Thursday, January 7, 2010
8:30 AM ET. Jan 2 Jobless Claims
Weekly Jobless Claims (expected 440K: previous 432K)
Weekly Jobless Claims Net Change (expected +8K; previous -22K)
Cont Jobless Claims (prior week) (previous 4981000)
Cont Jobless Claims Net Chg (prior week) (previous -57K)
10:00 AM ET. Dec 26 DJ-BTMU Econ Barometer
DJ-BTMU Business Barometer (previous +1.3%)
DJ-BTMU Business Barometer (52 Wk) (previous -4.1%)
10:30 AM ET. Jan 1 EIA National Gas Inventories, in billion cubic feet
Total Working Gas in Storage (previous 3276)
Total Working Gas in Storage (Net Change) (previous ???124)
4:30 PM ET. Jan 6 Foreign Central Bank Holdings, in dollars
Foreign US Debt Holdings (previous 2.96T)
US Foreign Agency Holdings (previous 769.61B)
Foreign Treasury Holdings (previous 2.19T)
4:30 PM ET. Jan 6 Fed Discount Window Borrowings, in dollars
Primary Credit Borrowings (previous 19.11B)
Primary Credit Borrowings W/E Daily Avg. (previous 18.74B)
Primary Dealer Borrowings (previous 0B)
Primary Dealer Borrowings W/E Daily Avg. (previous 0B)
Discount Window Borrowings (previous 89.7B)
Discount Window Borrowings W/E Daily Avg. (previous 88.13B)
4:30 PM ET. Dec 28 Money Supply
N/A Dec Chain Store Sales
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes
The March NASDAQ 100 was lower due to profit taking overnight as it consolidates some of
Monday's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If March extends last year'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. Closes below the 20-day moving average crossing at 1838.46 would confirm
that a short-term top has been posted. First resistance is Wednesday's high crossing at 1891.75.
Second resistance is the 75% retracement level of the 2007-2008-decline on the weekly
continuation chart crossing at 1947.00. First support is the 10-day moving average crossing at
1872.67. Second support is the 20-day moving average crossing at 1838.45. The March NASDAQ
100 was down 5.00 pts. at 1873.50 as of 5:54 AM CST. Overnight action sets the stage for a
steady to lower opening by March NASDAQ 100 when the day session begins later this morning.
The March S&P 500 index was lower due to profit taking overnight as it consolidates some of this
week's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If March extends last year'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 1113.10 are needed to confirm that a short-term top
has been posted. First resistance is Wednesday's high crossing at 1135.50. 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 1123.88. Second support is the 20-day moving average crossing at
1113.10. The March S&P 500 Index was down 3.50 pts. at 1129.50 as of 5:56 AM CST.
Overnight action sets the stage for a lower opening by the March S&P 500 index when the day
session begins later this morning.
The March NASDAQ 100 was lower due to profit taking overnight as it consolidates some of
Monday's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If March extends last year'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. Closes below the 20-day moving average crossing at 1838.46 would confirm
that a short-term top has been posted. First resistance is Wednesday's high crossing at 1891.75.
Second resistance is the 75% retracement level of the 2007-2008-decline on the weekly
continuation chart crossing at 1947.00. First support is the 10-day moving average crossing at
1872.67. Second support is the 20-day moving average crossing at 1838.45. The March NASDAQ
100 was down 5.00 pts. at 1873.50 as of 5:54 AM CST. Overnight action sets the stage for a
steady to lower opening by March NASDAQ 100 when the day session begins later this morning.
The March S&P 500 index was lower due to profit taking overnight as it consolidates some of this
week's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If March extends last year'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 1113.10 are needed to confirm that a short-term top
has been posted. First resistance is Wednesday's high crossing at 1135.50. 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 1123.88. Second support is the 20-day moving average crossing at
1113.10. The March S&P 500 Index was down 3.50 pts. at 1129.50 as of 5:56 AM CST.
Overnight action sets the stage for a lower opening by the March S&P 500 index when the day
session begins later this morning.
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest
March T-bonds were lower overnight as they consolidate some of Tuesday's rally but remain
above the 62% retracement level of the June-October rally crossing at 115-02. Stochastics and the
RSI are turning neutral to bullish signaling that a short-term low might be in or is near. However,
closes above the 20-day moving average crossing at 116-21 are needed to confirm that a short-term
low has been posted. If March resumes last month's decline, the 75% retracement level of the June-
October rally crossing at 113-11 is the next downside target. First resistance is Tuesday's high
crossing at 116-05. Second resistance is the 20-day moving average crossing at 116-21. First
support is last Thursday's low crossing at 114-16. Second support is the 75% retracement level of
the June-October rally crossing at 113-11.
ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy
February crude oil was lower due to profit taking overnight as it consolidates some of the rally off
December's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If February extends this rally, the 38%
retracement level of the 2008-decline crossing at 84.82 is the next upside target. Closes below the
10-day moving average crossing at 79.98 would signal that a short-term top has been posted. First
resistance is Wednesday's high crossing at 83.52. Second resistance is the 38% retracement level
of the 2008-decline crossing at 84.82. First support is the 10-day moving average crossing at
79.98. Second support is the 20-day moving average crossing at 76.61.
February heating oil was lower due to profit taking overnight as it consolidates some of the rally
off December's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If February extends this rally, the 38%
retracement level of the 2008-decline crossing at 245.62 is the next upside target. Closes below the
10-day moving average crossing at 213.07 would signal that a short-term top has been posted.
First resistance is Wednesday's high crossing at 221.20. Second resistance is the 38% retracement
level of the 2008-decline crossing at 245.62. First support is the 10-day moving average crossing
at 213.07. Second support is the 20-day moving average crossing at 204.17.
February unleaded gas was lower due to profit taking overnight as it consolidates some of the rally
off December's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If February extends December's rally, the
50% retracement level of the 2008-decline crossing at 233.30 is the next upside target. Closes
below the 10-day moving average crossing at 206.64 would signal that a low has likely been
posted. First resistance is Wednesday's high crossing at 214.62. Second resistance is the 50%
retracement level of the 2008-decline crossing at 233.30. First support is the 10-day moving
average crossing at 206.64. Second support is the 20-day moving average crossing at 197.52.
February Henry natural gas was higher overnight as it extends the rally off December's low.
Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to
higher prices are possible near-term. If February extends December's rally, October's high
crossing at 6.300 is the next upside target. Closes below the 20-day moving average crossing at
5.670 are needed to confirm that a short-term top has been posted. First resistance is the 87%
retracement level of the October-December decline crossing at 6.077. Second resistance is
October's high crossing at 6.300. First support is the 10-day moving average crossing at 5.825.
Second support is the 20-day moving average crossing at 5.670.
CURRENCIES
The March Dollar was higher due to short covering overnight. However, stochastics and the RSI
remain bearish hinting that a short-term top might be in or is near. Closes below Tuesday's low
crossing at 77.39 are needed to confirm that a short-term top has been posted. If March renews last
month's rally, the 38% retracement level of the 2008-2009-decline crossing at 79.72 is the next
upside target. First resistance is the 10-day moving average crossing at 78.05. Second resistance is
the reaction high crossing at 78.77. First support is the 20-day moving average crossing at 77.75.
Second support is Tuesday's low crossing at 77.39.
The March Euro was lower overnight as it consolidates some of Monday's rally. Stochastics and
the RSI remain bullish hinting that a short-term low might be in or is near. Closes above the 20-
day moving average crossing at 144.262 are needed to confirm that a short-term low has been
posted. If March renews last month's decline, the 38% retracement level of the 2008-2009-decline
crossing at 140.976 is the next downside target. First resistance is the 20-day moving average
crossing at 144.262. Second resistance is Tuesday's high crossing at 144.830. First support is
Monday's low crossing at 142.560. Second support is December's low crossing at 142.150.
The March British Pound was lower overnight as it extends this week's decline. Stochastics and
the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If
March renews last month's decline, October's low crossing at 1.5718 is the next downside target.
Closes above Monday's high crossing at 1.6235 are needed to confirm that a short-term low has
been posted. First resistance is the 20-day moving average crossing at 1.6089. Second resistance is
Monday's high crossing at 1.6235. First support is the overnight low crossing at 1.5890. Second
support is last Wednesday's low crossing at 1.5825.
The March Swiss Franc was lower due to profit taking overnight but remains above the 20-day
moving average crossing at .9652. Stochastics and the RSI remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If March extends this week's rally, the 50%
retracement level of the November-December decline crossing at .9494 is the next upside target.
Closes below last Wednesday's low crossing at .9599 would temper the near-term friendly outlook
in the market. First resistance is the overnight high crossing at .9766. Second resistance is the 50%
retracement level of the November-December decline crossing at .9494. First support is the 20-day
moving average crossing at .9652. Second support is last Wednesday's low crossing at .9599.
