Summary
The Dow Future is falling 21 points to 36126. The US Dollar Index advanced 0.197 points to 103.738. Gold is declining 2.120 dollars to 2028.865. Silver has slipped 0.05425 dollars to 23.77300. The Dow Industrials trended higher 62.95 points, at 36117.38, while the S&P 500 edged higher by 36.25 points, last seen at 4585.59. The Nasdaq Composite gained 193.28 points to 14339.99. Streaming charts of these markets are available at MarketClub
Key Events for Friday
8:30 AM ET. November U.S. Employment Report Non-Farm Payrolls (previous +150K) Unemployment Rate (previous 3.9%) Avg Hourly Earnings (USD) (previous 34) Avg Hourly Earnings-Net Chg (USD) (previous +0.07) Avg Hourly Earnings, M/M% (previous +0.21%) Avg Hourly Earnings, Y/Y% (previous +4.10%) Overall Workweek (previous 34.3) Overall Workweek Net Chg (previous -0.1) Government Payrolls (previous +51K) Private Payroll (previous +99K) Participation Rate (previous 62.7%) Non-Farm Payrolls Bench Net Chg 10:00 AM ET. December University of Michigan Survey of Consumers - preliminary Mid-Mo Sentiment (previous 60.4) Mid-Mo Expectations (previous 56.9) Mid-Mo Current Idx (previous 65.7) 12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE) Corn, End Stocks (Bushels) Soybeans, End Stocks (Bushels) Wheat, End Stocks (Bushels) Cotton, End Stocks 10:00 AM ET. November Employment Trends Index ETI (previous 114.16) ETI, 00:01 AM ET. 1st Quarter Manpower U.S. Employment Outlook Survey 6:00 AM ET. November NFIB Index of Small Business Optimism Small Business Idx (previous 90.7) 8:30 AM ET. November CPI CPI, M/M% (previous +0.0%) Core CPI, M/M% (previous +0.2%) Energy Idx, M/M% (previous -2.5%) Food Idx, M/M% (previous +0.3%) Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.1%) CPI, Y/Y% (previous +3.2%) Core Annual, Y/Y% (previous +4.0%) 8:30 AM ET. November Real Earnings 8:55 AM ET. November Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% Latest Wk, Y/Y% 10:00 AM ET. 3rd Quarter Quarterly Services 2:00 AM ET. November Monthly Treasury Statement of Receipts and Outlays of the U.S. Government 4:30 PM ET. API Weekly Statistical Bulletin Crude Stocks, Net Chg (Bbls) Gasoline Stocks, Net Chg (Bbls) Distillate Stocks, Net Chg (Bbls) N/A U.S. Federal Open Market Committee 7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx Composite Idx, W/W% Purchase Idx-SA Purchase Idx-SA, W/W% Refinance Idx Refinance Idx, W/W% 8:30 AM ET. November PPI PPI, M/M% (previous -0.5%) Ex-Food & Energy PPI, M/M% (previous +0%) Personal Consumption (previous -0.6%) 10:00 AM ET. November Online Help Wanted Index 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) Crude Oil Stocks, Net Chg (Bbl) Gasoline Stocks (Bbl) Gasoline Stocks, Net Chg (Bbl) Distillate Stocks (Bbl) Distillate Stocks, Net Chg (Bbl) Refinery Usage Total Prod Supplied (Bbl/day) Total Prod Supplied, Net Chg (Bbl/day) 2:00 PM ET. U.S. interest rate decision Federal Funds Rate Federal Funds Rate Change (Pts) Fed Funds Rate-Range High (previous 5.50) Fed Funds Rate-Range Low (previous 5.25) FOMC Vote For Action (previous 12) FOMC Vote Against Action (previous 0) Discount Rate (previous (previous 5.50) Discount Rate Change (Pts) (previous +0) Discount Rate-Range High Discount Rate-Range Low 2:00 PM ET. Federal Reserve economic projections Median Fed Funds Rate - 2023 (previous 5.6%) Median Fed Funds Rate - 2024 (previous 5.1%) Median Fed Funds Rate - 2025 (previous 8:30 AM ET. U.S. Weekly Export Sales 8:30 AM ET. November Import & Export Price Indexes Import Prices (previous -0.8%) Non-Petroleum Prices (previous -0.2%) Petroleum Prices (previous -6.5%) 8:30 AM ET. November Advance Monthly Sales for Retail & Food Services Overall Sales-SA, M/M% (previous -0.1%) Sales, Ex-Auto, M/M% (previous +0.1%) Sales, Ex-Auto & Gas, M/M% (previous +0.1%) 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims Jobless Claims, Net Chg Continuing Claims Continuing Claims, Net Chg 10:00 AM ET. October Manufacturing & Trade: Inventories & Sales Total Inventories (previous +0.4%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) Working Gas In Storage, Net Chg (Cbf) 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window 8:30 AM ET. December Empire State Manufacturing Survey Mfg Idx (previous 9.1) Employment Idx (previous -4.5) New Orders Idx (previous -4.9) Prices Received (previous 11.1) 9:15 AM ET. November Industrial Production & Capacity Utilization Industrial Production, M/M% (previous -0.6%) Capacity Utilization % (previous 78.9%) Capacity Utilization, Net Chg (Pts) (previous -0.6) 9:45 AM ET. December US Flash Services PMI PMI, Services (previous 50.8) 9:45 AM ET. Dec US Flash Manufacturing PMI PMI, Mfg (previous 49.4) 11:00 AM ET. ISM Semiannual Report On Business Economic Forecast
