The March NASDAQ 100 closed higher for the sixth day in a row on Monday as it extends the Santa Claus rally. The mid-
range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning
neutral hinting that a short-term top might be in or is near. I am looking for a lower close on Tuesday as the market is overdue
for a correction. Closes below the 20-day moving average crossing at 1804.77 would confirm that a short-term top has been
posted. If March extends this month's rally, the 75% retracement level of the 2007-2008-decline on the weekly continuation
chart crossing at 1947.00 is the next upside target. First resistance is today's high crossing at 1881.50. Second resistance is the
75% retracement level of the 2007-2008-decline crossing at 1947.00. First support is the 10-day moving average crossing at
1825.17. Second support is the 20-day moving average crossing at 1804.77.
The March S&P 500 index closed slightly higher on Monday as it extended last week's rally while marking a new high for the
year. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought but remain
neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, the 62%
retracement level of the 2007-2008-decline crossing at 1155.15 is the next upside target. Closes below the 20-day moving
average crossing at 1102.91 are needed to confirm that a short-term top has been posted. First resistance is today's high
crossing at 1126.00. Second resistance is the 62% retracement level of the 2007-2008-decline crossing at 1155.15. First support
is the 10-day moving average crossing at 1108.98. Second support is the 20-day moving average crossing at 1102.91.
The Dow closed higher due to a late-session rally on Monday as it extended last week's rally. The high-range close sets the
stage for a steady to higher opening on Tuesday. Stochastics and the RSI are becoming overbought but remain bullish signaling
that sideways to higher prices are possible near-term. If the Dow renews this year's rally, the 62% retracement level of the
2007-2008-decline crossing at 11249 is the next upside target. Closes below the reaction low crossing at 10231 are needed to
confirm that a short-term top has been posted. First resistance is today's high crossing at 10551. Second resistance is the 62%
retracement level of the 2007-2008-decline crossing at 11249. First support is the 10-day moving average crossing at 10,441.
Second support is the 20-day moving average crossing at 10,416.
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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest
March T-bonds closed down 7/32's at 115-00.
March T-bonds closed lower on Monday as it extended this month's decline. The mid-range close sets the stage for a steady to
lower opening on Tuesday. 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 75% retracement level of this year's rally
crossing at 113-11 is the next downside target. Closes above the 20-day moving average crossing at 118-13 are needed to
confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 116-30. Second
resistance is the 20-day moving average crossing at 118-13. First support is today's low crossing at 114-26. Second support is
the 75% retracement level of this year's rally crossing at 113-11.
ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy
February crude oil closed higher for the fourth day in a row on Monday as it extends last week's rally above the 20-day moving
average. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish
signaling that sideways to higher prices are possible near-term. If February extends today's rally, the reaction high crossing at
80.40 is the next upside target. Closes below last Tuesday's low crossing at 72.72 would confirm that a short-term top has been
posted. First resistance is today's high crossing at 79.12. Second resistance is the reaction high crossing 80.40. First support is
the 20-day moving average crossing at 75.41. Second support is the 10-day moving average crossing at 74.89.
February heating oil closed higher on Monday as it extends last week's rally above the 20-day moving average. The high-range
close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If February extends today's rally, the reaction high crossing at 212.62 is the
next upside target. Closes below last Tuesday's low crossing at 193.55 are needed to confirm that a short-term top has been
posted. First resistance is today's high crossing at 209.89. Second resistance is the reaction high crossing at 212.62. First
support is the 20-day moving average crossing at 200.81. Second support is the 10-day moving average crossing at 199.13.
February unleaded gas closed higher on Monday as it extends last week's rally. The high-range close sets the stage for a steady
to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that a short-term low might be in or is near. If
February extends this rally, the reaction high crossing at 208.48 is the next upside target. Closes below the 10-day moving
average crossing at 192.62 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing
at 204.77. Second resistance is the reaction high crossing at 208.48. First support is the 20-day moving average crossing at
194.72. Second support is the 10-day moving average crossing at 192.62.
February Henry natural gas closed higher on Monday as it extends this month's rally. The high-range close sets the stage for a
steady to higher opening on Tuesday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways
to higher prices are possible near-term. If February extends this month's rally, the 87% retracement level of this fall's decline
crossing at 6.077 is the next upside target. Closes below the 20-day moving average crossing at 5.328 would temper the near-
term friendly outlook in the market. First resistance is today's high crossing at 6.011. Second resistance is the 87% retracement
level of this fall's decline crossing at 6.077. First support is the 10-day moving average crossing at 5.715. Second support is the
20-day moving average crossing at 5.328.
