Summary
The Dow Future has gained 18 points to 36639. The US Dollar Index trended higher 0.042 points to 103.907. Gold is up 3.425 dollars to 1981.880. Silver has advanced 0.0228 dollars to 22.7048. The Dow Industrials moved up 173.01 points, at 36577.94, while the S&P 500 rose 21.26 points, last seen at 4643.70. The Nasdaq Composite rose 100.91 points to 14533.40. Streaming charts of these markets are available at MarketClub
Key Events for Wednesday
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 closed lower on Tuesday as it consolidates some of the rally off November's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are becoming 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 signal that a short-term top has been posted. First resistance is the November 16th high crossing at 104.045. Second resistance is the 50-day moving average crossing at 104.580. First support is the 62% retracement level of the July-October rally crossing at 101.756. Second support is the 75% retracement level of the July-October rally crossing at 100.783. The March Euro closed higher on Tuesday as it consolidates some of the decline off November's high. The mid-range close sets the stage for a steady to slightly higher opening when Wednesday'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 November's high, the 50-day moving average crossing at 1.07713 is the next downside target. Closes above the 20-day moving average crossing at 1.09205 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.09205. Second resistance is November's high crossing at 1.10700. First support is the 50-day moving average crossing at 1.07713. Second support is the November 14th low crossing at 1.07225. The March British Pound closed slightly higher on Tuesday as it consolidates some of the decline off November's high. The mid-range close sets the stage for a steady to slightly higher opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 1.2512 would signal that a short-term top has been posted. 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's low crossing at 1.2512. Second support is the November 17th low crossing at 1.2388. The March Swiss Franc closed higher on Tuesday as it consolidates some of the decline off December's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 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 December's high crossing at 1.16675. Second resistance is the 75% retracement level of the August-October decline crossing at 1.17359. First support is last-Friday's low crossing at 1.14585. Second support is 50-day moving average crossing at 1.13583. The March Canadian Dollar closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to slightly lower opening when Wednesday'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 73.53 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 December's high crossing at 74.30. Second resistance is the September 29th high crossing at 74.71. First support the 20-day moving average crossing at 73.53. Second support is the November 16th low crossing at 72.74. The March Japanese Yen closed slightly higher on Tuesday as it consolidates some of the decline off last-Thursday's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 0.065838 would signal that a short-term top has been posted. If March extends 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 20-day moving average crossing at 0.065838. Second support is the 50-day moving average crossing at 0.068537.
January crude oil closed sharply lower on Tuesday as it extends the decline off the November 30th high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $74.34 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $74.34. 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 closed sharply lower on Tuesday as it extends the decline off the November 30th high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 2.7044 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.7044. Second resistance is the 50-day moving average crossing at 2.8099. First support is today's low crossing at 2.5000. Second support is the 75% retracement level of the May-September rally crossing at 2.4439. January unleaded gas closed lower on Tuesday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 2.1294 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.1294. Second resistance is the 50-day moving average crossing at 2.1836. First support is today's low crossing at 1.9702. Second support is May's low crossing at 1.9480. January Henry natural closed lower on Tuesday as it extends this year's decline. The low-range close sets the stage for a steady to lower when Wednesday'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 2.628 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.628. Second resistance is the 20-day moving average crossing at 2.859. First support is today's low crossing at 2.286. Second support is the March-2023 low on the monthly continuation chart crossing at 1.994.
