Summary
The Dow Future has gained 130 points to 37382. The US Dollar Index edged higher by 0.134 points to 102.090. Gold has climbed 7.315 dollars to 2044.075. Silver is higher 0.12600 dollars to 24.25100. The Dow Industrials gained 158.11 points, at 37248.35, while the S&P 500 moved up 12.46 points, last seen at 4719.55. The Nasdaq Composite edged higher by 27.60 points to 14761.56. Streaming charts of these markets are available at MarketClub
Key Events for Friday
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 8:30 AM ET. December Philadelphia Fed Business Outlook Survey Business Activity (previous -5.9) Prices Paid (previous 14.8) Employment (previous 0.8) New Orders (previous 1.3) Prices Received (previous 14.8) Delivery Times (previous -8.7) Inventories (previous -3.1) Shipments (previous -17.9) 8:30 AM ET. 3rd Quarter Revised Corporate Profits 8:30 AM ET. 3rd Quarter 3rd estimate GDP Annual Rate, Q/Q% (previous +5.2%) Chain-Weighted Price Idx, Q/Q% (previous +3.6%) Corporate Profits, Q/Q% (previous +4.3%) PCE Price Idx, Q/Q% (previous +2.8%) Purchase Price Idx, Q/Q% (previous +3%) Real Final Sales, Q/Q% (previous +3.7%) Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +2.3%) Personal Consumption, Q/Q% (previous +3.6%) 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims Jobless Claims, Net Chg Continuing Claims Continuing Claims, Net Chg 8:30 AM ET. U.S. Weekly Export Sales 10:00 AM ET. November Leading Indicators Leading Index, M/M% (previous -0.8%) Leading Index (previous 103.9) Coincident Index, M/M% (previous +0%) Lagging Index, M/M% (previous +0.1%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) Working Gas In Storage, Net Chg (Cbf) 11:00 AM ET. December Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing Mfg Activity Idx (previous -3) 6-Mo Exp Prod Idx (previous 16) Mfg Composite Idx (previous -2) 6-Mo Exp Composite Idx (previous -1) 4:30 PM ET. Federal Discount Window Borrowings 4:30 PM ET. Foreign Central Bank 8:30 AM ET. November Personal Income and Outlays Personal Income, M/M% (previous +0.2%) Consumer Spending, M/M% (previous +0.2%) PCE Price Idx, M/M% (previous +0%) PCE Price Idx, Y/Y% (previous +3%) PCE Core Price Idx, M/M% (previous +0.2%) PCE Core Price Idx, Y/Y% (previous +3.5%) 8:30 AM ET. November Advance Report on Durable Goods Durable Goods-SA, M/M% (previous -5.4%) Dur Goods, Ex-Defense, M/M% (previous -6.7%) Dur Goods, Ex-Transport, M/M% (previous +0%) Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%) Shipments: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0%) 10:00 AM ET. 3rd Quarter State Quarterly Personal Income 10:00 AM ET. 3rd Quarter GDP by State 10:00 AM ET. November New Residential Sales New Home Sales (previous 679K) New Home Sales, M/M% (previous -5.6%) New Home Sales Months Supply (previous 7.8) 10:00 AM ET. November State Employment and Unemployment 10:00 AM ET. December University of Michigan Survey of Consumers - final End-Mo Sentiment Idx (previous 61.3) End-Mo Expectations Idx (previous 56.8) 12-Month Inflation Forecast (previous 4.5%) 5-Year Inflation Forecast (previous 3.2%) End-Mo Current Idx (previous 68.3)
The March Dollar was slightly higher overnight as it consolidates some of this week's sharp decline. 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 bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 75% retracement level of the July-October rally crossing at $101.756 is the next downside target. Closes above the 10-day moving average crossing at $100.723 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $103.031. Second resistance is the December 11th high crossing at $103.875. First support is Thursday's low crossing at $101.390. Second support is the 75% retracement level of the July-October rally crossing at $100.723. The March Euro was lower overnight as it consolidates some of the rally off last-Friday's low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends the the rally off last-Friday's low, November's high crossing at 1.10700 is the next upside target. Closes below the 10-day moving average crossing at 1.08798 would signal that a short-term top has been posted. First resistance is November's high crossing at 1.10700. Second resistance is the 75% retracement level of the July-October decline crossing at 1.11710. First support is the 10-day moving average crossing at 1.08798. Second support is the December 8th low crossing at 1.07700. The March British Pound was steady to slightly higher overnight as it extends the rally off Wednesday's low. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices near-term. If March extends 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 Wednesday's low crossing at 1.2509 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 75% retracement level of the July-October decline crossing at 1.2846. Second resistance is the 87% retracement level of the July-October decline crossing at 1.2971. First support is Wednesday low crossing at 1.2509. Second support is the 50-day moving average crossing at 1.2394. The March Swiss Franc was slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are 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 July-October decline crossing at 1.17359 is the next upside target. Closes below last-Friday's low crossing at 1.14585 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 1.17015. 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 higher overnight as it extends the rally off November's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 75% retracement level of July-November decline crossing at $75.46 is the next upside target. Closes below the 20-day moving average crossing at $73.75 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the July-November decline crossing at $74.87. Second resistance is the 75% retracement level of July-November decline crossing at $75.46. First support is the 20-day moving average crossing at $73.75. Second support is the 50-day moving average crossing at $73.30. The March Japanese Yen was higher overnight as it extended the rally off November's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at 0.069396 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the July-November decline crossing at 0.072268. Second resistance is the 75% retracement level of the July-November decline crossing at 0.073349. First support is the 10-day moving average crossing at 0.070150. Second support is the 20-day moving average crossing at 0.069396.
January crude oil was slightly higher overnight as it extends the rebound off the 87% retracement level of the May-September rally crossing at $67.74. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $73.58 would signal that a short-term low has been posted. If January resumes the decline off September's high, May's low crossing at $66.27 is the next downside target. First resistance is the 20-day moving average crossing at $73.58. Second resistance is the 50-day moving average crossing at $78.16. First support is the 87% retracement level of the May-September rally crossing at $67.74. Second support is May's low crossing at $66.27. January heating oil was 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 the 20-day moving average crossing at 2.6795 would signal that a short-term low has been posted. If January renews the decline off September's high, the 75% retracement level of the May-September rally crossing at 2.4439 is the next downside target. First resistance is the 20-day moving average crossing at 2.6795. Second resistance is the 50-day moving average crossing at 2.7920. First support is the 75% retracement level of the May-September rally crossing at 2.4439. Second support is the 87% retracement level of the May-September rally crossing at 2.3259. January unleaded gas was slightly higher overnight. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $2.1194 would signal that a short-term low has been posted. If January resumes the decline off the November 30th high, May's low crossing at $1.9480 is the next downside target. First resistance is the 20-day moving average crossing at $2.1194. Second resistance is the 50-day moving average crossing at $2.1773. First support is Wednesday's low crossing at 1.9672. Second support is May's low crossing at $1.9480. January natural gas was was slightly higher overnight. Overnight trading 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 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 2.501 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 2.501. Second resistance is the 20-day moving average crossing at 2.721. First support is Wednesday's low crossing at 2.235. Second support is the March-2023 low on the monthly continuation chart crossing at 1.944.