CURRENCIES
The March Dollar closed lower due to profit taking on Monday as it consolidated some of this month's rally. The low-range
close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning bearish
hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 77.91 would signal that
a short-term top has likely been posted. Closes below the 20-day moving average crossing at 76.90 would confirm that a short-
term top has been posted. If March extends its current rally, the 38% retracement level of the 2008-2009-decline crossing at
79.72 is the next upside target. First resistance is last Tuesday's high crossing at 78.77. Second resistance is the 38%
retracement level of the 2008-2009-decline crossing at 79.72. First support is the 10-day moving average crossing at 77.91.
Second support is the 20-day moving average crossing at 76.90.
The March Euro closed higher due to short covering on Monday as it consolidated some of this month's decline. The mid-range
close sets the stage for a steady to higher opening on Tuesday. 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 146.245 are needed to
confirm that a short-term low has been posted. If March renews this month's decline, the 38% retracement level of the 2008-
2009-rally crossing at 140.976 is the next downside target. First resistance is the 10-day moving average crossing at 143.952.
Second resistance is the 20-day moving average crossing at 146.245. First support is last Tuesday's low crossing at 142.150.
Second support is the 38% retracement level of the 2008-2009-rally crossing at 140.976.
The March British Pound closed higher due to short covering on Monday as it consolidated some of this month's decline. The
high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If March extends this month's decline, October's low crossing at
1.5718 is the next downside target. Closes above the 20-day moving average crossing at 1.6251 would confirm that a short-term
low has been posted. First resistance is the 10-day moving average crossing at 1.6098. Second resistance is the 20-day moving
average crossing at 1.6251. First support is last Tuesday's low crossing at 1.5912. Second support is October's low crossing at
1.5718.
The March Swiss Franc closed higher due to short covering on Monday as it extends last week's rally above the 10-day moving
average crossing at .9612. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 .9731 are needed to confirm that a short-term low has been posted. If March renews this month's decline, the 38%
retracement level of the 2008-2009-rally crossing at .9399 is the next downside target. First resistance is last Thursday's high
crossing at .9694. Second resistance is the 20-day moving average crossing at .9731. First support is the reaction low crossing
at .9522. Second support is the 38% retracement level of the 2008-2009-rally crossing at .9399.
The March Canadian Dollar closed higher on Monday as it extends the rally off last week's low and the trading range of the
past eight weeks. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 96.08 or
below 92.80 are needed to confirm a breakout of November's trading range and point the direction of the next trending move.
First resistance is Monday's high crossing at 94.91. Second resistance is the reaction high crossing at 96.08. First support is the
reaction low crossing at 93.03. Second support is the reaction low crossing at 92.80.
The March Japanese Yen closed higher due to short covering on Monday as it consolidates some of this month's decline. The
mid-range close sets the stage for a steady opening on Tuesday. 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 November's high,
October's low crossing at .10847 is the next downside target. Closes above the 20-day moving average crossing at .11190
would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .11036. Second
resistance is the 20-day moving average crossing at .11190. First support is last week's low crossing at .10888. Second support
is October's low crossing at .10847.
PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals
February gold closed higher due to short covering on Monday but remains below the 10-day moving average crossing at
1109.00. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold and are
turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1137.40
are needed to confirm that a short-term low has been posted. If February renews this month's decline, the 38% retracement level
of this year's rally crossing at 1032.60 is the next downside target. First resistance is the 10-day moving average crossing at
1109.00. Second resistance is the 20-day moving average crossing at 1137.40. First support is last Tuesday's low crossing at
1075.20. Second support is the 38% retracement level of this year's rally crossing at 1032.60.
March silver closed higher due to short covering on Monday while extending this month's trading range. The mid-range close
sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold, diverging and are turning bullish hinting
that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 17.779 are needed to confirm
that a short-term low has been posted. If March renews this month's decline, the reaction low crossing at 16.155 is the next
downside target. First resistance is the 20-day moving average crossing at 17.779. Second resistance is this month's high
crossing at 19.500. First support is last Tuesday's low crossing at 16.780. Second support is the reaction low crossing at
16.155.
