Sector Analysis and Key Events for Friday

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Summary
The Dow Future has eased 250 points to 30813. The US Dollar Index rose 0.009 points to 90.140. Gold has slid 18.210 dollars to 1845.845. Silver is declining 0.3955 dollars to 25.2180. The Dow Industrials fell 12.37 points, at 31176.01, while the S&P 500 edged higher by 1.22 points, last seen at 3853.07. The Nasdaq Composite moved up 73.67 points to 13530.92. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
The Conundrum Continues
Thursday Jan 21st

Top Performing ETFs Of 2020
Wednesday Jan 20th

Iron Condors - 50% Max Loss Reduction
Tuesday Jan 19th

Key Events for Friday

8:30 AM ET. U.S. Weekly Export Sales

Corn (Metric Tons) (previous 1437.7K)

Soybeans (Metric Tons) (previous 1234K)

Wheat (Metric Tons) (previous 232K)

9:45 AM ET. January US Flash Manufacturing PMI

PMI, Mfg (previous 56.5)

9:45 AM ET. January US Flash Services PMI

PMI, Services (previous 55.3)

10:00 AM ET. December Existing Home Sales

Existing Sales (previous 6.69M)

Existing Sales, M/M% (previous -2.5%)

Unsold Homes Month's Supply (previous 2.3)

Median Price (USD) (previous 310800)

Median Home Price, Y/Y% (previous +14.6%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

Working Gas In Storage (Cbf) (previous 3196B)

Working Gas In Storage, Net Chg (Cbf) (previous -134B)

11:00 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl) (previous 482.211M)

Crude Oil Stocks, Net Chg (Bbl) (previous -3.248M)

Gasoline Stocks (Bbl) (previous 245.476M)

Gasoline Stocks, Net Chg (Bbl) (previous +4.395M)

Distillate Stocks (Bbl) (previous 163.205M)

Distillate Stocks, Net Chg (Bbl) (previous +4.786M)

Refinery Usage (previous 82.0%)

Total Prod Supplied (Bbl/day) (previous 19.607M)

Total Prod Supplied, Net Chg (Bbl/day) (previous +2.553M)



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 90.140 +0.009 +0.01%
Invesco DB US Dollar Index 24.289 -0.111 -0.44%
US Dollar/Canadian Dollar 1.271095 +0.003970 +0.31%
Euro/US Dollar 1.21650 -0.00080 -0.07%
JAPANESE YEN Feb 2021 0.009653 -0.000005 -0.05%
SWISS FRANC Mar 2021 1.1314 0.0000 0.00%
US Dollar/Hong Kong Dollar 7.75245 +0.00040 +0.01%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The March Dollar was slightly higher in overnight trading. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at $90.11 would temper this month's rally. Closes above the 50-day moving average crossing at $90.81 would open the door for a possible test of the November 30th reaction high crossing at $91.96. First resistance is the 50-day moving average crossing at $90.81. Second resistance is the November 30th high crossing at $91.96. First support is the 20-day moving average crossing at $90.11. Second support is the January 6th low crossing at $89.16.

The March Euro was higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $122.21 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $121.18 would open the door for additional weakness near-term. First resistance is January's high crossing at $123.68. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $125.38. First support is the 50-day moving average crossing at $121.18. Second support is the November 23rd low crossing at $118.33.

The March British Pound was lower overnight as it consolidates some of this week's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. Closes below the 50-day moving average crossing at 1.3456 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Thursday's high crossing at 1.3750. Second resistance is the February-2019 high crossing at 1.3728. First support is the 50-day moving average crossing at 1.3456. Second support is the December 21st low crossing at 1.3200.

The March Swiss Franc was steady to slightly higher overnight as it extends the trading range of the past two-weeks. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at 1.1540 is the next upside target. Closes below the 50-day moving average crossing at 1.1218 would open the door for additional weakness near-term. First resistance is January's high crossing at 1.1441. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at 1.1540. First support is the 50-day moving average crossing at 1.1218. Second support is the November 30th low crossing at 1.1036.

The March Canadian Dollar was lower overnight as it consolidates some of this week's rally. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging and turning neutral signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $77.87 would signal that a short-term top has been posted. If March extends this winter's rally, the 87% retracement level of the 2018-2020-decline crossing at $80.50 is the next upside target. First resistance is Wednesday's high crossing at $79.35. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $80.50. First support is the 50-day moving average crossing at $77.87. Second support is the December 21st low crossing at $77.21.

