Summary
The Dow Future has advanced points to . The US Dollar Index moved higher by 0.365 points to 104.287. Gold has retreated 8.410 dollars to 2023.605. Silver has slid 0.1242 dollars to 22.4305. The Dow Industrials gained 134.58 points, at 38654.42, while the S&P 500 rose 52.42 points, last seen at 4958.61. The Nasdaq Composite advanced 267.31 points to 15628.95. Streaming charts of these markets are available at MarketClub
Key Events for Monday
7:30 AM ET. January Challenger Job-Cut Report Job Cuts, M/M% (previous -24%) 8:30 AM ET. 4th Quarter Preliminary Productivity and Costs Non-Farm Productivity, Q/Q% (expected +2.5%; previous +4.7%) Unit Labor Costs (expected +1.1%; previous -0.8%) 8:30 AM ET. U.S. Weekly Export Sales 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims (expected 214K; previous 214K) Jobless Claims, Net Chg (previous +25K) Continuing Claims (previous 1833000) Continuing Claims, Net Chg (previous +27K) 9:45 AM ET. January US Manufacturing PMI PMI, Mfg (expected 50.1; previous 47.9) 10:00 AM ET. January ISM Report On Business Manufacturing PMI Manufacturing PMI (expected 47.2; previous 47.4) Prices Idx (previous 45.2) Employment Idx (previous 48.1) Inventories (previous 44.3) New Orders Idx (previous 47.1) Production Idx (previous 50.3) 10:00 AM ET. December Construction Spending - Construction Put in Place New Construction (expected +0.5%; previous +0.4%) Residential Construction 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) (previous 2856B) Working Gas In Storage, Net Chg (Cbf) (previous -326B) 11:00 AM ET. January Global Manufacturing PMI PMI, Mfg (previous 49.0) 2:00 PM ET. U.S. Securities and Exchange Commission Closed Meeting 4:00 PM ET. January Domestic Auto Industry Sales 4:30 PM ET. Federal Discount Window Borrowings 4:30 PM ET. Foreign Central Bank 8:30 AM ET. January U.S. Employment Report Non-Farm Payrolls (expected +185K; previous +216K) Unemployment Rate (expected 3.8%; previous 3.7%) Avg Hourly Earnings (USD) (previous 34.27) Avg Hourly Earnings-Net Chg (USD) (previous +0.15) Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.44%) Avg Hourly Earnings, Y/Y% (expected +4.1%; previous +4.10%) Overall Workweek (previous 34.3) Overall Workweek Net Chg (previous -0.1) Government Payrolls (previous +52K) Private Payroll (previous +164K) Participation Rate (previous 62.5%) Non-Farm Payrolls Bench Net Chg 10:00 AM ET. December Manufacturers' Shipments, Inventories & Orders (M3) Total Orders, M/M% (expected +0.2%; previous +2.6%) Orders, Ex-Defense, M/M% (previous +3.0%) Orders, Ex-Transport, M/M% (previous +0.1%) Durable Goods, M/M% Durable Goods, M/M% 10:00 AM ET. January University of Michigan Survey of Consumers - final End-Mo Sentiment Idx (expected 79.0; previous 69.7) End-Mo Expectations Idx (previous 67.4) 12-Month Inflation Forecast (previous 3.1%) 5-Year Inflation Forecast (previous 2.9%) End-Mo Current Idx (previous 73.3)
The March Dollar closed higher on Wednesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Thursday'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 last-Wednesday's low crossing at $102.555 would mark a potential downside breakout of the aforementioned trading range. First resistance is Monday's high crossing at $103.640. Second resistance is December's high crossing at $103.875. First support is last-Wednesday's low crossing at $102.555. Second support is December's low crossing at $100.320. The March Euro closed lower on Wednesday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 50-day moving average crossing at 1.09486 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.09486. Second resistance is the January 11th high crossing at 1.10405. First support is today's low crossing at 1.08100. Second support is December's low crossing at 1.07700. March British Pound closed lower on Wednesday as it extends the December-January trading range. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If March renews the decline off December's high, December's low crossing at 1.2509 is the next downside target. 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. 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 the reaction low crossing at 1.2601. Second support is December's low crossing at 1.2509. The March Swiss Franc closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's 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 1.17013 is the next upside target. If March renews 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 1.17013. Second resistance the January 5th high crossing at 1.19155. First support is December's low crossing at 1.14585. Second support is the 62% retracement level of the October-December rally crossing at 1.14392. The March Canadian Dollar closed lower on Wednesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the January 12th high crossing at $75.01 is the next upside target. 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 January 12th high crossing at $75.01. Second resistance is the January 5th high crossing at $75.34. 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 Wednesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Thursday'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 0.068816 would signal that a short-term low has been posted. If March resumes the decline off December's high, November's low crossing at 0.067200 is the next downside target. First resistance is the 20-day moving average crossing at 0.068816. Second resistance is the 50-day moving average crossing at 0.069562. First support is the January 19th low crossing at 0.067810. Second support is November's low crossing at 0.067200.