March copper closed higher on Monday as it extends last Thursday's rally and posted a new high for the year. The high-range
close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to
higher prices are possible near-term. If March extends today's rally, the 87% retracement level of the 2008-decline crossing at
347.94 is the next upside target. Closes below the 20-day moving average crossing at 318.82 are needed to confirm that a short-
term top has been posted. First resistance is today's high crossing at 334.40. Second resistance is the 87% retracement level of
the 2008-decline crossing at 347.94. First support is the 20-day moving average crossing at 318.82. Second support is the
reaction low crossing at 308.15.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food
March coffee closed sharply lower on Monday as it extended last week's decline. The low-range close sets the stage for a steady
to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-
term. If March extends this decline, the reaction low crossing at 13.40 is the next downside target. Closes above the 10-day
moving average crossing at 14.40 would temper the near-term bearish outlook.
March cocoa closed lower on Monday as it renewed the decline off this month's high. The low-range close sets the stage for a
steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways
to lower prices are possible near-term. If March extends today's decline, October's low crossing at 31.02 is the next downside
target. Closes above the 20-day moving average crossing at 33.44 would temper the bearish outlook.
March sugar closed slightly higher on Monday as it extends the rally off November's low. Profit taking tempered early session
gains and the low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought
but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's
rally, weekly resistance crossing at 28.60 is the neutral upside target. Closes below the 20-day moving average crossing at
24.48 would confirm that a short-term top has been posted.
March cotton gapped up and closed above the 10-day moving average crossing at 75.00 on Monday as it consolidated some of
last week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are
turning neutral to bullish with today's rally signaling that sideways to higher prices are possible near-term. Closes above the
reaction high crossing at 76.58 are needed to renew this year's rally while opening the door for a possible test of the 62%
retracement level of the 2008-decline crossing at 80.83. Closes below the reaction low crossing at 72.80 would confirm a
downside breakout of this month's trading range and would open the door for a larger-degree decline into early-January.
GRAINS http://quotes.ino.com/exchanges/?c=grains
March Corn closed up 7 1/2-cents at 4.16.
March corn gapped up and closed above the previous reaction high crossing at 4.13 1/4 on Monday. The corn market has
started the final week of the year on a very positive note. Early gains were trimmed, but corn appears to be attracting fresh
outside buying. The mid-range close sets the stage for a steady to higher opening on Tuesday although I would not be surprised
to see a steady to lower close tomorrow due to some profit taking to bank some of March's recent gains. Stochastics and the
RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes above 4.24 1/2 or below 3.77 1/2 are
needed to confirm a trading range breakout and point the direction of the next trending move. First resistance is today's high
crossing at 4.18 1/2. Second resistance is the reaction high crossing at 4.21. First support is the 20-day moving average
crossing at 4.01 1/4. Second support is the reaction low crossing at 3.91.
March wheat closed up 26 1/4-cents at 5.50 3/4.
March wheat closed sharply higher on Monday and above the 20-day moving average crossing at 5.44 1/4 too confirm that a
short-term low has been posted. Today's rally appears to be technical in nature with some support from outside markets.
However, the long-term fundamentals remain unchanged and they alone do not warrant today's strong rally. Nevertheless, the
high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish signaling
that sideways to higher prices are possible near-term. If March extends today's rally, the December 4th gap crossing at 5.70 is
the next upside target. Closes below today's gap crossing at 5.26 are needed to confirm that a short-term top has been posted.
First resistance is today's high crossing at 5.51. Second resistance is the December 4th gap crossing at 5.70. First support is
today's gap crossing at 5.26. Second support is the reaction low crossing at 5.14 1/2.
March Kansas City Wheat closed up 24 1/2-cents at 5.46.
March Kansas City Wheat gapped up and closed above the 20-day moving average crossing at 5.36 1/2 on Monday confirming
that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If March extends
today's rally, the reaction high crossing at 5.86 is the next upside target. Closes below today's gap crossing at 5.21 1/2 are
needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 5.46. Second resistance is
the reaction high crossing at 5.86. First support is today's gap crossing at 5.21 1/2. Second support is the reaction low crossing
at 5.10.
March Minneapolis wheat closed up 25 1/4-cents at 5.56 3/4.
March Minneapolis wheat gapped up and closed above the 20-day moving average crossing at 5.50 on Monday confirming that
a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics
and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally,
the reaction high crossing at 5.97 1/4 is the next upside target. Closes below the 10-day moving average crossing at 5.37 1/4
would confirm that a short-term top has been posted. First resistance is today's high crossing at 5.57 1/4. Second resistance is
the reaction high crossing at 5.97 1/4. First support is last Tuesday's low crossing at 5.23. Second support is the reaction low
crossing at 5.05.
