Summary
The Dow Future is down 29 points to 38155. The US Dollar Index edged higher by 0.125 points to 103.456. Gold is falling 2.845 dollars to 2024.605. Silver is trending higher 0.00790 dollars to 22.28350. The Dow Industrials gained 138.01 points, at 38001.81, while the S&P 500 edged higher by 10.62 points, last seen at 4850.43. The Nasdaq Composite rose 49.32 points to 15360.29. Streaming charts of these markets are available at MarketClub
Key Events for Tuesday
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 closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 December's low, December's high crossing at $103.875 is the next upside target. Closes below the 20-day moving average crossing at $102.093 would temper the near-term friendly outlook. First resistance is last-Wednesday's high crossing at $103.450. Second resistance is December's high crossing at $103.875. First support is the 20-day moving average crossing at $102.093. Second support is December's low crossing at $100.320. The March Euro closed slightly lower close on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, December's low crossing at 1.07700 is the next downside target. Closes above the January 11th high crossing at 1.10405 would signal that a short-term low has been posted. First resistance is the January 11th high crossing at 1.10405. 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. March British Pound closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are bullish signaling 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. If March extends this week's decline, December's low crossing at 1.2509 is the next downside target. Closes below last-Wednesday's low crossing at 1.2601 would mark a potential downside breakout of the December-January trading range. 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 closed slightly lower on Monday. The low-range close sets the stage for a steady to slightly lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, 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 1.17931 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.17931. Second resistance the January 5th high crossing at 1.19155. First support is the 50% retracement level of the October-December crossing at 1.15648. Second support is the 62% retracement level of the October-December rally crossing at 1.14392. The March Canadian Dollar closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 20-day moving average crossing at 74.89 would signal that a short-term low has been posted. If March resumes 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 20-day moving average crossing at $74.89. Second resistance is December's high crossing at $75.99. First support 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 closed slightly higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, November's low crossing at 0.067200 is the next downside target. Closes above the 20-day moving average crossing at 0.069884 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.068873. Second resistance is the 50-day moving average crossing at 0.069476. First support is last-Friday's low crossing at 0.067810. Second support is November's low crossing at 0.067200.
March crude oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at $75.28 would confirm that a short-term low has been posted. If March resumes the decline off December's high, January's low crossing at $69.56 is the next downside target. First resistance is the December 26th crossing at $76.31. Second resistance is the Nov. 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 closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, the November 30th high crossing at 2.7827 is the next upside target. Multiple closes below the 20-day moving average crossing at 2.5841 would signal that a short-term top has been posted. First resistance is the January 12th high crossing at 2.7191. Second resistance is the November 30th high crossing at 2.7827. First support is January's low crossing at 2.4740. Second support is December's low crossing at 2.4247. March unleaded gas closed sharply higher on Monday as it renewed the rally off December's low. The low-range close sets the stage for a steady to higher opening when Tuesday'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 November 30th high crossing at 2.2839 is the next upside target. Closes below the 10-day moving average would open the door for a possible test of January's low crossing at 2.0362. First resistance is the November 30th high crossing at 2.2838. Second resistance is October's high crossing at 2.3379. First support is the January 8th low crossing at 2.0362. Second support is December's low crossing at 1.9983. March Henry natural gas gapped down and closed lower on Monday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 50-day moving average crossing at 2.560. Second resistance is January's high crossing at 2.791. 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 sharply higher on Monday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Thursday's low, the December 28th high crossing at $19.32 is the next upside target. If March renews 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 December 28th high crossing at $19.32. 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 slightly lower on Monday as it consolidated some of this month's rally. The mid-range close sets the stage for a steady to lower opening on Tuesday. 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 42.20 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 43.08. Second support is the 50-day moving average crossing at 42.20. March sugar closed slightly lower on Monday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 23.63 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 21.64 would signal that a short-term top has been posted. March cotton closed higher for the fifth-day in a row on Monday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 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 80.56 would signal that a short-term top has been posted. First resistance is today's high crossing at 84.99. Second resistance is the 62% retracement level of the October-November decline crossing at 85.47. First support is the 50-day moving average crossing at 80.56. Second support is December's low crossing at 78.31.
