Summary
The Dow Future has climbed 122 points to 37230. The US Dollar Index fell 0.535 points to 102.334. Gold has climbed 5.715 dollars to 2037.255. Silver is up 0.26095 dollars to 24.09100. The Dow Industrials advanced 512.30 points, at 37090.24, while the S&P 500 advanced 63.39 points, last seen at 4707.09. The Nasdaq Composite moved higher by 200.56 points to 14733.96. Streaming charts of these markets are available at MarketClub
Key Events for Thursday
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 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. 3rd Quarter International Transactions Current Account (USD) (previous -212.1B) 10:00 AM ET. November Existing Home Sales Existing Sales (previous 3.79M) Existing Sales, M/M% (previous -4.1%) Unsold Homes Month's Supply (previous 3.6) Median Price (USD) (previous 391800) Median Home Price, Y/Y% (previous +3.4%) 10:00 AM ET. December Consumer Confidence Index Cons Conf Idx (previous 102) Expectation Idx Present Situation Idx (previous 138.2) 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)
The March Dollar closed sharply lower on Wednesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below last-Thursday's low crossing at 102.870 signals that a short-term top has been posted. If March renews the rally off November's low, the November 16th high crossing at 104.045 is the next upside target. First resistance is the November 16th high crossing at 104.045. Second resistance is the 50-day moving average crossing at 104.509. 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 Wednesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Thursday'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. If March renews the decline off November's high, the 50-day moving average crossing at 1.07783 is the next downside target. Closes above the 20-day moving average crossing at 1.09190 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.09190. Second resistance is November's high crossing at 1.10700. First support is the 50-day moving average crossing at 1.07783. Second support is the November 14th low crossing at 1.07225. The March British Pound closed higher on Wednesday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible 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. Closes below today's low crossing at 1.2509 would signal that a short-term top has been posted. 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 today's low crossing at 1.2509. Second support is the November 17th low crossing at 1.2388. The March Swiss Franc closed higher on Wednesday as it consolidates some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 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. Closes below last-Friday's low crossing at 1.14585 would signal that a short-term top has been posted. 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 1.13688. The March Canadian Dollar closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 renews the rally off November's low, the September 29th high crossing at 74.71 is the next upside target. Closes below the 20-day moving average crossing at 73.58 would signal that a short-term top has been posted. 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 73.58. Second support is the 50-day moving average crossing at 73.23. The March Japanese Yen closed sharply higher on Wednesday and posted a new high close for the month. The high-range close sets the stage for a steady to higher opening when Thursday'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 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. Closes below the 20-day moving average crossing at 0.068991 would signal that a short-term top has been posted. 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 0.068991. Second support is the 50-day moving average crossing at 0.068575.
January crude oil closed higher due to short covering on Wednesday 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 Thursday's day session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off September's high, May's low crossing at $64.37 is the next downside target. Closes above the 20-day moving average crossing at $73.90 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $73.90. 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 higher on Wednesday 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 Thursday's day trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off the November 3rd high, the 75% retracement level of the May-September rally crossing at 2.4439 is the next downside target. Closes above the 20-day moving average crossing at 2.6923 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.6923. Second resistance is the 50-day moving average crossing at 2.8004. First support is today's low crossing at 2.4838. Second support is the 75% retracement level of the May-September rally crossing at 2.4439. January unleaded gas closed higher on Wednesday as it consolidates some of Tuesday's decline. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off 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 2.1202 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.1202. Second resistance is the 50-day moving average crossing at 2.1782. First support is today's low crossing at 1.9672. Second support is May's low crossing at 1.9480. January Henry natural closed slightly higher on Wednesday as it consolidates some of this month's decline. The mid-range close sets the stage for a steady to higher when Thursday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, the March-2023 low on the monthly continuation chart crossing at 1.944 is the next downside target. Closes above the 10-day moving average crossing at 2.583 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.583. Second resistance is the 20-day moving average crossing at 2.811. First support is today's low crossing at 2.235. Second support is the March-2023 low on the monthly continuation chart crossing at 1.994.