The March Japanese Yen was steady to lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 0.0966 would signal that a short-term low has been posted while opening the door for additional short covering gains off this month's low. If March renews the decline off January's high, December's low crossing at 1.0956 is the next downside target. First resistance is January's high crossing at 0.0975. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0981. First support is December's low crossing at 0.0956. Second support is the November's low crossing at 0.0948.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Mar 2021 51.74 -1.29 -3.21%
NY HARBOR ULSD HEATING OIL Feb 2021 1.5617 -0.0361 -3.03%
NATURAL GAS Feb 2021 2.434 -0.057 -1.81%
RBOB GASOLINE Feb 2021 1.5135 -0.0351 -3.17%
Invesco DWA Energy Momentum ETF 20.3768 -0.7989 -6.30%
United States Gasoline 26.6500 +0.1400 +0.75%

ENERGIES

March crude oil was lower overnight and is poised to breakout to the downside of the trading range of the past two-weeks. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $50.82 would confirm that a short-term top has been posted. If March resumes the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $57.64 is the next upside target. First resistance is last-Wednesday's high crossing at $53.94. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $57.64. First support is the 20-day moving average crossing at $50.82. Second support is the 50-day moving average crossing at $47.45.

March heating oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $154.50 would signal that a short-term top has been posted. If March extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $168.80 is the next upside target. First resistance is last-Friday's high crossing at $162.46. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $168.43. First support is the 20-day moving average crossing at $154.50. Second support is the 50-day moving average crossing at $144.64.

March unleaded gas was lower overnight as it extends the trading range of the past two-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $147.45 would confirm that a short-term top has been posted. If March resumes the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $170.66 is the next upside target. First resistance is last-Wednesday's high crossing at $157.40. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $170.66. First support is the 20-day moving average crossing at $147.45. Second support is the 50-day moving average crossing at $135.37.

March Henry natural gas was lower overnight as it extends the decline off the January 12th high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, December's low crossing at 2.268 is the next downside target. Closes above the 50-day moving average crossing at 2.656 would signal that a short-term low has been posted. First resistance resistance is the January 12th high crossing at 2.835. Second resistance is the November 30th high crossing at 2.910. First support is the overnight low crossing at 2.425. Second support is the December 28th low crossing at 2.268.



 
Food Snapshot
Symbol Last Change %
COFFEE MARCH 2021 126.70 +1.50 +1.20%
SUGAR #11 WORLD MARCH 2021 15.90 -0.15 -0.93%
SUGAR #16 MARCH 2021 28.95 0.00 0.00%
ORANGE JUICE - A MARCH 2021 117.30 -1.00 -0.85%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 47.7108 -1.0887 -2.47%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 44.8844 +1.1694 +3.01%

FOOD & FIBER

March coffee closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the rally off November's low, September's high crossing at 13.57 is the next upside target. Closes below the 50-day moving average crossing at 12.15 would confirm that a short-term top has been posted.

March cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the January 4th high crossing at 26.61 would signal that a short-term low has been posted. If March renews the decline off November's high, the November 16th gap crossing at 23.95.

March sugar closed lower on Thursday as it consolidates some of the rally off last-April's low. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 15.65 would confirm that a short-term top has been posted. If March extends the aforementioned rally, weekly resistance crossing at 17.23 is the next upside target.

March cotton closed higher on Thursday as it extends this winter's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off April's low, monthly resistance crossing at 84.47 is the next upside target. Closes below the 20-day moving average crossing at 79.29 would confirm that a short-term top has been posted.



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Grains Snapshot
Symbol Last Change %
CORN Mar 2021 515.50 -7.75 -1.89%
OATS Mar 2021 356.50 -4.25 -1.43%
WHEAT Mar 2021 645.25 -13.50 -2.21%
Teucrium Corn Fund ETV 16.545 +0.065 +0.48%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 57.7622 -0.2432 -0.51%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 4.14 +0.09 +2.82%
SOYBEANS Mar 2021 1341.0 -27.0 -2.50%
SOYBEAN (MINI) Mar 2021 1340.625 -29.625 -2.75%
SOYBEAN MEAL Mar 2021 430.5 -6.9 -1.87%
Teucrium Soybean Fund ETV 20.34 -0.03 -0.18%

GRAINS

March corn was lower overnight as it extends the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $4.96 1/2 would signal that a short-term top has been posted. If March renews the rally off April's low, the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4 is the next upside target. First resistance is last-Wednesday's high crossing at $5.41 1/2. Second resistance is the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4. First support is the 10-day moving average crossing at $5.18. Second support is the 20-day moving average crossing at $4.96 1/2.