The December Dollar was higher overnight as it consolidates some of Thursday's loss. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, the November 16th high crossing at $104.440 is the next upside target. If December resumes the decline off October's high, the 62% retracement level of the July-October rally crossing at $102.036 is the next downside target. First resistance is the November 16th high crossing at $104.440. Second resistance is the 50-day moving average crossing at $105.066. First support is November's low crossing at $102.380. Second support is the 62% retracement level of the July-October rally crossing at $102.032. The December Euro was steady to slightly lower overnight as it extends the decline off November's high. Overnight trading 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 December extends the decline off November's high, the 50-day moving average crossing at 1.07169 is the next downside target. Closes above the 10-day moving average crossing at 1.08718 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.08718. Second resistance is the 62% retracement level of the July-October decline crossing at 1.10212. First support is the 50-day moving average crossing at 1.07169. Second support is the November 14th low crossing at 1.06725. The December British Pound was steady to slightly lower overnight. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices near-term. Closes below the 20-day moving average crossing at 1.2539 would confirm that a short-term top has been posted. If December resumes the rally off the October 26th low, the 75% retracement level of the July-October decline crossing at 1.2856 is the next upside target. First resistance is the 62% retracement level of the July-October decline crossing at 1.2712. Second resistance is the 75% retracement level of the July-October decline crossing at 1.2856. First support is the 20-day moving average crossing at 1.2539. Second support is the 50-day moving average crossing at 1.2336. The December 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.13670 would signal that a short-term top has been posted. If December renews the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.16191 is the next upside target. First resistance is Monday's high crossing at 1.15550. Second resistance is the 75% retracement level of the July-October decline crossing at 1.16191. First support is the 20-day moving average crossing at 1.13669. Second support is the November 22nd low crossing at 1.12975. The December Canadian Dollar was slightly higher overnight as it consolidates some of the decline off Monday's high. Overnight trading sets the stage for a slightly 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 $73.30 would signal that a short-term top has been posted. If December renews the rally off November's low, the September 29th high crossing at $74.62 is the next upside target. First resistance is the 50% retracement level of the July-November decline crossing at $74.24. Second resistance is the September 29th high crossing at $74.62. First support is the 20-day moving average crossing at $73.30. Second support is the 50-day moving average crossing at $73.10. The December Japanese Yen was lower overnight as it consolidates some of Thursday's huge rally. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish warning traders to use caution as Thursday's strong rally could have marked a short-term top. Closes below the 20-day moving average crossing at 0.067609 would signal that a short-term top has been posted. If December extends the rally off November's low, the 62% retracement level of the July-November decline crossing at 0.071394 is the next upside target. First resistance is the 50% retracement level of the July-November decline crossing at 0.070385. Second resistance is the 62% retracement level of the July-November decline crossing at 0.071394. First support is the 10-day moving average crossing at 0.068280. Second support is the 20-day moving average crossing at 0.067609.
