Summary
The Dow Future has climbed 1 points to 38103. The US Dollar Index climbed 0.091 points to 103.524. Gold is up 3.34 dollars to 2029.71. Silver is higher 0.12250 dollars to 23.05000. The Dow Industrials trended higher 60.30 points, at 38109.43, while the S&P 500 edged lower 3.19 points, last seen at 4890.97. The Nasdaq Composite eased 55.14 points to 15455.36. Streaming charts of these markets are available at MarketClub
Key Events for Monday
10:30 AM ET. January Texas Manufacturing Outlook Survey Business Activity (previous -9.3) Mfg Production Idx (previous 8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% (previous +5.4%) Latest Wk, Y/Y% (previous +5.2%) 9:00 AM ET. November U.S. Monthly House Price Index 9:00 AM ET. November S&P CoreLogic Case-Shiller Indices 10-City Idx, M/M% (previous +0.2%) 10-City Idx, Y/Y% (previous +5.7%) 20-City Idx, M/M% (previous +0.1%) 20-City Idx, Y/Y% (previous +4.9%) National Idx, M/M% (previous +0.2%) National Idx, Y/Y% (previous +4.8%) 10:00 AM ET. January Consumer Confidence Index Cons Conf Idx (previous 110.7) Expectation Idx Present Situation Idx (previous 148.5) 10:00 AM ET. 4th Quarter U.S. Housing Vacancies 10:00 AM ET. December Job Openings & Labor Turnover Survey 4:30 PM ET. API Weekly Statistical Bulletin N/A U.S. Federal Open Market Committee 7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx (previous 218.2) Composite Idx, W/W% (previous +3.7%) Purchase Idx-SA (previous 174.3) Purchase Idx-SA, W/W% (previous +7.5%) Refinance Idx (previous 438.4) Refinance Idx, W/W% (previous -7.0%) 8:15 AM ET. January ADP National Employment Report Private Sector Jobs, Net Chg (previous +164000) 8:30 AM ET. 4th Quarter Employment Cost Index ECI, Q/Q% (previous +1.1%) ECI, Y/Y% (previous +4.3%) 9:45 AM ET. January Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI PMI-Adj (previous 46.9) 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) (previous 420.678M) Crude Oil Stocks, Net Chg (Bbl) (previous -9.233M) Gasoline Stocks (Bbl) (previous 252.977M) Gasoline Stocks, Net Chg (Bbl) (previous +4.912M) Distillate Stocks (Bbl) (previous 133.336M) Distillate Stocks, Net Chg (Bbl) (previous -1.417M) Refinery Usage (previous 85.5%) Total Prod Supplied (Bbl/day) (previous 19.556M) Total Prod Supplied, Net Chg (Bbl/day) (previous -0.313M) 2:00 PM ET U.S. interest rate decision Federal Funds Rate Federal Funds Rate Change (Pts) Fed Funds Rate-Range High (previous 5.50) Fed Funds Rate-Range Low (previous 5.25) FOMC Vote For Action (previous 12) FOMC Vote Against Action (previous 0) Discount Rate (previous 5.50) Discount Rate Change (Pts) (previous +0) Discount Rate-Range High Discount Rate-Range Low 3:00 PM ET. December Agricultural Prices Farm Prices, M/M% (previous -0.1%)
The March Dollar was slightly higher overnight as it extends the trading range of the past two-weeks. Overnight trading sets the stage for a slightly higher 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 resumes 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 $102.664 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 20-day moving average crossing at $102.664. Second support is the January 5th low crossing at $101.615. The March Euro was slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews 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 1.09522 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.09522. Second resistance is the January 11th high crossing at 1.10405. First support is last-Friday's low crossing at 1.08345. Second support is December's low crossing at 1.07700. The March British Pound was slightly lower while extending the December-January trading range. Overnight trading sets the stage for a slightly lower opening when the 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 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 the January 17th low crossing at 1.2601 would mark a potential 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 the January 17th low crossing at 1.2601. Second support is December's low crossing at 1.2509. The March Swiss Franc was steady to slightly 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 slightly higher opening when the 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 1.17214 would signal that a short-term low has been posted. 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 1.17214. 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 slightly higher overnight and sets the stage for a slightly higher opening when the 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 $74.55 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 $74.55. 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 two-weeks. 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 0.069069 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.069069. Second resistance is January 9th high crossing at 0.070490. First support is the January 19th low crossing at 0.067810. Second support is November's low crossing at 0.067200.