SOYBEAN COMPLEX
March soybeans closed up 30-cents at 10.38.
March soybeans gapped up and closed above the 10-day moving average crossing at 10.30 1/4 due to short covering on
Monday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on
Tuesday. Stochastics and the RSI are oversold and are turning bullish with today's rally signaling that sideways to higher prices
are possible near-term. Closes above the 20-day moving average crossing at 10.40 1/2 would confirm that a short-term low has
been posted while opening the door for a possible retest of this month's high crossing at 10.83 in early-January. If March
renews this month's decline, the 50% retracement level of this fall's rally crossing at 9.86 1/2 is the next downside target. First
resistance is the 20-day moving average crossing at 10.40 1/2. Second resistance is the December 17th gap crossing at 10.59
1/2. First support is today's gap crossing at 10.16. Second support is last Tuesday's low crossing at 9.93.
March soybean meal closed up $8.60 at $304.90.
March soybean meal closed higher on Monday and above the 20-day moving average crossing at 304.50 to confirm that a short-
term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the
RSI are oversold and are turning bullish signaling that sideways to higher prices are possible near-term. If March extends
today's rally, this month's high crossing at 316.50 is the next upside target. If March renews the decline off this month's high,
the 50% retracement level of the October-December rally crossing at 290.30 is the next downside target. First resistance is
today's high crossing at 305.00. Second resistance is this month's high crossing at 316.50. First support is last Tuesday's low
crossing at 292.50. Second support is the 50% retracement level of this fall's rally crossing at 290.30.
March soybean oil closed up 119 pts. at 40.05.
March soybean oil gapped up and closed above the 20-day moving average crossing at 39.92 on Monday confirming that a
short-term low has been posted. Spillover strength from the rest of the soybean complex and grains along with strength in the
energy markets helped to support today's rally. The high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If March extends
today's rally, the reaction high crossing at 40.75 is the next upside target. Closes below today's gap crossing at 38.95 would
confirm that a short-term top has been posted. First resistance is today's high crossing at 40.10. Second resistance is the
reaction high crossing at 40.75. First support is today's gap crossing at 38.95. Second support is last Tuesday's low crossing at
38.06.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.90 at $64.70.
February hogs closed higher due to short covering on Monday as it consolidated some of last Thursday's decline. The high-
range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling
that sideways to lower prices are possible near-term. If March extends last Thursday's decline, the August-October uptrend line
crossing near 62.61 is the next downside target. Closes above the 20-day moving average crossing at 65.70 are needed to
confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 65.40. Second
resistance is the 20-day moving average crossing at 65.70. First support is last Thursday's low crossing at 63.70. Second
support is the August-October uptrend line crossing near 62.61.
February bellies closed down $1.15 at $86.50.
February bellies closed lower due to profit taking on Monday as it consolidates some of last week's rally. The low-range close
sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways to higher
prices are possible near-term. If February renews last week's rally, the reaction high crossing at 91.80 is the next upside target.
Closes below the 20-day moving average crossing at 86.10 would confirm that a short-term top has been posted. First resistance
is last Tuesday's high crossing at 88.70. Second resistance is the reaction high crossing at 91.80. First support is the 20-day
moving average crossing at 86.10. Second support is last Monday's low crossing at 84.60.
February cattle closed up $0.63 at 85.38.
February cattle closed higher on Monday as it consolidated some of last Thursday's decline. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If February extends this month's rally, the reaction high crossing at 86.00 is the next upside
target. Closes below the 20-day moving average crossing at 84.18 are needed to confirm that a short-term top has been posted.
First resistance is last Tuesday's high crossing at 85.85. Second resistance is the reaction high crossing at 86.00. First support
is the 10-day moving average crossing at 84.89. Second support is the 20-day moving average crossing at 84.18.
March feeder cattle closed up $1.12 at $94.95.
March Feeder cattle closed higher on Monday and the high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March
extends this month's rally, the November 11th gap crossing at 95.50 is the next upside target. Closes below the 20-day moving
average crossing at 93.67 are needed to confirm that a short-term top has been posted. First resistance is last Monday's high
crossing at 95.25. Second resistance is the November 11th gap crossing at 95.50. First support is the 20-day moving average
crossing at 93.67. Second support is the reaction low crossing at 92.65.