January crude oil was higher overnight as it consolidates some of the decline off September'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 January extends the decline off September's high, the 87% retracement level of the May-September rally crossing at $67.74 is the next downside target. Closes above the 20-day moving average crossing at $75.07 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $75.07. Second resistance is the 50-day moving average crossing at $79.47. First support is 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 higher overnight and working on a possible inside day 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 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 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 2.7228 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.7228. Second resistance is the 50-day moving average crossing at 2.8297. First support is the 62% retracement level of the May-September rally crossing at 2.5736. Second support is the 75% retracement level of the May-September rally crossing at 2.4439. January unleaded gas was higher overnight as it consolidates some of this week's decline. 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 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 $2.1463 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $2.1463. Second resistance is the 50-day moving average crossing at $2.1958. First support is Thursday's low crossing at 1.9980. Second support is May's low crossing at $1.9775. January natural gas was higher overnight as it consolidates some of the decline off August'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 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 2.736 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 2.736. Second resistance is the 20-day moving average crossing at 2.958. First support is Thursday's low crossing at 2.489. Second support is the March-2023 low on the monthly continuation chart crossing at 1.944.
March coffee posted an inside day with a higher close on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $17.40 would signal that a short-term top has been posted. If March renews the rally off October's low, the 50% retracement level of the 2022-2023 decline crossing at 19.55 is the next upside target. First resistance is last-Friday's high crossing at 18.85. Second resistance is the 50% retracement level of the 2022-2023 decline crossing at 18.85. First support is the 20-day moving average crossing at $17.40. Second support is the November 20th low crossing at $16.53. March cocoa gapped up and closed higher on Thursday signaling that the decline off last-Thursday's high has ended. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March cocoa extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 41.10 would signal that a short-term top has been posted. March sugar closed slightly higher on Thursday as it consolidates above the 87% entrancement of the June-November rally crossing at 22.85. The low-range close sets the stage for a steady to lower 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 aforementioned decline, the June 29th low crossing at 22.06 is the next downside target. Closes above the 10-day moving average crossing at 25.60 would signal that a short-term low has been posted. March cotton closed sharply higher on Thursday as it renewed the rally off November's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the 50-day moving average crossing at 83.39 is the next upside target. Closes below Monday's low would confirm that a short-term top has been posted while opening the door for a possible test of November's low crossing at 77.66. First resistance is today's high crossing at 82.75. Second resistance is the 50-day moving average crossing at 83.39. First support is November's low crossing at 77.66. Second support is the June 26th low crossing at 77.01.
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March corn was steady to fractionally higher in quiet pre-report trading overnight. Overnight trading sets the stage for a steady to fractionally higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $4.93 1/2 would signal that a short-term low has been posted 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 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 was lower overnight as it consolidates some of the rally off November's low ahead of today's WASDE report. Overnight trading sets the stage for a lower 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 November's low, the 38% retracement level of the July-November decline crossing at $6.53 is the next upside target. Closes below the 20-day moving average crossing at $5.97 would signal that a short-term top has been posted. 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. Second support is November's low crossing at $5.56 1/4. March Kansas City wheat was slightly lower overnight as the market awaits the release of today's WASDE report. Stochastics and the RSI are overbought and are poised to turn bearish with additional weakness that would signal possible pause in the rally off November's low. 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. Closes below the 20-day moving average crossing at $6.39 1/2 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the July-November decline crossing at $6.77. Second resistance is October's high crossing at $6.96 1/2. First support is the 20-day moving average crossing at $6.39 1/2. Second support is November's low crossing at $5.95. March Minneapolis wheat was steady to fractionally higher overnight. Overnight trading sets the stage for a fractionally higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above 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. 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. First resistance is 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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, October's low crossing at $12.70 1/4 is the next downside target. Closes above the 20-day moving average crossing at $13.43 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $13.25 1/4. Second resistance is the 20-day moving average crossing at $13.43. 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 Thursday's decline, which saw meal test the 62% retracement level of the October-November rally crossing at $402.20. 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 $431.00 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $418.00. Second resistance is the 20-day moving average crossing at $431.00. 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 higher overnight and sets the stage for a 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 50-day moving average crossing at 52.04 would temper the near-term bearish outlook. 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 extends this week's decline, 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 December NASDAQ 100 was lower overnight and sets the stage a lower 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. If December renews the rally off October's low, July's high crossing at 16,264.25 is the next upside target. Closes below Monday's low crossing at 15,721.25 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 16,208.50. Second is July's high crossing at 16,264.25. First support is Monday's high crossing at 15,721.25. Second support is the 50-day moving average crossing at 15,339.99. The December S&P 500 was slightly lower overnight and sets the stage for a slightly lower 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. If December extends the rally off October's low, the 87% retracement level of the July-October decline crossing at 4612.32 is the next upside target. Closes below the 20-day moving average crossing at 4546.57 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the July-October decline crossing at 4612.32. Second resistance is July's high crossing at 4685.25. First support is the 20-day moving average crossing at 4546.57. Second support is the November 16th low crossing at 4501.75.