March coffee closed higher for the fourth day in a row on Thursday as it extends the rally off October's low. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are diverging 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 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 $17.70 would signal that a short-term top has been posted. First resistance is today's high crossing at 19.45. 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 $17.70. Second support is the November 20th low crossing at $16.53. March cocoa closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. 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 higher on Thursday due to a late-short covering rally to consolidate some of its recent losses. The high-range close sets the stage for a steady to higher opening on Friday. 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 23.45 would signal that a short-term low has been posted. March cotton closed lower on Thursday but remains above the 20-day moving average crossing at 80.57. The low-range close sets the stage for a steady to lower opening on Friday. 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 80.57 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 82.68 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 82.68. 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 steady to fractionally lower overnight as it continues to extend the trading range, which began in August. Overnight trading sets the stage for a fractionally lower 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. If March extends this month's decline, November's low crossing at $4.70 1/2 is the next downside target. Closes above the 50-day moving average crossing at $4.91 1/4 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. First resistance is the 50-day moving average crossing at $4.91 1/4. 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 steady to fractionally lower in quiet trading overnight. Overnight trading sets the stage for a steady to fractionally lower 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 50-day moving average crossing at $6.01 would confirm 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 50-day moving average crossing at $6.01. Second support is November's low crossing at $5.56 1/4. March Kansas City wheat was steady to fractionally higher in quiet trading overnight. Overnight trading sets the stage for a steady to fractionally higher opening when the day session begins trading later this morning. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, 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 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 Wednesday's low crossing at $6.28 1/4. Second support is November's low crossing at $5.95. March Minneapolis wheat was higher overnight trading 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. 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 slightly higher overnight as it consolidates some of its recent losses. Overnight trading 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 Tuesday's high crossing at $13.44 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 Tuesday's high crossing at $13.44. 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 slightly 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 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 $420.20 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at $417.70. Second resistance is the 20-day moving average crossing at $420.20. 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 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 remain 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 possible 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 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 16,312.99 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 16,885.00. Second is unknown. First support is the 20-day moving average crossing at 16,312.99. Second support is last-Monday's high crossing at 15,920.25. The March S&P 500 was higher overnight as it extends the rally off October's low into uncharted territory. Overnight trading sets the stage for 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 January-2022 high on the monthly continuation chart crossing at 4808.25 is the next upside target. Closes below the 20-day moving average crossing at 4649.64 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 4791.75. Second resistance is January-2022 high on the monthly continuation chart crossing at 4808.25. First support is the 10-day moving average crossing at 4685.65. Second support is the 20-day moving average crossing at 4649.61.
March T-bonds were higher overnight as they extend the rally off October's low. Overnight trading sets the stage for 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 87% retracement level of the June-October decline crossing at 125-23 is the next upside target. Closes below the 20-day moving average crossing at 118-10 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the June-October decline crossing at 123-05. Second resistance is the 87% retracement level of the June-October decline crossing at 125-23 First support is the 20-day moving average crossing at 118-10. Second support is the 50-day moving average crossing at 114-08. 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 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 87% retracement level of the crossing at 113.140 is the next upside target. Closes below the 20-day moving average crossing at 110.116 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 112.280. Second resistance is the 87% retracement level of the crossing at 113.140. First support is the 20-day moving average crossing at 110.116. Second support is the November 27th low crossing at 108.185.
February hogs closed up $3.75 at $70.48. February hogs closed sharply higher on Thursday as it consolidates some of the decline off this month's high. The high-range close sets the stage for a steady to higher opening when Friday'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 the November 24th gap crossing at $71.58 would signal that a short-term low has been posted. 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. First resistance is the November 24th gap crossing at $71.58. Second resistance is the 50-day moving average crossing at $72.63. 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 $0.53 at $167.75. February cattle closed higher on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 $170.33 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 $170.33. 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 up $1.80 at $219.18. January Feeder cattle closed higher on Thursday as it extends the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 $219.89 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 $219.89. 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 higher overnight as it consolidates some of the decline off December's high. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off Wednesday's low, the December 1st high crossing at $2095.70 is the next upside target. Closes below Wednesday's low crossing at $1987.90 would open the door for a possible test of November's low crossing at $1955.40. First resistance is the December 1st high crossing at $2095.70. Second resistance is the December 4th high crossing at $2152.30. First support is Wednesday's low crossing at $1987.90. Second is the November 13th low crossing at $1955.40. March silver was higher overnight as it extends the rally off Wednesday's low. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. 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 24.367 would signal that a low has been posted. If March renews the decline off December's high, the 75% retracement level of the October-December rally crossing at $22.464 is the next downside target. First resistance is the 20-day moving average crossing at 24.367. 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 was slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, December's high crossing at 3.9330 is the next upside target. Closes below the 10-day moving average crossing at 3.8158 would temper the near-term friendly outlook. 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 3.7305. Second support is the November 13th low crossing near 3.6260.
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