March crude oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins. 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 $74.06 would signal that a short-term top has been posted. If March extends the rally off December's low, November's high crossing at $82.04 is the next upside target. First resistance is the November 30th high crossing at $79.56. Second resistance is November's high crossing at $82.04. First support is the 10-day moving average crossing at $75.75. Second support is the 20-day moving average crossing at $74.06. March heating oil posted an inside day with a slightly higher close on Wednesday. The mid-range close sets the stage for a steady to slightly higher opening when Thursday's day trading session begins. 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 $2.6513 would signal that a short-term top has been posted. If March extends the rally off December's low, the October 20th high crossing at $2.9613 is the next upside target. First resistance is November's high crossing at $2.8707. Second resistance is the October 20th high crossing at $2.9613. First support is the 10-day moving average crossing at $2.7182. Second support is the 20-day moving average crossing at $2.6513. March unleaded gas closed lower on Wednesday following Monday's key reversal down. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $2.1909 would signal that a short-term top has been posted. If March renews the rally off December's low, the 75% retracement level of the September-December decline crossing at $2.4128 is the next upside target. First resistance is Monday's high crossing at $2.3514. Second resistance is October's high crossing at $2.3679. First support is the 20-day moving average crossing at $2.1909. Second support is the 50-day moving average crossing at $2.1671. March Henry natural gas closed slightly higher on Wednesday as it consolidates some of its recent losses. The high-range close sets the stage for a steady to higher opening when Thursday'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, the March-2023 low on the monthly continuation chart crossing at $1.944 is the next downside target. Closes above the 20-day moving average crossing at $2.372 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $2.334. Second resistance is the 20-day moving average crossing at $2.372. First support is today's low crossing at $2.037. Second support is the March-2023 low on the monthly continuation chart crossing at $1.944.
March coffee closed slightly lower on Wednesday. The mid-range close sets the stage for a steady to slightly lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral signaling that sideways trading is possible near-term. If March renews the rally off January's low, the December 28th high crossing at $19.32 is the next upside target. Closes below the 50-day moving average crossing at 18.48 would signal that a short-term top has been posted. 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-day moving average crossing at 18.48. Second support is the 50% retracement level of the October-December rally crossing at 17.45. March cocoa closed slightly higher on Wednesday as it posted a new high close for the multi-year rally. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 44.70 would signal that a short-term top has been posted. First resistance is today's high crossing at 48.69. Second resistance is unknown. First support is the 10-day moving average crossing at 46.68. Second support is the 20-day moving average crossing at 44.70. March sugar closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews 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 22.73 would signal that a short-term top has been posted. March cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish with today's rally 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 82.69 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 20-day moving average crossing at 82.69. Second support is the 50-day moving average crossing at 81.27.
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March Corn closed up a $0.00 1/2-cent at $4.48 1/4. March corn closed fractionally higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's 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 $4.51 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 $4.51. Second resistance is the 50-day moving average crossing at $4.68 1/4. First support is Tuesday's low crossing at $4.36 1/2. 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 down $0.10 1/4-cents at $5.95 1/4. March wheat posted an inside day with a lower close on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, November's low crossing at $5.56 1/4 is the next downside target. Closes above the 25% retracement level of the July-November decline crossing at $6.19 1/2 would open the door for additional gains near-term. First resistance is the 25% retracement level of the July-November decline crossing at $6.19 1/2. Second resistance is the December 26th high crossing at $6.39 3/4. First support is last-Thursday's low crossing at $5.95 1/4. Second support is November's low crossing at $5.56 1/4. March Kansas City Wheat closed down $0.08 3/4-cents at $6.22. March Kansas City wheat posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, psychological crossing at $5.75 is the next downside target. If March extends the rally off January's low, the December 29th high crossing at $6.48 1/2 is the next upside target. First resistance is last-Friday's high crossing at $6.41. Second resistance is the December 29th high crossing at $6.48 1/2. First support is the January 18th low crossing at $5.86 3/4. Second support is psychological support crossing at $5.75. March Minneapolis wheat closed down $0.07 1/2-cents crossing at $6.92 1/4. March Minneapolis wheat closed lower on Wednesday. The low-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 bearish signaling that sideways to lower prices are possible near-term. If March renews 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. Closes above the 50-day moving average crossing at $7.14 1/4 would signal that a low has been posted. First resistance is the 50-day moving average crossing at $7.14 1/4. Second resistance is the December 26th high crossing at $7.31 3/4. First support is the January 18th 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 $0.03 1/2-cents at $12.22 1/4. March soybeans closed higher on Wednesday following Tuesday's key reversal up that signals that a short-term low might have been posted with Tuesday's low. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at $12.47 1/2 would signal that a short-term low has been posted. 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. First resistance is last-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 Tuesday's low crossing at $11.87 3/4. Second support is the 87% retracement level of the May-July rally crossing at $11.82 1/4. March soybean meal closed up $5.30 at $368.30 March soybean meal closed higher on Wednesday due to short covering but not before posting a new low for the year. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $363.60 would signal that a low has been posted. If March renews the decline off November's high, the December-2021 low crossing at $336.80 is the next downside target. First resistance is the January 17th crossing at $373.60. Second resistance is the 50-day moving average crossing at $387.40. First support is Monday's low crossing at $346.20. Second support is the December-2021 low crossing at $336.80. March soybean oil closed up 2-pts. at 46.02. March soybean oil closed slightly higher on Wednesday as it consolidated some of Monday's loss. The high-range close sets the stage for a steady to higher opening when Thursday'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, last-May's low crossing at 44.49 is the next downside target. Closes above last-Tuesday's high crossing at 48.65 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 48.65. Second resistance is the 50-day moving average crossing at 49.26. First support is Tuesday's low crossing at 44.89. Second support is last-May's low crossing at 44.49.