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March Corn closed up $0.00 1/4-cents at $4.45 3/4. March corn closed fractionally higher on Monday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 $4.60 would signal that a short-term low has been posted. If March resumes this year's decline, the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.30 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $4.60. Second resistance is the 50-day moving average crossing at $4.74. 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 weekly continuation chart crossing at $4.30 3/4. March wheat closed up $0.03 1/4-cents at $5.96 1/2. March wheat closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. 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 $6.06 3/4 would signal that a short-term low has been posted. If March renews the decline off December's high, November's low crossing at $5.56 1/4 is the next downside target. First resistance is the December 26th high crossing at $6.39 3/4. Second resistance is December's high crossing at $6.49 1/2. 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 closed down $0.01-cents at $6.07. March Kansas City wheat closed lower on Monday. The mid-range close sets the stage for a steady to slightly lower opening when Tuesday's day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 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 crossing at $5.75 is the next downside target. First resistance is the 50-day moving average crossing at $6.32 1/2. Second resistance is the December 29th high crossing at $6.48 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 closed up $0.05-cents crossing at $7.00 1/2. March Minneapolis wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 $7.07 1/4 would signal that a low has been posted. If March extends the decline off December's high, the May-2021 low on the weekly continuation chart crossing at $6.68 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $7.07 1/4. 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 the May-2021 low on the weekly continuation chart crossing at $6.68 3/4. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " March soybeans closed up $0.11-cents at $12.24 1/4. March soybeans closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off November's high, the 87% retracement level of the May-July rally crossing at $11.82 1/4 is the next downside target. Closes above the 20-day moving average crossing at $12.60 1/4 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $12.27 1/4. Second resistance is the 20-day moving average crossing at $12.60 1/4. 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 closed down $0.70 at $355.80 March soybean meal closed lower on Monday. The high-range close sets the stage for a steady to slightly lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the July-2022 low crossing at $347.30 is the next downside target. Closes above the 20-day moving average crossing at $373.90 would signal that a low has been posted. If March extends the decline off November's high, the July-2022 low crossing at $347.30 is the next downside target. First resistance is the 20-day moving average crossing at $373.90. Second resistance is the December 28th high crossing at $397.50. First support is today's low crossing at $351.40. Second support is the July-2022 low crossing at $347.30. March soybean oil closed up 120-pts. at 48.10. March soybean oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 49.84 would signal that a short-term low has been posted. If March renews the decline off November's high, last-May's low crossing at 44.49 is the next downside target. First resistance is 20-day moving average crossing at 48.17. Second resistance is the 50-day moving average crossing at 49.82. First support is the 87% retracement level of the June-July rally crossing at 47.04. Second support is last-May's low crossing at 44.49.
The Dow closed higher on Monday as it posted a new all-time high. The low-range close sets the stage for a steady to slightly higher opening when Tuesday's day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If the Dow 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 37,132.89 would confirm that a short-term top has been posted. First resistance is today's high crossing at 38,109.20. Second resistance is unknown. First support is Wednesday's low crossing at 37,132.89. Second support is the 50-day moving average crossing at 34,490.42. The March NASDAQ 100 closed slightly higher for the third day in a row on Monday as it extends the rally off October's low into uncharted territory. The low-range close sets the stage for a steady to slightly higher opening when Tuesday'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 aforementioned rally into uncharted territory, upside target will be hard to project. Closes below last-Wednesday's low crossing at 16,689.25 signals that a short-term top has been posted. First resistance is today's high crossing at 17,585.00. Second resistance is unknown. First support is last-Wednesday's low crossing at 16,689.25. Second support is the 50-day moving average crossing at 16,559.86. The March S&P 500 closed slightly higher on Monday as it extended last-Friday's upside breakout of the December-January trading range into uncharted territory. The low-range close sets the stage for a steady to slightly higher opening when Tuesday'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 next projected upside target crosses around 4981.00 is the next upside target. Closes below last-Wednesday's low crossing at 4746.25 would signal that a short-term top has been posted. First resistance is today's high crossing at 4898.25. Second resistance is projected around 4981.00. First support is last-Wednesday's low crossing at 4746.25. Second support is January's low crossing at 4702.00.
March T-bonds closed up 23/32's at 120-23. March T-bonds closed higher on Monday as it consolidates some of the decline off December's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 38% retracement level of the October-December rally crossing at 118-24 the next downside target. Closes above the 20-day moving average crossing at 122-23 would signal that a short-term low has been posted. 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 closed up 115-pts. at 111.155. March T-notes closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 January's high crossing at 112.265. Second resistance is December's high crossing at 113.120. 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 up $0.18 at $70.93. February hogs closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $70.07 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 the reaction 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 $70.07. Second support is January's low crossing at $64.58. February cattle closed down $0.50-cents at $173.88. February cattle closed lower on Monday. The high-range close sets the stage for a steady to slightly higher opening on Tuesday. 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 $171.19 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 $0.75 at $231.20. March Feeder cattle closed lower on Monday as it consolidated some of the rally off December's low. The high-range close sets the stage for a steady to slightly lower opening when Tuesday'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 $224.83 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 $224.83. Second support is December's low crossing at $210.63.
February gold closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the January 12th high crossing at $2067.30 would signal that a short-term low has been posted. If February extends last-Wednesday's decline, December's low crossing at $1987.90 is the next downside target. First resistance the January 12th high crossing at $2067.30. Second resistance is the December 28th high crossing at $2098.20. First support is December's low crossing at $1987.90. Second support is November's low crossing at $1955.40. March silver closed sharply lower on Monday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 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 20-day moving average crossing at 23.401 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 23.401. Second resistance is the 50-day moving average crossing at 23.856. First support is today's low crossing at 22.040. Second support is the 87% retracement level of the October-December rally crossing at 21.842. March copper closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 3.8202 would signal that a short-term low has been posted. If March extends 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 3.8135. Second resistance is the 20-day moving average crossing at 3.8202. First support is last-Thursday's low crossing at 3.7145. Second support is the 75% retracement level of the October-December rally crossing at 3.6619.
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