extends the rally off October's low, the 75% retracement level of the crossing at 112.116 is the next upside target. First resistance is the 62% retracement level of the crossing at 111.056. Second resistance is the 75% retracement level of the crossing at 112.116. First support is the 20-day moving average crossing at 109.278. Second support is the November 27th low crossing at 108.185.
February hogs closed down $1.58 at $67.40. February hogs posted a key reversal down as it closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $72.91. 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 $2.38 at $168.10. February cattle closed higher on Monday 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 Tuesday. Stochastics and the RSI are oversold but are poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $171.70 would signal that a short-term low has been posted. If February resumes the decline off September's high, the September-2022 low crossing at $160.83 is the next downside target. First resistance is the 20-day moving average crossing at $171.70. Second resistance is the November 15th high crossing at $179.05. First support is last-Thursday's low crossing at $162.40. Second support is the September-2022 low crossing at $160.83. January Feeder cattle closed up $2.60 at $217.90. January Feeder cattle closed higher on Monday as it extends the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $220.91 would signal that a low has been posted. If November renews the decline off September's high, the May-2023 low on the weekly continuation chart crossing at $202.18 is the next downside target. First resistance is the 20-day moving average crossing at $220.91. Second resistance is the November 20th high crossing at $232.20. First support is last-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 was slightly higher overnight as it consolidates some of the decline off last-Monday's high. Overnight trading sets the stage for a slightly higher opening when the day session begins trading later this morning. 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 last-Monday's high, the 50-day moving average crossing at $1989.40 is the next downside target. Closes above the 10-day moving average crossing at $2039.90 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $2026.70. Second resistance is the 10-day moving average crossing at $2039.90. First support is the 50-day moving average crossing at $1989.40. Second is the November 13th low crossing at 1955.40. March silver was slightly higher overnight as it consolidates some of the decline off last-Monday's high. Overnight trading sets the stage for a slightly higher opening when the day session begins trading later this morning. 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 last-Monday's high, the 75% retracement level of the October-December rally crossing at $22.464 is the next downside target. Closes above the 10-day moving average crossing at 24.427 would temper the near-term bearish outlook in the market. First resistance is the 50-day moving average crossing at 23.509. Second resistance is the 10-day moving average crossing at 24.427. First support is the 62% retracement level of the October-December rally crossing at $23.150. Second support is the 75% retracement level of the October-December rally crossing at $22.464. March copper was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above last-Friday's high crossing at 3.8640 would open the door for a possible test of December's high crossing at 3.9330. If March renews the decline off December's high, the 50-day moving average crossing at 3.7159 is the next downside target. First resistance is December's high crossing at 3.9330. Second resistance is the August 4th high crossing at 3.9550. First support is the 50-day moving average crossing at 3.7159. Second support is the November 13th low crossing near 3.6260.
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