Summary
The Dow Future is trending higher 1 points to 38103. The US Dollar Index fell 0.291 points to 103.283. Gold is trending lower 0.24 dollars to 2021.06. Silver is falling 0.0320 dollars to 22.8700. The Dow Industrials moved up 242.74 points, at 38049.13, while the S&P 500 moved up 25.61 points, last seen at 4894.16. The Nasdaq Composite advanced 28.58 points to 15510.50. Streaming charts of these markets are available at MarketClub
Key Events for Friday
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 seven-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 and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $102.535 would signal that a short-term top has been posted. If March resumes the rally off December's low, December's high crossing at $103.875 is the next upside target. 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 20-day moving average crossing at $102.535. Second support is the January 5th low crossing at $101.615. The March Euro was slightly higher overnight and 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. Closes above the 50-day moving average crossing at 1.09538 would signal that a short-term low has been posted. If March renews the decline off December's high, December's low crossing at 1.07700 is the next downside target. First resistance is the 50-day moving average crossing at 1.09538. Second resistance is the January 11th high crossing at 1.10405. First support is the overnight low crossing at 1.08345. Second support is December's low crossing at 1.07700. The March British Pound was 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 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.17387 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 October-December rally crossing at 1.14392 is the next downside target. First resistance is the 20-day moving average crossing at 1.17384. Second resistance is the January 5th high crossing at 1.19155. 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 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 $74.60 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 $74.60. 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 steady to slightly higher overnight as it extends the trading range of the past seven-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 0.069258 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.069258. Second resistance is January 9th high crossing at 0.070490. 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 and sets the stage for a slightly 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 December's low, the November 30th high crossing at $79.56 is the next upside target. Closes below the 20-day moving average crossing at $73.18 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $77.51. Second resistance is the November 30th high crossing at $79.56. First support is the 20-day moving average crossing at $73.18. Second support is last-Wednesday's low crossing at $70.62. Third support is January's low crossing at $69.56. March heating oil was slightly lower overnight as it consolidates some of Thursday's huge rally. Overnight trading sets the stage for a slightly 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 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 2.6056 would signal that a short-term top has been posted. First resistance is the November 30th high crossing at 2.7827. Second resistance is November's high crossing at 2.8707. First support is the 10-day moving average crossing at 2.6611. Second support is the 20-day moving average crossing at 2.6056. March unleaded gas was slightly lower overnight and sets the stage for a slightly 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 50-day moving average crossing at $2.1604 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 the 50-day moving average crossing at $2.1604. Second support is last-Wednesday's low crossing at $2.1030. March natural gas was slightly higher overnight and 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 higher prices are possible near-term. If March renews the decline off January's high, the March-2023 low on the monthly continuation chart crossing at $1.944 is the next downside target. Closes above the 50-day moving average crossing at $2.487 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $2.415. Second resistance is the 50-day moving average crossing at $2.487. 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 lower on Thursday as it consolidates some of the rally off last-Thursday's low. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 18.30 is the next upside target. If March renews the rally off last-Thursday's low, the December 28th high crossing at $19.32 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 posted a key reversal down with a sharply lower close on Thursday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening on Friday. 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 20-day moving average crossing at 43.66 would signal that a short-term top has been posted. First resistance is today's high crossing at 48.40. Second resistance is unknown. First support is the 10-day moving average crossing at 45.17. Second support is the 20-day moving average crossing at 43.66. March sugar closed lower on Thursday 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 Friday. 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 62% retracement level of the November-December decline crossing at 25.05 is the next upside target. Closes below the 20-day moving average crossing at 22.17 would signal that a short-term top has been posted. March cotton closed higher on Thursday as it extends 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 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 75% retracement level of the October-November decline crossing at 87.15 is the next upside target. Closes below the 20-day moving average crossing at 81.89 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the October-November decline crossing at 85.47. Second resistance is the 75% retracement level of the October-November decline crossing at 87.15. First support is the 10-day moving average crossing at 83.28. Second support is the 20-day moving average crossing at 81.89.