March coffee closed higher on Wednesday as it has renewed the rally off October's low. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are diverging but remain 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 $17.62 would signal that a short-term top has been posted. First resistance is today's high crossing at 19.20. 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 $17.62. Second support is the November 20th low crossing at $16.53. March cocoa closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the 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 23.83 would signal that a short-term low has been posted. March cotton posted an inside day with a slightly higher close on Wednesday as it consolidates above the 20-day moving average crossing at 80.58. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 80.58 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 82.82 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 82.82. 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 down $0.05 3/4-cents at $4.79 3/4. March corn closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $4.92 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 $0.20 1/4-cents at $6.06 1/2. March wheat closed lower on Wednesday as it extends the decline off this month's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.99 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 $5.99. Second support is November's low crossing at $5.56 1/4. March Kansas City Wheat closed down $0.24 3/4-cents at $6.34 1/4. March Kansas City wheat closed lower on Wednesday as it extends the decline off this month's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned 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 $6.28 1/4. Second support is November's low crossing at $5.95. March Minneapolis wheat closed down $0.16-cents crossing at $7.13 1/2. March Minneapolis wheat closed lower on Wednesday as it extends the decline off this month's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 $0.16 1/4-cents at $13.09. January soybeans closed lower on Wednesday as it has erased most of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $13.34 3/4 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 $13.34 3/4. 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 $8.10 at $403. January soybean meal closed lower on Wednesday as it extended the decline off November's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, the 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 $424.90 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 $424.90. 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 59-pts. at 49.83. January soybean oil closed lower on Wednesday as it extends the November-December trading range. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off November's high, November's low crossing at 48.53 is the next downside target. 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. 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 sharply higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's 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 35,742.33 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 36,286.30. Second support is the 20-day moving average crossing at 35,742.08. The March NASDAQ 100 closed higher on Wednesday 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 Thursday'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 the 20-day moving average crossing at 16,243.56 would signal that a short-term top has been posted. First resistance is today's high crossing at 16,779.75. Second resistance is unknown. First support is the 20-day moving average crossing at 16,243.56. Second support is last-Monday's low crossing at 15,920.25. The March S&P 500 closed sharply higher on Wednesday and posted a new contract high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 January-2022 high crossing at 4757.00 is the next upside target. Closes below the 20-day moving average crossing at 4628.27 would signal that a short-term top has been posted. First resistance is today's high crossing at 4757.50. Second resistance is the January-2022 high crossing at 4757.00. First support is the 20-day moving average crossing at 4628.27. Second support is the November 16th low crossing at 4550.75.
March T-bonds closed up 2-07/32's at 121-23. March T-bonds closed sharply higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's 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 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 117-14 would signal that a short-term top has been posted. First resistance is the August 31st high crossing at 122-18. Second resistance is the 75% retracement level of the June-October decline crossing at 123-05. First support is the 10-day moving average crossing at 119-04. Second support is the 20-day moving average crossing at 117-14. March T-notes closed up 1130-pts. at 111.305. March T-notes closed sharply higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning 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 the June-October decline crossing at 112.116 is the next upside target. Closes below the 20-day moving average crossing at 109.319 would signal that a short-term top has been posted. First resistance is the 75% retracement level of this year's decline crossing at 112.116. Second resistance is the 87% retracement level of the June-October decline crossing at 113.140. First support is the 20-day moving average crossing at 110.000. Second support is the November 28th low crossing at 108.111.
February hogs closed down $1.38 at $66.88. February hogs closed lower on Wednesday as it extends the decline off this month's high. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 $72.68. First support is November's low crossing at $65.80. Second support is the October low on the weekly continuation chart crossing at $65.40. February cattle closed down $1.08 at $167.53. February cattle closed lower on Wednesday as it consolidates some of the rally off the December 7th low crossing at $162.40. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $170.89 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 $170.89. Second resistance is the November 15th high crossing at $179.05. First support is the December 7th low crossing at $162.40. Second support is the September-2022 low crossing at $160.83. January Feeder cattle closed down $1.85 at $217.40. January Feeder cattle closed lower on Wednesday 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 Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $219.88 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 $219.88. 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 closed sharply higher on Wednesday as it consolidates some of the decline off December's high. Stochastics and the RSI are oversold and are turning neutral to bearish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Closes above the 10-day moving average crossing at $2035.70 would signal that a short-term low has been posted. If February extends the aforementioned decline, the November 13th low crossing at $1955.40 is the next downside target. First resistance is the 10-day moving average crossing at $2035.70. Second resistance is December's high crossing at $2152.30. First support is the 50-day moving average crossing at $1992.70. Second support is the November 13th low crossing at 1955.40. March silver closed sharply higher on Wednesday as it consolidates some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 24.386 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 24.386. Second resistance is December's high crossing at 26.340. First support is the 75% retracement level of the October-December rally crossing at 22.464. Second support is the November 13th low crossing at 22.260. March copper closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 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 3.7194 is the next downside target. First resistance is the December 8th high crossing at 3.8640. Second resistance is December's high crossing at 3.9330. First support is the 50-day moving average crossing at 3.7194. Second support is the November 13th low crossing at 3.6260.
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