March wheat was sharply lower overnight as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.47 1/2 would signal that a short-term top has been posted. If March renews the rally off December's low, the 62% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $7.34 1/4 is the next upside target. First resistance is last-Friday's high crossing at $6.93. Second resistance is the 62% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $7.34 1/4. First support is the 20-day moving average crossing at $6.47 1/2. Second support is the 50-day moving average crossing at $6.18.

March Kansas City wheat was lower overnight as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.10 1/2 would confirm that a short-term top has been posted. If March renews the rally off August's low, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. First resistance is last-Friday's high crossing at $6.60. Second resistance is the December-2014 high crossing at $7.05 3/4. First support is the 10-day moving average crossing at $6.25 1/4. Second support is the 20-day moving average crossing at $6.10 1/2.

March Minneapolis wheat was sharply lower overnight as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at crossing at $6.10 3/4 would signal that a short-term top has been posted. If March renews the rally off December's low, the November-2017 high on the monthly continuation chart crossing at $6.58 is the next upside target. First resistance is Tuesday's high crossing at $6.53 1/2. Second resistance is the November-2017 high on the monthly continuation chart crossing at $6.58. First support is the 20-day moving average crossing at crossing at $6.10 3/4. Second support is January's low crossing at $5.93 1/4.

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

March soybeans were sharply lower overnight as they extends their losses off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $13.47 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off August's low, the 75% retracement level of the 2012-2019-decline crossing at $15.39 1/4 is the next upside target. First resistance is last-Wednesday's high crossing at $14.36 1/2. Second resistance is the 75% retracement level of the 2012-2019-decline crossing at $15.39 1/4. First support is the 20-day moving average crossing at $13.47 3/4. Second support is the 25% retracement level of the March-January rally crossing at $12.83 1/2.

March soybean meal was lower overnight as it extends the decline off the January 13th high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $437.70 would signal that a short-term top has been posted. If March renews the rally off August's low, monthly resistance crossing at $478.40 is the next upside target. First resistance is last-Wednesday's high crossing at $471.40. Second resistance is monthly resistance crossing at $478.40. First support is the 20-day moving average crossing at $437.70. Second support is the 25% retracement level of the August-January rally crossing at $401.40.

March soybean oil was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, the March 2014 high on the monthly continuation chart crossing at 45.05 is the next upside target. If March extends the decline off January's high, the 50-day moving average crossing at 39.70 is the next downside target. First resistance is January's high crossing at 44.69. Second resistance is the March 2014 high on the monthly continuation chart crossing at 45.05. First support is Tuesday's low crossing at 41.01. Second support is the 50-day moving average crossing at 39.70.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 31176.01 -12.37 -0.05%
NASDAQ Composite 13530.92 +73.67 +0.66%
S&P 500 3853.07 +1.22 +0.04%
SPDR S&P 500 384.08 +0.19 +0.06%
iShares Russell 2000 ETF 212.535 -1.855 -1.16%

U.S. STOCK INDEXES

The March NASDAQ 100 was lower overnight due to rising COVID-19 cases and lock-down concerns across the globe and as optimism surrounding a leadership change at the White House is abating. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the NASDAQ 100 extends the rally off November's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 12,921.75 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 13,423.50. Second resistance is unknown. First support is the 20-day moving average crossing at 12,921.75. Second support is the 50-day moving average crossing at 12,541.83.

The March S&P 500 was lower overnight as it consolidates some of this week's rally due to rising Covid-19 across the globe. The low-range overnight trade 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3766.31 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 3859.75. Second resistance is unknown. First support is the 20-day moving average crossing at 3766.31. Second support is the 50-day moving average crossing at 3685.31.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Mar 2021 169.03125 +0.59375 +0.34%
iShares Floating Rate Bond ETF 50.781 +0.007 +0.01%
5 YEAR T-NOTES Mar 2021 125.820313 +0.046875 +0.04%
ULTRA T-BONDS Mar 2021 205.59375 +1.25000 +0.57%
Invesco Senior Loan Portf 22.35 -0.07 -0.32%

INTEREST RATES

March T-bonds were higher overnight while extending the trading range of the past two-weeks. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 170-12 are needed to confirm that a low has been posted. If March resumes the decline off the November high, the 50% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 164-04 is the next downside target. First resistance is the 20-day moving average crossing at 170-12. Second resistance is the 50-day moving average crossing at 172-05. First support is January's low crossing at 167-11. Second support is the 50% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 164-04.