The March Canadian Dollar was slightly higher overnight as it extends this week's rally above
trading range resistance crossing at 96.08. Stochastics and the RSI are overbought but remain
bullish signaling that sideways to higher prices are possible near-term. If March extends this
week's rally, October's high crossing at 97.92 is the next upside target. Closes below the 20-day
moving average crossing at 95.09 would signal that a short-term top has been posted. First
resistance is the overnight high crossing at 97.16. Second resistance is October's high crossing at
97.92. First support is the 10-day moving average crossing at 95.86. Second support is the 20-day
moving average crossing at 95.09.
The March Japanese Yen was lower overnight as it remains below the 50% retracement level of
this year's rally crossing at .10888. Stochastics and the RSI are oversold and are turning neutral to
bullish hinting that a short-term low might be in or is near. Multiple closes above the 20-day
moving average crossing at .11002 are needed to confirm that a short-term low has been posted. If
March renews last month's decline, the 62% retracement level of this year's rally crossing at
.10675 is the next downside target. First resistance is Tuesday's high crossing at .10964. Second
resistance is the 20-day moving average crossing at .11002. First support is Monday's low
crossing at .10731. Second support is the 62% retracement level of this year's rally crossing at
.10675.
March T-bonds were lower overnight as they consolidate some of Tuesday's rally but remain
above the 62% retracement level of the June-October rally crossing at 115-02. Stochastics and the
RSI are turning neutral to bullish signaling that a short-term low might be in or is near. However,
closes above the 20-day moving average crossing at 116-21 are needed to confirm that a short-term
low has been posted. If March resumes last month's decline, the 75% retracement level of the June-
October rally crossing at 113-11 is the next downside target. First resistance is Tuesday's high
crossing at 116-05. Second resistance is the 20-day moving average crossing at 116-21. First
support is last Thursday's low crossing at 114-16. Second support is the 75% retracement level of
the June-October rally crossing at 113-11.
ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy
February crude oil was lower due to profit taking overnight as it consolidates some of the rally off
December's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If February extends this rally, the 38%
retracement level of the 2008-decline crossing at 84.82 is the next upside target. Closes below the
10-day moving average crossing at 79.98 would signal that a short-term top has been posted. First
resistance is Wednesday's high crossing at 83.52. Second resistance is the 38% retracement level
of the 2008-decline crossing at 84.82. First support is the 10-day moving average crossing at
79.98. Second support is the 20-day moving average crossing at 76.61.
February heating oil was lower due to profit taking overnight as it consolidates some of the rally
off December's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If February extends this rally, the 38%
retracement level of the 2008-decline crossing at 245.62 is the next upside target. Closes below the
10-day moving average crossing at 213.07 would signal that a short-term top has been posted.
First resistance is Wednesday's high crossing at 221.20. Second resistance is the 38% retracement
level of the 2008-decline crossing at 245.62. First support is the 10-day moving average crossing
at 213.07. Second support is the 20-day moving average crossing at 204.17.
February unleaded gas was lower due to profit taking overnight as it consolidates some of the rally
off December's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If February extends December's rally, the
50% retracement level of the 2008-decline crossing at 233.30 is the next upside target. Closes
below the 10-day moving average crossing at 206.64 would signal that a low has likely been
posted. First resistance is Wednesday's high crossing at 214.62. Second resistance is the 50%
retracement level of the 2008-decline crossing at 233.30. First support is the 10-day moving
average crossing at 206.64. Second support is the 20-day moving average crossing at 197.52.
February Henry natural gas was higher overnight as it extends the rally off December's low.
Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to
higher prices are possible near-term. If February extends December's rally, October's high
crossing at 6.300 is the next upside target. Closes below the 20-day moving average crossing at
5.670 are needed to confirm that a short-term top has been posted. First resistance is the 87%
retracement level of the October-December decline crossing at 6.077. Second resistance is
October's high crossing at 6.300. First support is the 10-day moving average crossing at 5.825.
Second support is the 20-day moving average crossing at 5.670.
CURRENCIES
The March Dollar was higher due to short covering overnight. However, stochastics and the RSI
remain bearish hinting that a short-term top might be in or is near. Closes below Tuesday's low
crossing at 77.39 are needed to confirm that a short-term top has been posted. If March renews last
month's rally, the 38% retracement level of the 2008-2009-decline crossing at 79.72 is the next
upside target. First resistance is the 10-day moving average crossing at 78.05. Second resistance is
the reaction high crossing at 78.77. First support is the 20-day moving average crossing at 77.75.