February gold closed higher due to short covering on Monday but remains below the 10-day moving average crossing at
1109.00. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold and are
turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1137.40
are needed to confirm that a short-term low has been posted. If February renews this month's decline, the 38% retracement level
of this year's rally crossing at 1032.60 is the next downside target. First resistance is the 10-day moving average crossing at
1109.00. Second resistance is the 20-day moving average crossing at 1137.40. First support is last Tuesday's low crossing at
1075.20. Second support is the 38% retracement level of this year's rally crossing at 1032.60.
March silver closed higher due to short covering on Monday while extending this month's trading range. The mid-range close
sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold, diverging and are turning bullish hinting
that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 17.779 are needed to confirm
that a short-term low has been posted. If March renews this month's decline, the reaction low crossing at 16.155 is the next
downside target. First resistance is the 20-day moving average crossing at 17.779. Second resistance is this month's high
crossing at 19.500. First support is last Tuesday's low crossing at 16.780. Second support is the reaction low crossing at
16.155.
March copper closed higher on Monday as it extends last Thursday's rally and posted a new high for the year. The high-range
close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to
higher prices are possible near-term. If March extends today's rally, the 87% retracement level of the 2008-decline crossing at
347.94 is the next upside target. Closes below the 20-day moving average crossing at 318.82 are needed to confirm that a short-
term top has been posted. First resistance is today's high crossing at 334.40. Second resistance is the 87% retracement level of
the 2008-decline crossing at 347.94. First support is the 20-day moving average crossing at 318.82. Second support is the
reaction low crossing at 308.15.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food
March coffee closed sharply lower on Monday as it extended last week's decline. The low-range close sets the stage for a steady
to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-
term. If March extends this decline, the reaction low crossing at 13.40 is the next downside target. Closes above the 10-day
moving average crossing at 14.40 would temper the near-term bearish outlook.
March cocoa closed lower on Monday as it renewed the decline off this month's high. The low-range close sets the stage for a
steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways
to lower prices are possible near-term. If March extends today's decline, October's low crossing at 31.02 is the next downside
target. Closes above the 20-day moving average crossing at 33.44 would temper the bearish outlook.
March sugar closed slightly higher on Monday as it extends the rally off November's low. Profit taking tempered early session
gains and the low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought
but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's
rally, weekly resistance crossing at 28.60 is the neutral upside target. Closes below the 20-day moving average crossing at
24.48 would confirm that a short-term top has been posted.
March cotton gapped up and closed above the 10-day moving average crossing at 75.00 on Monday as it consolidated some of
last week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are
turning neutral to bullish with today's rally signaling that sideways to higher prices are possible near-term. Closes above the
reaction high crossing at 76.58 are needed to renew this year's rally while opening the door for a possible test of the 62%
retracement level of the 2008-decline crossing at 80.83. Closes below the reaction low crossing at 72.80 would confirm a
downside breakout of this month's trading range and would open the door for a larger-degree decline into early-January.
GRAINS http://quotes.ino.com/exchanges/?c=grains
March Corn closed up 7 1/2-cents at 4.16.
March corn gapped up and closed above the previous reaction high crossing at 4.13 1/4 on Monday. The corn market has
started the final week of the year on a very positive note. Early gains were trimmed, but corn appears to be attracting fresh
outside buying. The mid-range close sets the stage for a steady to higher opening on Tuesday although I would not be surprised
to see a steady to lower close tomorrow due to some profit taking to bank some of March's recent gains. Stochastics and the
RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes above 4.24 1/2 or below 3.77 1/2 are
needed to confirm a trading range breakout and point the direction of the next trending move. First resistance is today's high
crossing at 4.18 1/2. Second resistance is the reaction high crossing at 4.21. First support is the 20-day moving average
crossing at 4.01 1/4. Second support is the reaction low crossing at 3.91.
March wheat closed up 26 1/4-cents at 5.50 3/4.
March wheat closed sharply higher on Monday and above the 20-day moving average crossing at 5.44 1/4 too confirm that a
short-term low has been posted. Today's rally appears to be technical in nature with some support from outside markets.
However, the long-term fundamentals remain unchanged and they alone do not warrant today's strong rally. Nevertheless, the
high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish signaling
that sideways to higher prices are possible near-term. If March extends today's rally, the December 4th gap crossing at 5.70 is
the next upside target. Closes below today's gap crossing at 5.26 are needed to confirm that a short-term top has been posted.