March T-notes were steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to slightly higher opening with the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 137.083 would signal that a short-term low has been posted. If March resumes this month's decline, monthly support crossing at 134.298 is the next downside target. First resistance is the 20-day moving average crossing at 137.083. Second resistance is the 50-day moving average crossing at 137.186. First support is January's low crossing at 136.010. Second support is monthly support crossing at 134.298.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Jan 2021 135.700 +0.775 +0.57%
LEAN HOGS Feb 2021 68.000 -0.300 -0.45%
LIVE CATTLE Feb 2021 114.300 +0.900 +0.81%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 34.6300 +0.2299 +0.69%

LIVESTOCK

February hogs closed down $0.33 at $68.10.

February hogs closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this month's decline, the reaction low crossing at $65.77 is the next downside target. Closes above the reaction high crossing at 69.53 would signal that a short-term low has been posted. First resistance is the reaction high crossing at 69.53. Second resistance is January's high crossing at $72.00. First support is the reaction low crossing at $65.77. Second support is December's low crossing at $63.00.

February cattle closed up $0.75 at $114.10

February cattle closed higher on Thursday and above the 20-day moving average crossing at $113.94 confirm that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. If February extends this week's rally, December's high crossing at $116.30 is the next upside target. If February renews the decline off December's high, December's low crossing at $110.55 is the next downside target. First resistance is December's high crossing at $116.30. Second resistance is September's high crossing at $116.63. First support is January's low crossing at $111.35. Second support is December's low crossing at $110.55.

March Feeder cattle closed up $1.63 at $139.15.

March Feeder cattle closed higher on Thursday and above the 50-day moving average crossing at $138.86 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the decline off December's high, the November 20th low crossing at $132.45 is the next downside target. First resistance is today's high crossing at $139.45. Second resistance is December's high crossing at $143.70. First support is last-Wednesday's low crossing at $132.67. Second support is the November 20th low crossing at $132.45.



 
Metals Snapshot
Symbol Last Change %
GOLD Jan 2021 1868.0 +1.4 +0.07%
SPDR Gold Trust 175.29 -0.10 -0.06%
SILVER Jan 2021 25.415 +0.495 +2.06%
PALLADIUM Mar 2021 2357.0 -11.5 -0.49%
Direxion Daily Gold Miners Index Bear 2X Shares 19.585 +0.435 +2.40%
Invesco DB Precious Metals Fund 51.50 -0.09 -0.17%

PRECIOUS METALS

April gold was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1881.60 would confirm that a short-term low has been posted. If April renews the decline off January's high, November's low crossing at $1771.30 is the next downside target. First resistance is the 20-day moving average crossing at$1881.60. Second resistance is January's high crossing at $1966.80. First support is Tuesday's low crossing at $1804.70. Second support is November's low crossing at $1771.30.

March silver was was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $26.092 are needed to signal that a short-term low has been posted. Closes below Tuesday's low crossing at $24.040 would open the door for additional weakness near-term. First resistance is January's high crossing at $28.105. Second resistance is September's high crossing at $29.380. First support is Tuesday's low crossing at $24.040. Second support is November's low crossing at $21.960.

March copper was lower overnight while extending the December-January trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.4886 would confirm that a short-term top has been posted. If March renews the rally off October's low, the February-2013 high on the monthly continuation chart crossing at 3.7925 is the next upside target. First resistance is the January 8th high crossing at 3.7340. Second resistance is the February-2013 high on the monthly chart crossing at 3.7925. First support is the 50-day moving average crossing at 3.4886. Second support is the December 23rd low crossing at 3.4780.



 
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1. GE.H22 EURODOLLAR Mar 2022 99.815 -0.005 -0.01% 40,523 +100    Entry Signal
2. LE.J21 LIVE CATTLE Apr 2021 120.075 +1.225 +1.07% 20,197 +100    Entry Signal
3. @SB.N21 SUGAR #11 WORLD JULY 2021 14.83 +0.17 +1.15% 17,323 +100    Entry Signal
4. HE.J21 LEAN HOGS Apr 2021 73.900 +0.825 +1.19% 16,413 +100    Entry Signal
5. @CC.H21 COCOA MARCH 2021 2550 -19 -0.74% 14,201 +100    Entry Signal
6. @KC.H21 COFFEE MARCH 2021 126.70 +1.50 +1.20% 13,904 +100    Entry Signal
7. LE.M21 LIVE CATTLE Jun 2021 117.300 +1.075 +0.99% 9,691 +100    Entry Signal
8. @KC.K21 COFFEE MAY 2021 128.75 +1.45 +1.14% 7,566 +90    Entry Signal
9. @CC.N21 COCOA JULY 2021 2513 -17 -0.68% 5,525 +90    Entry Signal
10. @SB.H22 SUGAR #11 WORLD MARCH 2022 14.85 +0.18 +1.22% 2,968 +85    Entry Signal

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