Second support is Tuesday's low crossing at 77.39.
The March Euro was lower overnight as it consolidates some of Monday's rally. Stochastics and
the RSI remain bullish hinting that a short-term low might be in or is near. Closes above the 20-
day moving average crossing at 144.262 are needed to confirm that a short-term low has been
posted. If March renews last month's decline, the 38% retracement level of the 2008-2009-decline
crossing at 140.976 is the next downside target. First resistance is the 20-day moving average
crossing at 144.262. Second resistance is Tuesday's high crossing at 144.830. First support is
Monday's low crossing at 142.560. Second support is December's low crossing at 142.150.
The March British Pound was lower overnight as it extends this week's decline. Stochastics and
the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If
March renews last month's decline, October's low crossing at 1.5718 is the next downside target.
Closes above Monday's high crossing at 1.6235 are needed to confirm that a short-term low has
been posted. First resistance is the 20-day moving average crossing at 1.6089. Second resistance is
Monday's high crossing at 1.6235. First support is the overnight low crossing at 1.5890. Second
support is last Wednesday's low crossing at 1.5825.
The March Swiss Franc was lower due to profit taking overnight but remains above the 20-day
moving average crossing at .9652. Stochastics and the RSI remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If March extends this week's rally, the 50%
retracement level of the November-December decline crossing at .9494 is the next upside target.
Closes below last Wednesday's low crossing at .9599 would temper the near-term friendly outlook
in the market. First resistance is the overnight high crossing at .9766. Second resistance is the 50%
retracement level of the November-December decline crossing at .9494. First support is the 20-day
moving average crossing at .9652. Second support is last Wednesday's low crossing at .9599.
The March Canadian Dollar was slightly higher overnight as it extends this week's rally above
trading range resistance crossing at 96.08. Stochastics and the RSI are overbought but remain
bullish signaling that sideways to higher prices are possible near-term. If March extends this
week's rally, October's high crossing at 97.92 is the next upside target. Closes below the 20-day
moving average crossing at 95.09 would signal that a short-term top has been posted. First
resistance is the overnight high crossing at 97.16. Second resistance is October's high crossing at
97.92. First support is the 10-day moving average crossing at 95.86. Second support is the 20-day
moving average crossing at 95.09.
The March Japanese Yen was lower overnight as it remains below the 50% retracement level of
this year's rally crossing at .10888. Stochastics and the RSI are oversold and are turning neutral to
bullish hinting that a short-term low might be in or is near. Multiple closes above the 20-day
moving average crossing at .11002 are needed to confirm that a short-term low has been posted. If
March renews last month's decline, the 62% retracement level of this year's rally crossing at
.10675 is the next downside target. First resistance is Tuesday's high crossing at .10964. Second
resistance is the 20-day moving average crossing at .11002. First support is Monday's low
crossing at .10731. Second support is the 62% retracement level of this year's rally crossing at
.10675.
PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals
February gold was lower due to profit taking overnight as it consolidates some of this week's rally.
Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-
term. If February extends this week's rally, the reaction high crossing at 1142.90 is the next upside
target. Closes below the reaction low crossing at 1086.60 would confirm that a short-term top has
been posted. First resistance is Wednesday's high crossing at 1141.00. Second resistance is the
reaction high crossing at 1142.90. First support is the 20-day moving average crossing at 1112.30.
Second support is the 10-day moving average crossing at 1109.60.
March silver was lower due to profit taking overnight as it consolidates some of this week's rally.
Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-
term. If March extends this week's rally, December's high crossing at 19.500 is the next upside
target. Closes below the 20-day moving average crossing at 17.350 would temper the near-term
friendly outlook in the market. First resistance is the overnight high crossing at 18.420. Second
resistance is December's high crossing at 19.500. First support is the 10-day moving average
crossing at 17.447. Second support is the 20-day moving average crossing at 17.350.
March copper was lower due to profit taking overnight as it consolidates some of this week's rally
following Wednesday's close above the 87% retracement level of the 2008-decline crossing at
347.94. 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 year's rally, weekly
resistance crossing at 361.05 is the next upside target. Closes below the 20-day moving average
crossing at 325.18 would confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 354.40. Second resistance is weekly resistance crossing at 361.05. First
support is the 10-day moving average crossing at 336.15. Second support is the 20-day moving
average crossing at 325.18.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food
March coffee closed higher on Wednesday as it consolidates above the 10-day moving average crossing at 13.95. The mid-range
close sets the stage for a steady opening on Thursday. 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 14.22 are needed to confirm that a
short-term low has been posted. If March renews the decline off December's high, the reaction low crossing at 13.40 is the next
downside target.
