Summary
The Dow Future has advanced 77 points to 38122. The US Dollar Index retreated 0.101 points to 103.187. Gold is higher 2.855 dollars to 2028.360. Silver has slid 0.30930 dollars to 22.20295. The Dow Industrials moved up 395.19 points, at 37863.80, while the S&P 500 gained 58.87 points, last seen at 4839.81. The Nasdaq Composite edged higher by 255.32 points to 15310.97. Streaming charts of these markets are available at MarketClub
Key Events for Monday
10:00 AM ET. December Leading Indicators Leading Index, M/M% (previous -0.5%) Leading Index (previous 103.0) Coincident Index, M/M% (previous +0.2%) Lagging Index, M/M% (previous 8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% Latest Wk, Y/Y% 10:00 AM ET. January Richmond Fed Business Activity Survey Mfg Idx (previous -11) Shipments Idx (previous -17) 10:00 AM ET. December State Employment and Unemployment 1:00 PM ET. December Money Stock Measures 4:30 PM ET. API Weekly Statistical 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% 9:45 AM ET. January US Flash Manufacturing PMI PMI, Mfg (previous 48.2) 9:45 AM ET. January US Flash Services PMI PMI, Services (previous 51.3) 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 8:30 AM ET. December Chicago Fed National Activity Index (CFNAI) NAI (previous 0.3) NAI, 3-mo Moving Avg (previous -0.20) 8:30 AM ET. 4th Quarter Advance estimate GDP Annual Rate, Q/Q% (previous +4.9%) Chain-Weighted Price Idx, Q/Q% PCE Price Idx, Q/Q% Purchase Price Idx, Q/Q% Real Final Sales 1st Est, Q/Q% Core PCE Price Idx, Q/Q% Personal Consumption, Q/Q% 8:30 AM ET. December Advance Report on Durable Goods Durable Goods-SA, M/M% Dur Goods, Ex-Defense, M/M% (previous +6.5%) Dur Goods, Ex-Transport, M/M% (previous +0.5%) Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.8%) Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%) 8:30 AM ET. December Advance Economic Indicators Report 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. December New Residential Sales New Home Sales (previous 590K) New Home Sales, M/M% (previous -12.2%) New Home Sales Months Supply (previous 9.2) 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. January Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing Mfg Activity Idx (previous -4) 6-Mo Exp Prod Idx (previous 20) Mfg Composite Idx (previous -1) 6-Mo Exp Composite Idx (previous 6) 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window Borrowings (previous 8:30 AM ET. December Personal Income and Outlays Personal Income, M/M% (previous +0.4%) Consumer Spending, M/M% (previous +0.2%) PCE Price Idx, M/M% (previous -0.1%) PCE Price Idx, Y/Y% (previous +2.6%) PCE Core Price Idx, M/M% (previous +0.1%) PCE Core Price Idx, Y/Y% (previous +3.2%) 10:00 AM ET. December Pending Home Sales Index Pending Home Sales (previous 71.6) Pending Home Sales Idx, M/M% (previous +0%) Pending Home Sales Idx , Y/Y% (previous -5.2%)
The March Dollar was slightly lower overnight. Overnight trading sets the stage for a slightly lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, December's high crossing at $103.875 is the next upside target. Closes below the 20-day moving average crossing at $102.087 would signal that a short-term top has been posted. First resistance is the December's high crossing at $103.875. Second resistance is the November 10th high crossing at $105.500. First support is the 10-day moving average crossing at $102.641. Second support is the 20-day moving average crossing at $102.087. The March Euro was slightly lower overnight. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold and are poised to turn bullish with additional strength that would signal that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.09890 would signal that a short-term low has been posted. If March extends the decline off December's high, December's low crossing at 1.07700 is the next downside target. First resistance is the 20-day moving average crossing at 1.09890. Second resistance is the 75% retracement level of the July-October decline crossing at 1.11710. First support is last-Wednesday's low crossing at 1.08710. Second support is December's low crossing at 1.07700. The March British Pound was steady to slightly higher while extending the December-January trading range. 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. If March renews 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 last-Wednesday's low crossing at 1.2601 would mark a possible downside breakout of the aforementioned trading range opening the door for a test of December's low crossing at 1.2509. 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 last-Wednesday's low crossing at 1.2601. Second support is December's low crossing at 1.2509. The March Swiss Franc was slightly higher overnight as it consolidates some of decline off December'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 March extends the aforementioned decline, the 62% retracement level of the October-December rally crossing at 1.14392 is the next downside target. Closes above the 20-day moving average crossing at 1.17934 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.17073. Second resistance is the 20-day moving average crossing at 1.17935. First support is the 50% retracement level of the October-December rally crossing at 1.15648. Second support is the 62% retracement level of the October-December rally crossing at 1.14392. The March Canadian Dollar was slightly higher overnight as it extends the rally off last-Wednesday's low. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold but turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $74.91 would signal that a short-term low has been posted. If March extends the decline off December's high, the 62% retracement level of the November-December rally crossing at $73.60 is the next downside target. First resistance is the 10-day moving average crossing at $74.49. Second resistance is the 20-day moving average crossing at $74.91. First support is the 50% retracement level of the November-December rally crossing at $74.05. Second support is the 62% retracement level of the November-December rally crossing at $73.60. The March Japanese Yen was slightly higher overnight as it consolidates some of the decline off December'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 March extends the decline off December's high, November's low crossing at 0.067200 is the next downside target. Closes above the 20-day moving average crossing at 0.069888 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.068882. Second resistance is 50-day moving average crossing at 0.069477. First support is last-Friday's low crossing at 0.067810. Second support is November's low crossing at 0.067200.
March crude oil was steady to slightly higher overnight as it extends the trading range of the past two-months. 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 January 12th high crossing at $75.28 would open the door for a possible test of the December 26th high crossing at $76.31 is the next downside target. If March renews the decline off the December 26th high, January's low crossing at $69.56 is the next downside target. First resistance is the December 26th high crossing at $76.31. Second resistance is the November 30th high crossing at $79.56. First support is January's low crossing at $69.56. Second support is December's low crossing at $68.28. March heating oil 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 renews the rally off January's low, the November 30th high crossing at 2.7827 is the next upside target. Closes below the 20-day moving average crossing at 2.5824 would signal that a short-term top has been posted. First resistance is the January 12th high crossing at 2.7190. Second resistance is the November 30th high crossing at 2.7827. First support is the 20-day moving average crossing at 2.5824. Second support is January's low crossing at 2.4740. March unleaded gas was 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 signal sideways to higher prices are possible near-term. If March resumes the rally off January's low, December's high crossing at $2.2383 is the next upside target. Closes below last-Wednesday's low crossing at $2.1030 would signal that a short-term top has been posted. First resistance is December's high crossing at $2.2383. Second resistance is the November 30th high crossing at $2.2839. First support is last-Wednesday's low crossing at $2.1030. Second support is January's low crossing at $2.0362. Third support is the December 13th low crossing at $1.9983. March natural gas gapped down and was lower overnight as it extends the decline off January's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, December's low crossing at $2.098 is the next downside target. Closes above the 50-day moving average crossing at $2.560 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $2.433. Second resistance is the 50-day moving average crossing at $2.560. First support is December's low crossing at $2.098. Second support is the March-2023 low on the monthly continuation chart crossing at $1.944.
March coffee closed higher on Friday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 $18.65 would signal that a short-term low has been posted. If March extends the decline off December's high, the 50% retracement level of the October-December rally crossing at 17.45 is the next upside target. First resistance is the 20-day moving average crossing at $18.65. Second resistance is December's high crossing at 20.39. First support is the 50% retracement level of the October-December rally crossing at 17.45. Second support is 62% retracement level of the October-December rally crossing at 16.75. March cocoa closed sharply higher for the ninth-day in a row on Friday as it extends the rally into uncharted territory. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If March extends the rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 42.07 would signal that a short-term top has been posted. First resistance is today's high crossing at 46.07. Second resistance is unknown. First support is the 20-day moving average crossing at 42.94. Second support is the 50-day moving average crossing at 42.07. March sugar closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 23.70 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 21.48 would signal that a short-term top has been posted. March cotton closed sharply higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to 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 October-November decline crossing at 85.47 is the next upside target. Closes below the 50-day moving average crossing at 80.45 would signal that a short-term top has been posted. First resistance is today's high crossing at 84.72. Second resistance is the 62% retracement level of the October-November decline crossing at 85.47. First support is December's low crossing at 78.31. Second support is November's low crossing at 77.66.