First resistance is today's high crossing at 5.51. Second resistance is the December 4th gap crossing at 5.70. First support is
today's gap crossing at 5.26. Second support is the reaction low crossing at 5.14 1/2.
March Kansas City Wheat closed up 24 1/2-cents at 5.46.
March Kansas City Wheat gapped up and closed above the 20-day moving average crossing at 5.36 1/2 on Monday confirming
that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If March extends
today's rally, the reaction high crossing at 5.86 is the next upside target. Closes below today's gap crossing at 5.21 1/2 are
needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 5.46. Second resistance is
the reaction high crossing at 5.86. First support is today's gap crossing at 5.21 1/2. Second support is the reaction low crossing
at 5.10.
March Minneapolis wheat closed up 25 1/4-cents at 5.56 3/4.
March Minneapolis wheat gapped up and closed above the 20-day moving average crossing at 5.50 on Monday confirming that
a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics
and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally,
the reaction high crossing at 5.97 1/4 is the next upside target. Closes below the 10-day moving average crossing at 5.37 1/4
would confirm that a short-term top has been posted. First resistance is today's high crossing at 5.57 1/4. Second resistance is
the reaction high crossing at 5.97 1/4. First support is last Tuesday's low crossing at 5.23. Second support is the reaction low
crossing at 5.05.
SOYBEAN COMPLEX
March soybeans closed up 30-cents at 10.38.
March soybeans gapped up and closed above the 10-day moving average crossing at 10.30 1/4 due to short covering on
Monday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on
Tuesday. Stochastics and the RSI are oversold and are turning bullish with today's rally signaling that sideways to higher prices
are possible near-term. Closes above the 20-day moving average crossing at 10.40 1/2 would confirm that a short-term low has
been posted while opening the door for a possible retest of this month's high crossing at 10.83 in early-January. If March
renews this month's decline, the 50% retracement level of this fall's rally crossing at 9.86 1/2 is the next downside target. First
resistance is the 20-day moving average crossing at 10.40 1/2. Second resistance is the December 17th gap crossing at 10.59
1/2. First support is today's gap crossing at 10.16. Second support is last Tuesday's low crossing at 9.93.
March soybean meal closed up $8.60 at $304.90.
March soybean meal closed higher on Monday and above the 20-day moving average crossing at 304.50 to confirm that a short-
term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the
RSI are oversold and are turning bullish signaling that sideways to higher prices are possible near-term. If March extends
today's rally, this month's high crossing at 316.50 is the next upside target. If March renews the decline off this month's high,
the 50% retracement level of the October-December rally crossing at 290.30 is the next downside target. First resistance is
today's high crossing at 305.00. Second resistance is this month's high crossing at 316.50. First support is last Tuesday's low
crossing at 292.50. Second support is the 50% retracement level of this fall's rally crossing at 290.30.
March soybean oil closed up 119 pts. at 40.05.
March soybean oil gapped up and closed above the 20-day moving average crossing at 39.92 on Monday confirming that a
short-term low has been posted. Spillover strength from the rest of the soybean complex and grains along with strength in the
energy markets helped to support today's rally. The high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If March extends
today's rally, the reaction high crossing at 40.75 is the next upside target. Closes below today's gap crossing at 38.95 would
confirm that a short-term top has been posted. First resistance is today's high crossing at 40.10. Second resistance is the
reaction high crossing at 40.75. First support is today's gap crossing at 38.95. Second support is last Tuesday's low crossing at
38.06.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.90 at $64.70.
February hogs closed higher due to short covering on Monday as it consolidated some of last Thursday's decline. The high-
range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling
that sideways to lower prices are possible near-term. If March extends last Thursday's decline, the August-October uptrend line
crossing near 62.61 is the next downside target. Closes above the 20-day moving average crossing at 65.70 are needed to
confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 65.40. Second
resistance is the 20-day moving average crossing at 65.70. First support is last Thursday's low crossing at 63.70. Second
support is the August-October uptrend line crossing near 62.61.
February bellies closed down $1.15 at $86.50.
February bellies closed lower due to profit taking on Monday as it consolidates some of last week's rally. The low-range close
sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways to higher
prices are possible near-term. If February renews last week's rally, the reaction high crossing at 91.80 is the next upside target.