March cocoa posted an inside day with a lower close on Wednesday as it extends the trading range of the past two weeks. The
low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold and are turning
neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average
crossing at 33.21 are needed to confirm that a short-term low has been posted while opening the door for a larger-degree
rebound during January. If March renews the decline off December's low, the reaction low crossing at 32.00 is the next
downside target.
March sugar closed higher on Wednesday and is poised to test weekly resistance crossing at 28.60. The high-range close set the
stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are turning neutral to bearish
hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 27.16 would signal that
a short-term top has been posted. If March extends the rally off December's low, monthly resistance crossing at 34.33 is the
neutral upside target.
March cotton closed higher due to short covering on Wednesday as it consolidates some of Tuesday's decline. The mid-range
close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower
prices are possible near-term. If March extends Tuesday's decline, November's low crossing at 69.75 is the next downside
target.
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February gold was lower due to profit taking overnight as it consolidates some of this week's rally.
Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-
term. If February extends this week's rally, the reaction high crossing at 1142.90 is the next upside
target. Closes below the reaction low crossing at 1086.60 would confirm that a short-term top has
been posted. First resistance is Wednesday's high crossing at 1141.00. Second resistance is the
reaction high crossing at 1142.90. First support is the 20-day moving average crossing at 1112.30.
Second support is the 10-day moving average crossing at 1109.60.
March silver was lower due to profit taking overnight as it consolidates some of this week's rally.
Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-
term. If March extends this week's rally, December's high crossing at 19.500 is the next upside
target. Closes below the 20-day moving average crossing at 17.350 would temper the near-term
friendly outlook in the market. First resistance is the overnight high crossing at 18.420. Second
resistance is December's high crossing at 19.500. First support is the 10-day moving average
crossing at 17.447. Second support is the 20-day moving average crossing at 17.350.
March copper was lower due to profit taking overnight as it consolidates some of this week's rally
following Wednesday's close above the 87% retracement level of the 2008-decline crossing at
347.94. 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 year's rally, weekly
resistance crossing at 361.05 is the next upside target. Closes below the 20-day moving average
crossing at 325.18 would confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 354.40. Second resistance is weekly resistance crossing at 361.05. First
support is the 10-day moving average crossing at 336.15. Second support is the 20-day moving
average crossing at 325.18.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food
March coffee closed higher on Wednesday as it consolidates above the 10-day moving average crossing at 13.95. The mid-range
close sets the stage for a steady opening on Thursday. 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 14.22 are needed to confirm that a
short-term low has been posted. If March renews the decline off December's high, the reaction low crossing at 13.40 is the next
downside target.
March cocoa posted an inside day with a lower close on Wednesday as it extends the trading range of the past two weeks. The
low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold and are turning
neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average
crossing at 33.21 are needed to confirm that a short-term low has been posted while opening the door for a larger-degree
rebound during January. If March renews the decline off December's low, the reaction low crossing at 32.00 is the next
downside target.
March sugar closed higher on Wednesday and is poised to test weekly resistance crossing at 28.60. The high-range close set the
stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are turning neutral to bearish
hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 27.16 would signal that
a short-term top has been posted. If March extends the rally off December's low, monthly resistance crossing at 34.33 is the
neutral upside target.
March cotton closed higher due to short covering on Wednesday as it consolidates some of Tuesday's decline. The mid-range
close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower
prices are possible near-term. If March extends Tuesday's decline, November's low crossing at 69.75 is the next downside
target.
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GRAINS http://quotes.ino.com/exchanges/?c=grains
March corn was lower due to profit taking overnight as it consolidates some of the rally off
December's low. A strong Dollar along with pressure from outside markets weighted on corn
prices overnight. The mid-range close overnight sets the stage for a steady opening when the day
session begins. Stochastics and the RSI are overbought but remain neutral to bullish hinting that
sideways to higher prices are possible near-term. Multiple closes above the reaction high crossing
at 4.24 1/2 are needed to confirm an upside breakout of the October-January trading range. Closes
below the 20-day moving average crossing at 4.07 1/2 would temper the near-term friendly
outlook. First resistance is Monday's high crossing at 4.26. Second resistance is the 75%
retracement level of 2009's decline crossing at 4.41. First support is the 10-day moving average
crossing at 4.15. Second support is the 20-day moving average crossing at 4.07 1/2.