March coffee closed higher on Tuesday 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 Wednesday. Stochastics and the RSI are 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 $17.54 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 $17.54. Second support is the November 20th low crossing at $16.53. March cocoa closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are 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 spiked to a new contract low on Tuesday before short covering erased early losses and closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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% retracement level of the 2021-2023 rally crossing at 20.62 is the next downside target. Closes above the 10-day moving average crossing at 24.32 would signal that a short-term low has been posted. March cotton closed lower on Tuesday as it consolidates below the 50-day moving average crossing at 82.97. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible 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. Closes above the 50-day moving average crossing at 82.97 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 82.97. 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 closed up $0.03 3/4-cents at $4.85 1/4. March corn closed higher on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 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. Closes above the 50-day moving average crossing at $4.93 would signal that a short-term low has been posted. 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 closed up $0.16-cents at $6.25 1/2. March wheat closed higher on Tuesday as it consolidates some of Monday's losses. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.98 1/2 would signal that a short-term top has been posted. If March renews the rally off November's low, the August 23rd high crossing at $6.68 3/4 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 $5.98 1/2. Second support is November's low crossing at $5.56 1/4. March Kansas City Wheat closed up $0.24 1/2-cents at $6.56 3/4. March Kansas City wheat closed higher on Tuesday as it consolidates some of Monday's losses. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends Monday's decline, November's low crossing at $5.95 is the next downside target. 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. 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 today's low crossing at $6.30 1/4. Second support is November's low crossing at $5.95. March Minneapolis wheat closed up $0.17 3/4-cents crossing at $7.29 1/2. March Minneapolis wheat closed higher on Tuesday as it erased all of Monday's losses. 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 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 last-Wednesday's high crossing at $7.47 3/4 would confirm that a low has been posted. First resistance is last-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 $0.12 1/4-cents at $13.23 3/4. January soybeans closed lower on Tuesday as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $13.39 would signal that a short-term low has been posted. If January resumes 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. Second resistance is November's high crossing at $13.98 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 $2.90 at $410.30. January soybean meal closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $427.50 would signal that a low has been posted. First resistance is last-Wednesday's high crossing at $421.90. Second resistance is the 20-day moving average crossing at $427.50. 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 69-pts. at 50.42. January soybean oil closed lower on Tuesday as it extends the November-December trading range. The low-range close sets the stage for a steady to lower opening when Wednesday'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 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 June-July rally crossing at 47.17.
The Dow closed higher on Tuesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening 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 the Dow extends the aforementioned rally, the January-2022 high crossing at 36,952.65 is the next upside target. Closes below the 20-day moving average crossing at 35,634.11 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 36,131.87. Second support is the 20-day moving average crossing at 35,634.11. The March NASDAQ 100 closed higher on Tuesday as it extends the rally off October's low to a new contract high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 signal that a short-term top has been posted. First resistance is today's high crossing at 16,548.00. Second resistance is the November-2021 high on the weekly continuation chart crossing at 16,767.50. First support is Monday's low crossing at 15,920.25. Second support is the 50-day moving average crossing at 15,591.60. The March S&P 500 closed higher on Tuesday and above the 87% retracement level of the July-October decline crossing at 4612.32 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 night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, July's high crossing at 4738.50 is the next upside target. Closes below the 20-day moving average crossing at 4618.27 would signal that a short-term top has been posted. First resistance is today's high crossing at 4696.25. Second resistance is July's high crossing at 4738.50. First support is the 20-day moving average crossing at 4618.27. Second support is the November 16th low crossing at 4550.75.
March T-bonds closed up 15/32's at 119-15. March T-bonds closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI have turned 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 121-31 is the next upside target. First resistance is the 62% retracement level of this year's decline crossing at 120-10. Second resistance is the August 31st high crossing at 122-18. First support is the 10-day moving average crossing at 118-23. Second support is the 20-day moving average crossing at 117-04. March T-notes closed up 75-pts. at 110.180. March T-notes closed higher on Tuesday and the mid-range close sets the stage for a steady to slightly higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 109.277 would signal that a short-term top has been posted. If March extends the rally off October's low, September's high crossing at 111.220 is the next upside target. First resistance is September's high crossing at 111.220. Second resistance is the 75% retracement level of this year's decline crossing at 112.116. First support is the 20-day moving average crossing at 109.277. Second support is the November 28th low crossing at 108.111.
February hogs closed up $0.85 at $68.18. February hogs posted an inside day with a higher close on Tuesday leaving yesterday's key reversal down unconfirmed. 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 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 $72.80. 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 $0.70 at $168.60. February cattle closed higher for the third-day in a row on Tuesday 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 Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $171.36 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 $171.36. 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 $1.38 at $219.33. January Feeder cattle closed higher for the third day in a row on Tuesday as it extends the rally off last-Monday'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $220.46 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 $220.46. 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 posted an inside day with a slightly higher close on Tuesday as it consolidates some of the decline off December's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. If February extends the aforementioned decline, the 50-day moving average crossing at $1989.20 is the next downside target. Closes above the 10-day moving average crossing at $2039.00 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $2039.00. Second resistance is December's high crossing at $2152.30. First support is the 50-day moving average crossing at $1989.20. Second support is the November 13th low crossing at 1955.40. March silver closed slightly higher on Tuesday pausing a six-day decline off December's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 75% 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 24.411 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 23.506. Second resistance is the 20-day moving average crossing at 24.411. 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 slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Wednesday's low, December's high crossing at 3.9330 is the next upside target. If March resumes 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's high crossing at 4.0445. First support is the 50-day moving average crossing at 3.7159. Second support is the November 13th low crossing at 3.6260.
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