Closes below the 20-day moving average crossing at 86.10 would confirm that a short-term top has been posted. First resistance
is last Tuesday's high crossing at 88.70. Second resistance is the reaction high crossing at 91.80. First support is the 20-day
moving average crossing at 86.10. Second support is last Monday's low crossing at 84.60.
February cattle closed up $0.63 at 85.38.
February cattle closed higher on Monday as it consolidated some of last Thursday's decline. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If February extends this month's rally, the reaction high crossing at 86.00 is the next upside
target. Closes below the 20-day moving average crossing at 84.18 are needed to confirm that a short-term top has been posted.
First resistance is last Tuesday's high crossing at 85.85. Second resistance is the reaction high crossing at 86.00. First support
is the 10-day moving average crossing at 84.89. Second support is the 20-day moving average crossing at 84.18.
March feeder cattle closed up $1.12 at $94.95.
March Feeder cattle closed higher on Monday and the high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March
extends this month's rally, the November 11th gap crossing at 95.50 is the next upside target. Closes below the 20-day moving
average crossing at 93.67 are needed to confirm that a short-term top has been posted. First resistance is last Monday's high
crossing at 95.25. Second resistance is the November 11th gap crossing at 95.50. First support is the 20-day moving average
crossing at 93.67. Second support is the reaction low crossing at 92.65.
E X T R E M E F U T U R E S
____________________________________________________________________________
Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/
WINNERS
BCX.Q11 CBOT SOYBEAN CRUSH INDEX Aug 2011 77.00 5.50 +7.69
NG.F10 NATURAL GAS Jan 2010 5.990 0.347 +5.89
YW.H10 WHEAT (MINI) Mar 2010 550.75 26.25 +5.02
W.H10 WHEAT Mar 2010 550.75 26.25 +4.99
KW.K10 HARD RED WINTER WHEAT May 2010 557.75 24.75 +4.67
BO.H10 SOYBEAN OIL Mar 2010 40.05 1.19 +3.06
SM.F10 SOYBEAN MEAL Jan 2010 310.4 9.0 +2.99
YK.H10 SOYBEANS (MINI) Mar 2010 1038.0 30.0 +2.98
S.H10 SOYBEANS Mar 2010 1038 30 +2.97
NGX.H10 5 YEAR INT RATE SWAP (IMPLIED YLD) Mar 2010 3.11626 0.05969 +1.95
LOSERS
BCX.H11 CBOT SOYBEAN CRUSH INDEX Mar 2011 63.25 -6.75 -9.64
KB.Y$$ CHEESE-BLOCKS (SPOT) Cash 1520.0 -47.5 -3.03
MP.H10 MEXICAN PESO Mar 2010 0.075875 -0.001075 -1.40
PB.G10 FROZEN PORK BELLIES Feb 2010 86.50 -1.15 -1.31
DA.H10 MILK CLASS III Mar 2010 14.56 -0.13 -0.88
RB.Y$$ CHEESE-BARRELS (SPOT) Cash 1432.5 -7.5 -0.52
LH.J11 LEAN HOGS Apr 2011 71.2 -0.3 -0.42
US.M10 T-BONDS Jun 2010 113.53125 -0.25000 -0.22
MD.H10 S&P MIDCAP 400 INDEX Mar 2010 736.5 -1.6 -0.22
TY.H10 10 YEAR T-NOTES Mar 2010 115.515625 -0.203125 -0.18
____________________________________________________________________________
Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/
WINNERS
BCX.Q11 CBOT SOYBEAN CRUSH INDEX Aug 2011 77.00 5.50 +7.69
NG.F10 NATURAL GAS Jan 2010 5.990 0.347 +5.89
YW.H10 WHEAT (MINI) Mar 2010 550.75 26.25 +5.02