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March corn was lower overnight and sets the stage for a 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 20-day moving average crossing at $4.55 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 20-day moving average crossing at $4.55. Second resistance is the 50-day moving average crossing at $4.71 1/4. 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 and sets the stage for a 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 extends the rally off January's low, the December 26th high crossing at $6.39 3/4 is the next upside target. Closes below the 10-day moving average crossing at $5.96 would signal that a short-term top has likely been posted. First resistance is Thursday's high crossing at $6.17 1/4. 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 as it consolidates some of the rally off last-Thursday's low. 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. Multiple closes above the 50-day moving average crossing at $6.30 1/4 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 $6.30 1/4. 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 lower overnight trading as it consolidates some of the rally off last-Thursday's low. Overnight trading sets the stage for a 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 50-day moving average crossing at $7.17 1/4 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 50-day moving average crossing at $7.17 1/4. Second resistance is the December 26th high crossing at $7.31 3/4. First support is the 10-day moving average crossing at $6.97. Second support is last-Thursday's low crossing at $6.78 3/4. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " March soybeans were lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. 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. Closes above Thursday's high crossing at $12.47 1/2 would signal that a short-term low has been posted while opening the door for a larger-degree rebound off last-Thursday's low. First resistance is Thursday's high crossing at $12.47 1/2. 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 lower overnight as it extends Thursday's decline. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning 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 January 17th high crossing at $373.60 would signal that a short-term low has been posted. First resistance is the January 17th high crossing at $373.60. Second resistance is the 50-day moving average crossing at $392.10. 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 steady to slightly higher overnight as it extends this month's trading range. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are becoming 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 May 31st low crossing at 44.49 is the next downside target. Closes above the 50-day moving average crossing at 49.59 are needed to signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 49.59. Second resistance is the December 20th high crossing at 51.69. First support is Thursday's low crossing at 46.12. Second is the May 31st low crossing at 44.49.
The March NASDAQ 100 was slightly lower overnight as it consolidates some of the rally off October's low. Overnight trading sets the stage a slightly 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 January's low into uncharted territory upside targets will be hard to project. Closes below the 20-day moving average crossing at 17,041.34 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 17,793.50. Second resistance is unknown. First support is the 10-day moving average crossing at 17,312.53. Second support is the 20-day moving average crossing at 17,041.34. The March 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 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 is around the 4981.00 area. Closes below the 20-day moving average crossing at 4823.02 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 4933.25. Second resistance is 4981.00. First support is the 10-day moving average crossing at 4858.07. Second support is the 20-day moving average crossing at 4823.07.
March T-bonds were slightly higher overnight. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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. Closes above the 20-day moving average crossing at 121-23 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 121-23. 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 slightly higher overnight and 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, 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 111.265 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 111.265. Second resistance is the January 12th high crossing at 112.265. First support is last-Friday's low crossing at 110.260. Second support is the 38% retracement level of the October-December rally crossing at 110.143.
April hogs closed up $0.45 at $82.48. April hogs closed higher on Thursday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, the 62% retracement level of the 2023-2024 decline crossing at $83.99 is the next upside target. Closes below the 20-day moving average crossing at $77.45 would signal that a short-term top has been posted. First resistance is November's high crossing at $82.80. Second resistance is the 62% retracement level of the 2023-2024 decline crossing at $83.99. First support is the 10-day moving average crossing at $79.23. Second support is the 20-day moving average crossing at $77.45. April cattle closed up $2.25-cents at $180.60. April cattle closed sharply higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned rally, the 50% retracement level of the September-December decline crossing at $182.62 is the next upside target. Closes below the 50-day moving average crossing at $174.22 would signal that a short-term top has been posted. First resistance is today's high crossing at $181.10. Second resistance is the 50% retracement level of the September-December decline crossing at $182.62. First support is the 10-day moving average crossing at $176.83. Second support is the 20-day moving average crossing at $175.15. March Feeder cattle closed up $4.30 at $238.08. March Feeder cattle closed sharply higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are 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 $225.12 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the September-December decline crossing at $240.38. Second resistance is the 62% retracement level of the September-December decline crossing at $247.44. First support is the 20-day moving average crossing at $228.30. Second support the 50-day moving average crossing at $225.12.
April gold was slightly higher in quiet overnight trading. Overnight trading sets the stage for a slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the January 12th high crossing at $2086.70 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If April renews the decline off the late-December high, December's low crossing at $2007.60 is the next downside target. First resistance is the January 12th high crossing at $2086.70. Second resistance is the December 28th high crossing at $2118.00. First support is Thursday's low crossing at $2023.30. Second support is December's low crossing at $2007.60. March silver 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 later this morning. 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 $23.074 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 $23.074. Second resistance is the 50-day moving average crossing at $23.844. 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 slightly higher overnight and sets the stage for a slightly 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, December's high crossing at 3.9740 is the next upside target. Closes below the 10-day moving average crossing at 3.7998 would signal that a short-term top has been posted. First resistance is the Thursday's high crossing at 3.8935. 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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