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March corn was mostly steady in quiet trading overnight as it consolidates some of its recent losses. Overnight trading sets the stage for a steady opening when the day session begins trading. Stochastics and the RSI are oversold and are poised to turn neutral to bullish with additional strength. Closes above the 20-day moving average crossing at $4.60 would signal that a short-term low has been posted. If March extends the decline off last-June's high, the 75% retracement level of the 2020-2022 rally on the monthly continuation chart crossing at $4.30 3/4 is the next downside target. First resistance is the 10-day moving average crossing at $4.49 3/4. Second resistance is the 20-day moving average crossing at $4.60. First support is last-Thursday's low crossing at $4.36 3/4. Second support is the 75% retracement level of the 2020-2022 rally on the monthly continuation chart crossing at $4.30 3/4. March wheat was lower overnight as it consolidates some of its gains off last-Thursday's low. Overnight trading sets the stage for 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. Closes above the 20-day moving average crossing at $6.06 1/2 would signal that a short-term low has been posted. If March extends the decline off December's high, November's low crossing at $5.56 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $6.06 1/2. Second resistance is the December 26th high crossing at $6.39 3/4. First support is last-Thursday's low crossing at $5.73 1/4. Second support is November's low crossing at $5.56 1/4. March Kansas City wheat was lower overnight and sets the stage for a lower opening when the day session begins trading later this morning. 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 $6.32 1/2 would signal that a short-term low has been posted. If March extends the decline off December's high, psychological support crossing at $5.75 is the next downside target. First resistance is the 20-day moving average crossing at $6.21 1/4. Second resistance is the 50-day moving average crossing at $6.32 1/2. First support is last-Thursday's low crossing at $5.86 3/4. Second support is psychological support crossing at $5.75. March Minneapolis wheat was slightly higher overnight trading 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $7.20 3/4 would signal that a short-term low has been posted while opening the door for additional gains near-term. If March renews the decline off December's high, psychological support crossing at $6.75 is the next downside target. First resistance is the 20-day moving average crossing at $7.07. Second resistance is the 50-day moving average crossing at $7.20 3/4. First support is last-Thursday's low crossing at $6.78 3/4. Second support is psychological support crossing at $6.75. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " March soybeans were 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 March extends the decline off the December 12th high, the 87% retracement level of the May-July rally crossing at $11.82 1/4 is the next downside target. Closes above the 10-day moving average crossing at $12.26 1/4 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $12.26 1/4. Second resistance is the 20-day moving average crossing at $12.59 1/2. First support is last-Thursday's low crossing at $12.01. Second support is the 87% retracement level of the May-July rally crossing at $11.82 1/4. March soybean meal was lower overnight as it posted a new low for the year. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, the July-2022 low crossing at $347.30 is the next downside target. Closes above the 20-day moving average crossing at $373.70 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $373.70. Second resistance is the 50-day moving average crossing at $397.60. First support is the June-2023 low crossing at $353.50. Second support is the July-2022 low crossing at $347.30. March soybean oil was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, the May 31st low crossing at 44.49 is the next downside target. Closes above the 50-day moving average crossing at 49.80 are needed to signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 49.80. Second resistance is the December 20th high crossing at 51.69. First support is the 87% retracement level of the May-July rally crossing at 47.04. Second is the May 31st low crossing at 44.49.