March wheat was lower due to profit taking overnight as it consolidates some of this week's rally.
The low-range close sets the stage for a steady to lower opening when the day session begins
trading later this morning. Stochastics and the RSI are overbought but remain bullish signaling that
sideways to higher prices are possible near-term. If March extends Monday's rally, the 62%
retracement level of the November-December decline crossing at 5.70 is the next upside target.
Closes below the 20-day moving average crossing at 5.39 1/4 are needed to confirm that a short-
term top has been posted. First resistance is the overnight high crossing at 5.68. Second resistance
is the 62% retracement level of the November-December decline crossing at 5.70. First support is
the 10-day moving average crossing at 5.47. Second support is the 20-day moving average
crossing at 5.39 1/4.
March Kansas City Wheat closed up 13 3/4-cents at 5.60 1/2.
March Kansas City Wheat closed higher on Wednesday as it extends the rally off December's low.
The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the
RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If
March extends this week's rally, the reaction high crossing at 5.86 is the next upside target. Closes
below the 20-day moving average crossing at 5.32 would confirm that a short-term top has been
posted. First resistance is today's high crossing at 5.60 1/2. Second resistance is the reaction high
crossing at 5.86. First support is Monday's gap crossing at 5.44. Second support is the 20-day
moving average crossing at 5.32.
March Minneapolis wheat was lower due to profit taking overnight as it consolidates some of
Wednesday's rally. The mid-range overnight close sets the stage for a steady to lower opening
when the day session begins later this morning. Stochastics and the RSI remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If March extends this week's rally,
the 62% retracement level of the November-December decline crossing at 5.72 3/4 is the next
upside target. Closes below the 20-day moving average crossing at 5.45 1/4 are needed to confirm
that a short-term top has been posted. First resistance is Wednesday's high crossing at 5.71 3/4.
Second resistance is the 62% retracement level of the November-December decline crossing at 5.72
3/4. First support is the 10-day moving average crossing at 5.52 1/4. Second support is the 20-day
moving average crossing at 5.45 1/4.
SOYBEAN COMPLEX
March soybeans were lower due to profit taking overnight as they consolidate some of the rally off
December's low. The low-range overnight close sets the stage for a steady to lower opening when
the day session begins later this morning. Stochastics and the RSI are turning neutral hinting that a
short-term top might be in or is near. Closes below the 20-day moving average crossing at 10.39
would temper the near-term friendly outlook in the market. If March extends this rally, the reaction
high crossing at 10.77 1/4 is the next upside target. First resistance is Monday's high crossing at
10.74 3/4. Second resistance is the reaction high crossing at 10.77 1/4. First support is the 10-day
moving average crossing at 10.43. Second support is the 10-day moving average crossing at 10.39.
March soybean meal was lower due to profit taking overnight as it consolidates some of Tuesday's
rally. The mid-range close overnight set the stage for a steady to lower opening when the day
session begins trading later this morning. Stochastics and the RSI 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 316.60 is the next upside target. Closes below the
20-day moving average crossing at 304.90 would temper the near-term friendly outlook in the
market. First resistance is Monday's high crossing at 313.20. Second resistance is December's
high crossing at 316.60. First support is the 10-day moving average crossing at 305.70. Second
support is the 20-day moving average crossing at 304.90.
March soybean oil was lower due to profit taking overnight as it consolidates some of the rally off
December's low. A stronger Dollar along with weakness in the energy markets weighed on soybean
oil prices overnight. The low-range close sets the stage for a steady to higher opening when the day
session begins later this morning. Stochastics and the RSI are turning bearish signaling that a
short-term top is in or near. Closes below the 20-day moving average crossing at 39.85 would
confirm that a short-term top has been posted. Multiple closes above the 2009-high crossing at
41.80 would confirm an upside breakout of last year's trading range while opening the door for a
possible test of the 38% retracement level of the 2008-decline crossing at 45.51 later this winter.
First resistance is the 2009 high crossing at 41.80. Second resistance is Monday's high crossing at
41.91. First support is the 10-day moving average crossing at 40.18. Second support is the 20-day
moving average crossing at 39.85.