The Dow posted a key reversal down and closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 the Dow extends the rally off October's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 37,778.18 would confirm that a short-term top has been posted. First resistance is today's high crossing at 38,588.86. Second resistance is unknown. First support is the 20-day moving average crossing at 37,778.18. Second support is the January 18th low crossing at 37,122.95. The March NASDAQ 100 closed lower for the second day in a row on Wednesday while posting a downside breakout of the trading range of the previous five-days. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the rally off October's low into uncharted territory, upside target will be hard to project. Closes below the 20-day moving average crossing at 17,158.20 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 17,793.50. Second resistance is unknown. First support is the 20-day moving average crossing at 17,158.05. Second support is the 50-day moving average crossing at 16,792.18. The March S&P 500 was lower on Wednesday. The low-range close sets the stage for a steady to slightly higher opening when Thursday'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 is around 4981.00. Closes below the 20-day moving average crossing at 4841.71 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 4957.25. Second resistance is projected around 4981.00. First support is the 10-day moving average crossing at 4900.75. Second support is the 20-day moving average crossing at 4841.71.
March T-bonds closed up 30/32's at 122-06. March T-bonds closed higher on Wednesday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 121-08 signals that a short-term low has been posted. If March extends the rally off last-Thursday's low crossing at 119-000, the January 11th high crossing at 123-15 is the next upside target. If March renews the decline off December's high, the 38% retracement level of the October-December rally crossing at 118-24 the next downside target. First resistance is the January 11th high crossing at 123-15. 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 closed up 190-pts. at 112.070. March T-notes closed sharply higher on Wednesday as it renewed the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday's 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 January's low, the January 12th high crossing at 112.265 is the next upside target. If March renews 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 January 12th high crossing at 112.265. Second resistance is December's high crossing at 113.120. First support is the January 19th low crossing at 110.260. Second support is the 38% retracement level of the October-December rally crossing at 110.143.
| | | Livestock Snapshot | | Symbol | Last | Change | % | | | | 0.00% | | | | 0.00% | | | | 0.00% | | | | 0.00% | | April hogs closed up $0.08 at $84.98. April hogs closed slightly higher on Wednesday as it extends the rally off January's low. The high-range close sets the stage for a steady to slightly higher opening when Thursday'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 75% retracement level of the 2023-2024 decline crossing at $86.63 is the next upside target. Closes below the 20-day moving average crossing at $79.37 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the 2023-2024 decline crossing at $86.63. Second resistance is last-June's high crossing at $89.03. First support is the 10-day moving average crossing at $81.57. Second support is the 20-day moving average crossing at $79.37. April cattle closed down $0.83-cents at $180.93. April cattle posted an inside day with a lower close on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought add are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $176.83 would signal that a short-term top has been posted. If April extends the rally off December's low, the 62% retracement level of the September-December decline crossing at $186.71 is the next upside target. First resistance is the 50% retracement level of the September-December decline crossing at $182.62. Second resistance is the 62% retracement level of the September-December decline crossing at $186.71. First support is the 10-day moving average crossing at $179.44. Second support is the 20-day moving average crossing at $176.83. March Feeder cattle closed down $0.75 at $240.58. March Feeder cattle closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 62% retracement level of the September-December decline crossing at $247.44 is the next upside target. Closes below the 20-day moving average crossing at $231.41 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 10-day moving average crossing at $236.16. Second support the 20-day moving average crossing at $231.41.
April gold closed slightly higher on Wednesday as it extends this month's trading range. The low-range close sets the stage for a steady to slightly higher opening when Thursday'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 January 12th high crossing at $2067.30 would confirm that a short-term low has been posted. If April resumes the decline off the late-December high, 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 lower on Wednesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 50-day moving average crossing at 23.784 is the next upside target. Closes below the 10-day moving average crossing at 22.853 would signal that a short-term top has been posted. If March renews 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 50-day moving average crossing at 23.784. Second resistance is the December 22nd high crossing at 24.895. First support is January's low crossing at 22.040. Second support is the 87% retracement level of the October-December rally crossing at 21.842. March copper posted a downside reversal as it closed lower on Wednesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 January's low, December's high crossing at 3.9740 is the next upside target. Closes below the 20-day moving average crossing at 3.8089 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.9470. Second resistance is December's high crossing at 3.9740. First support is the 20-day moving average crossing at 3.8089. Second support is January's low crossing at 3.7145.
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