The March NASDAQ 100 was higher overnight as it extends the rally off October'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 January's low into uncharted territory upside targets will be hard to project. Closes below last-Wednesday's low crossing at 16,689.25 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 17,569.00. Second resistance is unknown. First support is Wednesday's low crossing at 16,689.25. Second support is the 50-day moving average crossing at 16,561.46. The March S&P 500 was higher overnight as it extends 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 into uncharted territory, upside targets will be hard to project. Closes below last-Wednesday's low crossing at 4746.25 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4887.50. Second resistance is unknown. First support is last-Wednesday's low crossing at 4746.25. Second support is the January 5th low crossing at 4702.00.
March T-bonds were higher overnight. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 122-23 would signal that a short-term low has been posted. If March extends the decline off December's high, the 38% retracement level of the October-December rally crossing at 118-24 is the next downside target. First resistance is the 20-day moving average crossing at 122-23. Second resistance is December's high crossing at 125-30. First support is the 50-day moving average crossing at 120-00. Second support is the 38% retracement level of the October-December rally crossing at 118-24. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 38% retracement level of the October-December rally crossing at 110.143 is the next downside target. Closes above the 20-day moving average crossing at 112.051 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 112.051. Second resistance is the January 12th high crossing at 112.265. First support is the 50-day moving average crossing at 111.006. Second support is the 38% retracement level of the October-December rally crossing at 110.143.
February hogs closed down $0.33 at $70.78. February hogs closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 $70.03 would signal that a short-term top has been posted. If February renews the rally off January's low, the 38% retracement level of the 2023-2024 decline crossing at $73.65 is the next upside target. First resistance is last-Thursday's high crossing at $73.05. Second resistance is the 38% retracement level of the 2023-2024 decline crossing at $73.65. First support is the 20-day moving average crossing at $70.03. Second support is January's low crossing at $64.58. February cattle closed down $0.80-cents at $174.03. February cattle closed lower on Friday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned rally, the November 15th high crossing at $179.05 is the next upside target. Closes below the 20-day moving average crossing at $173.88 would signal that a short-term top has been posted. First resistance is the November 29th high crossing at $173.88. Second resistance is the November 15th high crossing at $179.05. First support is the December 26th low crossing at $167.35. Second support is the December 7th low crossing at $162.40. March Feeder cattle closed down $0.63 at $231.93. March Feeder cattle closed lower on Friday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Monday'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 March extends the rally off December's low, the 50% retracement level of the September-December decline crossing at $240.38 is the next upside target. Closes below the 50-day moving average crossing at $224.87 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the September-December decline crossing at $233.32. Second resistance is the 50% retracement level of the September-December decline crossing at $240.38. First support the 50-day moving average crossing at $224.87. Second support is December's low crossing at $210.63.
February gold was lower overnight. Overnight trading sets the stage for a slightly lower opening when the day session begins trading later this morning. 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 January 12th high crossing at $2067.30 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If February extends last-week's decline, December's low crossing at $1987.90 is the next downside target. First resistance is the January 12th high crossing at $2067.30. Second resistance is the December 28th high crossing at $2098.20. First support is last-Wednesday's low crossing at $2004.60. Second support is December's low crossing at $1987.90. March silver was lower overnight as it extends the decline off December's high. Overnight trading sets the stage for a lower 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 resumes the decline off the December 22nd high, the 87% retracement level of the October-December rally crossing at $21.842 is the next downside target. Closes above the 50-day moving average crossing at $23.859 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $23.408. Second resistance is the 50-day moving average crossing at $23.859. First support is the 75% retracement level of the October-December rally crossing at $21.842. Second support is the 87% retracement level of the October-December rally crossing at $21.842. March copper was lower overnight and sets the stage for 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. Closes above the 20-day moving average crossing at 3.8211 would signal that a short-term low has been posted. If March renews the decline off December's high, the 75% retracement level of the October-December rally crossing at 3.6619 is the next downside target. First resistance is the 50-day moving average crossing at 3.8139. Second resistance is the 20-day moving average crossing at 3.8211. First support is the 62% retracement level of the October-December rally crossing at 3.717. Second support is the 75% retracement level of the October-December rally crossing at 3.6619.
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