March corn was lower due to profit taking overnight as it consolidates some of the rally off
December's low. A strong Dollar along with pressure from outside markets weighted on corn
prices overnight. The mid-range close overnight sets the stage for a steady opening when the day
session begins. Stochastics and the RSI are overbought but remain neutral to bullish hinting that
sideways to higher prices are possible near-term. Multiple closes above the reaction high crossing
at 4.24 1/2 are needed to confirm an upside breakout of the October-January trading range. Closes
below the 20-day moving average crossing at 4.07 1/2 would temper the near-term friendly
outlook. First resistance is Monday's high crossing at 4.26. Second resistance is the 75%
retracement level of 2009's decline crossing at 4.41. First support is the 10-day moving average
crossing at 4.15. Second support is the 20-day moving average crossing at 4.07 1/2.
March wheat was lower due to profit taking overnight as it consolidates some of this week's rally.
The low-range close sets the stage for a steady to lower opening when the day session begins
trading later this morning. Stochastics and the RSI are overbought but remain bullish signaling that
sideways to higher prices are possible near-term. If March extends Monday's rally, the 62%
retracement level of the November-December decline crossing at 5.70 is the next upside target.
Closes below the 20-day moving average crossing at 5.39 1/4 are needed to confirm that a short-
term top has been posted. First resistance is the overnight high crossing at 5.68. Second resistance
is the 62% retracement level of the November-December decline crossing at 5.70. First support is
the 10-day moving average crossing at 5.47. Second support is the 20-day moving average
crossing at 5.39 1/4.
March Kansas City Wheat closed up 13 3/4-cents at 5.60 1/2.
March Kansas City Wheat closed higher on Wednesday as it extends the rally off December's low.
The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the
RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If
March extends this week's rally, the reaction high crossing at 5.86 is the next upside target. Closes
below the 20-day moving average crossing at 5.32 would confirm that a short-term top has been
posted. First resistance is today's high crossing at 5.60 1/2. Second resistance is the reaction high
crossing at 5.86. First support is Monday's gap crossing at 5.44. Second support is the 20-day
moving average crossing at 5.32.
March Minneapolis wheat was lower due to profit taking overnight as it consolidates some of
Wednesday's rally. The mid-range overnight close sets the stage for a steady to lower opening
when the day session begins later this morning. Stochastics and the RSI remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If March extends this week's rally,
the 62% retracement level of the November-December decline crossing at 5.72 3/4 is the next
upside target. Closes below the 20-day moving average crossing at 5.45 1/4 are needed to confirm
that a short-term top has been posted. First resistance is Wednesday's high crossing at 5.71 3/4.
Second resistance is the 62% retracement level of the November-December decline crossing at 5.72
3/4. First support is the 10-day moving average crossing at 5.52 1/4. Second support is the 20-day
moving average crossing at 5.45 1/4.
SOYBEAN COMPLEX
March soybeans were lower due to profit taking overnight as they consolidate some of the rally off
December's low. The low-range overnight close sets the stage for a steady to lower opening when
the day session begins later this morning. Stochastics and the RSI are turning neutral hinting that a
short-term top might be in or is near. Closes below the 20-day moving average crossing at 10.39
would temper the near-term friendly outlook in the market. If March extends this rally, the reaction
high crossing at 10.77 1/4 is the next upside target. First resistance is Monday's high crossing at
10.74 3/4. Second resistance is the reaction high crossing at 10.77 1/4. First support is the 10-day
moving average crossing at 10.43. Second support is the 10-day moving average crossing at 10.39.
March soybean meal was lower due to profit taking overnight as it consolidates some of Tuesday's
rally. The mid-range close overnight set the stage for a steady to lower opening when the day
session begins trading later this morning. Stochastics and the RSI 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 316.60 is the next upside target. Closes below the
20-day moving average crossing at 304.90 would temper the near-term friendly outlook in the
market. First resistance is Monday's high crossing at 313.20. Second resistance is December's
high crossing at 316.60. First support is the 10-day moving average crossing at 305.70. Second
support is the 20-day moving average crossing at 304.90.
March soybean oil was lower due to profit taking overnight as it consolidates some of the rally off
December's low. A stronger Dollar along with weakness in the energy markets weighed on soybean
oil prices overnight. The low-range close sets the stage for a steady to higher opening when the day
session begins later this morning. Stochastics and the RSI are turning bearish signaling that a
short-term top is in or near. Closes below the 20-day moving average crossing at 39.85 would
confirm that a short-term top has been posted. Multiple closes above the 2009-high crossing at
41.80 would confirm an upside breakout of last year's trading range while opening the door for a
possible test of the 38% retracement level of the 2008-decline crossing at 45.51 later this winter.
First resistance is the 2009 high crossing at 41.80. Second resistance is Monday's high crossing at
41.91. First support is the 10-day moving average crossing at 40.18. Second support is the 20-day
moving average crossing at 39.85.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $1.03 at $66.58.
