Summary
The Dow Future is trending higher 1 points to 38103. The US Dollar Index softened 0.490 points to 103.127. Gold is trending higher 9.135 dollars to 2033.660. Silver has advanced 0.39530 dollars to 22.77830. The Dow Industrials softened 96.36 points, at 37905.45, while the S&P 500 advanced 14.17 points, last seen at 4864.60. The Nasdaq Composite gained 65.65 points to 15425.94. Streaming charts of these markets are available at MarketClub
Key Events for Wednesday
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 lower overnight as it extends the trading range of the past five-days. Overnight trading sets the stage for a 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 $102.286 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 50-day moving average crossing at $102.605. Second support is the 20-day moving average crossing at $102.286. The March Euro was higher overnight and working on a possible inside day as it extends the trading range of the past five-days. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but are poised to turn bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.09712 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 1.09712. Second resistance is the January 11th high crossing at 1.10405. First support is Tuesday's low crossing at 1.08455. Second support is December's low crossing at 1.07700. The March British Pound was higher while extending the December-January trading range. 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 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 higher overnight as it consolidates above the 50% retracement level of the October-December rally crossing at 1.15648. 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 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 1.17714 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.16592. Second resistance is the 20-day moving average crossing at 1.17714. 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 and sets the stage for a slightly 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 the 20-day moving average crossing at $74.76 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 $74.76. Second resistance is the January 5th high crossing at $75.34. 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 higher overnight as it extends the trading range of the past five-days. 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 0.069589 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.068581. Second resistance is 20-day moving average crossing at 0.069589. 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 slightly lower overnight as it extends the trading range of the past two-months. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the December 26th high crossing at $76.31 would open the door for a possible test of the November 30th high crossing at $79.56. Closes below last-Wednesday's low crossing at $70.62 would signal that a short-term top has been posted. 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 last-Wednesday's low crossing at $70.62. Second support is January's low crossing at $69.56. March heating oil was slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January's low, the January 12th high crossing at 2.7190 is the next upside target. Closes below the 20-day moving average crossing at 2.5881 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 2.5881. Second support is January's low crossing at 2.4740. March unleaded gas was 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 signal sideways to higher prices are possible near-term. If March extends the rally off January's low, October's high crossing at $2.3679 is the next upside target. Closes below the 20-day moving average crossing at $2.1560 would signal that a short-term top has been posted. First resistance is the November 30th high crossing at $2.2839. Second resistance is October's high crossing at $2.3679. 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 was higher overnight and filled Monday's gap crossing at 2.237 signaling that a short-term low might be in or is near. Overnight trading sets the stage for a higher 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, the March-2023 low on the monthly continuation chart crossing at $1.944 is the next downside target. First resistance is the 20-day moving average crossing at $2.422. Second resistance is the 50-day moving average crossing at $2.523. First support is Tuesday's low crossing at $2.079. Second support is the March-2023 low on the monthly continuation chart crossing at $1.944.
March coffee closed slightly higher on Tuesday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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. Closes below the 50-day moving average crossing at 18.24 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 higher on Tuesday as it extended this month's rally. Profit taking ahead of the close tempered early-session losses leading to a poor close. The low-range close sets the stage for a steady to slightly higher opening on Wednesday. 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 42.33 would signal that a short-term top has been posted. First resistance is today's high crossing at 48.35. Second resistance is unknown. First support is the 10-day moving average crossing at 44.24. Second support is the 20-day moving average crossing at 43.24. March sugar closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 23.54 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 21.80 would signal that a short-term top has been posted. March cotton posted an inside day with a slightly lower close on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 80.70 would signal that a short-term top has been posted. First resistance is Monday'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 10-day moving average crossing at 82.25. Second support is the 20-day moving average crossing at 81.32.
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March corn was higher overnight as it consolidates some of its recent losses. Overnight trading sets the stage for a high 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 $4.57 1/2 would signal that a short-term low has been posted. If March renews 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 $4.48. Second resistance is the 20-day moving average crossing at $4.57 1/2. 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 higher overnight and 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. Closes above the 20-day moving average crossing at $6.05 1/2 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 20-day moving average crossing at $6.05 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 higher overnight and sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $6.31 would signal that a short-term low has been posted. If March renews the decline off December's high, psychological support crossing at $5.75 is the next downside target. First resistance is the 50-day moving average crossing at $6.31. 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 was higher overnight trading 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $7.18 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 $7.05 3/4. Second resistance is the 50-day moving average crossing at $7.18 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 steady to fractionally higher overnight and sets the stage for a steady to fractionally 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 $12.53 3/4 would open the door for a larger-degree rebound off last-Thursday's low. If March renews 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. First resistance is the 20-day moving average crossing at $12.53 3/4. Second resistance is the January 2nd gap crossing at $12.96 3/4. 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 was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $371.20 would signal that a short-term 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 $371.20. Second resistance is the 50-day moving average crossing at $395.10. 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 lower overnight as it extends this month's trading range. Overnight trading sets the stage for a slightly lower 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 the 50-day moving average crossing at 49.76 are needed to signal that a short-term low has been posted. If March renews the decline off November's high, the May 31st low crossing at 44.49 is the next downside target. First resistance is the 50-day moving average crossing at 49.76. 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 the 20-day moving average crossing at 16,994.88 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 17,666.25. Second resistance is unknown. First support is the 10-day moving average crossing at 17,192.55. Second support is the 20-day moving average crossing at 16,994.79. 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, the next projected upside target crosses around 4981.00. Closes below the 20-day moving average crossing at 4814.88 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4918.00. Second resistance is unknown. First support is the 10-day moving average crossing at 4839.50. Second support is the January 5th low crossing at 4814.88.
March T-bonds were higher overnight and is working on a possible inside day. 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 122-10 would signal that a short-term low has been posted. If March renews 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 122-10. Second resistance is December's high crossing at 125-30. First support is the 38% retracement level of the October-December rally crossing at 118-24. Second support is the 50% retracement level of the October-December rally crossing at 116-17. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 112.009 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 110.143 is the next downside target. First resistance is the 20-day moving average crossing at 112.009. Second resistance is the January 12th high crossing at 112.265. First support is the 50-day moving average crossing at 111.051. Second support is the 38% retracement level of the October-December rally crossing at 110.143.
February hogs closed up $2.43 at $73.35. February hogs closed sharply higher on Tuesday as it renewed the rally off January's low. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off January's low, the 50% retracement level of the 2023-2024 decline crossing at $76.47 is the next upside target. Closes below the 20-day moving average crossing at $70.20 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2023-2024 decline crossing at $73.65. Second resistance is the 50% retracement level of the 2023-2024 decline crossing at $76.47. First support is the 20-day moving average crossing at $70.20. Second support is January's low crossing at $64.58. February cattle closed up $0.83-cents at $174.60. February cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 $170.02 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 up $2.33 at $233.60. March Feeder cattle closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $224.80 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 is the 20-day moving average crossing at $227.15. Second support the 50-day moving average crossing at $224.80.
February gold was higher overnight. 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. 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 renews 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 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 are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at $23.848 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at $23.226. Second resistance is the 50-day moving average crossing at $23.848. First support is the 87% retracement level of the October-December rally crossing at $21.842. Second support is October's low crossing at $21.170. March copper was sharply higher overnight and 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 last-Thursday's low, December's high crossing at 3.9740 is the next upside target. Closes below the 10-day moving average crossing at 3.7764 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 3.8870. Second resistance is December's high crossing at 3.9740. 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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