March crude oil was slightly higher overnight as it extends the rally off December's low. Overnight trading 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 December's low, the November 30th high crossing at $79.56 is the next upside target. Closes below the 10-day moving average crossing at $75.01 would signal that a short-term top has been posted. 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 $75.01. Second support is the 20-day moving average crossing at $81.52. March heating oil was slightly higher overnight as it extends the rally off December's low. Overnight trading 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, November's high crossing at 2.8707 is the next upside target. Closes below the 10-day moving average crossing at 2.6873 would signal that a short-term top has been posted. First resistance is November's high crossing at 2.8707. Second resistance is the 75% retracement level of the September-December decline crossing at 2.8962. First support is the 10-day moving average crossing at 2.6866. Second support is the 20-day moving average crossing at 2.6237. March unleaded gas was slightly lower overnight due to light profit taking after failing to test resistance marked by the October 20th high crossing at 2.3679. 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 signal sideways to higher prices are possible near-term. If March extends the rally off January's low, the 75% retracement level of the September-December decline crossing at $2.4128 is the next upside target. Closes below the 10-day moving average crossing at $2.2364 would signal that a short-term top has been posted. First resistance is the October 20th high crossing at $2.3679. Second resistance is the 75% retracement level of the September-December decline crossing at $2.4128. First support is the 10-day moving average crossing at $2.2365. Second support is the 20-day moving average crossing at $2.1789. March natural 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 oversold but remain neutral to bearish signaling that sideways to lower 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 20-day moving average crossing at $2.401 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $2.401. Second resistance is the 50-day moving average crossing at $2.468. First support is last-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 sharply higher on Friday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews 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 18.35 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 higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If March extends the rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 43.87 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 48.40. Second resistance is unknown. First support is the 10-day moving average crossing at 45.52. Second support is the 20-day moving average crossing at 43.87. March sugar closed lower on Friday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to 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 22.27 would signal that a short-term top has been posted. March cotton closed sharply lower on Friday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to 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 82.08 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 83.58. Second support is the 20-day moving average crossing at 82.08.
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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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at $4.53 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $4.53 1/4. Second resistance is the 50-day moving average crossing at $4.70. First support is the January 18th low crossing at $4.36 3/4. Second support is the 75% retracement level of the 2020-2022 rally on the monthly continuation chart crossing at $4.30 3/4. March wheat was lower overnight as it extends the decline off last-Thursday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $5.96 would signal that a short-term top has likely been posted. If March renews the rally off January's low, the December 26th high crossing at $6.39 3/4 is the next upside target. First resistance is last-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 the January 18th 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 extends the decline off last-Friday's high. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, psychological support crossing at $5.75 is the next downside target. Multiple closes above last-Friday's high crossing at $6.41 would signal that a short-term low has been posted. 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 was lower overnight trading as it consolidates some of the rally off the January 18th low. 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 December's high, psychological support crossing at $6.75 is the next downside target. Closes above the 50-day moving average crossing at $7.16 1/4 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at $7.16 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 $6.96 1/2. Second support is the January 18th 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 becoming oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off the December 12th high, the 87% retracement level of the May-July rally crossing at $11.82 1/4 is the next downside target. Closes above last-Thursday's high crossing at $12.47 1/2 would signal that a short-term low has been posted. 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 the overnight low crossing at $11.98. 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 the decline off November's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the December-2021 low crossing at $336.80 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 July-2022 low crossing at $347.30. Second support is the December-2021 low crossing at $336.80. March soybean oil was steady to slightly 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 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 49.49 are needed to signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 49.49. Second resistance is the December 20th high crossing at 51.69. First support is last-Friday's low crossing at 46.08. Second is the May 31st low crossing at 44.49.
The March NASDAQ 100 was higher overnight and 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 17,068.80 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 10-day moving average crossing at 17,372.65. Second support is the 20-day moving average crossing at 17,068.80. The March S&P 500 was steady to 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 October's low, the next projected upside target is around the 4981.00 area. Closes below the 20-day moving average crossing at 4827.38 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 4933.25. Second resistance is 4981.00. First support is the 10-day moving average crossing at 4868.35. Second support is the 20-day moving average crossing at 4827.39.
March T-bonds were higher overnight. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold 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 121-15 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 121-15. Second resistance is the January 11th high crossing at 123-15. 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 as it extends the trading range of the past seven-trading 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, 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 111.236 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 111.236. Second resistance is the January 12th high crossing at 112.265. 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.
April hogs closed up $0.65 at $83.20. April hogs closed higher on Friday as it extends the rally off January's low. The mid-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, September's high crossing at $86.05 is the next upside target. Closes below the 20-day moving average crossing at $77.82 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the 2023-2024 decline crossing at $83.99. Second resistance is September's high crossing at $86.05. First support is the 10-day moving average crossing at $79.65. Second support is the 20-day moving average crossing at $77.82. April cattle closed up $0.80-cents at $181.50. April cattle closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to 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 $174.30 would signal that a short-term top has been posted. First resistance is today's high crossing at $182.15. 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 $177.53. Second support is the 20-day moving average crossing at $175.58. March Feeder cattle closed up $1.68 at $239.85. March Feeder cattle closed higher on Friday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 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 $229.03 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 $229.03. Second support the 50-day moving average crossing at $225.31.
April gold was 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 later this morning. Stochastics and the RSI are diverging and turning neutral to bullish signaling that sideways to higher prices are 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 last-Thursday's low crossing at $2023.30. Second support is December's low crossing at $2007.60. March silver was slightly higher overnight and is poised to extend the rally off the January 22nd low. 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 $23.018 would signal that a short-term low has been posted while opening the door for additional short-covering gains into early-February. 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 $23.018. Second resistance is the 50-day moving average crossing at $23.826. 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 3.8052 would signal that a short-term top has been posted. First resistance is the last-Thursday's high crossing at 3.8935. Second resistance is December's high crossing at 3.9740. First support is the 10-day moving average crossing at 3.8052. Second support is the 62% retracement level of the October-December rally crossing at 3.717.
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