March T-bonds were lower overnight as they consolidate some of the rally off October's low. Overnight trading sets the stage for a lower 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 August 31st high crossing at 122-18 is the next upside target. Closes below the 20-day moving average crossing at 116-18 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 120-25. Second resistance is the August 31st high crossing at 122-18. First support is the 10-day moving average crossing at 118-06. Second support is the 20-day moving average crossing at 116-18. March T-notes were lower overnight and sets the stage for a lower 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 75% retracement level of the crossing at 112.116 is the next upside target. Closes below the 20-day moving average crossing at 109.200 would signal that a short-term top has been posted. 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 10-day moving average crossing at 110.134. Second support is the 20-day moving average crossing at 109.200.
February hogs closed down $1.59 at $69.33. February hogs closed lower on Thursday as it extends the decline off last-Friday's high. 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 bearish signaling that sideways to lower prices are possible near-term. If February renews the decline off November's high, the October low on the weekly continuation chart crossing at $65.40 is the next downside target. Closes above the November 24th gap crossing at $71.58 would signal that a short-term low has been posted. First resistance is the November 24th gap crossing at $71.58. Second resistance is the 50-day moving average crossing at $73.27. 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 $162.48. February cattle closed lower on Thursday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower 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 February extends the decline off September's high, the September-2022 low crossing at $160.83 is the next downside target. Closes above the 20-day moving average crossing at $172.46 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $172.46. Second resistance is the November 15th high crossing at $179.05. First support is today's low crossing at $162.40. Second support is the September-2022 low crossing at $160.83. January Feeder cattle closed down $0.13 at $210.03. January Feeder cattle closed lower on Thursday as it extends this fall's decline. 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 oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off September's high, the May-2023 low on the weekly continuation chart crossing at $202.18 is the next downside target. Closes above the 20-day moving average crossing at $221.80 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $221.80. Second resistance is the November 20th high crossing at $232.20. First support is Monday's low crossing at $209.15. Second support is the May-2023 low on the weekly continuation chart crossing at $202.18.
February gold was steady to slightly lower overnight as it consolidates some of this week's sharp decline. Overnight trading sets the stage for a slightly lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, the 20-day moving average crossing at 2024.80 would signal that a short-term top has been posted. If February renews the rally off October's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at $2152.30. Second resistance is unknown. First support is the 20-day moving average crossing at $2024.80. Second is the 50-day moving average crossing at 1985.10. March silver was slightly higher overnight following a four-day decline off 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 this week's decline, the 50% retracement level of the October-December rally crossing at $23.762 is the next downside target. Closes above the 10-day moving average crossing at 24.914 would temper the near-term bearish outlook in the market. First resistance is the 10-day moving average crossing at 24.914. Second resistance is Monday's high crossing at 26.340. First support is the 50% retracement level of the October-December rally crossing at $23.762. Second support is the 50-day moving average crossing at $23.491. March copper was higher overnight as it consolidates some of the decline off last-Friday's high. Overnight trading sets the stage for a 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 10-day moving average crossing at 3.8223 would temper the near-term bearish outlook. If March extends this week's decline, the 50-day moving average crossing at 3.7129 is the next downside target. First resistance is last-Friday'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 3.7129. Second support is the October-November uptrend line crossing near 3.6497.
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