February hogs closed lower on Wednesday as it consolidated some of Tuesday's rally. The low-range close sets the stage for a
steady to lower opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are
possible near-term. If March extends this week's rally, November's high crossing at 68.05 is the next upside target. Closes
below the 10-day moving average crossing at 65.56 would temper the near-term friendly outlook. First resistance is today's high
crossing at 67.85. Second resistance is November's high crossing at 68.05. First support is the 20-day moving average crossing
at 65.58. Second support is the 10-day moving average crossing at 65.56.
February bellies closed down $0.10 at $87.60.
February bellies closed slightly lower on Wednesday but remains above the 10-day moving average crossing at 87.28. The low-
range close sets the stage for a steady to lower opening on Thursday. 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 reaction low crossing at 85.50 would confirm that a short-term top has been posted. First
resistance is the reaction high crossing at 89.30. Second resistance is the reaction high crossing at 91.80. First support is last
Tuesday's low crossing at 85.50. Second support is the reaction low crossing at 84.60.
February cattle closed down $0.37 at 85.95.
February cattle posted an inside day with a lower close on Wednesday as it consolidated some of the rally off December's low.
The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish hinting that
a short-term top might be in or is near. Closes below the 20-day moving average crossing at 84.67 are needed to confirm that a
short-term top has been posted. If February extends the rally off December's low, the December 6th gap crossing at 87.00 is the
next upside target. First resistance is Monday's high crossing at 86.80. Second resistance is the December 6th gap crossing at
87.00. First support is the 10-day moving average crossing at 85.42. Second support is the 20-day moving average crossing at
84.67.
March feeder cattle closed down $0.17 at $96.75.
March Feeder cattle closed lower on Wednesday as it consolidated some of the rally off December's low. The mid-range close
sets the stage for a steady opening on Thursday. 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 reaction high crossing
at 97.45 is the next upside target. Closes below the 20-day moving average crossing at 94.29 are needed to confirm that a short-
term top has been posted. First resistance is today's high crossing at 97.10. Second resistance is the reaction high crossing at
97.45. First support is last Thursday's gap crossing at 94.90. Second support is the 20-day moving average crossing at 94.29.
_____________________________________________________________________
February hogs closed down $1.03 at $66.58.
February hogs closed lower on Wednesday as it consolidated some of Tuesday's rally. The low-range close sets the stage for a
steady to lower opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are
possible near-term. If March extends this week's rally, November's high crossing at 68.05 is the next upside target. Closes
below the 10-day moving average crossing at 65.56 would temper the near-term friendly outlook. First resistance is today's high
crossing at 67.85. Second resistance is November's high crossing at 68.05. First support is the 20-day moving average crossing
at 65.58. Second support is the 10-day moving average crossing at 65.56.
February bellies closed down $0.10 at $87.60.
February bellies closed slightly lower on Wednesday but remains above the 10-day moving average crossing at 87.28. The low-
range close sets the stage for a steady to lower opening on Thursday. 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 reaction low crossing at 85.50 would confirm that a short-term top has been posted. First
resistance is the reaction high crossing at 89.30. Second resistance is the reaction high crossing at 91.80. First support is last
Tuesday's low crossing at 85.50. Second support is the reaction low crossing at 84.60.
February cattle closed down $0.37 at 85.95.
February cattle posted an inside day with a lower close on Wednesday as it consolidated some of the rally off December's low.
The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish hinting that
a short-term top might be in or is near. Closes below the 20-day moving average crossing at 84.67 are needed to confirm that a
short-term top has been posted. If February extends the rally off December's low, the December 6th gap crossing at 87.00 is the
next upside target. First resistance is Monday's high crossing at 86.80. Second resistance is the December 6th gap crossing at
87.00. First support is the 10-day moving average crossing at 85.42. Second support is the 20-day moving average crossing at
84.67.
March feeder cattle closed down $0.17 at $96.75.
March Feeder cattle closed lower on Wednesday as it consolidated some of the rally off December's low. The mid-range close
sets the stage for a steady opening on Thursday. 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 reaction high crossing
at 97.45 is the next upside target. Closes below the 20-day moving average crossing at 94.29 are needed to confirm that a short-
term top has been posted. First resistance is today's high crossing at 97.10. Second resistance is the reaction high crossing at
97.45. First support is last Thursday's gap crossing at 94.90. Second support is the 20-day moving average crossing at 94.29.
_____________________________________________________________________
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