W.H10 WHEAT Mar 2010 550.75 26.25 +4.99
KW.K10 HARD RED WINTER WHEAT May 2010 557.75 24.75 +4.67
BO.H10 SOYBEAN OIL Mar 2010 40.05 1.19 +3.06
SM.F10 SOYBEAN MEAL Jan 2010 310.4 9.0 +2.99
YK.H10 SOYBEANS (MINI) Mar 2010 1038.0 30.0 +2.98
S.H10 SOYBEANS Mar 2010 1038 30 +2.97
NGX.H10 5 YEAR INT RATE SWAP (IMPLIED YLD) Mar 2010 3.11626 0.05969 +1.95
LOSERS
BCX.H11 CBOT SOYBEAN CRUSH INDEX Mar 2011 63.25 -6.75 -9.64
KB.Y$$ CHEESE-BLOCKS (SPOT) Cash 1520.0 -47.5 -3.03
MP.H10 MEXICAN PESO Mar 2010 0.075875 -0.001075 -1.40
PB.G10 FROZEN PORK BELLIES Feb 2010 86.50 -1.15 -1.31
DA.H10 MILK CLASS III Mar 2010 14.56 -0.13 -0.88
RB.Y$$ CHEESE-BARRELS (SPOT) Cash 1432.5 -7.5 -0.52
LH.J11 LEAN HOGS Apr 2011 71.2 -0.3 -0.42
US.M10 T-BONDS Jun 2010 113.53125 -0.25000 -0.22
MD.H10 S&P MIDCAP 400 INDEX Mar 2010 736.5 -1.6 -0.22
TY.H10 10 YEAR T-NOTES Mar 2010 115.515625 -0.203125 -0.18
____________________________________________________________________________
E X T R E M E S T O C K S
____________________________________________________________________________
Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/
WINNERS
FCEC FIRST CHESTER COUNTY CORP 9.24 3.74 +68.00
EONC EON COMMUNICATIONS CORP 5.536 1.356 +32.44
CGEN COMPUGEN LTD 5.21 1.13 +27.70
AMCS AMICAS INC 5.44 1.02 +23.08
SPA SPARTON CORP 6.48 0.96 +17.39
ICXT ICX TECHNOLOGIES INC 5.84 0.86 +17.27
SLM.PR.B SLM CORP PR B 47.47 6.87 +16.92
NEP CHINA NORTH EAST PETRO 9.10 1.14 +14.32
GPRE GREEN PLAINS RENEWABLE 14.94 1.84 +14.05
TOFC TOWER FINANCIAL 6.20 0.70 +12.73
LOSERS
CHFN CHARTER FINANCIAL CORP 9.35 -1.30 -12.21
BWEN BROADWIND ENERGY INC 8.73 -1.01 -10.37
HUVL HUDSON VALLEY HOLDING CORP 24.50 -2.21 -8.27
CWBK COMMERCEWEST BANK CA 6.5 -0.5 -7.14
CBPO CHINA BIO PRODUCTS INC 11.2000 -0.8600 -7.13
ISCHY ISRAEL CHEMICALS LIM 13.00 -0.95 -6.81
AIXG AIXTRON AKTIENGESELLSCHA 31.99 -2.33 -6.79
LCC US AIRWAYS GROUP INC 5.02 -0.36 -6.69
MGPI MGP INGREDIENTS INSURED 7.2700 -0.5092 -6.55
ALRS ALERUS FINANCIAL CORP 21.50 -1.50 -6.52
E X T R E M E S T O C K S
____________________________________________________________________________
Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/
WINNERS
FCEC FIRST CHESTER COUNTY CORP 9.24 3.74 +68.00
EONC EON COMMUNICATIONS CORP 5.536 1.356 +32.44
CGEN COMPUGEN LTD 5.21 1.13 +27.70
AMCS AMICAS INC 5.44 1.02 +23.08
SPA SPARTON CORP 6.48 0.96 +17.39
ICXT ICX TECHNOLOGIES INC 5.84 0.86 +17.27
SLM.PR.B SLM CORP PR B 47.47 6.87 +16.92
NEP CHINA NORTH EAST PETRO 9.10 1.14 +14.32
GPRE GREEN PLAINS RENEWABLE 14.94 1.84 +14.05
TOFC TOWER FINANCIAL 6.20 0.70 +12.73
LOSERS
CHFN CHARTER FINANCIAL CORP 9.35 -1.30 -12.21
BWEN BROADWIND ENERGY INC 8.73 -1.01 -10.37
HUVL HUDSON VALLEY HOLDING CORP 24.50 -2.21 -8.27
CWBK COMMERCEWEST BANK CA 6.5 -0.5 -7.14
CBPO CHINA BIO PRODUCTS INC 11.2000 -0.8600 -7.13
ISCHY ISRAEL CHEMICALS LIM 13.00 -0.95 -6.81
AIXG AIXTRON AKTIENGESELLSCHA 31.99 -2.33 -6.79
LCC US AIRWAYS GROUP INC 5.02 -0.36 -6.69
MGPI MGP INGREDIENTS INSURED 7.2700 -0.5092 -6.55
ALRS ALERUS FINANCIAL CORP 21.50 -1.50 -6.52
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